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Talon Petroleum to Acquire Encounter Oil

Source: 1/31/2019, Location: Europe

Talon Petroleum has entered into a binding heads of agreement for the purchase of 100% of the shares in EnCounter Oil. Completion of the transaction is subject to final legal and financial due diligence on EnCounter and all required shareholder approvals.

The EnCounter acquisition is the second transaction executed by Talon, as the Company looks to build on its newly incorporated UK North Sea strategy. The transaction provides Talon with 100% ownership of two recently awarded, high-impact exploration licences which are being readied for farm-out. Further, the acquisition provides Talon with access to a significant technical database, and highly experienced UK North Sea executives Graham Doré and Paul Young will also join the Talon team.

Mr Dore will join the board of Talon Petroleum as a Non-Executive Director upon completion of the acquisition. Current Non-Executive Chairman, Peter Love has advised that he will be retiring from the Board at that time.

Talon Managing Director, Matthew Worner said:

'The transaction with EnCounter Oil is a significant step forward in Talon’s UK North Sea strategy. Talon is extremely pleased to be executing this deal with EnCounter Oil, with the company acquiring both the highly-prospective Skymoos and Rocket prospects. Talon is also pleased to welcome both Graham Doré and Paul Young, two highly experienced Oil and Gas executives, who bring outstanding UK North Sea experience, and will play a pivotal role in Talon delivering long-term shareholder value from its growing North Sea portfolio.

The Company set about its strategy to assemble a compelling portfolio of UK North Sea opportunities only six months ago. To have brought in three exciting and highly prospective assets in such a relatively short period of time is a particularly pleasing outcome, and Talon will continue to build on this during the year.

A farm-out process to secure industry funding for drilling both Skymoos and Rocket will now commence, and we look forward to drilling an appraisal well at Curlew-A which is currently planned for 3Q 2019.'

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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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