Gulf Oil and Gas accountACCOUNT

Tullow Launches A$1.47B Bid for Hardman

Source: www.gulfoilandgas.com 9/25/2006, Location: Africa

Tullow reached agreement with Hardman Resources on the terms of a recommended scheme of arrangement to acquire all of the issued and to be issued ordinary shares in Hardman Resources.

Highlights

· The terms of the Scheme values the entire issued and to be issued share capital of Hardman Resources at A$1.47 billion (approximately £581 million / US$1.1 billion).

· The terms include a share alternative, subject to a maximum of 65 million New Tullow Shares being issued.

· The Scheme is expected to complete at the latest in early January 2007.

· The cash consideration under the offer will be funded by new debt facilities provided by Bank of Scotland Corporate.

The Board of Tullow believes that the acquisition of Hardman Resources significantly enhances Tullow’s portfolio and delivers further key opportunities and strategic positions. In particular, the Acquisition:

· increases production by 6,000 boepd and 2P commercial and contingent reserves by 30 per cent.;
· delivers a material full cycle business in Mauritania;
· establishes operational control in the Albertine basin, Uganda;
· doubles Tullow’s prospective acreage position;
· adds 16 exploration wells to the 2006/07 campaign; and
· builds on Tullow’s successful acquisition track record.

Oil & Gas Companies News in Uganda >>

Mauritania >>  4/9/2019 - BP has awarded KBR's UK operating subsidiary the Pre-FEED Services contract for Phases 2 and 3 of BP's Greater Tortue Ahmeyim project, for the further...
Nigeria >>  1/7/2019 - Penspen, a leading global provider of engineering and project management services to the energy industry, is pleased to announce that it has been awar...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


Uganda Oil & Gas 1 >>  2 | 3 |

More News

Related Links

AO BJ BW CD CG CI CM DZ EG EH ET GA GH GM GN GQ GW KE LR LY MA MG ML MR MZ NA NE NG RW SC SD SL SN SO ST SZ TD TN TZ UG ZA ZM
Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.