Acumen Energy Pty Ltd signed a conditional agreement to acquire 25% stake in Rhino Energy (CBM) Pty Ltd from Magnum Gas & Power Limited (ASX:MPE) for AUD 0.35 million on October 20, 2017. Under the terms of the agreement, Acumen will pay AUD 0.1 million in cash of which AUD 0.02 million will be held in deposit by Acumen’s solicitors and transferred to Magnum upon the completion of the transaction. In addition, AUD 0.05 million is payable within six months of completion. Another, AUD 0.2 million will be paid in the form of fully paid ordinary shares representing 10% in Acumen. Magnum will also receive the grant of a 3% gross revenue royalty over Acumen’s interest in Rhino post-completion. The deal is subject Strata-X Energy Limited (ASX:SXA) waiving its first right of refusal to acquire 25% stake in Rhino Energy. Acumen Energy Pty Ltd cancelled the acquisition of 25% stake in Rhino Energy (CBM) Pty Ltd from Magnum Gas & Power Limited (ASX:MPE) on January 3, 2018. The transaction was terminated as Strata-X Energy Limited (ASX:SXA) elected to exercise the right of pre-emption under the farm-in agreement.