KazMunaiGas announced the closing of the transaction to acquire a 50% stake in Ural Group Limited (UGL) from Exploration Venture Limited (EVL). UGL owns the exploration license for the block Fedorovskiy through 100% stake in LLP "Ural Oil and Gas" (UOG).
As previously announced, the deal price was subject to adjustment for EVL's work program financing obligations until the deal close. The final acquisition price is US $164.4m, including US $61.3m for shares and US $87.8m of shareholder loans (as of January 1, 2010) and US $15.3m - adjustment for EVL's work program financing until the deal close (2010 and 1Q11).
Earlier the acquisition was approved by the Board of Directors of KMG EP and the Board of Directors of EVL. All regulatory approvals have also been received.
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