Blue Sky International Holdings, Inc. entered into an agreement to acquire Nido Petroleum Pty Ltd and Yilgarn Petroleum Philippines Pty Ltd. from Sacgasco Limited for $2.5 million.

Blue Sky International Holdings, Inc. entered into an agreement to acquire Nido Petroleum Pty Ltd and Yilgarn Petroleum Philippines Pty Ltd. from Sacgasco Limited for $2.5 million on July 26, 2023. The agreement is subject to the confirmation of the farm out agreement with the PNOC Exploration Corporation (?PNOC?) by August 15, 2023. The agreement is subject to the Company receiving requisite shareholder approval.

Anticipated Closing Date is August 15, 2023. As on August 18, 2023 Sacgasco agreed with Blue Sky International Holdings to amend the Condition Precedent contained within the Share Purchase Agreement of reaching confirmation of a farm out agreement with the PNOC Exploration Corporation as soon as is practicable. As of December 13, 2023, Sacgasco advises that it has reached agreement with Blue Sky Resources Limited to amend the agreement.

Under the revised terms, a upfront consideration of $1.25 million and deferred consideration of $2.5 million will be paid. The transaction is dependent upon shareholder approval and the effective date has been deferred to December 1, 2023.