Sea Dragon to Acquire National Petroleum Company Egypt for $147.5m - Sea Dragon’s Step to Expand Operations in Egypt - Deal Analysis from GlobalDataGlobalDataFebruary 6, 2012 6 Pages - SKU: GBDT6800846 |
| Sea Dragon to Acquire National Petroleum Company Egypt for $147.5m - Sea Dragon’s Step to Expand Operations in Egypt - Deal Analysis from GlobalData Summary Sea Dragon Energy Inc.(Sea Dragon), an oil and gas company, through its indirect wholly owned subsidiary, agreed to acquire all of the issued and outstanding shares of National Petroleum Company Egypt Limited (National Petroleum), an oil and gas company, from Golden Crescent Investments Ltd (Golden Crescent), for a purchase consideration of $147.5m. Of the total consideration, $87.5m will be paid through the issuance of 350,000,000 common shares at a price of $0.25 per share. The remaining $60m will be paid in cash. Following the transaction, National Petroleum Company Egypt Limited will be a wholly owned subsidiary of Sea Dragon and Golden Crescent will hold no less than 20% of the issued and outstanding common shares of Sea Dragon. In addition, Sea Dragon will grant to Golden Crescent a 20% after-payout net profits interest from the production attributable to the Muzhil field (located in the SAZ Concession) and a 17.5% after-payout net profits interest from production attributable to the balance of the SAZ concession. In the event of the transaction not being completed, Sea Dragon shall pay a $2.5m termination fee to Golden Crescent. In the event of the acquisition not being completed as a result of the acceptance of a superior proposal for the assets owned by Golden Crescent, Golden Crescent shall pay a termination fee of $2.5m to Sea Dragon. Scope
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