Togole Petroleum Energy Acquires Strategic Mining Exploration Licenses

The acquisition marks a significant milestone for Togole Petroleum Energy Limited as it expands its mineral exploration capabilities in Papua New Guinea. The two exploration licenses, EL 2642 located in Mumeng, Bulolo District, and EL 2624 located in Wau, Bulolo District, both in Morobe Province, provide the company with strategic access to promising mineral deposits.

The transaction was completed through a Mining Licence Sale and Purchase Agreement with Sharah Limited, with a purchase price of K3.0 million. The agreement includes a 20% deposit (K600,000) payable within two weeks of signing, with the balance due upon completion following fulfillment of conditions precedent.

This strategic acquisition demonstrates Togole Petroleum Energy's commitment to expanding its mineral resources portfolio and strengthening its position as a leading resource company in Papua New Guinea. The exploration licenses are expected to generate significant economic value and create employment opportunities in the Morobe Province.

The acquisition is subject to standard conditions including grant of extension of the licence term by the MRA and the Minister for Mining within 6 months of signing, approval of the sale and transfer of the Licence by the MRA and the Minister for Mining within 6 months of signing, and satisfactory completion of due diligence by the Purchaser within three months from the date of the agreement.