PetroGulf Ghana Limited has agreed to acquire Eco Atlantic (Ghana) Ltd from Eco (Atlantic) Oil & Gas Ltd. The deal involves a purchase consideration of $580,000.
Eco Atlantic owns 50.51% stake in Three Point West Deep Water Offshore block (Ghana block) in the Tano Cape Three Points Basin, offshore Ghana.
Upon completion of the transaction, the field will be owned by PetroGulf (54.86%), A-Z Petroleum (27.79%), GNPC (13%), and GNPC Explorco (4.35%).
The acquisition will allow PetroGulf to raise its stake in the Ghana block.
Total Energy Services Inc intends to acquire Savanna Energy Services Corp. The deal is estimated to be valued at approximately $99.01m.
Under the agreement, Total Energy will transfer shares to each shareholder of Savanna Energy at a ratio of 0.1132:1.
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GMP FirstEnergy and Bennett Jones LLP will be the financial and legal advisors for the transaction respectively.