Brief: Pilot Energy To Buy Royal Energy In All-Scrip Deal For 143.9 Mln Pilot Shares

Royal Energy Resources

25/09/2020 03:00

Sept 25 (Reuters) - Pilot Energy Ltd  PGY.AX :
    * TO ACQUIRE 100% OF ROYAL ENERGY IN ALL-SCRIP ACQUISITION
FOR
143.9 MILLION PILOT SHARES
    * ACQUISITION GIVES PILOT JOINT OPERATIONAL CONTROL OF CLIFF
HEAD
OIL FIELD JV THROUGH 50% OWNERSHIP OF CLIFF HEAD OIL JV OPERATOR
    * THROUGH ACQUISITION CO WILL OWN 21.25% STAKE IN CLIFF HEAD
OIL
FIELD JV
    * SECURED COMMITMENTS FOR $2.5 MILLION PLACEMENT

Source text for Eikon:  ID:nASXCVS5w 
Further company coverage:  PGY.AX 

 ((Reuters.Briefs@thomsonreuters.com))