Continental Energy Acquires Continental Hilir Indonesia

Published: Sep 07 2017
Deal Summary

Continental Energy Corporation, an oil and gas company, acquired stake in Continental Hilir Indonesia Pte. Ltd. (CHI), a company engaged in the development of small scale crude oil refinery projects in Indonesia, from eight subscribers and shareholders, for a purchase consideration of US$0.7 million (MM).

Under the terms, Continental Energy funded the consideration through the issuance of 14 MM units at a price of US$0.05 per unit to the subscribers and shareholders. Each unit consists of one common share and one warrant to purchase an additional common share of the company at a price of US$0.1 per common share for a term of one year from issue.

Earlier, on January 4, 2017, CHI entered into a joint development agreement (JDA) with Continental Energy to develop small scale crude oil refinery projects in Indonesia.

Following the transaction, CHI will handle crude oil feedstock imports and refined products exports for Continental Energy’s planned small scale refineries in Indonesia.

The acquisition enables Continental Energy to expand its business operations.

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