Leyshon Resources Ltd Completion of Acquisition Of Stake In China's Unconventional Gas Revolution
Leyshon Resources Limited (AIM/ASX:LRL) ("the Company") is very pleased to announce that it has signed a definitive share sale and purchase agreement for the acquisition of Hong Kong Company Pacific Asia Petroleum Limited (PAPL) which holds a 100% interest in the Zijinshan Production Sharing Contract located on the eastern fringe of the prolific Ordos Gas Basin in Central China.
Leyshon has acquired PAPL from Houston based CAMAC Energy Inc for a consideration of US$2.5 million in cash and the issue 10,000,000 fully paid ordinary shares.
The Company is not intending to seek the approval of security holders for the transaction unless ASX requires it under Listing Rule 11.1.2 or 11.2, and is applying to ASX for a determination as to whether security holder approval is required under the Listing Rules.
Managing Director Paul Atherley Commented: "The Ordos Basin is the beating heart of the world's fastest growing major economy and is one of the best places in the world to be exploring for gas right now. Any commercial discovery will be hooked into one of the major arterial pipelines that cross the basin. We are particularly excited about PAPL commencing drilling on one of few remaining blocks on the basin's eastern flank - an area that has seen spectacular recent discoveries."