Crosby Capital Announces Successful Takeover Bid for Orchard

Eskdale Petroleum Pty Ltd. announced Tuesday that, having received acceptances in respect of 90.47% of the issued shares of Orchard petroleum Ltd. plus 100% of the options, the offer is now fully unconditional, according to Crosby Capital Partners Inc. Eskdale also confirmed that it will not extend the offer beyond the current deadline of 7 p.m. (Sydney time) Thursday.

ABOUT ORCHARD PETROLEUM

--Orchard Petroleum is an upstream oil and gas company listed on the Australian Stock Exchange (ticker - OPL AU).
-- At the A$0.81 offer price, Orchard has a market capitalization of approximately US$130 million.
--OPL has a portfolio of 11 high-quality projects, the majority of which are operated by OPL. Five of the projects are in partnership with Aera (Shell - Exxon Mobil JV and California's largest producer) and another on acreage leased from Occidental Petroleum.
--All of the projects are onshore California in the prolific San Joaquin and Sacramento basins. Eleven of the top 100 US oil fields are in the San Joaquin basin, including four of the top 10.
--OPL's project leases are all adjacent to and extensions of existing giant mature producing oil and gas fields, with an abundance of infrastructure to supply the vast US market.

ABOUT ESKDALE

Eskdale owns directly 9,056,225 shares of Orchard, representing 4.52% of Orchard's issued share capital. Eskdale also owns all of the issued share capital of the Crosby Orchard Fund Inc., which in turn owns 14,728,814 shares of Orchard, representing 7.34% of Orchard's issued share capital.

On 1 December 2006, Eskdale made a cash offer to Orchard's shareholders to purchase their shares in Orchard for A$0.81 each.

Crosby currently owns 100% of the ordinary share capital of ESK Limited, the holding company of Eskdale, which represents 30% of its total issued share capital. The Crosby Active Opportunities Fund, which is managed by Crosby Asset Management, currently owns 61.8% of the total issued share capital of ESK Limited through its investment in preference shares. These percentage holdings will change prior to the completion of the acquisition of all the issued share capital of Orchard.

ABOUT CROSBY CAPITAL PARTNERS

Crosby Capital Partners Inc. is a leading independent deal-focused Asia-oriented merchant banking and asset management group.

Related Companies
 Company: Exxon Mobil Corporationmore info


 - Exxon Fined for Russia Sanctions Violations Under Tillerson (Jul 20)
 - Big Oil Sees Salvation in Gas, But What If It's a Wrong Bet? (Jul 18)
 - ExxonMobil Says Will Drop Discussions Over Indonesia's East Natuna (Jul 18)
 Company: Shellmore info


 - BP Says It Is Considering IPO of US Pipeline Assets (Jul 18)
 - Top Oil Market Summons Poseidon to US-Mideast Crude Fight (Jul 18)
 - Big Oil Sees Salvation in Gas, But What If It's a Wrong Bet? (Jul 18)
 Company: Occidental Petroleummore info


 - Hess To Sell Permian EOR Assets To Occidental For $600 Million (Jun 19)
 - Occidental Profit Beats; Shares Fall On Weak Output Forecast (May 4)
 - US Shale Firms Go Back To Work Buoyed By OPEC Deal, Trump Victory (Nov 14)
 Company: Aera Energymore info
 - Crosby Capital Announces Successful Takeover Bid for Orchard (Mar 13)
 - Pacific Energy to Pick Up Majority Interest in Beta Oil Field Unit (Nov 6)
 - Pacific Energy Signs Deal for Majority Stake in Beta Unit (Jul 10)
 Company: Orchard Petroleum more info
 - Crosby Capital Announces Successful Takeover Bid for Orchard (Mar 13)
 - Orchard Spuds Citrus #7 at Southeast Lost Hills (Jan 8)
 - Heavenly 2-28 Well Misses Mark (Dec 21)
 Company: Eskdale Petroleum Pty Ltdmore info
 - Crosby Capital Announces Successful Takeover Bid for Orchard (Mar 13)
 Company: Crosby Capital Partners Inc.more info
 - Indago to Declare Special Dividend on Asset Sale (Mar 14)
 - Crosby Capital Announces Successful Takeover Bid for Orchard (Mar 13)
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
United States Houston: Marketing Specialist
Expertise: Business Development|Marketing|Sales
Location: Houston, TX
 
Intelligence & Risk Assessment Analyst
Expertise: Legal|Risk Management
Location: San Ramon, CA
 
Land GIS Spatial Analyst - Mineral Land
Expertise: Contracts Engineer|Geologist|Lease Analyst
Location: Denver, CO
 
search for more jobs

Brent Crude Oil : $48.6/BBL 1.12%
Light Crude Oil : $46.34/BBL 1.24%
Natural Gas : $2.9/MMBtu 2.35%
Updated in last 24 hours