CityView's new CEO, Mr Bill Shotton, said he was keen to "expedite" the discussions during the first half of next year in order to generate profitable revenue stream for the company.

CityView has obtained Memorandums of Understanding with Cergis Ltd, Epinet Communications Plc and Gatleyhall Ltd to acquire 100 per cent of their issued share capital.

The combined revenue forecast of these companies is $11 million with a project earnings before interest and tax of about $1.5 million.

CityView is currently drilling for oil and gas in Indonesia. Its Sebaya-1 well had been perforated, however the zone that was perforated had very low permeability after it had produced small amounts of fluids.

The rig has moved onto Karasan-1, where the operator, Medco, estimates the prospect contains recoverable gas of 389 billion cubic feet and 6.5 million barrels of oil.