Apache to Acquire Western Desert Business Concessions and East Badr El-din Exploration Concession in Egypt from BP - Deal Analysis from GlobalData
Book Details
Author(s)GlobalData
PublisherMarketResearch.com
ISBN / ASINB0042L5OAE
ISBN-13978B0042L5OA7
AvailabilityAvailable for download now
MarketplaceUnited States 🇺🇸
Description
Apache to Acquire Western Desert Business Concessions and East Badr El-din Exploration Concession in Egypt from BP - Deal Analysis from GlobalData
Summary
Apache Corporation (Apache) agreed to acquire Western Desert business concessions and East Badr El-din exploration concession in Egypt, from BP p.l.c. (BP). The purchase consideration of the transaction is $650 million which is subject to customary post-completion price adjustments. The acquisition includes net production of approximately 6,016 boe/d and 11 mcf of gas per day. The assets have net proved reserves of approximately 20 mmboe and net resources of approximately 55 mmboe.
Apache intends to finance the acquisition with a combination of debt and equity securities as well as cash in hand. As a part of the transaction, Apache will advance $250 million in cash, of the total purchase price to BP, on July 30, 2010, ahead of the anticipated closing. This advance will be returned to Apache or applied to the purchase price at closing. The company has also obtained a $5,000 million bridge loan facility to backstop any financing requirements.
Goldman, Sachs & Co., BofA Merrill Lynch, Citibank N.V, and J.P. Morgan Securities Inc. are acting as financial advisors to Apache with respect to the transaction. Standard Chartered is acting as financial advisor to BP for the transaction. The transaction is expected to be completed during the third quarter of 2010 and is subject to certain preferential rights as well as normal regulatory approvals and conditions in Egypt.
The transaction implies deal values of $82,809.58 per boe of daily production and $32.5 per boe of proved reserves.
Scope
Summary
Apache Corporation (Apache) agreed to acquire Western Desert business concessions and East Badr El-din exploration concession in Egypt, from BP p.l.c. (BP). The purchase consideration of the transaction is $650 million which is subject to customary post-completion price adjustments. The acquisition includes net production of approximately 6,016 boe/d and 11 mcf of gas per day. The assets have net proved reserves of approximately 20 mmboe and net resources of approximately 55 mmboe.
Apache intends to finance the acquisition with a combination of debt and equity securities as well as cash in hand. As a part of the transaction, Apache will advance $250 million in cash, of the total purchase price to BP, on July 30, 2010, ahead of the anticipated closing. This advance will be returned to Apache or applied to the purchase price at closing. The company has also obtained a $5,000 million bridge loan facility to backstop any financing requirements.
Goldman, Sachs & Co., BofA Merrill Lynch, Citibank N.V, and J.P. Morgan Securities Inc. are acting as financial advisors to Apache with respect to the transaction. Standard Chartered is acting as financial advisor to BP for the transaction. The transaction is expected to be completed during the third quarter of 2010 and is subject to certain preferential rights as well as normal regulatory approvals and conditions in Egypt.
The transaction implies deal values of $82,809.58 per boe of daily production and $32.5 per boe of proved reserves.
Scope
- Rationale behind Apache acquiring BP's Egyptian assets
- Strategic Benefits for the companies involved
- Geography covered -Egypt
- Develop a sound undestanding of the major M&A's, Partnerships, And Joint Ventures taking place in AfricanOil & Gas industry
- Identify the most lucrative segments to leverage on the growth oppurtunities available in the Egyptian oil & gas market
- Get a detailed analysis of a deal to enable you to take better decisions
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