Australia’s Strzelecki Metals Moves Into Mongolian Oil, Gas Space
Australia’s Strzelecki Metals has decided to venture into Mongolian oil and gas space by announcing its plan to acquire unlisted Wolf Petroleum.
Wolf Petroleum is one of the largest and most active petroleum explorers in Mongolia and is currently conducting successful work programs across three blocks.
Mongolia is an emerging petroleum province with early exploration success and production being delivered proximal to Wolf Petroleum’s Blocks. The country is actively encourages foreign investment in its resources sector.
Strzelecki has entered into a Heads of Agreement to acquire 100% of Wolf Petroleum in scrip transaction. Wolf shareholders would be offered 25 Strzelecki shares for every one Wolf Petroleum share.