By OGJ editors
HOUSTON, Mar. 23 -- Elixir Petroleum Ltd., London, and Gawler Resources Ltd., Perth, agreed to merge their oil and gas exploration and production businesses in a stock deal.
Elixier will be the continuing company, and its headquarters will be in Perth with an office in London, the companies said in a news release. The value of the overall transaction was not finalized.
Elixir shareholders will represent 52% of the resulting company, and Gawler shareholders the remaining 48%.
The merged group will combine Gawler's Gulf of Mexico production with Elixir's North Sea exploration.
The combined company will include Gawler's 30% working interest in the High Island A268 oil and gas development project in shallow water off Texas. The project is scheduled to come on stream in September at gross rates of 20 MMcfd.
Elixir's exploration assets are interests in nine UK North Sea exploration licenses comprising nine blocks or part-blocks.