AED Oil Buys Asset In Brunei In Cash, Share Deal
SYDNEY -(Dow Jones)- AED Oil Ltd. (AED.AU) said Wednesday that it has agreed
to buy a subsidiary of Brunei-based Nations Petroleum Co. for a combination of
cash and shares.
The subsidiary owns 50% of the Brunei Block L oil and gas permit, which covers
about 2,200 square kilometers both onshore and offshore, AED said.
AED will pay Nations US$3 million cash and issue 24 million new AED shares,
which, based on AED's current share price of 57 Australian cents, values the
deal at about A$16.9 million.
AED said Nations will end up with a 14.5% holding in the company at the deal's
completion.
-By Ross Kelly, Dow Jones Newswires; 61-2-8235-2957; ross.kelly@dowjones.com
(END) Dow Jones Newswires
11-17-091759ET
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