OVL to buy Imperial for 1.4 bn pounds
Imperial has agreed to a takeover from energy giant ONGC worth 1.4 bn pounds. Sectoral: Losers, Gainers | Gainers & Losers: BSE, NSE | Only: Buyers, Sellers
By ET Online |
NEW DELHI: OVL has agreed to buy Imperial Energy for 1.4 bn pounds. Imperial will recommend OVL to board holders. Imperial says it has agreed to OVL's offer on company. The offer is 61.9% higher than Imperial's July 11 close.
OVL, through its wholly owned subsidiary Jarpeno Ltd, has made a 12.50 pounds per share takeover offer, Imperial Energy said in an e-mailed statement.
"Imperial Energy confirms that is in the course of finalising the terms of a possible recommended pre-conditional cash offer with OVL of 1,250 pence per Imperial share," the company said in the statement.
OVL, the overseas investment arm of state-run Oil and Natural Gas Corp (ONGC), had made a takeover offer last month and earlier this month China Petroleum and Chemical Corp (Sinopec) made a counter offer.
Imperial, a relatively small British oil and gas company based in Leeds in UK, has oil producing blocks in Tomsk region of western Siberia in Russia and Kastanai in north-central Kazakhstan.
It produced about 10,000 barrels of oil per day in December 2007 and is targeting to raise this amount to 80,000 barrels per day (4 million tons a year) by year-end 2011.
The Russian Ministry of Natural Resources said Imperial's Russian Registered Reserves amount to about 450 million barrels of hydrocarbons. Independent assessment of the reserves by DeGolyer and McNaughton in December 2007 suggested in-place reserves of 920 million barrels of oil equivalent.
OVL, through its wholly owned subsidiary Jarpeno Ltd, has made a 12.50 pounds per share takeover offer, Imperial Energy said in an e-mailed statement.
"Imperial Energy confirms that is in the course of finalising the terms of a possible recommended pre-conditional cash offer with OVL of 1,250 pence per Imperial share," the company said in the statement.
OVL, the overseas investment arm of state-run Oil and Natural Gas Corp (ONGC), had made a takeover offer last month and earlier this month China Petroleum and Chemical Corp (Sinopec) made a counter offer.
Imperial, a relatively small British oil and gas company based in Leeds in UK, has oil producing blocks in Tomsk region of western Siberia in Russia and Kastanai in north-central Kazakhstan.
It produced about 10,000 barrels of oil per day in December 2007 and is targeting to raise this amount to 80,000 barrels per day (4 million tons a year) by year-end 2011.
ADVERTISEMENT
The Russian Ministry of Natural Resources said Imperial's Russian Registered Reserves amount to about 450 million barrels of hydrocarbons. Independent assessment of the reserves by DeGolyer and McNaughton in December 2007 suggested in-place reserves of 920 million barrels of oil equivalent.
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
