Exploration & Production | Deals - Acquisition, Mergers, Divestitures
Texon Petroleum to Merge with Unconventional Player Sundance
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The Boards of Texon Petroleum Limited and Sundance Energy Australia Limited are pleased to announce that they have agreed to the proposed Merger of Texon with Sundance via a scrip transaction that provides a unique consolidation opportunity with significant benefits for shareholders of both companies, including:
• Significant increase in scale of operations and market capitalisation;
• High quality reserve base with basin diversity and combined Proved plus Probable plus Possible reserves of 47.8 mmboe with PV10 of $572.9 million;
• Significant funding capacity with, as of 30 September 2012, approximately $163 million in cash and $100 million senior debt facility, with $15 million drawn; and
• Creation via demerger from Texon of an exciting new exploration vehicle, Talon Petroleum…
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