Pieridae Energy Ltd. has agreed to acquire Ikkuma Resources Corp. in an exchange of stock estimated in value at $94 million (Can.). Both companies are based in Calgary.
Pieridae Energy Ltd. has agreed to acquire Ikkuma Resources Corp. in an exchange of stock estimated in value at $94 million (Can.). Both companies are based in Calgary.
The buyer describes the acquisition as a step toward a final investment decision for its 10 million-tonne/year natural gas liquefaction plant at Goldboro, NS (OGJ Online, Aug. 17, 2015).
Subject to regulatory approvals, Ikkuma before closing will transfer its Cardium light-oil interests into a new private company, ExploreCo, to be owned by Ikkuma shareholders.
In the first quarter this year, Ikkuma produced an average 19,292 boe/d of oil and natural gas from its properties in the central Alberta Foothills.
It estimates proved and probable reserves at 107 million boe.