Pancontinental Oil & Gas has agreed to acquire Bombora Natural Energy for an estimated value of approximately $2.24m.
The transaction will involve the issue of Pancontinental Oil’s shares to the shareholders of Bombora Natural Energy at a ratio of 26:1.
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Bombora Natural Energy is engaged in the exploration and production of natural gas in the onshore Perth Basin, Australia, and Sacramento Gas Basin, US.
Scheduled for completion on 12 July, the transaction will enable Pancontinental Oil to strengthen its oil and gas asset base.
SemGroup Corporation has agreed to a $2.1bn acquisition of Houston Fuel Oil Terminal Company (HFOTCO) from investment funds managed by Alinda Capital Partners.
The purchase consideration will be funded through a combination of debt assumption, issuance of shares, and cash from SemGroup’s revolving credit facility.
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By GlobalDataHFOTCO owns and operates a 13.8 million barrel storage terminal, docks and loading spots located on a 312-acre area at the widest point of the Houston ship channel.
SemGroup has appointed Credit Suisse Securities (USA) as the transaction's financial advisor, as well as Vinson & Elkins and Gibson, and Dunn & Crutcher as legal advisors.
Scheduled for completion in the third quarter of this year, the acquisition will allow SemGroup to extend its business operations.
