West Perth-based Raisama today sold its Kashkasu II uranium project to China’s Hebei Mining for $1.5 million as part of a move to increase its focus on the oil and gas sector.
Under the terms of the sale, Raisama will continue to provide technical advice and in-country support at the Kyrgyz Republic project.
Raisama executive chairman David Berrie said the company would continue to pursue opportunities with Hebei.
“This marks an important milestone in Raisama’s corporate development as we focus on our oil and gas assets, including our flagship Cadlao project in the Palawan Basin, Philippines, as well as our relationship with Hebei which we highly value,” Mr Berrie said.
“The decision to purchase Kashkasu II clearly demonstrates Hebei’s recognition of Raisama’s project development capabilities.”
Raisama’s Cadlao project is expected to deliver first oil in the first half of 2012.
Raisama shares were up 1 cent to 12.5 cents at 9:20 WST.
