OVL announced that its offer to acquire Imperial Energy PLC was declared wholly unconditional this morning with all conditions now being satisfied or waived. As at 1:00 pm (London time) on December 30, 2008, Jarpeno Ltd ("Jarpeno"), a wholly owned subsidiary of OVL, had received valid acceptances from Imperial Energy shareholders in respect of 99,241,110 Imperial Energy shares, representing approximately 96.8 per cent. of Imperial Energy's existing issued share capital.
This acquisition highlights the strategy of OVL and ONGC, supported by its largest shareholder, the Government of India, of acquiring oil and gas assets which provide stable cash flows from proved and probable reserves and offer long-term growth from well-balanced exploration portfolios.
Western Siberia is one of the world's most prolific hydrocarbons basins and, with major logistics and infrastructure in place, OVL intends to use Imperial Energy as the platform around which to build a wider Western Siberian focused business. This addition to OVL's global portfolio, which spans across North Africa, Latin America and Southeast Asia, provides OVL with the opportunity to expand its presence in Russia beyond its participation in the Sakhalin project and will further enhance its position as one of the industry's leading exploration and production companies.
Full regulatory and settlement details can be found in Jarpeno's RNS statement of December 31, 2008.
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