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L&M Energy completes acquisition of L&M
10 March 2010 - Sharemarket listed L&M Energy Ltd has successfully completed its acquisition of L&M Coal Seam Gas Ltd.
Sources: L&M Energy and Lindsay Clark
Shareholder approvals for the acquisition were obtained at a special general meeting of L&M Energy shareholders.
L&M Energy (which was formerly known as L&M Petroleum) says matters needed to complete the acquisition have been finalised.
L&M Energy chairman Geoff Loudon said the deal was well worth the wait.
“We believe that this transaction is a great result for shareholders in significantly improving the quality and size of the company’s coal seam gas asset”.
Mr Loudon said that the success of coal seam gas in Australia shows that resource aggregation offers many more commercialisation options for coal seam gas developments.
“The increased asset base this acquisition brings us better enables the company to maximise the value potential for any coal seam gas developed.
Couple this with the fact that New Zealand is facing a future gas supply shortfall and the company should be well placed to provide valuable energy for the nation, when it needs it most.”
L&M Energy is New Zealand based and dual listed on the ASX and NZX stock exchanges focused on development of commercial coal seam gas resources and conventional exploration within 12 New Zealand exploration permits.
Related links
Coal seam gas - NZ Petroleum Conference - Gas production statistics
