Andalas Energy and Power (Andalas) has acquired a 14.75% stake in Eagle Gas Limited (Eagle) for £0.15m ($0.21m).
Andalas will purchase the stake by paying £0.125m ($0.172m) in cash and the remaining amount by issuing 147 million shares worth £0.025m ($0.034m).
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Eagle Gas, through its subsidiary, owns 66.67% interest in P2112 License located in the UK Southern North Sea, which contains the Badger undrilled gas prospect.
Based in the UK, Andalas is an energy company, while Eagle Gas, also based in the UK, is an oil and gas company.
The acquisition will expand and strengthen Andalas’ business operations.
Risco Energy Investments has announced plans to acquire 100% interest in Tap Oil for A$29.8m ($22.38m).
Risco Energy already owns 22.2% interest in Tap Oil and will acquire the remaining 77.8% interest, as part of the transaction. The company will purchase the remaining shares of Tap Oil at A$0.07 ($0.05) a share.
The market takeover offer represents 14.8% premium to the closing price of A$0.061 ($0.046) and 27.9% premium over the volume weighted average price of A$0.055 ($0.04) of Tap Oil shares.
Tap Oil’s assets include a 30% stake in the Manora oil field located in the Gulf of Thailand, and multiple exploration permits and leases located in the Carnarvon Basin in north-west Western Australia.
Based in Singapore, Risco Energy Investments is an independent oil and gas company, while Tap Oil is an Australian oil and gas exploration and production company.
The acquisition is expected to strengthen and expand Risco Energy’s business operations.
The on-market broker to Risco Energy for the transaction is Morgans Financial, while the legal adviser is Jones Day.
The transaction procedure for the acquisition is expected to begin in May and end by June.
