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Alpha Energy extends long-stop date to Feb 28
CATALIST-LISTED Alpha Energy said on Thursday that the long-stop date for various transactions that would consolidate its working interest at its Mustang oilfield in Alaska has been extended to Feb 28.
Last year, the oil exploration and production firm said that it planned to acquire TP North Slope Development LLP, Mustang Operations Center 1 LLC and Mustang Road LLC from various vendors and working interest owners. Originally, the long-stop date was June 30, 2018.
Alpha Energy 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.
Alpha Energy shares fell 0.3 Singapore cent or 2.62 per cent to S$0.112 on Thursday.