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Companies combine Thai assets



By Upstream staff 

PetroWorld and NuCoastal of Thailand have signed a letter of intent to merger both companies’ assets in Thailand.

Under the terms of the deal, UK-based PetroWorld will acquire all outstanding shares of NuCoastal.

The purchase of 100% of the issued share capital of NuCoastal will be in exchange for the issue of new PetroWorld shares that will be valued at 65 cents a share.

The value attributed to NuCoastal’s onshore assets is $56.75 million.

Offshore, NuCoastal and PetroWorld currently share equal interests in the G5/43 block located in the Gulf of Thailand where three successful appraisal wells were drilled last year in the Bua Ban oilfield.

NuCoastal also holds a small interest in blocks DU1 and E5N, which contain the Phu Horm gas field.


Friday, 31 March, 2006, 20:24 GMT  | last updated: Friday, 31 March, 2006, 20:24 GMT

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