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Kistos PLC - London-based energy sector investor - Enters agreement to acquire Tulip Oil Netherlands BV from Tulip Oil Holding BV for EUR220 million. The acquisition - classed as a reverse takeover under AIM rules - comprises a controlling interest, 60%, in the Q10-A offshore gas field together with interests in a suite of offshore exploration and production licences in the Dutch North Sea.
Notes the consideration total consists of "a combination of cash, the assumption by Kistos of an existing bond instrument issued by Tulip Oil Netherlands Offshore BV, the issue of a new debt instrument and the issue to the seller of equity in Kistos." A contingent consideration of up to EUR163 million will be payable at certain development milestones.
Upon completion, Kistos expects cease being an investing company under AIM rules and become a trading company instead. Trading on AIM suspended until either the publication of an admission document or confirmation that the acquisition is not proceeding.
Kistos plans to carry out an equity placing to existing and new investors and is exploring how the placing can be accessed by retail shareholders.
"The team at Tulip have done a fantastic job to date in getting this low carbon production operation up and running and we are looking forward to working with them and our partners at EBN in replicating this success and being a model for future low impact developments," says Chair Andrew Austin.
Current stock price: 165.60 pence
Year-to-date change: up 2.5%
By Zoe Wickens; zoewickens@alliancenews.com
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