could it be AWE interested in IMP..? awe is already in NZ and...

could it be AWE interested in IMP..? awe is already in NZ and argentina....can anyone think of other candidates?



ARC Energy, AWE boards agree to merge
Email Print Normal font Large font April 24, 2008 - 7:52PM


The boards of ARC Energy Ltd and Australian Worldwide Exploration have agreed to merge.

In a joint announcement to the Australian securities exchange, the companies said the merger would create a mid-tier oil and gas company with a market capitalisation expected to be in excess of $2 billion.

The companies also said the merger will create, via a demerger, a new ASX listed exploration vehicle Buru Energy Ltd, which will hold ARC's Canning Basin assets in northwest Australia.

Under the deal, which is subject to shareholders and court approval, ARC shareholders will receive a combination of cash, AWE shares and Buru shares with an implied value of $1.59 for each ARC share they own.

The companies said the total implied value of $1.59 per ARC share represents a premium of 27.8 per cent to the last traded price of $1.25 of ARC shares on 11 April 2008 prior to the media reports of a possible merger.

"The merger of the two companies makes compelling strategic sense, bringing together two highly complementary asset portfolios and cultures to create a clear leader in the Australian mid-tier oil and gas sector," ARC managing director Eric Streitberg said.