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Xstate Resources Ltd To Acquire Blue Sky Langsa Ltd

Wednesday, 13 Feb 2013 05:42pm EST 

Xstate Resources Ltd announced that it has signed a memorandum of understanding (MOU) to acquire 100% of privately owned Blue Sky Langsa Ltd (BSL) effective January 1, 2013. The Company will acquire 100% of the Langsa Technical Assistance Contract (TAC) with Pertamina, located in 70 to 100 metres of water, 50 kilometers offshore North Sumatra, Indonesia. The Langsa TAC includes the 'L' and 'H' Oil Fields and related oil field equipment inventory. Production is from limestone reservoir rocks about 1600 metres below the sea surface. At completion, the transaction involves Xstate issuing 459,570,594 new Xstate shares (ASX: XST) to BSL shareholders so that BSL shareholders will own 82% of Xstate shares after the transaction completes. 

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12:44am EDT