The Abu Dhabi National Energy Company PJSC (TAQA) announced that its wholly-owned subsidiary TAQA North Ltd. (TAQA North) has closed its acquisition of PrimeWest Energy Trust (PrimeWest) by way of plan of arrangement. The $4.5 billion acquisition of PrimeWest was announced on Sept. 24, 2007. The transaction was determined by the federal Minister of Industry to be of net benefit to Canada under the Investment Canada Act.
Don Garner, currently president and chief executive officer of PrimeWest Energy Inc., the manager of PrimeWest, has been appointed to the position of Chief Executive Officer (CEO) of TAQA North with immediate effect. Don Garner will be responsible for leading the integration of PrimeWest into TAQA North.
Don Garner will be joined by Tim Granger, who assumes the role of TAQA North's Chief Operating Officer (COO). The team's priorities will be maintaining continuity of the operations and implementing TAQA North's 2008 development program, while ensuring efficient integration of the Development and Operating Departments of TAQA North and PrimeWest.
TAQA North's 2008 development program consists of a capital expenditure commitment of C$500 million, targeting reserve replacement of approximately 140%.
"PrimeWest is undoubtedly a great addition to TAQA North's existing operations in Canada, providing further scale to help us capitalise on new and diverse development opportunities," TAQA Chief Executive Officer, Peter Barker-Homek commented on the closing of the transaction. "It is also important not to underestimate the value we place on the people we now have within our group. I feel confident we have the right team in place to implement TAQA North's development programmes and pursue growth opportunities, as we target reserve replacement ratios in the region of 140%.
"TAQA is a truly global company that prides itself on the diversity of its operations and workforce and being a meritocracy -- women/men from all nationalities have the opportunity to reach their full potential. Today we have over 2,500 employees who come from 38 nations and are employed in nine countries. Our company values of transparency, accountability, health and safety standards and social responsibility are shared across the group and mean that we are rapidly earning a reputation as a best practice operator.
"The closing of this transaction is an important milestone in our company's history. TAQA is one of the first state-backed enterprises to become a major oil and gas company outside its country of origin, and aspires to be a standard bearer for how such enterprises conduct themselves in overseas markets.
"On behalf of all the employees of TAQA, I would like to express our gratitude for the special trust and confidence the government authorities of Canada have placed in TAQA. Be assured, we won't let you down."
TAQA North now boasts P+P reserves in excess of 480 MMBOE and current production of over 105,000 boe/d, making it one of the top ten companies in Canada in terms of net proven natural gas reserves and in the top 12 companies in terms of oil and gas production.
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