The Polish energy company will pay C$183.7 million cash forthe Calgary-based explorer’s share capital at a 31% premium rate of C$2.85 pershare, and assume debts of C$56.4 million.
"We will gain access to producing fields and willdiversify our asset portfolio geographically," PKN's chief executiveofficer Jacek Krawiec said of the deal, calling TriOil an “optimalacquisition target”.
Warsaw-headquartered PKN Orlen is Poland’s largest refinerand a retail player in central and eastern Europe, with its upstream activitiesto date limited to domestic onshore exploration along with offshore stakes inthe Latvian Baltic Sea.
TriOil’s
