By OGJ editors
HOUSTON, Mar. 23 -- BG Group PLC subsidiary BG Canada Ltd. plans to make a $171 million take-over offer for Aventura Energy Inc., Calgary, in an effort to acquire additional gas exploration and production operations in Trinidad and Tobago
Aventura operates and holds a 65% participating interest in the 111 sq km Central Block exploration license in south Trinidad. Petrotrin, the state-owned hydrocarbon company, holds the other 35%.
In 2000, Carapal Ridge, a structure within the Central Block, tested at 62 MMscfd of gas and 1,625 b/d of condensate.
Martin Houston, executive vice-president, BG North America, Caribbean and Global LNG, said Aventura was attractive because its assets are close to the Cross Island Pipeline.
The 56-in. Cross Island Pipeline is being constructed to transport gas from the east cost of Trinidad to Atlantic LNG in Point Fortin. The Atlantic LNG Train 1, in which BG is a 26% shareholder, began operation in April 1999. It exports LNG to the US, Puerto Rico, and Spain.
BG's acquisition of Aventura is subject to Canadian securities law. BG expects the offer to be mailed to Aventura shareholders by Mar. 31. BG's offer must remain open for at least 35 days after the offer is posted to Aventura's shareholders.
