Verafont S.A., Basic Energy Limited and Mr. Esteban Reynal entered into a conditional agreement to acquire 50% stake Patagonia Energy Ltd from Rurelec PLC for $5 million on May 15, 2023. The consideration $3 million will pay upon Completion which is expected to occur shortly after the General Meeting if approval of shareholders is given and $2 million will be paid as further contingent payments. As of June 1, 2023, Rurelec shareholders approved the transaction which is now only subject to the signing and filing of certain documents, including filings with the relevant Argentinian authorities and is expected to complete on or around June 8, 2023. W H Ireland acted as financial advisor to Rurelec PLC in the deal.

Verafont S.A., Basic Energy Limited and Mr. Esteban Reynal completed the acquisition of 50% stake Patagonia Energy Ltd from Rurelec PLC on June 9, 2023.