Indus has Oz OK to Buy New Era

Australian Indus Energy has received in-principle approval from the Australian Stock Exchange (ASX) for last October's plan to purchase all of New Era Oil & Gas, it said March 20.

Indus is proceeding to finalise the paperwork, including the binding share purchase agreement, and will then hold a shareholders meeting to approve it.

“Once a binding agreement is finalised, the transaction will be subject to Indus shareholders’ approval, completion of a capital raising, compliance with chapters 1 and 2 of the ASX listing rules and re-admission to the official list of ASX,” Indus said.

New Era has focused on opportunities in the Cooper and Eromanga basins in South Australia and Queensland, and has executed a term sheet to farm into 50% positions in two onshore oil and gas exploration blocks in the Cooper Basin. The focus will be on acquiring further onshore Australian assets, specifically in the Cooper and Eromanga basins, Indus said.