L&M Petroleum says its new name L&M Energy and stock code LME, effective from Monday, was not contingent on its planned merger with L&M Coal Seam Gas.LMP shareholders will vote on the merger, announced last month, at a special meeting in Febru
L&M Petroleum says its new name L&M Energy and stock code LME, effective from Monday, was not contingent on its planned merger with L&M Coal Seam Gas.
LMP shareholders will vote on the merger, announced last month, at a special meeting in February.
The company plans to issue 444 million shares to LMCSG’s shareholders and 56 million options to the executive team.
Kent Anson will be joint managing director of the planned merged entity, L&M Energy, it said in December.
Yesterday, L&M Petroleum managing director John Bay said the name change and merger were two separate decisions.
“We’ve been chasing coal seam gas for the last year and we thought it was appropriate to re-energise our name prior to the merger decision.”
The new name was official and would remain, irrespective of whether the merger went through, he said.
“The wider world sees petroleum as oil – black sticky stuff – and coal seam gas as separate so ‘energy’ conveys that as well now.”
Privately-held LMCSG has six coal seam gas permits including 173 PJ of independently certified 3P gas reserves and the merger is expected to back an aggressive work program for 2010.
