Fazil acquires ACL shares following acquisition of RI assets
Tuesday, July 21 2015 - 02:31 AM WIB
Canada?s ACL International Ltd. announced Monday that its recently appointed President and CEO Mohammad Fazil has acquired shares in the company following the recent acquisition of Langsa TAC and South Block A PSC, both located in Sumatra.
?Pursuant to the closing of the acquisition of the assets of Blue Sky Langsa Ltd. (BSL) on June 10, 2015, Mohammad Fazil has acquired, directly, 11,300,000 common shares of ACL. The shares were acquired pursuant to the terms of an asset purchase agreement between ACL and BSL dated March 13, 2015, as further described in the Filing Statement of ACL filed on SEDAR on June 1, 2015. The Shares were acquired at a deemed price of $0.12 per share for investment purposes. Fazil may in the future acquire additional shares in the company, if deemed appropriate to do so in his sole discretion,? ACL said in an early warning and update reports.
The company recently completed two acquisitions of oil and gas assets in the prolific Indonesian North Sumatra basin including a 50 percent working interest and operatorship of the Langsa TAC concession located offshore, North Sumatra, from BSL; and 38.25 percent working interest and operatorship of the Production Sharing Contract (PSC) referred to as South Block A, located onshore North Sumatra from Peak Oil & Gas (Australia) Pty Ltd.
The Langsa TAC concession is located 150 km offshore and encompasses an area of 77 square kms in 300 feet of water depth. Initially discovered by Mobil, its current gross production is approximately 1350 BOPD, ACL said.
Meanwhile, the SBA assets consist of an aggregate 2,105 square kilometres of exploration acreage and are surrounded by oil and gas fields in the prolific North Sumatra basin. The assets also include 180 km of 2-D seismic, 50 square km of 3-D seismic and four exploratory wells. South Block A lies in the North Sumatra basin, which is one of the most productive hydrocarbon provinces in Indonesia with over 80 known oil and gas fields.
ACL further explain that following the acquisition, Fazil owns directly or indirectly and exercises control over 11,300,000 common shares of ACL, representing approximately 12.3 percent of the company's issued and outstanding common shares. Fazil also holds options entitling him to purchase an aggregate of 3,000,000 common shares of ACL upon exercise of the options, bringing his total ownership to 14,300,000 common shares or approximately 15.1 percent of ACL's issued and outstanding common shares on a partially diluted basis.
Fazil is also the President and a director of BSIH Ltd. (BSIH), which received 61,571,667 common shares of the ACL pursuant to the transaction. Fazil is not a beneficial owner of any of the BSIH shares, ACL said.
Following the acquisition, BSIH owns directly or indirectly and exercises control over 61,571,667 common shares of ACL, representing approximately 67.3 percent of the company's issued and outstanding common shares.
The above information has been provided to the company by Fazil and BSIH for inclusion in this news release. An Early Warning Report respecting the acquisitions will be filed electronically on the company's SEDAR profile.
Editing by Reiner Simanjuntak