Top End Energy Limited (Top End or the Company) (ASX:TEE) is pleased to announce completion of the transaction to acquire granted Northern Territory (NT) acreage from wholly owned subsidiaries of Hancock Prospecting Limited (Hancock), first announced on 27 February 2024 (the Transaction).

TRANSACTION AND COMPLETION

On 27 February 2024, the Company announced the execution of a binding term sheet to acquire NT Exploration Permits (EP) 144, 153 and 154 (the Permits) from Minerals Australia Pty Ltd and Jacaranda Minerals Limited, wholly owned subsidiaries of Hancock (together, the Vendors). On 14 May 2024, the Company announced that it had entered into a full form Sale and Purchase Agreement (SPA) with the Vendors.

On 31 May 2024, the Company and the Vendors received the consent of the Northern Land Council to the transfer of the titles pursuant to the terms of the existing Co-existence and Exploration Deeds with the Traditional Owners of the Permits.

On 2 July 2024, the Company announced that the parties had received approval for the acquisition of the granted NT acreage in the SPA from the delegate of the Minister of Mining under section 96 of the Petroleum Act 1984. Following satisfaction of all conditions, the parties have now completed the Transaction in accordance with the SPA.

Commenting on completion of the Transaction, Managing Director Oliver Oxenbridge said:

“We are delighted to have completed the transaction, having received key stakeholder approvals in relatively short order. Having reached this point, we now turn our attention to executing work programs and maturing the significant prospectivity that we see in the permits. The acquisition of this acreage, in addition to the recent Ministerial grant of EP 258, finally allows Top End to commence on ground activities in the NT and address multiple high impact opportunities for discovering natural gas, Hydrogen and Helium.

Pending completion, we have kept busy refining identified play fairways and preparing for near-term activities – we are excited to provide investors with more information in the coming weeks on the material potential we see in the permits and next steps for unlocking it.”

Source: Top End Energy ASX Announcements