Holdrey Pty. Ltd. made an offer to acquire World Oil Resources Ltd. (ASX:WLR) from Ariel Nominees Pty Ltd, Templefield Pty Ltd, NEW Hopetoun Pty Ltd and others for AUD 5.1 million on February 25, 2013. Holdrey will pay AUD 0.013 cash per share. Holdrey offered AUD 0.013 per share. The consideration will be funded through existing financial resources and cash reserves. Following the acquisition of atleast 5% of the votes of World Oil Resources, Holdrey Pty. Ltd. intend to submit a requisition notice to World Oil Resources to move resolutions to remove the current Board of World Oil Resources and propose constitution of a new Board. The offer period opens from April 26, 2013 and closes on May 27, 2013.

As on April 11, 2013, Holdrey Pty. Ltd. has lodged a bidder's statement and holds 7.8% stake in World Oil Resources. Holdrey would remove two out of the three existing members of the current Board of World Oil Resources and will appoint in their place Craig Mathieson, Director of Holdrey, and John Vatovec. The change in Board is to be approved by the shareholders of World Oil Resources in a general meeting, which is to be held on or around May 14, 2013. The offer is not subject to any financing conditions but is subject to no regulatory actions being taken for the offer and is subject no material adverse change in relation to World Oil Resources net assets between announced date and offer period. Holdrey may compulsorily acquire all remaining shares of World Oil Resources if during offer period it has a relevant interest in at least 90% of the shares of World Oil and have acquired 75% of the shares under the offer. The Board of Directors of World Oil Resources rejected the transaction as it is premature and opportunistic and recommends the shareholders to reject the transaction. As on May 14, 2013, Holdrey has agreed to extend the closing date of the Holdrey from May 27, 2013 to June 10, 2013. As of June 4, 2013, the deal is still subject to satisfaction of conditions. As of June 11, 2013, Holdrey Pty. Ltd. has lodged a second supplementary statement. The offer closes on June 11, 2013. The extraordinary shareholder meeting of Holdrey will be held on June 17, 2013.

Corporate Counsel Lawyers acted as legal advisors for World Oil Resources. MAP Capital Advisors acted as financial advisor and Minter Ellison acted as legal advisor for Holdrey Pty. Ltd. Computershare Investor Services Pty Limited acted as registrar for World Oil Resources.

Holdrey Pty. Ltd. cancelled the acquisition of World Oil Resources Ltd. (ASX:WLR) from Ariel Nominees Pty Ltd, Templefield Pty Ltd, NEW Hopetoun Pty Ltd and others on June 11, 2013. Holdrey announced on June 11, 2013, that it would rely on the breach of a specified condition to defeat the offer, and accordingly the offer lapsed on the same day.