Sea Dragon buys NPC Egypt - January 2012
posted on
Feb 10, 2012 09:04AM
Edit this title from the Fast Facts Section
Sea Dragon Energy has signed an agreement with Golden Crescent Investments Ltd to acquire 100% of National Petroleum Company Egypt Ltd (NPC Egypt) for $147.5 million, of which $60 million payable in cash and the remaining $87.5 million in shares. NPC Egypt’s working capital as at 30-Sep-2011 was $17.88 million. The net deal value including cash payment, stock and working capital surplus is $129.62 million. In addition, Sea Dragon has agreed to grant to Golden Crescent 20% after payout net profits interest from production attributable to the Muzhil field (located in the SAZ concession) and 17.5% after payout net profits interest from production attributable to the balance of the SAZ concession.
Asset highlights: