Gulf Oil and Gas accountACCOUNT

Oil Search Signs Definitive Agreement to Acquire InterOil

Source: www.gulfoilandgas.com 5/20/2016, Location: Not categorized

Oil Search Limited and InterOil Corporation have signed a definitive agreement under which Oil Search will acquire all of the outstanding shares of InterOil. The InterOil Transaction offers InterOil shareholders the option to receive shares in Oil Search at a significant implied premium to the current InterOil share price, or a cash alternative of up to a total of US$770 million (subject to a pro rata scaleback).

In addition, under either scenario, the consideration includes a CVR, which entitles holders to a contingent cash payment that is linked to the volume of 2C hydrocarbon gas resource certified to be contained in the Elk-Antelope fields. The CVR will deliver additional cash of approximately US$6.05 per InterOil share for each tcfe of gross certified gas resources above 6.2 tcfe within the Elk-Antelope fields.

The transaction will result in the combination of two highly complementary companies, offering compelling financial and strategic upside potential for InterOil and Oil Search shareholders. The combination will create a major independent PNG oil and gas champion and is expected to facilitate cooperation and/or integration of the Papua LNG Project and the PNG LNG Project, unlocking significant value for all stakeholders.

The aggregate consideration for InterOil shareholders, comprising the share consideration and the CVR, implies a significant premium to the InterOil share price, with potentially uncapped upside through the CVR depending on the certified size of the Elk-Antelope resource. Further, InterOil shareholders will hold an interest in Oil Search’s asset base and dividend stream, including the world-class PNG LNG Project and Oil Search’s existing stake in PRL 15, and the significant potential benefits that are expected from cooperation and/or integration of, the PNG LNG Project and the Papua LNG Project.

Mergers and Acquisitions News in Australia >>

Singapore >>  11/14/2019 - Baron Oil Plc (BOIL) is pleased to announce that it has entered into a non-binding Heads of Agreement (HOA) with SundaGas Pte. Ltd. (SundaGas), as a r...
United States >>  11/14/2019 - Callon Petroleum Company (CPE) and Carrizo Oil & Gas, Inc. (CRZO) announced an amendment to the existing terms of their agreement for Callon to acquir...

France >>  11/13/2019 - Air Liquide, the Durance, Luberon, Verdon urban area (DLVA) and ENGIE are signing a cooperation agreement to develop the “HyGreen Provence” project wh...
Japan >>  11/13/2019 - ITOCHU Corporation (TOCHU) has acquired all of the issued and outstanding shares of Jamieson Manufacturing Corporation (“Jamison“), a U.S. based fence...

Norway >>  11/13/2019 - Reference is made to the stock exchange notice of 26 September 2019 where the Board of Directors in North Energy ASA and North Energy Norge AS approve...
United Arab Emirates >>  11/12/2019 - The Abu Dhabi National Oil Company (ADNOC) announced today it has signed an agreement with Group 42 (G42), an Abu Dhabi based artificial intelligence ...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Australia Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2019 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.