PKN Orlen's Canadian unit buys local rival Birchill Exploration
May 9, 2014
Poland's top oil refiner PKN Orlen's Canadian upstream unit TriOil signed an agreement to purchase upstream firm Birchill Exploration from Luxembourg-based Birchill Investments, a transaction which will double PKN Orlen's oil and gas reserves base in Canada, PKN Orlen said in a market filing on Thursday.
"In PKN Orlen’s opinion, completion of the transaction will double Orlen Capital Group’s oil and natural gas reserves base in Canada," Orlen said.
Orlen plans to close the transaction in Q2 2014, when it expects to provide further details of the deal, the filing said.