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Camac Energy to buy Nigeria interests, announces $270M equity investment

  • Camac Energy (CAK -2%) agrees to acquire the remaining economic interests it does not currently own in the production sharing contract covering oil leases offshore Nigeria from Allied Energy.
  • CAK will issue 497.5M shares, pay $170M in cash and issue a $50M convertible subordinated note.
  • To fund the cash portion of the deal, CAK plans a $270M equity investment through a private placement of ~376.8M common shares, representing ~30% ownership interest in the company.
Comments (2)
  • frumore
    , contributor
    Comment (1) | Send Message
     
    Why don't they merge with allied
    20 Nov 2013, 02:24 PM Reply Like
  • greesmansr
    , contributor
    Comment (1) | Send Message
     
    at least do a JOA
    20 Nov 2013, 10:25 PM Reply Like
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