Greenfields Petroleum Corp. has announced that it, through its wholly-owned subsidiary, Greenfields Petroleum International Co. Ltd, has closed the acquisition of Baghlan Group Ltd’s 2/3 interest in Bahar Energy Ltd and Baghlan's interest in a shareholder loan receivable due from BEL to Baghlan. With the completion of the acquisition, BEL has become a wholly-owned subsidiary of the company. The aggregate consideration paid for the acquisition included a cash payment of US$6.0 million, and release and discharge of all liabilities, claims and demands in relation to certain default loan amounts and any and all other obligations, liabilities, claims or demands of any kind owed to BEL, Bahar Energy Operating Co. Ltd and/or Greenfields by Baghlan. Greenfields estimates the Default Obligations to be an aggregate of US$60.3 million as at 30 June 2016.
BEL is a company incorporated in the Jebel Ali Free Zone in Dubai and is currently the sole shareholder of BEOC, the operating entity of the Company's Bahar project in Azerbaijan.
Edited from press release by Angharad Lock
Read the article online at: https://www.oilfieldtechnology.com/offshore-and-subsea/10082016/greenfields-petroleum-corp-completes-acquisition-of-bahar-energy-ltd-3891/