Australis Oil and Gas (ASX:ATS) has confirmed the completion of its previously announced TMS financing transaction, finalising a key component of the strategic initiatives outlined on Nov. 26.
While the development partnering transaction became legally binding upon execution, the Financing Transaction with a subsidiary of EQV Partners was subject to standard closing conditions and was scheduled to completed by year end.
The company advised that the transaction successfully closed on Dec. 30, resulting in the transfer of 90% of Australis' working interest in its producing well inventory to EQV, with Australis retaining the remaining 10%, and EQV assuming operatorship of the assets.
The acquisition was effective from July 1, with the purchase price adjusted to reflect EQV's 90% ownership between the effective date and closing, along with customary industry adjustments, culminating in a final purchase price of US$15.6 million.