Cheetah reached a binding agreement with Grey Creek Petroleum in which Cheetah acquired a 97.5% farm-in interest in two new petroleum prospecting licences PPL 257 and PPL 258 in return for 200,000 common shares of Cheetah.
PPL 257 covers 1.72 million acres off the east coast of PNG near the Cape Vogel basin and the Kumusi and Buna anticlines.
PPL 258 is located in the East Sepik province and covers 2.2
