Houston’s Cub Energy has said it has agreed to acquire Turkey-focused Canadian junior Anatolia Energy Corporation in an all-shares acquisition.
The Ukraine-focused explorer said that it had agreed to
pay about a tenth of a Cub Energy share for each share in the Calgary-based outfit.
The total expected outlay of around 13.9 million Cub
Energy shares gives the deal an indicative value of about $3.2 million based on
Thursday’s closing price of $0.23.
Cub Energy said that it was getting its hands on 581,429
net acres of prospective acreage in Turkey under the deal, including stakes in the Turkish Silurian Dadas shale oil play being explored by Calik Enerji.
The acquired acreage altogether holds prospective unrisked
resources of 47 million net barrels in shale oil potential and 17.7 million net
barrels of conventional potential.
The pending acquisition has been approved by both boards
but is subject to Anatolia shareholder approval.
Cub Energy holds stakes in 12 exploration and production
licences in Ukraine, including its joint venture with Poland’s Kulczyk Oil
Ventures and its pending acquisition of Ukrainian explorer PrivateCo.