Stratic Shareholders Approve Plan of Arrangement
02 Novembre 2010 - 4:36PM
UK Regulatory
TIDMENQ TIDMSE.
RNS Number : 4915V
EnQuest PLC
02 November 2010
Not for release, publication or distribution, in whole or in part, in or into or
from Australia, Japan or any other jurisdiction where to do so would constitute
a violation of the relevant laws of such jurisdiction
EnQuest PLC Announces Stratic Shareholder
Approval of Proposed Plan of Arrangement
2 November 2010
Independent oil and gas production & development company, EnQuest PLC
("EnQuest") announced on 3 August 2010 that it had entered into a plan of
arrangement (the "Arrangement") to acquire all of the issued and outstanding
shares of Stratic Energy Corporation ("Stratic") on the basis of 0.089626 of an
EnQuest share for each Stratic share.
Today EnQuest notes Stratic's announcement of the results of its special meeting
held today, in which it reports that Stratic's shareholders approved the
Arrangement.
Stratic has stated that it will apply to the Supreme Court of Yukon for a final
order approving the Arrangement at a hearing scheduled for November 4, 2010. If
the final order is granted and all other conditions precedent are satisfied or
waived at such time, Stratic expects that the Arrangement will be completed and
become binding upon all Stratic shareholders on or about November 5, 2010. If
the Arrangement becomes effective all Stratic shareholders will become
shareholders of EnQuest and Stratic will become a wholly owned subsidiary of
EnQuest.
The full text of the Stratic announcement is available electronically on SEDAR
at www.sedar.com and currently also on the Stratic website at
www.straticenergy.com.
Ends
For further information please contact:
EnQuest PLC
Tel: +44 (0)20 7925 4900
Amjad Bseisu (Chief Executive Officer)
Jonathan Swinney (Chief Financial Officer)
Michael Waring (Head of Communications & Investor Relations)
Finsbury
Tel: +44 (0)20 7251 3801
Andrew Mitchell
Conor McClafferty
Notes to editors
EnQuest Background
EnQuest PLC (www.enquest.com) is an independent oil and gas production and
development company focused on the UK Continental Shelf ("UKCS"). Its assets
include the Thistle, Deveron, Heather, Broom, West Don and Don Southwest fields.
Gaffney, Cline & Associates ("GCA") certified that as at 1 January 2010,
EnQuest's assets had total net proved plus probable oil and NGL reserves of
80.5MMBbl. As at 1 January 2010, GCA has also net certified oil and gas best
estimate (2C) contingent resources for individual assets. The aggregate of the
oil 2C contingent resources on an unrisked basis is 67.5MMBbl, and of the gas
contingent resources is 30.6Bcf (See Note 1 below.)
On 6 April 2010, EnQuest was formed from the demerged UK North Sea assets of
Petrofac Limited and Lundin Petroleum AB. EnQuest was admitted to trading on
both the London Stock Exchange and the NASDAQ OMX Stockholm. On listing,
EnQuest PLC went into the FTSE 250 index and OMX Nordix Index. Its assets
include the Thistle, Deveron, Heather, Broom, West Don and Don Southwest fields.
It has interests in 16 production licences covering 26 blocks or part blocks in
the UKCS, of which 15 licenses are operated by EnQuest.
EnQuest believes that the UKCS represents a significant hydrocarbon basin in a
low-risk region, which continues to benefit from an extensive installed
infrastructure base and skilled labour. EnQuest believes that its assets offer
material organic growth opportunities, driven by exploitation of current
infrastructure on the UKCS and the development of low-risk near field
opportunities, rather than exploitation of high-risk exploration opportunities.
EnQuest intends to deliver sustainable growth in shareholder value by focusing
on exploiting its existing reserves, commercialising and developing discoveries,
converting its significant contingent resources into reserves and pursuing
selective acquisitions. EnQuest is focused on increasing production from its
existing assets in its core hub areas. It believes that it has excellent
operational, execution, subsurface and integration skills and it seeks to become
the development partner of choice in the UKCS.
EnQuest believes that it has the technical skills, the operational scale and the
financial strength to achieve its objectives and to take advantage of the
production and development opportunities in the UKCS.
Note (1) GCA warns that there may be a significant risk that accumulations
containing contingent resources will not achieve commercial production and that
it is inappropriate to aggregate contingent resources.
Please note that EnQuest PLC is not in any way related to or affiliated with
EnQuest Energy Services Corp.
Stratic Background
Stratic is a Canadian incorporated oil and gas company currently focused
primarily on the UK North Sea. Its shares are currently listed on the TSX
Venture Exchange (ticker "SE") and the AIM market of the London Stock Exchange
(ticker "SE").
Stratic has a 19% interest in licence P.209 covering Block 9/28a which
contains the Crawford field (4.93MMBoe net 2P reserves) and 17.25% interest in
the West Don oil field (2.34MMBoe net 2P reserves), which EnQuest operates and
in which it already has a 27.7% working interest.
Stratic also has interests in other parts of the UK North Sea (including the
Cairngorm and Bowmore discoveries), in the Dutch sector of the North Sea
(Horizon West) and in its smaller residual interests in Slovenia and Morocco.
Over the last year Stratic has been implementing a disposal programme of its
non-core assets outside the UKCS. In April 2010, it completed the sale of its
Italian business for a cash consideration of EUR33.0 million. On May 7 2010,
Stratic announced that it had reached agreement for the sale of its Turkish
business for a cash consideration of $3.45 million.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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