AKD is to issue Portsea's shareholders 105 million shares (19.9% of AKD's issued share capital) and 25 million options for the assets, and is to undergo a name change to Portsea Oil & Gas, plus corporate and management restructure.
A 1 for 10 share consolidation is planned, as is a rasing of at least $4.4 million and a possible listing on London's AIM. Perth-based corporate advisory group Mooney and Partners are being used by AKD/Portsea.
Taking the reins at the new company from AKD's Zlad Sas will be petroleum engineers Ken Russell and Andrew Patterson.
Portsea's strategic objective is to develop a strong oil and gas portfolio of production, development and exploration assets, initially in Latin America.
The company was jointly awarded 10 onshore petroleum exploration blocks with major partner the Synergy Group, following the recent acreage release known as 'Brazil Round 6'.
AKD has been canvassing various hard rock options both in Australia and overseas since pulling out of the Abaete alluvial diamond project in Brazil earlier this year.
Shares in AKD were up 0.2c to 1.9c in midday trade.
