Araca Energy ASA joins forces with the Russian oil and gas company PJSC Petrarko to list on The Oslo Stock Exchange.
Araca Energy ASA has recently announced that "Heads of Terms" have been signed with PJSC Petrarko under which an Araca wholly owned subsidiary, Aladdin Oil & Gas (Cyprus) Limited (Aladdin Cyprus) would acquire Petrarko on a share for share basis. Aladdin Cyprus is now raising funding to finance the transaction costs in an Open Offer to Araca’s shareholders, for which indications of subscriptions from existing shareholders have been received.
Following completion, in due course it is envisaged that Aladdin Cyprus will seek a listing of its shares on the Main List of the Oslo Stock Exchange.
- This is a great day for the company. By joining forces with Petrarko, Araca gets access to both valuable resources and expertise, which will be crucial for the company’s further development, says CEO Henrik Wold.
Petrarko is controlled by one of Russia's richest men, which also is the largest shareholder of Sistema, controlling, among others, the major mobile
operator, MTS.
In connection with the transaction, Araca will raise between four and eight million NOKs in a private placement, which is guaranteed by some of the largest shareholders. All shareholders in Araca will be invited to participate in the issue.
Shareholders of Araca will maintain their holdings in the new listed company, Aladdin Oil & Gas.
- All shareholders will have the opportunity to participate in the issue. The proceeds will be used to implement the agreement with Petrarko, says Wold.
About PJSC Petrarko:
PJSC Petrarko is an independent oil and gas company located in the Orenburg Region in Russia. Currently it has seven licenses, but plan to increase this to 14 licences within seven years. The company’s process partner is OJSC Gazprom (HC processing and transportation). The main business activity is production of gas, oil and gas condensate, treatment and processing of hydrocarbons and sales of finished products.
About Araca Energy ASA:
Araca Energy ASA is an oil and gas company with head offices in Oslo, Norway. Araca is through the fully owned subsidiary OOO Geotechnologia specialized in petrochemical activities in Russia and bordering countries. Araca holds exploration and production licenses in the Timan-Pechora region in Northwest Russia. Araca subsidiaries holds and operate three licenses for exploration and production. The first gas field in Ukhta commenced production in 2010.
For details, see the following document: Open Offer to the shareholders of Araca Energy ASA of new ordinary shares in Aladdin Oil & Gas (Cyprus) Limited
Oslo, 7 September 2016
Henrik Wold
CEO, Araca Energy ASA