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BG to Acquire Interests Offshore Mauritania

Source: www.gulfoilandgas.com 2/19/2004, Location: Africa

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BG Group announces that it has signed a Sale and Purchase Agreement with Hardman Resources Limited, an Australian independent exploration company, for the acquisition by BG of Mauritania Holdings BV, a Hardman Resources subsidiary that owns interests in Production Sharing Contracts (PSCs) A and B covering blocks 3, 4 and 5 offshore Mauritania, West Africa.

Through this acquisition BG Group will obtain a 13.084 per cent interest in the PSC covering area A and an 11.630 per cent interest in the PSC covering area B for an aggregate cash consideration of US$132 million, plus up to a further US$5.1 million that is contingent on the attainment of certain exploration and production milestones.

Speaking today, BG Group Managing Director and Executive Vice President Mediterranean Basin and Africa, Stuart Fysh, said:

“This transaction adds an attractive upstream position to BG’s upstream inventory as these blocks offshore Mauritania have proven oil reserves and good potential for gas reserves. Additionally, they are well positioned in the context of BG’s Atlantic Basin strategy. We look forward to working with the existing partners to build on their success to date in these blocks.”

The transaction is expected to be completed in the second quarter. It is subject to consent from the other existing participants, Woodside Petroleum Limited, Fusion Oil and Gas plc, and Roc Oil Company.


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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 


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