document: Sacgasco Ltd announced on 19 November 2018 that it had signed an exclusive option agreement to acquire all the issued shares in RL Energy Pty Ltd.Â    Under the terms of the deal, Sacgasco will initially make a payment of AUD 200,000 cash and 2 million Sacgasco shares to the RL Energy shareholders.Â  An exclusive option is then to be exercised, by 30 January 2019.Â  Once this is complete, Sacgasco will pay a further AUD 25,000 and 4 million Sacgasco shares to the RL Energy shareholders.   RL Energy had previously entered an agreement to farm-in, for up to 60% interest into exploration permit PEP 11, located in the Sydney Basin.Â  As part of the acquisition by Sacgasco, it will assist in the lodgement for and environmental approval for 3D seismic over the permit, which is part of RL Energyâs farm-in commitments, at an estimated cost of AUD 326,000.  Under the terms of the farm-in agreement, RL Energy can earn an initial 5% interest by arranging environmental proposals for a new 3D seismic survey over the permit area.Â  RL Energy can then earn up to a further 55% by funding Advent Energyâs share of a 500 sq km 3D seismic survey, up to a capped amount of AUD 4 million.Â  The seismic acquisition is under the work programme for the permit and is scheduled between February 2020 and February 2021.Â  It was reported that joint venture partner Bounty Oil and Gas NL supports the farm-in.Â  However, it has been subsequently reported, in mid-October 2018 that operator Advent Energy Ltd, had issued a notice to joint venture partner Bounty Oil and Gas it was exercising an option to acquire 100% interest in exploration permit PEP 11 as it is in default of payments for a number of outstanding costs.Â  Bounty reports that it currently retains its 15% interest, and that it was conducting discussions with Asset Energy around the disputed cash calls.  PEP 11 covers an area of 4,573 sq km and was awarded on 24 June 1999.Â  Participants in the permit are currently Asset Energy Pty Ltd, a wholly owned subsidiary of Advent Energy, 85% and Bounty Oil and Gas 15%, though this is being disputed.Â  RL Energy has the option to farm-in for up to 60% interest.  .
summary: Sacgasco Ltd announced on 19 November 2018 that it had signed an exclusive option agreement to acquire all the issued shares in RL Energy Pty Ltd. 