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OMV To Acquire Tunisia Subsidiaries Of Pioneer Natural Resources: A Move To Expand OMV's Exploration and Production Portfolio In Tunisia
GlobalData, Jan 2011, Pages: 7
OMV To Acquire Tunisia Subsidiaries Of Pioneer Natural Resources: A Move To Expand OMV’s Exploration and Production Portfolio In Tunisia - Deal Analysis From GlobalData
Summary
OMV Aktiengesellschaft (OMV), through its fully owned subsidiary OMV (Tunesien) Production GmbH (OMV (Tunesien) Production), entered into a purchase and sale agreement to acquire 100% of the issued share capital of Pioneer Natural Resources Tunisia Ltd. (Pioneer Natural Resources Tunisia) and Pioneer Natural Resources Anaguid Ltd. (Pioneer Natural Resources Anaguid) - together with Pioneer Tunisia from Pioneer Natural Resources Company (Pioneer Natural Resources). The deal value is $865.7m and the transaction is subject to normal closing adjustments. The consideration includes working capital of Pioneer Tunisia. OMV will fund the acquisition with existing cash and committed credit lines.
Under the terms of the agreement, OMV will acquire immediate production of approximately 5,700 barrels of oil equivalent per day (boe/d) (average net production in Q4/10), of which 90% is attributable to oil and 10% to gas. Based on a report by DeGolyer MacNaughton of June 2010, Pioneer Tunisia’s acreage holds 2P reserves of 38 million barrels of oil equivalent (MMboe) and 3P reserves of 59 MMboe. The acquisition is in line with OMV's corporate strategy to pursue acquisitions in exploration and production to enable future growth and will strengthen its position in Tunisia.
The transaction has an effective date of January 1, 2011 and is expected to close during the first quarter of 2011.
The transaction implies deal value of $151,877.19 per boe of daily production, $22.78 per boe of 2P reserves and $14.67 per boe of 3P reserves.
Scope
- Rationale behind OMV acquiring assets from Pioneer
- Strategic Benefits for the companies involved
- Geography covered -Tunisia
Reasons to buy
- Develop a sound understanding of the major M&A's, Partnerships, And Joint Ventures taking place in African Oil & Gas industry
- Identify the most lucrative segments to leverage on the growth oppurtunities available in the Tunisian oil & gas market
- Get a detailed analysis of a deal to enable you to take better decisions
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