Looks like arts and entertainment ain't turning a quid these days, so AEM are moving into oil territory.
Wailawi Oil & Gas Project Update
Artist & Entertainment Group Limited (AEM) wishes to advise that its securities were placed in a trading halt on Monday, 9 July 2012 due to a spike in trading. AEM has investigated this matter and is not aware of any reason for the spike in trading.
Wailawi Oil & Gas Project
AEM has previously announced that it was seeking to take up an interest in the Wailawi Oil and Gas Project in Indonesia (Wailawi Project), by way of an assignment of rights from Union Pacific Trading Pty Ltd (UPT) and UPT's Indonesian subsidiary. AEM is pleased to confirm that it has been advised that the drafting of the agreement between UPT's Indonesian subsidiary, Perusda Benuo Taka (Perusda) and BPMigas is in progress and nearing completion. This agreement will entitle UPT's subsidiary to receive a share of the net project earnings generated from the Wailawi Project on the condition that it meets its obligations under a Production Sharing Contract with Perusda and BPMigas, including undertaking further exploration activity in the Wailawi Project area.
As previously advised, Perusda is an Indonesian company owned by the East Kalimantan Panajam Paser Utara Regency Government in Indonesia. BPMigas is the Indonesian Executive Agency for Upstream Oil and Gas Activity.
AEM will continue to keep the market informed of the progress of its acquisition of the interest in the Wailawi Project.
Pretty cash poor with only $196k in the kitty.