Tellus Resources acquires interest in Block 3114 in Madagascar in deal with Caravel Energy

6/12/2014

Tellus Resources acquires interest in Block 3114 in Madagascar in deal with Caravel Energy

ADELAIDE -- Tellus Resources reported that it has agreed to acquire a 25% interest (with the right to acquire up to an 80% interest) in a drill ready and large scale oil exploration asset, located onshore on the Island of Madagascar, off the south-east coast of Africa.

The vendor of the asset is Caravel Energy. The terms of the transaction are summarised below.
 
The Asset, which comprises approximately 10,000 sq km of onshore acreage, has recently been the subject of a seismic campaign which has identified large scale oil targets together with at least one drill ready prospect. As such, a drilling campaign is planned to commence in the latter part of the year. The acreage the subject of the acquisition has recently been the subject of a seismic campaign which has identified large scale oil targets.As such, a drilling campaign is planned to commence in the latter part of this year.

Under the Sale Agreement the Company has agreed to acquire:
 
CRJ’s 25% shareholding interest in PetroMad being the company which owns a 100% interest in the Bezaha Oil Project concession located in Southern Madagascar – the Asset ; and all of CRJ’s rights and obligations under an agreement entered into with the owner of the remaining 75% interest in PetroMad and under which CRJ is entitled, subject to successful completion of staged work programs, to earn up to an 80% ownership interest in PetroMad.

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