Euro Petroleum Ltd entered into a heads of agreement to acquire Viculus Ltd. in a reverse merger transaction on February 10, 2014. Under the terms of the agreement, Viculus will make a takeover bid to acquire all of the outstanding shares and options of Euro Petroleum. Viculus will issue one share of its common stock for each share in Euro Petroleum and one option for each option in Euro Petroleum. Thus, Viculus will issue 39.43 million shares of its common stock and 9.8 million options. Pursuant to the transaction, one Director from Euro Petroleum will join Viculus Board of Directors and re-election of three existing director. Upon completing the acquisition of Euro, Viculus will become mineral resources Exploration Company focused on the exploration of graphite in an area of Sri Lanka renowned for its high grade graphite and will seek re-admission to Australian Stock Exchange. The name of Viculus is intended to be changed to Lanka Graphite Ltd.

The transaction is subject to Viculus obtaining at least 80% of the issued share capital of Euro Petroleum, a minimum of AUD 3.5 million being raised under capital raising by Viculus, Euro's subsidiary, Lanka Graphite AUS, completing the acquisition of the shares in Lanka Graphite SL contemporaneously with the completion of the acquisition of Euro by Viculus, approval by the shareholders of Viculus to a change in the nature and scale of Viculus's activities at a meeting scheduled on March 26, 2014 and Viculus satisfactorily complying with the re-admission requirements of Chapters 1 and 2 of the ASX Listing Rules and being granted in principle approval to re-list on the ASX. The transaction is expected to close on April 14, 2014.

The offer period is from August 7, 2014 to September 8, 2014. As of August 1, 2014, Euro Board unanimously approved the offer. As announced on April 22, 2014, Viculus Ltd is not been able to make offers under the bid to Euro shareholders within the 2 month period because there were delays in obtaining approval from Australia Stock Exchange. On April 17, 2014, Australia Stock Exchange verbally informed that it intends to grant the waiver with respect to the escrow treatment of Euro shareholders. The written decision is expected to be received in the forthcoming week or so. Also, there were delays in making applications for, and obtaining regulatory approvals for the transaction from the Sri Lankan Board of Investments. This approval is expected to be received by May 12, 2014. As on August 14, 2014, Viculus ask the shareholders of Euro Petroleum to take no action. The date for meeting of the shareholders of Viculus is August 25, 2014. The date for lodgement of prospectus with ASIC is September 1, 2014, and the date for release of prospectus to the market is September 8, 2014. As of October 20, 2014, the date for giving notice on the status of the conditions of the offer has been postponed to November 4, 2014. As of November 11, 2014, the date for giving notice on the status of the conditions of the offer has been postponed to December 19, 2014. As of August 25, 2014, the close of the offer period was revised from September 8, 2014 to September 29, 2014. As of September 25, 2014, the close of the offer period was revised from September 29, 2014 to October 27, 2014. As on October 17, 2014, acceptances in respect of 80.45% have been received and offer is scheduled to close on October 27, 2014. As on November 11, 2014, the close of the offer period was revised from November 11, 2014 to December 26, 2014. As of November 19, 2014, acceptances in respect of 90.7% of Euro Petroleum's shares have been received. As on December 23, 2014 the offer period extended from December 26, 2014 to January 15, 2014. As on January 15, 2015 the offer period extended from January 15, 2015 to February 20, 2015.As on January 15, 2015, the offer period extended from January 15, 2015 to February 20, 2015. As on February 27, 2015, the offer period is extended from February 27, 2015 to march 17, 2015.

As of March 17, 2015, the offer period has been extended and is now expected to close on April 14, 2015. As on May 6, 2015, Euro Petroleum extended the offer from April 30, 2015 to June 1, 2015. The takeover closing date has previously been extended to July 15, 2015. The Directors reserve the right, at their discretion, to close the takeover bid period early or further extend the takeover bid period. As on August 6, 2015, the transaction was approved by the Federal Court. The ASX is now working towards the Lanka Graphite Limited's shares being reinstated to official quotation effective from August 7, 2015. As of July 8, 2015, all conditions fulfilled. Mercer Capital Pty Ltd. acted as financial advisor and Canaan Lawyers acted as legal advisor to Viculus Ltd. Pointon Partners acted as legal advisor for Euro Petroleum Ltd.

Euro Petroleum Ltd completed the acquisition of Viculus Ltd. in a reverse merger transaction on July 15, 2015.