Octanex Gains Sabah Backing For Exploration

Octanex Gains Sabah Backing For Exploration

MELBOURNE, Nov 1 (Bernama) — Sabah is investing up to US$17 million in Western Australia’s junior Octanex N L, according to a report on the Petroleum Exploration Society of Australiawebsite.

Sabah’s representative, SIP, will initially subscribe for US$5 million in fully paid shares and hold 21 per cent of the existing listed fully paid ordinary shares in Octanex.

The report said SIP will further subscribe for US$12 million in Convertible Notes in three equal tranches with all tranches to be drawn down before June 30 next year.

It said that until June 30, 2016 SIP has the right to exercise an alternative conversion of the Notes to a 35 per cent shareholding in Octanex Pte Ltd, the Singapore incorporated holding company of Octanex’s 50 per cent shareholding in Ophir Production Sdn Bhd, the incorporated joint venture that holds the Ophir RSC with Petronas.

SIP will nominate Datuk Kevin How Kow and Suhnylla Kler as the two directors to join the Board of Octanex.

— BERNAMA

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