Lion completes funding commitment to KRX
Friday, October 26 2012 - 06:03 AM WIB
ASX-listed Lion Energy Ltd announced it has lodged the final installment of A$580,000 of the initial firm funding of A$1 million by way of subscriptions for shares in KRX Energy Pte Ltd at $0.05 per share, making it a 30.77 percent owner of KRX.
The fund will be applied by KRX to acquire worked interests in several projects, detail of which Lion said it would announce as they complete.
Previously Lion had said that it will invest in KRX as it moves forward with acquisition and development of oil and gas interests in Southeast Asia.
At present, KRX Energy Pte Ltd has a 35 percent interest in South Block A in northern Sumatra, operated by RENCO Elang Energy (51 percent). PT Prosys Oil&Gas International holds the balance.
Editing by Dadan Wijaksana