Dana Gas PSJC, the first regional private-sector gas company in the Middle East, announced that its agreement to acquire Centurion Energy International Inc has been approved and completed as planned. The $950 million deal provides Abu-Dhabi-listed Dana Gas with a strong strategic platform from which to grow its upstream activities in natural gas exploration and production throughout the Middle East region.
Centurion announced that at a special meeting of its security-holders held on January 8, 2007 to approve the corporate transaction, 43,867,337 votes representing 94% of the securities voted were voted in favor of the Plan of Agreement with Dana Gas, and that it had also received formal approval from the Court of Queen’s Bench of Alberta in Canada. Dana Gas announced on November 12, 2006 that it had entered into an agreement to acquire Centurion Energy, with plans to expand its scope of operations into the GCC region and into the wider Middle East and North Africa (MENA) region.
Centurion Energy, which will become a wholly-owned subsidiary and the upstream division of Dana Gas, is currently engaged in exploration and production operations from 10 development leases and four exploration licenses in Egypt, Tunisia and offshore West Africa. With offices in Calgary, London, and Cairo, Centurion ended 2006 with estimated gas reserves of almost 100 million boe, production of over 31,000 boe/day, expected revenues of approximately $165 million and expected operating cash flows of approximately $85 million.
Dana Gas as announced plans to expand across the Middle East and North Africa (MENA) region into all elements of the natural gas value-chain, including upstream exploration and production; through the midstream transmission and distribution of gas including LNG trading; and downstream into gas-related industries and petrochemicals.
(Courtesy of Dana Gas)