Date: Friday, 19 December 2014
Bukit Asam’s $30m cornerstone investment into Ignite Resources will underpin financing for the ALDP project and they will be a cornerstone investor for the IPO of IER.
“Realising a dream” – re-classifying a coal field into an oil field – EL 4416 Gelliondale deposit more than nine hundred million barrels of oil at a contingent level.
United Overseas Bank (UOB), Kay Hian, appointed as lead banker for upcoming listing of IER in Singapore.
ALDP: Chosen as one of three global companies via a rigorous 18-month independent expert panel review process. A$84m project with a total of ~A$40-48m from the Victorian State and Federal Governments. Status: agreed terms for matching funds from our strategic partner.
New market positioning: Creating a global unconventional oil company, turning a coal field into an oil field. Status: now complete -see Gaffney Cline update.
Strategic partner and cornerstone investor: Bukit Asam, the largest and most profitable coal company in Indonesia. Status: IER has successfully passed a 6 month independent due diligence phase that included extensive testing of their lignite and now agreed investment terms.
Earlier path to revenue: while we do not require revenue to list, the markets are asking for revenue within 18-24 months of listing. Status: progressing, subject of future updates.
The shareholder update can be downloaded here.
If you have any questions or comments, please do not hesitate to contact us.
Chief Executive Officer
Ignite Energy Resources
Phone: +61 (2) 9929 9007