Gasol to Take Over Enerci from GDF Suez

Gasol announced that it has entered into a conditional agreement to acquire 100% of the issued share capital of Energie de Côte d’Ivoire S.A. (Enerci) from GDF SUEZ E&P International.

The acquisition constitutes a reverse takeover under the AIM Rules for Companies. In accordance with the AIM Rules, trading in the Ordinary Shares will be suspended pending publication of an admission document.

Enerci is a Côte d’Ivoire registered company that owns a 12% participating interest under a joint operating agreement in a production sharing contract providing access via licence to offshore oil and gas reserves located in a c. 350 km2 area of the Côte d’Ivoire basin. The other parties to the JOA and the PSC are Foxtrot International, Saur Energie Côte d’Ivoire and Société Nationale d’Opérations Pétrolières de la Côte d’Ivoire (Petroci, the national oil company of Côte d’Ivoire).

The fields within the CI-27 Licence currently produce c. 137mmscfd of gas and c. 1,000 barrels of condensate/oil daily. All gas production is transported by pipeline to Abidjan, the economic centre and former official capital of Côte d’Ivoire, for onward sale to the country’s power producers under long-term contracts. Production under the CI-27 Licence accounted for more than 65% of Côte d’Ivoire’s gas production in 2012.

In the year ended 31 December 2012, Enerci’s share of the revenues under the PSC were €27.1m, with a pre-tax profit of €12.0m.

Alan Buxton, Gasol’s Chief Operating Officer, said: “We are delighted to have reached an agreement to acquire a 12% interest in the CI-27 licence, which is the largest gas field offshore the Côte d’Ivoire and has an extensive production history. The acquisition provides us with an opportunity to bring a revenue-generating, profitable and self-funding asset into the group and, as such, represents a key milestone in our development as well as a stable, financeable cash flow base from which to grow. We are already working on our strategy to integrate Enerci into our activities in the region with a view to realising maximum benefit and I look forward to updating shareholders further on our plans in due course”.

[mappress]
LNG World News Staff, December 23, 2013; Image: Gasol