WESI PEL512 Pty Ltd. signed an agreement to acquire Black Star Petroleum Limited on November 4, 2019. Under the terms of the transaction, Black Star Petroleum will issue its 109.7 million new post-consolidation shares and 31.7 million incentive options to the shareholders of WESI PEL512 Pty Ltd. In a related transaction, Black Star Petroleum Limited proposes to raise a minimum of AUD 35 million, with a maximum of AUD 37 million by issuing 87.5 million to 92.5 million ordinary shares at AUD 0.40 per share via a full form prospectus. On completion, WESI PEL512 Pty Ltd. and Black Star Petroleum will merge to form a combined entity. Following completion of the transaction, and subject to shareholder approval, the combined entity would change its name and will make a further announcement once a name has been decided. Upon completion, the combined entity will have Simon Phillis as Managing Director, Wen Jie He as Non-Executive Director, Colin Goodall as Non-Executive Chairman and Teof Rodrigues as Non-Executive Director. Transaction is subject to consolidation of Black Star's shares on 121.75:1 basis, Black Star's shareholder approval, WESI PEL512 raising seed capital of AUD 3.5 million and lodgement of a prospectus and listing application with ASIC and ASX, including satisfaction of all reinstatement conditions to be imposed by the ASX. WESI PEL512 Pty Ltd. cancelled the acquisition to acquire Black Star Petroleum Limited on March 31, 2020. The transaction is terminated due to current market condition.