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ADX Energy to Acquire 20% Interest in Lambouka Prospect from Carnavale Resources - ADX Energy is Enhancing its Presence in the Sicily Channel - Deal Analysis From GlobalData
GlobalData, Aug 2011, Pages: 6
ADX Energy to Acquire 20% Interest in Lambouka Prospect from Carnavale Resources - ADX Energy is Enhancing its Presence in the Sicily Channel - Deal Analysis From GlobalData
Summary
ADX Energy Ltd. (ADX Energy) entered into an agreement to acquire a 20% stake in the Lambouka prospect area in the Kerkouane permit, from Carnavale Resources Limited (Carnavale Resources) for a purchase consideration in the range of $1.03m to $3.03m. As a part of the consideration, ADX Energy will issue 11,172,535 shares of its common stock at a deemed price of AUD0.09 per share ($0.09 per share), based on the price as on August 11, 2011, totaling $1.03m. In the event that production is derived from development of hydrocarbons discovered in the Lambouka 1 well drilled in 2010, ADX Energy agreed to pay two production payments of $1m each. Out of these two production payments, ADX Energy will pay first production payment after six months of continuous production and second production payment after 12 months of continuous production. The transaction is subject upon payment of $0.76m by Carnavale Resources to ADX Energy for their past joint venture costs and satisfaction of other conditions and other regulatory approvals.
Scope
- Rationale behind ADX Energy acquiring interest in Lambouka prospect
- Strategic benefits for the companies involved,
- Geography covered -Europe, Middle East and Africa
Reasons to buy
- Develop a sound understanding of the major M&A's, Partnerships, and Joint Ventures taking place in European and Middle East & African oil and gas industry,
- Identify the most lucrative segments to leverage on the growth oppurtunities available in the Tunisia's and Italy's oil & gas market,
- Get a detailed analysis of a deal to enable you to take better decisions.
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