Sacgasco Limited (ASX:SGC) entered into a letter of intent to acquire Peregrine Limited for AUD 4.6 million subsequent to quarter ending September 30, 2016. Under the terms, Sacgasco will issue 32 million fully paid shares to Peregrine shareholders and through this acquisition, acquire an additional 35% equity in, and operatorship of Dempsey and Alvares prospects. After the transaction, Sacgasco Limited will increase equity in Dempsey Prospect from 55% to 90% and Alvares Appraisal Prospect from 40% to 75%. Upon success at Dempsey, Sacgasco will pay Peregrine a bonus payment of AUD 3 million derived from future revenue from gas sales from reservoirs beneath the producing Forbes Formation. The transaction is subject to completion of due diligence, signing of a formal sale and purchase agreement and Sacgasco shareholders' approval. Following shareholder approval, Peregrine’s Philip Haydn-Slater is expected to join the Sacgasco Board. Sam Burns of Six Degrees Investor Relations acted as a public relations' advisor to Sacgasco Limited. Sacgasco Limited (ASX:SGC) completed the acquisition of Peregrine Limited on January 3, 2017.