Ophir Energy to acquire Dominion Petroleum

Ophir Energy Plc has offered US$186.3 million to acquire Dominion Petroleum. The Offer values each Dominion Share at 5.9 pence per share based on the closing price of 242.2 pence per Ophir Share on 12 October 2011.

The acquisitions will reinforce Ophir’s position in its East Africa play where it has already made three consecutive deepwater discoveries. According to Ophir’s press release, the offer would ‘create the largest independent net deepwater acreage portfolio in the emerging and highly prospective hydrocarbon province of East Africa’.

It will allow Ophir to consolidate it’s current portfolio of Blocks 1, 3, 4 (40% and East Pande (70%) in Tanzania with the addition of Block 7 (80%), offshore Tanzania and provide Ophir with entry to offshore

Kenya through Block L-9 (60%) and Block L-15 (100%)’

Nick Cooper, CEO of Ophir stated that, “The addition of Dominion’s assets to our portfolio positions Ophir as the largest independent net deepwater acreage holder in East Africa with a portfolio of seven offshore blocks at high equity levels in highly prospective acreage offshore Tanzania and Kenya.”

“There are significant potential geological, operational and commercial synergies in bringing these portfolios together and we are confident that the combined group will maximise value for shareholders from the exciting position we will command.”

Read the article online at: https://www.oilfieldtechnology.com/exploration/14102011/ophir_energy_to_acquire_dominion_petroleum/