Australian Oil Finalizes Divestment for A$3M Boost

Sacgasco Limited (AU:AOK) has released an update.

Australian Oil Company Limited has secured a pivotal divestment agreement with Blue Sky Resources Limited, involving a total cash payment of A$3 million. This includes an initial non-refundable payment of A$750,000 and the balance to be paid by November 30, 2024, which will facilitate the continuation and expansion of their exploration activities. The transaction also settles previous outstanding amounts and will allow the company to redirect focus on enhancing its exploration portfolio and capitalizing on new opportunities.

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