OMV PETROM S.A.

SNP
End-of-day quote. End-of-day quote  - 01/14
0.499RON +0.60%

Dacian Petroleum S.R.L. completed the acquisition of 40 onshore oil and gas fields from OMV Petrom S.A..

11/19/2021 | 12:00am
Dacian Petroleum S.R.L. reached an agreement to acquire 40 onshore oil and gas fields from OMV Petrom S.A. (BVB:SNP) for $18 million on January 8, 2020. Out of total consideration, $10 million payable at closing of the acquisition and approximately $8 million will be paid as deferred consideration. As of August 12, 2020, LMS Capital PLC announced that it is leading an investor group which has conditionally agreed to finance the acquisition. LMS Capital will invest a total of $9.05 million in loan and equity capital to acquire a 32% holding in Dacian. Transaction is subject to approval by the relevant authorities, pursuant to the Petroleum Law and certain Romanian Government regulatory approvals. Approvals are expected late third quarter or fourth quarter of 2020. There is a backstop date of January 8, 2021, by which time, if the approvals have not been obtained, the acquisition agreement will terminate. The target date for fulfilling all conditions for the acquisition is extended under the contract by agreement of the parties from January 8, 2021. As of November 12, 2021 Regulatory board has approved the deal. Dacian Petroleum S.R.L. completed the acquisition of 40 onshore oil and gas fields from OMV Petrom S.A. (BVB:SNP) on November 19, 2020.
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