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CRL is a wholly-owned subsidiary of Strike Oil and intends to list on the ASX in 2004.
The balance of purchase price may be satisfied by CRL's election of an issue of shares upon listing, or cash.
The interests sold to CRL are the rights to acquire from Arrow Energy 20% in the above permits by paying up to $1 million for the completion of a pilot gas production scheme.
AZL had contributed around $260,000 towards the cost of the pilot and CRL will now assume the remaining expenditure obligations towards the pilot gas production scheme.
