It is reported that Raisama has agreed to sell its Kashkasu II Uranium Project in the Kyrgyz Republic for AUD 1.5 million to Hebei Mining of China, marking an important milestone for the company as it moves towards focussing on the oil and gas sector.

The deal enables Raisama to benefit from the value added during its recent drilling activities together with the continuation of technical advice to Hebei.

The company core oil and gas assets include its Cadlao Project in the Palawan Basin Philippines. Having entered into a memorandum of understanding with Hebei in April 2010, Raisama is looking to further develop its relationship with the Chinese uranium and copper-gold miner.

(Sourced from www.proactiveinvestors.com.au)