By Hong Kong Newsroom
HONG KONG (Mar 01) -- Hong Kong-listed United Energy Group said a unit has agreed to acquire the entire issued share capital of two companies engaged in the exploration, development and production of oil, condensate and natural gas.
In a filing to the exchange late on Wednesday, the upstream oil-and-gas company said unit Dragon Prime Hong Kong will pay 80.6 million euros ($98.26 million) for OMV Maurice Energy Ltd and 77.2 million euros for OMV (Pakistan) Exploration Gesellschaft. Both operate fields in Pakistan.
The vendors are Austrian companies OMV Maurice Energy GmbH and OMV Exploration & Production GmbH.
United Energy said the acquisition is an extension of its business in Pakistan, where it has a significant presence, and will enable the group to control operations of all production fields and a majority of the exploration fields in the area.
It will fund the purchases internally, it added.
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