Cub Energy buys Anatolia Energy

Adding barrels: Cub Energy gains Turkish acreage in acquisition

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.

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