Posted on
August 26, 2014 by
KazCham
Business Intelligence from Colibri Law Firm: Issue #92
UK-based Max Petroleum sold a 51 percent stake to AGR Energy, an investment vehicle owned by the Assaubayev family. The deal is worth approximately US$62.5 million (?37.1 million), the company said Monday.
Max is an independent oil and gas exploration and production company focused on Kazakhstan.
AGR paid 1.64 per share, a 33 percent premium compared to closing market price on August 1.
The size of the purchase would usually trigger Rule 9 of the UK’s takeover code, requiring AGR to make a general offer to acquire the shares held by other shareholders.
Max will asks its shareholders to waive Rule 9 with a resolution at the next stockholder meeting, the company said.
The deal must also be approved by regulators in Kazakhstan. If the purchase is approved, AGR will nominate two directors to the company’s board.
The partnership will support Max’s development of its post-salt fields and its plans to resume exploration of pre-salt prospects on its block A and E licenses in western Kazakhstan.
Tags: AGR EnergyAssaubayevMax Petroleum
Category
Energy, Kazakhstan
Posted on
October 31, 2011 by
Alex
British oil explorer Max Petroleum said on Friday it found 12 meters of net oil pay – the zone of a reservoir that contains economically producible oil – at the Jurassic layer of the ASK-2 well in the Asanketken Field, at a depth of 1,284 meters and 1,308 meters. Max said it was running further tests before drilling to a total depth of about 3,300 meters to reach the well’s Triassic reservoir, which has an unrisked mean resource potential of 50 million barrels of oil.
The explorer also said one of itsprospects in the Block E license area in Kazakhstan was non-commercial, following disappointing results at one of the wells at the site that prompted it to abandon the well.
SOURCE: SRI, Kazakhstan Daily News Brief, dated 24 October, 2011, available at http://silkroadintelligencer.com/wp-content/files/srikznewsbrief_oct24_2011.pdf
Tags: Max Petroleum
Category
Energy, Kazakhstan, News
Posted on
October 13, 2011 by
Alex
Max Petroleum, a small Kazakhstan- focused oil explorer, spudded a new exploration well at the Zhalgyz South prospect in Block A, the company said on Tuesday. The resource potential of the Zhalgyz South prospect has been estimated at 18 million barrels of oil.
On Monday, Max announced the spudding of the ZMA-E2 exploration well in the Zhana Makat field, a week after reporting positive results from the previous Zhana Makat well, ZMA-A23, which intersected 10 meters of net oil pay.
SOURCE: SRI, Kazakhstan Daily News Brief, Issue dated October 12, 2011
Tags: Max Petroleum
Category
News