Estrella International Energy Services (EEN.V), currently in a
trading halt, has entered into a definitive arm's length share
purchase agreement dated June 16, 2013 with San Antonio
International Oil & Gas Services LLC and Armadillo Drilling
Services LLC to acquire all of the issued and outstanding shares of
San Antonio Internacional Co. Inc. (SAI Colombia) held by the
Sellers, for a purchase price of approximately US$122 million (the
"Acquisition"). SAI Colombia is a company registered under the laws
of the British Virgin Islands and is the owner of San Antonio
Internacional-Sucursal Colombia, a branch registered in Bogota,
SAIC provides specialized services, equipment and personnel on a
contractual basis for the exploration and development of onshore
oil and gas resources throughout Colombia. Upon completion of the
transaction Estrella will control 37 rigs in the Colombian market
(45 rigs total), making the combined company the largest rig
operator in that market. On the services front, the combination
gives the Company a broad range of services, and strengthens the
capabilities for project management and handing of bundled services
and integrated projects. During the year ended 2012, SAIC's average
daily workforce consisted of approximately 1,260 employees, of
which 1,054 are active rig-based personnel who operate the rigs on
a day-to-day basis.
Estrella is at a yr low of 3 cents.
Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.