Petrel Energy Limited announces that Warrego Energy Limited shareholders have unanimously approved the proposed reverse takeover (“RTO”) with Petrel and that Warrego has completed its due diligence of Petrel. Accordingly, the only material conditions precedent to completion of the RTO are the passing of the Extraordinary General Meeting resolutions on 15 March 2019.

Petrel also announces that the Board of Warrego has asked Greg Columbus to remain as Chairman of the Company on completion of the proposed RTO.

The acquisition of Petrel Energy will see Warrego acquire 77% of the enlarged organisation creating 25 jobs and pick up additional oil and gas real estate in West Australia, Southern Spain and Uruguay.

Commenting on the upcoming RTO, Petrel’s Managing Director, Mr David Casey, said: 
“We are very pleased with the support provided by Warrego shareholders in what can only be seen as a vote of confidence in the new combined Warrego board and management team and the drilling of West Erregulla-2. Drill site preparations at West Erregulla-2 are currently underway for what is potentially the most significant well drilled onshore Australia this year and a near identical analogue to AWE’s Waitsia Field.”

Dennis Donald, Warrego’s Managing Director said: 
“The combined Warrego entity benefits from a material portfolio of international, excellent, scale projects with funding in place from the recently completed Warrego Convertible Note issue which raised $5m. With Strike funding the first A$11,000,000 of expenditure on West Erregulla-2, which will commence in about 10 weeks’ time, we highly commend the RTO to Petrel shareholders on 15 March 2019.”

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