![Strike Energy to Acquire Talon Energy](/sites/default/files/styles/hart_news_article_image_640/public/image/2023/08/strike-energy-acquire-talon-energy.jpg?itok=jmzhmctF)
In this photo, an oil drilling rig can be seen. Strike Energy Ltd. has entered into a binding scheme implementation deed with Talon Energy Ltd. to acquire all issued shares of Talon, according to an Aug. 14 announcement by Strike. (Source: Shutterstock.com)
Strike Energy Ltd. has entered into a binding scheme implementation deed with Talon Energy Ltd. to acquire all issued shares of Talon, according to an Aug. 14 announcement by Strike.
In addition, Talon will seek to demerge its Mongolian asset in a move that will potentially benefit its shareholders. The company made it clear, however, that there is no guarantee this demerger will take place, nor that it will provide additional value for its shareholders if it does, according to the announcement.
Talon’s board of directors has unanimously endorsed the scheme. Talon’s Perth Basin business alone has an implied offer price of A$0.2122, which is an approximate 21% premium to the company’s closing price as of Aug. 11. If the deal proceeds as expected, shareholders of Strike will own approximately 89% of all issued Strike shares, while Talon shareholders will own approximately 11%, according to the announcement.
As part of the deal, Strike has agreed to provide Talon with an interim convertible funding facility amounting to A$6 million, which will be used to fund Talon’s capital requirements. The deal has the capacity to generate an initial annualized revenue of more than $82 million from the Walyering gas field alone, according to the announcement.
Recommended Reading
Berntsen Joins Xcel as Executive VP, Chief Legal and Compliance Officer
2024-05-22 - Rob Berntsen is assuming the role from Amanda Rome, who had been in the position on an interim basis.
TotalEnergies Buys UK Power Plant from EIG for $575MM
2024-06-06 - TotalEnergies signed an agreement with EIG, an institutional investor in the global energy sector, for the acquisition of all the shares of West Burton Energy for an enterprise value of £450 million (US$575 million).
Swift Solar, with Backing from Italy’s Eni, Raises Tech Financing
2024-06-12 - Swift Solar, with backing from Italy’s Eni and others, has raised a total of $44 million for work transforming the solar energy landscape with perovskite tandem solar projects.
International Battery Metals Names New CEO
2024-06-03 - Iris Jancik will succeed Garry Flowers as IBAT CEO when she takes the helm in mid-August.
Utility, Clean Energy Company Allete to Go Private in $6.2B Deal
2024-05-06 - The Minnesota-based utility said on May 6 it agreed to be acquired by a partnership led by Canada Pension Plan Investment Board and Global Infrastructure Partners.