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Tuesday, 02 December, 2008, 02:50 GMT | more >>

Anzon and Arc in merger talks



By Upstream staff 

Australia’s Anzon and compatriot Arc Energy said today they were in talks over the final terms of a proposed merger.

Anzon, which has a market capitalisation of about A$660 million (US$589 million) based on its shares on issue, and Arc, worth about A$507 million, requested a two-day halt to the trading of their shares pending an announcement on the conclusion of the talks.

The announcement is expected before 24 October.

An agreement to proceed with the merger would conclude Anzon’s strategic review process announced on 17 September.

Anzon said it had received a number of proposals, but had elected to pursue the merger with Arc on an exclusive basis.

Anzon has seen its market value jump more than tenfold since listing in December 2004.

The company produces in Australia's Bass Strait, off Victoria.

Its key producing asset, the A$1.2 billion Basker Manta Gummy project, has estimated proved and probable reserves of about 40 million barrels of oil, 380 petajoules of gas and about 90 million barrels of condensate.

Arc owns and operates oil and gas interests in the Perth, Canning and Bass basins and internationally.


Monday, 22 October, 2007, 02:00 GMT  | last updated: Monday, 22 October, 2007, 06:40 GMT

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