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Good news to Moby holders

AMENDMENT TO AGREEMENT FOR ACQUISITION OF 15% OF WA-360-P (“ARTEMIS”) AND 50% OF WA-409-P
Moby Oil & Gas Limited (“Moby”) (ASX Code: MOG) advises that amendments beneficial to Moby have been entered into in relation to the circumstances under which Moby will acquire all the shares in Rankin Trend Pty Ltd (“Rankin Trend”) from Gascorp Australia Pty Ltd (“Gascorp”).
The parties have entered into a supplementary deed amending the deed referred to in Moby’s release dated 29 September 2009. The amendment removes the condition precedent (to Moby acquiring Rankin Trend) which required that MEO Australia Limited (“MEO”) must provide Rankin Trend, on or before 31 December 2009, with an irrevocable binding commitment to drill a well in WA-360-P. Rankin Trend holds a 15% interest in WA-360-P (which contains the Artemis Prospect).
The effect of the amendment is that, provided the other conditions precedent set out in Moby’s release dated 29 September 2009 are satisfied, Moby will acquire Rankin Trend regardless of whether MEO gives Rankin Trend that irrevocable commitment to drill a well.
This amendment enhances Moby’s rights to acquire an interest in WA-360-P. It will enable Moby to acquire a 50% interest in WA-360-P if MEO fails to provide Rankin Trend with that irrevocable drilling commitment, whereas, under the prior arrangements, Moby would not have acquired any interest in WA-360-P in that circumstance.
As a consequence, if all other conditions precedent to Rankin Trend being acquired by Moby are satisfied but MEO fails to give Rankin Trend, on or before 31 December 2009, an irrevocable binding commitment to drill a well in WA-360-P, MEO will be obligated to transfer a 35% interest in WA-360-P to Rankin Trend increasing Rankin Trend’s interest in WA-360-P from 15% to 50%.
Despite this amendment in relation to this circumstance, Moby continues to anticipate that MEO will announce a farmout of a portion of its 70% interest in WA-360-P and that MEO, or a farminee to MEO, will provide Rankin Trend by 31 December 2009 with the requisite commitment to drill the well so that MEO, and any farminee to MEO’s interest, will retain an aggregate 70% interest.
The market will be kept fully informed as further details become available.
By Order of the Board
J.G.