UK-based energy company Andalas Energy and Power (Andalas) has acquired an additional stake in Eagle Gas.
Eagle Gas is a UK-based oil and gas company, which holds a 66.67% interest in the P2112 License in the southern North Sea and contains the undrilled Badger gas prospect.
The acquisition will be funded through an initial payment of £0.13m ($0.17m) and through the issuance of 147 million shares. Andalas will also pay £0.1m ($0.13m) worth of shares upon extension of the P2112 License beyond December 2018 and the acquisition of additional assets by Eagle Gas.
The transaction will increase Andalas’ stake in Eagle Gas to 25% and is expected to help Andalas to expand its operations.
Baker Technology, through its subsidiary BT Investment, plans to acquire an additional 47.27% stake in CH Offshore for S$43.31m ($31.65m).
The transaction includes the acquisition of 333,163,541 shares priced at S$0.13 ($0.095) a share.
Baker Technology has also announced the acquisition of a 52.73% stake in CH Offshore from Falcon Energy Group subsidiary Energian and SZ Offshore Investment for S$45.05m ($33.07m).
The transaction involved the acquisition of 217.8 million shares priced at S$0.115 ($0.08) a share, representing a 30.9% stake from Energian for S$25.05m ($18.39m).
Baker acquired 153.84 million shares priced at S$0.13 ($0.095) a share of CH Offshore, representing a 21.83% stake from SZ Offshore Investment for S$20m ($14.68m).
Baker Technology is a manufacturer and provider of specialised equipment and services for the oil and gas industry, while CH Offshore owns and operates a fleet of anchor handling tug supply and offshore support vessels.
All the companies involved in the acquisition are based in Singapore.
The acquisition is expected to strengthen Baker Technology’s business operations and set a platform to develop its offshore support services.