Maurel & Prom Sells Drilling Unit to Tuscany International
Maurel & Prom and Tuscany International are entering a definitive agreement whereby Tuscany's wholly-owned subsidiary Tuscany Rig Leasing S.A. will acquire all of the issued and outstanding shares of Caroil SAS, the drilling and work-over subsidiary of Maurel & Prom.
The purchase price will be paid by Tuscany in the delivery of US $120 million in cash, 82.5 million Tuscany shares and 27.5 million zero cost, non-transferable, non-voting common share purchase warrants (1/1).
Closing is expected to occur in the third quarter of 2011.
On the completion of the acquisition, it is expected that Maurel & Prom will own approximately 29% of the issued and outstanding Tuscany shares. Tuscany will be required to obtain the approval of a simple majority of its shareholders for the issuance of Tuscany shares and warrants to Maurel & Prom pursuant to the acquisition.
Caroil & Tuscany are joining forces to create a leading emerging market player, active in two high growth areas: Latam & Africa.
- Gabon Oil Workers To End Strike At Onal Field On Wednesday (Oct 25)
- Indonesia's Pertamina Takes 24.53% Stake in France's Maurel & Prom (Aug 03)
- Maurel & Prom Makes Deep Cuts as Oil Price Fall Bites (Jan 28)