Ezion Holdings receives endorsements for the development of a marine supply base in the Northern Territory of Australia
Ezion Holdings Limited refers to the announcement made on 19th July 2010 in relation to the Company’s entry into a memorandum of agreement to secure a land lease in Australia for the development of a marine supply base to support the offshore oil and gas industry. Ezion has received endorsements for it to proceed with the project .
The Supply Base is near the main passage for marine activities for oil and gas projects in Northwest Australia, Papua New Guinea and Timor-Leste and in close proximity to oil and gas projects in the Northern Territory of Australia. Located North of Darwin in Apsley Strait between Melville Island and Bathurst Island, the Supply Base is naturally sheltered from cyclones with a dockside water depth of 12 meters and deep water access from sea.
Ezion has received letter of intents from several multinational companies who are supporting the offshore oil and gas activities in the vicinity for the use of the Supply Base.
There will be certain engineering and developmental works undertaken for the Supply Base after which the Supply Base is expected to be able to provide its basic load out and lay down services to its customers by the end of 2013.
The above-mentioned transaction is not expected to have a material impact on the consolidated net tangible assets and earnings per share of the Company for the financial year ending 31st December 2013.
