Melrose Resources Plc, London, (Pink Sheets: MRSJF) plans to acquire privately owned Merlon Petroleum Co., Houston, for US$265 million cash. Merlon has interests in the Nile Delta region of northern Egypt and assets in the Texas Gulf Coast region. Melrose estimates the acquisition includes net proved-plus-probable reserves in Egypt of approximately 132.8 billion cubic feet of gas equivalent and average net daily production of 17.5 million cubic feet of gas equivalent per day. Average net daily production from Merlon's Texas properties is approximately 14.4 million cubic feet of gas equivalent per day and net proved reserves are approximately 11.8 billion cubic feet of gas equivalent. The acquisition is expected to close in mid-June. Petrie Parkman & Co. is advising Merlon.
Recommended Reading
BP’s Kate Thomson Promoted to CFO, Joins Board
2024-02-05 - Before becoming BP’s interim CFO in September 2023, Kate Thomson served as senior vice president of finance for production and operations.
Magnolia Oil & Gas Hikes Quarterly Cash Dividend by 13%
2024-02-05 - Magnolia’s dividend will rise 13% to $0.13 per share, the company said.
TPG Adds Lebovitz as Head of Infrastructure for Climate Investing Platform
2024-02-07 - TPG Rise Climate was launched in 2021 to make investments across asset classes in climate solutions globally.
Air Products Sees $15B Hydrogen, Energy Transition Project Backlog
2024-02-07 - Pennsylvania-headquartered Air Products has eight hydrogen projects underway and is targeting an IRR of more than 10%.
HighPeak Energy Authorizes First Share Buyback Since Founding
2024-02-06 - Along with a $75 million share repurchase program, Midland Basin operator HighPeak Energy’s board also increased its quarterly dividend.