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Alpha Energy shareholders to vote on Mustang transactions on March 5

CATALIST-LISTED Alpha Energy will seek shareholders' approval for various transactions that will consolidate its working interest at its Mustang oilfield in Alaska during an extraordinary general meeting to be held on March 5.

The oil exploration and production firm has a 36.2 per cent net working interest in the Mustang field currently, and plans to raise its working interest in Mustang to 90.1 per cent by getting the other working interest owners to inject their shares in the oilfield into Alpha, in exchange for cash, new shares and options in Alpha. 

These include the proposed issue and allotment of up to 308,606,430 new shares at the issue price of S$0.125 to acquire TP North Slope Development (TPNSD), the proposed issue and allotment of 49,572,000 new shares at the issue price of S$0.125 and the proposed issue of S$6,196,500, 1.35 per cent convertible perpetual capital securities, which are convertible into 14,824,800 new shares to CES Oil Services for the acquisition of a 3.67 per cent membership interest in Mustang Operations Centre 1 (MOC1);

the proposed grant of 40,651,900 non-transferable options to the Alaska Industrial Development and Export Authority (AIDEA) at the exercise price of S$0.20 per AIDEA option;

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and the proposed grant of 65,000,000 transferable options to the TPNSD vendors at the exercise price of S$0.09 per TPNSD option.

Alpha Energy shares closed 0.2 cent lower at S$0.071 on Monday.