Deals - Acquisition, Mergers, Divestitures
CNOOC To Acquire Interest in Cooper Basin Focused Exoma Energy
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China National Offshore Oil Corporation – is set to acquire an interest in Australia’s Exoma Energy for a cumulative amount of A$23.4 million (US$24.2 million). The deal will enable CNOOC to raise its stake in various permits in central Queensland.
Exoma stated that CNOOC is expected acquire a 13% interest with purchase of over 62.1 million shares at A$0.173 each, in which case the total consideration would add up to about A$10.7 million.
Subject to shareholder approval, CNOOC also holds an option to raise its holding in the company up to 19.9% by purchasing additional shares at the same purchase price. If CNOOC wishes to increase its stake, it will have to put forward its proposal stating the number of additional shares it wants to buy within five days from the conclusion of the initial…
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