Morumbi Oil & Gas Inc. announced that it has acquired all of the issued and outstanding share capital of Rockwell Exploration S.A., a private company incorporated and existing in the Bahamas.
In connection with the acquisition of Rockwell, Morumbi has paid cash consideration of US $582,000 in settlement of certain debts of Rockwell and has also issued an aggregate of 4,000,000 common shares of Morumbi to Rockwell’s ten shareholders. Rockwell’s business to date has been focused on sourcing and developing exploration opportunities in Papua New Guinea with a focus on oil and gas exploration opportunities.
As a part of the acquisition, Morumbi has also entered into a consulting agreement with Mr. Lindsay Semple providing for Mr. Semple’s services on an exclusive basis to build an exploration platform for Morumbi in PNG in order to take advantage of the opportunities management believes to be present there. Morumbi has also entered into a consulting agreement with Mr. Philip Rali a PNG national and an expert in Melanesian customs, who has worked as a team with Mr. Semple for the past 13 years focusing on the acquisition and development of oil and gas properties. Of the 4,000,000 Morumbi common shares issued in connection with the acquisition, 1,800,000 are being held in escrow and will be released in three equal tranches over a period of 18 months.
Tom Loch the President of Morumbi , “ We view this as an opportunity to participate in one of the most attractive under explored resource areas in the world today. PNG is the home to some of the world’s great mines including Porgera, OK Tedi, and Lihir and the recently announced 35 million ounce equivalent gold/copper/silver resource at Wafi-Golpu by Harmony Gold Mining Limited. Further, Exxon Mobil Corp.’s $15 billion liquefied natural gas project currently under construction in the highlands is set to commercialize extensive stranded natural gas reserves. PNG is a stable Commonwealth country with attractive fiscal resource policies .”
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Source: Morumbi Oil & Gas, March 26, 2011;