Petrel Resources Plc · LSE:PET
Petrel Resources — Merger or Acquisition
7 slides from Petrel Resources's merger presentation
Slide 1: Acquisition of 20 per cent Shareholding in Amira Hydrocarbons Wasit B.V.
Acquisition of 20 per cent Shareholding in Amira Hydrocarbons Wasit B.V.
Slide 2: Disclaimer
Disclaimer This presentation does not constitute or form any part of any offer for sale or solicitation of any offer to buy or subscribe for any securities in Petrel Resources plc nor shall it or any part of it form the basis of, or be relied on in connection with, or act as any inducement to enter
Slide 3: Wasit provincial contracts
Wasit provincial contracts • 20% shareholding in Amira Hydrocarbons Wasit B.V. • Equates to 5% carried interest in exploration and production licenses in the Wasit Province • Gross prospective resources of 1,010 mmbbl • Operated by Oryx Petroleum • Oryx identified five principal leads, first explora
Slide 4: Transaction rationale
Transaction rationale Diversification in core • Strengthens Petrel’s position in Iraq, where it has had a presence since 1999 area • Greater certainty of value to shareholders by diversifying the inherent risks associated with frontier oil and gas exploration Step change in • NSAI independent evalua
Slide 5: Acquisition structure
Acquisition structure (1) Commercial terms • Amira Hydrocarbons Wasit is carried by Oryx Petroleum for all of its funding commitments in relation to its 25% interest in the Wasit licence 25% in Amira until first production Hydrocarbons Wasit • The consideration for the Acquisition includes an up-fro
Slide 6: Contracts terms
Contracts terms • Amira Hydrocarbons Wasit directly holds 25% (20% post government back-in) participating interest in three contracts with the Wasit provincial government Agreement Description Commercial terms Asphalt Exploration Province grants Contractor the • Licence area covers typically entire
Slide 7: Petroleum authority of governorates under Iraq constitution
Petroleum authority of governorates under Iraq constitution The Status Quo: Federal and regional power divisions • The Iraqi Constitution creates a federal state, comprising a federal government, and regional or governorate governments • There are eighteen governorates (sometimes referred to as ‘pro