Perth, June 30, 2009 AEST (ABN Newswire) - Kairiki Energy Limited (ASX:KIK)(PINK:KAIRF) has been advised by Focus Oil and Gas Pte Ltd that as it is unable to meet the required condition precedent of concluding its investor contracts to fund their obligations under the Farm-out Agreement dated 30 April 2009, the agreement will lapse as of today.
Following the recent oversubscribed placement to sophisticated investors and institutions, Kairiki's cash position at 30 June 2009 is very strong having recently raised approximately A$8.1 million.
These funds will provide Kairiki with the financial capability to pursue the development of its Tindalo oil discovery in the Philippines in the near term as previously announced, with the flexibility of retaining its 40% interest in the inboard portion of SC54.
Contact
Laurie Brown
Managing Director
Kairiki Energy Limited
TEL: +61-8-9388-6711
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