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Ivanhoe Energy Announces Sale of Pan-China Resources

Source: www.gulfoilandgas.com 11/21/2012, Location: Asia

Ivanhoe Energy Inc. announced that it has signed a Share Purchase and Sale Agreement with MIE Holdings Corporation (MIE) for all of the outstanding shares of its indirect, wholly owned subsidiary, Pan-China Resources Ltd., in exchange for a cash consideration of USD$45 million. Pan-China Resources holds 100 per cent of the foreign contractor's rights for the Dagang Production Sharing Contract.

MIE is publicly traded on the Hong Kong Stock Exchange and specializes in oil and gas exploration, development and production. The Company is headquartered in Hong Kong and has operations in China, the United States and Kazakhstan.

The transaction has an effective date of September 30, 2012 and is subject to standard industry closing conditions, including a USD$5 million hold-back of the total consideration that is payable six months from the closing date. Anticipated closing will be within 30 days.

The divestiture of Pan-China Resources aligns with the renewed strategy of Ivanhoe Energy. The Company continues to execute a comprehensive plan to strengthen its balance sheet and focus resources on its patented and proprietary Heavy to Light Technology (HTL) and a core group of high-growth potential heavy oil assets.

The Company's current priorities include divesting Zitong and Pan-China Resources, securing regulatory approval for the Tamarack project in Canada, establishing partnerships to develop Tamarack and Block 20 in Ecuador and completing mid-stream partnerships that support the commercialization of HTL.

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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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