By OGJ editors
HOUSTON, Oct. 23 -- Pluris Energy Group Inc., Houston, has agreed to acquire San Enrique Petrolera SA of Buenos Aires for an undisclosed amount.
Pluris Energy, formerly Petrogen Corp., is placing a $65 million convertible bond instrument to finance the San Enrique purchase as well as other acquisitions.
San Enrique's assets includes 251,376 net acres in the Neuquén, Austral, and Golfo de San Jorge basins—the three most prolific basins in Argentina, holding 49 million bbl of oil equivalent, with estimated proved, probable, and possible reserves of 25 million bbl of oil and 142 bcf of gas.
Also, its current production exceeds 1,000 boe/d, which is expected to grow rapidly through an aggressive development program being carried out by Roch SA, operator. And it has three gas processing plants and pipeline infrastructure.
The transaction is expected to close around the beginning of 2007.
Upon closing the San Enrique acquisition, Pluris plans to file a prospectus for initial public offering on the Oslo Bors main market, while maintaining a dual listing and quotation in the US.
