Wessex Exploration PLC, the hydrocarbon exploration company, is now in advanced discussions with the vendors of a company holding an interest in a prospective offshore asset in the Far East, which the Directors believe is capable of near-term production.
The acquisition, to be paid for by way of shares, will hold sufficient cash to cover its contractual drilling obligation and will bring with it a highly experienced, well-known and successful board level management team.
Further details of the intended acquisition will be announced when Heads of Terms are signed.
However, completion of the transaction is conditional, inter alia, on shareholders voting against all seven resolutions in the forthcoming General Meeting.
Malcolm Butler, Chairman, said: “Now that advanced discussions are underway, the Company expects to sign Heads of Terms shortly and thereafter move to a final acquisition agreement as soon as practicable, conditional on rejection of all seven resolutions at the forthcoming General Meeting.”
“If this acquisition is concluded, your Company will have additional, highly experienced directors with successful track records and a rejuvenated asset base to allow it to grow and prosper.”