The first option is exercisable at $0.15 (15 cents) by 30 June 2004 and the second exercisable at $0.25 (25 cents) by 30 September 2005. The options will be freely transferable.
Members shall be entitled to apply for additional shares out of the shortfall in the event that the issue is not fully subscribed.
The Tassie Shoal methanol project will be located offshore in the Australian waters of the Timor Sea, around 275km northwest of Darwin. The area is in shallow water only a few kilometres south of the giant Evans Shoal gasfield, the expected gas source to supply the project.
When development is completed, 10,000 tonnes of methanol will be produced every day and exported to consumers in Asia. At the current methanol prices, the annual export sales revenue will exceed $1 billion.
