GM Investment & Co. Ltd. reached agreement to acquire Romanian oil & gas assets from Zeta Petroleum PLC for AUD 4 million on January 12, 2016. Zeta Petroleum PLC will sell Romanian oil & gas assets to GM Investment & Co. Ltd. in exchange for full settlement of all outstanding debt owed to GM Investment & Co. Ltd. The deal is subject to shareholder approval.

As amendment to the agreement, GMI is required to transfer 39% legal interest held by Zeta Petroleum (Romania) SRL, in the Jimbolia concession to the Company, such that the 39% beneficial interest in the Jimbolia concession at all times during the period from January 11, 2016 to completion and at completion remains with Zeta Petroleum.