PKN Orlen's Canadian unit takes over Birchill Exploration
June 9, 2014
Fuel group PKN Orlen's Canadian unit TriOil concluded the acquisition of E&E company Birchill Exploration for CAD 255.6 million or some PLN 707.5 million, PKN Orlen said in a market filing on Friday.
The transaction was financed with a capital increase at TriOil carried out by Orlen Upstream and with an available credit line, the filing read.
The deal was previously approved by the Canadian Competition Commissioner.
Birchill owns resources amounting to 26.6 million boe. The average output of Birchill in Q1 amounted to some 3400 boe daily.
On May 8, TriOil signed an agreement to purchase Birchill Exploration from Birchill Investments, a transaction which was to double its oil and gas reserves base in Canada, PKN Orlen said in a market filing back then.
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.