IGas Energy has signed a sale and purchase agreement to acquire Star Energy Group from Petronas International for £110m.
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The acquisition will include the UK onshore production assets of Star Energy and the gas storage business conducted by Star Energy.
The transaction will be funded by a debt facility of $140m and the cash generated by Star Energy prior to closing.
Star Energy’s assets have an estimated 11.1 million barrels of oil equivalent of 2P reserves, with an additional 4.5 million barrels of oil equivalent of 2C resources and an estimated production of 2,800 barrels of oil equivalent per day for 2011.
IGas Energy CEO Andrew Austin said that the acquisition will enable the enlarged group to have a growing production profile as IGas Energy’s combined oil and gas resources are developed.
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By GlobalData
