aogc_8k.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of
Report (Date of earliest event reported) October 26, 2009
AUSTRALIAN
OIL & GAS CORPORATION
(Exact
Name of Registrant as Specified in Charter)
| Delaware |
000-26721 |
84-1379164 |
| (State or Other
Jurisdiction of Incorporation) |
(Commission File
Number) |
(I.R.S. Employer
Identification No.) |
Level 21,
500 Collins Street
Melbourne,
Victoria 3000
Australia
Registrant’s
telephone number, including area code: (61-3) 8610
4700
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(Former
Name or Former Address, if Changed Since Last
Report)
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Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2.below):
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))
Item
2.01 - Disposition of Assets
SALE OF AC/P33 (VULCAN JOINT
VENTURE)
Our
wholly owned subsidiary, Vulcan Australia Pty Ltd (“Vulcan”) has agreed to sell
its 7.5% interest in an Australian offshore petroleum exploration permit AC/P33
(“Permit”) to a wholly-owned subsidiary of PTT Exploration and Production Public
Company Limited (“PTTEP”), a major Thailand petroleum exploration and production
company.
Vulcan
previously entered into a farmout agreement in relation to AC/P33 with South
Australian based oil explorer and producer, Stuart Petroleum (Offshore) Pty Ltd
(“Stuart”), who became the Operator and 50% interest holder in permit AC/P33.
Our interest, as a result, reduced to 7.5%. Permit AC/P33 is located
approximately 700 kilometres west of Darwin in the Australian-administered
section of the Timor Sea.
As
farminee, Stuart contracted a rig with Songa Offshore in Stuart’s own name
only. The AC/P33 farmors (“Farmors”), including Vulcan, have no legal
commitment to the rig owner. The appraisal well is estimated to cost
in the range of US$30 – US$40 million.
Stuart
recently entered into negotiations to sell their 50% interest to PTTEP
Australasia (Ashmore Cartier) Pty Ltd (PTTEP AAA), a subsidiary of a major
Thailand petroleum exploration and production company, PTTEP. PTTEP
AAA made it plain they sought ownership of 100% of AC/P33.
The
AC/P33 Farmors, including Vulcan, concluded that the best outcome was to
negotiate for a complete exit from the permit. Vulcan expects to
recover not less than US$4,125,000 for its 7.5% interest.
Vulcan
considers this to be a disappointing outcome, but, in the circumstances, an
outright sale to PTTEP AAA is seen as an acceptable outcome.
The
transaction with PTTEP AAA is subject to conditions precedent, which include,
inter alia, Australian Foreign Investment Review Board (FIRB) and the usual
Australian government consents and approvals.
In the
meantime, for the transaction to proceed, certain conditions must be met,
including approval and registration of the dealing by the Designated Authority
of the Australian government for such matters.
Completion
will not occur until all necessary consents are obtained.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the undersigned
hereunto duly authorized.
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AUSTRALIAN
OIL & GAS CORPORATION |
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Date:
26 October 2009
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By:
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/s/
E. Geoffrey Albers |
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E.
Geoffrey Albers |
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President |
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