Wessex Exploration has completed the acquisition of Hague and London Oil BV (HALO).
In May, Wessex fought off an attempt to take control of the business via a general meeting requisitioned by Milroy Capital. A few days before the meeting Wessex announced heads of agreement to acquire HALO and its assets in the Philippines.
Andrew Cochran, who will become chairman, and Bill Phelps, who ran Thailand-focused oil and gas company Coastal Energy until it was taken over for around £1.4bn in 2013, will join the board of Wessex. Cochran had been involved with Dominion Energy which was taken over in 2011.
HALO has $1m in cash and a 15% interest in the highly prospective Service Contract 54A in the Northwest Palawan Basin, offshore Philippines. The other investors are the operator NIDO Petroleum Ltd, which was recently acquired by Bangchak Petroleum, with 42.4%, Kairiki Energy (30.1%) and TG World (BV) Corp. (12.5%). There are already some initial discoveries and there is a further three years for additional appraisal and then a well would have to be drilled by 2018.
Wessex is paying 241m shares for HALO - equivalent to one-quarter of the enlarged share capital of Wessex.
Wessex will report figures for the year to June 2014 during November.
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