BRIEF-Valeura announces execution of transformational transaction agreements in Turkey

Thu Oct 13, 2016 6:03pm EDT
 
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Oct 13 (Reuters) - Valeura Energy Inc

* Valeura Energy announces execution of transformational transaction agreements in Turkey and underwritten private placement of subscription receipts

* Valeura Energy - acquisition of its jv partner, Thrace Basin Natural Gas Corporation (TBNGC), for US$22 million in cash effective March 31, 2016

* Transatlantic Petroleum - concurrent with acquisition of TBNGC, Valeura will sell deep rights on certain of Turkish jv lands to Statoil Banarli Turkey

* Valeura Energy- sale of deep rights on certain joint venture lands to Statoil Banarli Turkey b.v. For $15 million in two tranches of US$12 million and US$3 million

* Valeura Energy - combination of acquisition of valeura's jv partner, sale of deep rights to statoil and financing, is expected to be accretive

* Valeura Energy - consideration for tbng acquisition will consist of a cash payment at closing of about $18.5 million, after estimated closing adjustments

* Valeura Energy - upon close of acquisition, co's participating interest in shallow rights on tbng jv will increase to 81.5% and co will become operator Source text for Eikon: Further company coverage: