news flow?, page-4

All I know on the matter is based on what's listed in the 2007 prospectus:

At the same time the Company finalised agreements with Puma Petroleum Ltd, a UK operated company, to acquire all its interests in Italy involving both onshore and offshore exploration projects.


(d) Italian Petroleum Concessions

Puma Petroleum Limited (Puma), a company incorporated in the British Virgin Islands, is the applicant for 4 Exploration Permits located offshore in Italy and the legal owner of one onshore Exploration Permit known as the Borsano Permit. It holds 50% of the Borsano Permit directly and the remaining 50% on trust for TM Information Systems Limited (TMIS).

By an agreement dated 16 February 2007 (Italian Sale Agreement), (i) TMIS agreed to sell its 50% interest in the Borsano Permit; and (ii) the owners (Share Sellers) of the shares in Puma (Puma Shares) agreed to sell all of their shares to Key Petroleum.

The sale of TMIS’ 50% interest in the Borsano Permit is conditional upon the applicable Government agency granting an extension of the time to complete drilling on the Borsano Permit to 31 December 2007 (or such other date as may be agreed). The sale of the Puma Shares is conditional upon the Shares being admitted to the Official List by 1 September 2007 (or such later date as may be agreed).

Consideration was mostly in shares with cash payments for reimbursement of expenses as well as a 1% production royalty payable to the vendors for the offshore locations.


Interesting tidbit on page 22 that for offshore Italy the royalties payable to the government are only 4%