Friday, February 24, 2012

Buru Energy enhances Canning Superbasin presence

Buru Energy has been offered 2 permits, L11-1 and L11-2, onshore Canning Superbasin, Western Australia, by the Department of Mines and Petroleum. Final award of the permits is subject to completion of negotiations. Continue reading here..

Mitsubishi enters PNG through $280M farm-out agreement

Mitsubishi Corp has signed a farm in agreement with Talisman Energy to acquire interests in nine licences in Papua New Guinea’s onshore Western Province for $280 million which will be paid in the form of capital carry. Following the farmout, Talisman and Mitsubishi interests in the licences will average 40% and 20%, respectively. The transaction is effective 1-Jan-2012 and is subject to approvals. RFC Corporate Finance has acted as an advisor to Talisman on this transaction. Continue reading here..

Centrica acquires North Sea assets from Total for $388M

Centrica Plc has reached an agreement with Total E&P UK Ltd to acquire their non-operated portfolio of producing oil and gas assets and associated infrastructure in the Central North Sea (CNS) for a total cash consideration of $388 million. Around 20% of the consideration is allocated to UK tax allowances. The transaction is effective 1-Jul-2011 and is expected to close on a field by field basis with earliest closing date expected to be in Jul-2012, subject to necessary approvals. Scotia Waterous has acted as an advisor to Total on this transaction. Continue reading here..

Shell offers a significant premium for Cove

Shell has offered to acquire Cove Energy Plc, a British oil and gas explorer, for approximately $1.6 billion within one and a half months after Cove Energy was put up for sale. Shell subsidiary Shell Bidco has offered £1.95 per (US$3.08) Cove share, valuing the company at £992.4 million (~US$1.57 billion). After accounting for Cove’s working capital surplus of $172.8 million, the deal value comes to ~$1.4 billion.  Continue reading here..

CAMAC Energy to acquire three blocks in Kenya

CAMAC Energy Inc has entered into a Heads of Agreement with the Kenyan Ministry of Energy for the award of three exploration blocks: 11A, L1B, and L16. CAMAC will be the operator with 90% interest in the blocks. The Government of Kenya will be carried at 10% through declaration of commerciality and may thereafter elect to participate up to 10%. Continue reading here..


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