PKN Orlen's Canadian unit cleared to buy Birchill Exploration
May 26, 2014
Poland’s fuel group PKN Orlen's Canadian upstream unit TriOil was cleared by the Canadian Competition Commissioner to take over upstream firm Birchill Exploration, PKN Orlen said on Friday.
The decision allows for finalizing the transaction in the next 14 days, Orlen said.
On May 8, TriOil signed an agreement to purchase Birchill Exploration from Birchill Investments, a transaction which will double its oil and gas reserves base in Canada, PKN Orlen said in a market filing.
Birchill is based in Calgary, Alberta and is "engaged in the exploration, development and production of petroleum and natural gas in Alberta, Canada," Orlen said at the time.