Perth-based CityView Corporation Ltd has acquired the right to purchase 100 per cent of Petro Energy Africa Ltd, a move that would give it operational control of the North Matanda oil project in Cameroon.

If CityView elects to proceed with the 100 per cent acquisition it will pay around $5 million in cash and allot shares worth around $16.9 million to existing Petro Energy Africa shareholders

Should the acquisition go ahead, CityView would double its stake in the oilfield to 40 per cent from the 20 per cent it acquired when it bought a 28.5 per cent stake in operator Turnberry Resources Inc.

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