Prominence Energy Ltd (ASX:PRM) signed a binding term sheet to acquire an unknown minority stake in Multi-TCF Sasanof Gas Prospect from Western Gas Corporation Pty Ltd for AUD 0.99 million on December 7, 2021. Once the Sasanof well is fully funded, PRM will issue 90 million PRM shares and 30 million PRMOB options with an exercise price of AUD 0.02 per share and expiry date of September 1, 2023 as part of the consideration. PRM will issue 30 million PRM shares to GTT Ventures Pty Ltd (or nominee) as deal facilitator. PRM has secured a firm commitment to raise AUD 12 million before costs via a two-tranche placement. PRM will issue 1.2 billion PRM shares at a price of AUD 0.01 each with 1 free attaching PRMOB option for every 3 placement shares subscribed for. PRM will acquire (a total 12.5% of the shares via an acquisition of shares from Western Gas and subscription for new shares in WG519 and consequentially a 12.5% beneficial interest in the WA-519-P license. WA519 will have 4 Board members (2 from Western Gas, 1 from GLV, 1 from PRM). The transaction is subject to shareholder approval of PRM and Western Gas, execution of a shareholders agreement and other agreements, due diligence, subscribe for AUD 7.06 million in shares in Western Gas (519 P) Pty Ltd which is the permit holder of the Sasanof Prospect, Western Gas securing funding for the full well cost, PRM raising a minimum of AUD 9 million through the issue of ordinary shares at not less than AUD 0.01 each and WG519 making a formal decision to proceed with the drilling of the Sasanof Project Well. The transaction is expected to close on January 25, 2022. As of December 20, 2021 Prominence Energy Ltd (ASX:PRM) shareholders approve and authorize the issue of 90,000,000 Shares and 30,000,000 Listed Options to Western Gas (or its nominees) as consideration for the Acquisition on the terms and conditions set out in the Explanatory Memorandum. As of March 15, 2022. Western Gas Corporation Pty Ltd has secured funding commitments for the remaining 25% of the Sasanof-1. PRM has been issued the shares in Western Gas (519P) Pty Ltd and as approved by shareholders at PRM's EGM on 19 January 2022. As of March 31, 2022, Western Gas have been issued 90 million PRM shares and 30 million PRMOB options as part of the consideration.

Prominence Energy Ltd completed the acquisition of 12% stake in Multi-TCF Sasanof Gas Prospect from Western Gas Corporation Pty Ltd on March 31, 2022.