Trapoil Merges with Jersey Oil and Gas

Junior energy firm Trapoil announced Tuesday that it has agreed to buy Jersey Oil and Gas E&P Limited (JOG) for GBP 495,000 ($772,000).

Trapoil said it would issue 2.25 million new shares in order to pay for the takeover. Meanwhile, the firm plans to raise an additional GBP 820,000 ($1.28 million) through the placing of 3.7 million shares in order to help it pursue its strategy of developing a portfolio of producing North Sea assets.

JOG is a shell company whose management team has identified a number of potential acquisition opportunities that are currently undergoing due diligence and subject to ongoing commercial negotiations, according to analysts at investment bank Mirabaud Securities.

As part of the deal, JOG directors Andrew Benitz and Ronald Lansdell will become CEO and COO respectively of the enlarged company.

Benitz commented in a company statement:

"We believe that the enlarged group will be well placed to take advantage of the evolving consolidation opportunity in the North Sea, as may be demonstrated by the billions of dollars of private equity capital raised to pursue projects in the North Sea in recent months."



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  ExxonMobil Starts Fuels Production at ... (Sep 21)
 -  How to Become a Safety Engineer (Sep 18)
 -  How to Become a Geologist (Sep 15)
 -  Oil, Gas Industry Leadership Group to ... (Sep 14)
 -  CB&I Wins China PDH Unit Contract (Sep 11)


Most Popular Articles

From the Career Center
Jobs that may interest you
United States Houston: Account Rep, Bus Dev
Expertise: Business Development|Marketing|Sales
Location: Houston, TX
 
HR Analytics Specialist
Expertise: Financial Analyst|HR - General
Location: Dallas, TX
 
Human Resources Call Center Representative Job
Expertise: Customer Service|HR - General
Location: Minneapolis, MN
 
search for more jobs

Brent Crude Oil : $56.86/BBL 0.76%
Light Crude Oil : $50.66/BBL 0.21%
Natural Gas : $2.959/MMBtu 0.30%
Updated in last 24 hours