Orion Petroleum Limited (ASX: OIP) (“Orion”) is delighted to announce that all resolutions in relation to the proposed merger with Petrel Energy Limited (“Petrel”) were passed by a large majority at a general meeting of Orion shareholders held today. A summary of the voting results is attached to this release together with a copy of the acting Chairman’s address given at the meeting. Under the terms of the binding Heads of Agreement executed with Petrel shareholders in November 2011, closing of the transaction is scheduled to occur next Tuesday, 17 January 2012, upon satisfaction of various conditions precedent, the primary one being shareholder approval. Issue of the new Orion shares and options to Petrel share and option holders will take place immediately after closing upon which Stephen Mitchell and David Hobday will join the Orion Board. Andrew Bursill, a current non-executive director of Orion, has indicated his intention to resign as a director upon completion of the merger. The Board wishes to thank Andrew for his invaluable contribution to the strategic review process since the Board was reconstituted last June and which has resulted in the Petrel transaction. His clear thinking and counsel proved an immense help in assessing the numerous opportunities that led eventually to the Petrel deal. Shareholders have also approved a change of company name to Petrel Energy Limited. This is expected to become effective in a few weeks time when the new company name is formally registered by ASIC and a new ticker code is advised by the ASX.
OIP Price at posting:
4.5¢ Sentiment: Hold Disclosure: Held
