BVI company sold additional 10% of its interest in Offshore Namibia

Eco (Atlantic) Oil & Gas Ltd. made an announcement that it has accepted an offer from Azimuth Namibia Ltd., according to which this company will increase its interest in Blocks 2111B and 2211A, offshore Namibia (the Guy Block) by 10 per cent.

Upon completing this transaction, Azimuth Namibia will bear additional 10 per cent of Block’s operating costs. Azimuth Namibia will be responsible for 51 per cent of the costs for the 1,000 km2 3D survey. The BVI company, although its obligations on the Guy Block are reduced, remains its Operator. Eco Atlantic and Azimuth Namibia currently hold 70 per cent and 20 per cent of working interest in the Guy Block, respectively, while 10 per cent is held by NAMCOR. Upon the transfer, Azimuth will become the holder of 30 per cent, and NAMCOR will retain its 10 per cent stake.

This transaction is subject to a number of conditions among which should be the approval of Namibia’s Ministry of Mines and Energy.

Thailand’s Bangchak Petroleum entered into share sale agreement with BVI company

Bangchak Petroleum Plc, majority part of which is owned by Thailand Government, will purchase 20 per cent stake in Nido Petroleum Ltd. for AUS$22.2 million. The purpose of company’s buying of Australian oil and gas explorer is expanding and diversifying Bangchak’s international portfolio and leveraging business risks. 

BCP Energy International, the wholly-owned Singaporean subsidiary of Bangchak Petroleum Plc, entered into a share-sale agreement with Petroleum International Investment Corporation, domiciled in the British Virgin Islands, for 402.95 million fully paid ordinary shares of Nido Petroleum Ltd. BCP Energy was set up for the purpose of international investment in and the trading, operation and management of the energy, natural resources and petrochemical business.

Bangchak president Vichien Usanachote said that the company plans to use its own working capital to raise the capital of BCP Energy to A$22.2 million to fund the Nido Petroleum share acquisition.

Merger between MDM Engineering and Foster Wheeler AG approved by Tanzanian Fair Competition Commission

MDM Engineering Group Limited, the mineral process engineering and project management company based in the BVI and working in Africa, received the approval from Tanzanian Fair Competition Commission for its proposed merger with Foster Wheeler AG. Also, the company confirmed that the application with the South African Competition Commission is progressing, and final result is expected during this month.

The merger implementation agreement between MDM Engineering Group and Foster Wheeler AG, the global engineering and construction company and power equipment supplier based in Switzerland and having its operational headquarters office is in Reading, United Kingdom, was signed in March 2014. Upon the implementation of the merger, the admission to trading of MDM’s ordinary shares on the AIM Market will be cancelled.