The Black Platinum Energy Ltd. (BPE) founders and executive directors began the process of developing the Company in 2008, with the acquisition of two Joint Study Agreements (“JSA’s”) with a certain group of investors, which were subsequently awarded two Production Sharing Contracts (“PSC’s”); the North Makassar and North Madura PSC’s in 2009 and 2010 respectively. In the two years since the acquisition of those JSA’s/PSC’s, BPE management also acquired several other assets, including the North Sokang and Titan JSA’s which were subsequently awarded PSC’s in November 2010. The ownership of all these related assets came under the sole control of the parent company, BPE, on 23 April 2010. Subsequently, the Company won a direct tender for the Sokang PSC in December 2010 and was awarded the North Ganal PSC in September of 2011.
BPE was incorporated and initially “thinly” capitalized on 23 December 2009 in the Republic of Seychelles. Subsequently, shares were issued under a Shareholders’ Agreement (“SHA”) dated 30 July 2010. In accordance with the laws of the Republic of Seychelles, the sum of US $ 28.00 was paid up on each share in cash or in kind resulting in equity of US $ 28 million ($11 million in cash and $17 million in kind). In February 2011 and April 2012, the Company signed Share Subscription Agreements (“SSA's”) and amended SHAs with several Private Equity Investors whereby additional shares have been issued under a drawdown facility. The proceeds received under the SSA's of $92 million will be used to fund the Company’s exploration and drilling program.