Progress expands BC assets in deals totaling $1.5 billion (Can.)

Progress Energy Canada Ltd., a subsidiary of Malaysia’s state-owned Petronas, has closed on its acquisition of assets in northeastern British Columbia from Talisman Energy Inc. (OGJ Online, Nov. 11, 2013). In addition, Progress will purchase Montney lands in the Julienne area, also in the northeastern part of that province.

The total acquisition cost to Progress is $1.5 billion (Can.), excluding capital carry valued at $870 million.

The Talisman deal includes 127,000 net acres of Montney lands with 12,500 boe/d in current production as well as Talisman’s interest in the Kobes area where Progress has existing joint operations with Talisman.

In the second transaction, Progress will acquire Talisman’s 50% interest in the Farrell and Cypress areas, where Talisman’s partner Sasol Ltd. owns the remaining 50%.

Sasol would have been able to match the Progress bid within 30 days of the notice from Talisman, but Sasol opted not to exercise its right of first refusal (OGJ Online, Dec. 11, 2013).

Progress in January closed an acquisition in the Julienne area for $130 million, which includes four Montney wells that are awaiting completion and 33,500 net acres of undeveloped Montney lands in the heart of the company's North Montney Joint Venture British Columbia holdings.

Progress produces more than 400 Mcfed of natural gas in northeastern British Columbia and northwestern Alberta.

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