By OGJ editors
HOUSTON, Oct. 25 -- Encore Oil PLC, London, announced a sales and purchase agreement to acquire four oil and gas companies having blocks in the UK North Sea. The four firms are privately held Virgo Oil & Gas PLC and Virgo Energy Ltd., Nido Petroleum (UK) Ltd., and Grove Energy (UK).
EnCore said it plans to issue 37 million shares to the sellers of the acquired companies, and that share issue will represent 15% of the resulting EnCore. Closing, subject to regulatory consents, is expected before Dec. 31.
Nido Petroleum Ltd. of Vancouver and Grove Energy Ltd., Perth, will continue to exist as independent companies.
Last year, Grove Energy, Virgo Energy, and Nido Petroleum merged their North Sea operations under Virgo Oil & Gas. The sale of those holdings to EnCore completes that consolidation strategy, Grove said Oct. 24.
