Australian small cap explorers to merge

AUSTRALIAN junior oil and gas explorers, Strata-X Energy and Real Energy Corp will merge under an all-scrip deal to create a new combined company called Pure Energy.

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ASX-listed small caps Strata-X and Real Energy will merge in to consolidate acreage and become a larger player in the Australian oil and gas patch.

The pair first made a tentative move to unity last year via joint ownership of the Project Venus CSG permit in Queensland's Surat Basin.