Canada-based oil and gas company Kulczyk Oil Ventures (KOV) has signed an agreement to acquire Winstar Resources for $112m.
The acquisition will help the company to add 4,760 barrels of oil equivalent per day of production in Tunisia and Ukraine, as well as an exploration portfolio in Brunei and Romania.
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As part of the deal, Winstar shareholders will receive 7.555 shares of KOV or $2.50 in cash, subject to a maximum of $35m in cash.
In addition, the acquisition includes 11.2 million barrels of oil equivalent of working interest 2P reserves and about 1,660 barrels of oil equivalent per day of current net production.
The acquisition is also expected to add 13 licences across five countries, with operatorship on all licences, which includes 20.6 million barrels of oil equivalent of working interest 2P reserves and about 4,760 barrels of oil equivalent per day of current net production.
The company said that it has placed ETP-03 drilling rig at the Lukut Updip-1 well-site to commence Brunei Block L phase 2 drilling campaign in mid-May 2013.
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By GlobalDataThe Lukut Updip-1 well will target the base slope sand deposits of Middle Miocene age at a depth of about 2,000m, while aggregate thickness is expected up to 250m.
Block L will be operated by AED South-East Asia (AED SEA), an indirect wholly-owned subsidiary of KOV.
Image: Kulczyk Oil Ventures has placed ETP-03 drilling rig at the Lukut Updip-1 well-site to commence Brunei Block L Phase 2 drilling campaign. Photo: Courtesy of Qyd.
