Acquisition fail as timed out?31 Oct 2024 11:08
Read and remember the exclusivity agreement only lasts until today. If Blue Star have had a better offer and HE1 have not concluded in time then game over for any revenues for HE1 in 2025! Perhaps explains the big sells yesterday?
‘The Acquisition is conditional on a number of conditions being satisfied or waived (if capable of waiver) on or before 31 October 2024, including but not limited to: (i) the parties agreeing and executing definitive agreements, in agreed form, in respect of the Acquisition which will take the form of a farm-in agreement and a joint operating agreement (provided that should the parties fail to enter into the definitive agreements on or before the longstop date and subject to the Company having waived the requirement, the Agreement will be deemed to be the definitive agreement in respect of the Acquisition; and (ii) approval by the Energy and Carbon Management Commission of Colorado of the oil and gas development plan submitted to the CECMC relating to the Galactica Project and known as Galactica-Pegasus OGDP I and having Docket No: 240400088.
Blue Star, through its local operating entity, will continue to act as operator on the project. The Company has also agreed a right of first refusal with Blue Star pursuant to which the Company will be entitled to acquire all other Blue Star helium acreage (other than Blue Star's Serenity prospect) on the same terms as those offered to Blue Star by a third party. Should the Company fail to exercise the right within a certain period, then the right will expire The Agreement also provides for a period of exclusivity from the date of the Agreement until the earlier of the longstop date or the date on which all of the conditions are satisfied which includes customary restrictions on Blue Star.’
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