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FX Energy : Polish refiner PKN Orlen acquires FX Energy for $125m

01/05/2016 | 12:01am US/Eastern

Polish oil refiner and petrol retailer PKN Orlens subsidiary Orlen Upstream has completed acquisition of independent oil and gas company FX Energy for $125m.

As per the deal signed in October 2015, the holders of FX Energy common stock will receive $1.15 per share in cash.

In the initial phase of the deal, Orlen acquired 78,21% of FX Energy's outstanding common shares in a public tender offer.

During the second stage, FX Energy has been merged with ORLEN Upstream's special purpose vehicle (SPV).

The deal also secured approval from the Office of Competition and Consumer Protection (UOKiK).

With the acquisition, Orlen Upstream has increased its 2P reserves by 8.4 million barrel of oil equivalent (boe) and also secured producing assets in Poland.

PKN Orlen intends to integrate new assets and planned operational schedules with its existing operational base for managing its exploration and production projects in Poland, starting in January 2016.

Through the deal, PKN Orlen added three new exploration and production areas, which cover a total area of approximately 7,400km2, to its portfolio of projects in Poland.

The projects includes Fences and Edge located in the Polish Lowlands, while the third one, Block 255, located in the Lublin basin and adjacent to Orlen Upstream's Wolomin and Garwolin licence areas.

According to PKN Orlen, the seven producing fields located within the newly acquired assets have reached an average output of almost 1,700 boe/d in the first half of 2015.

(c) 2016 Fusion Media Limited. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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