ZaZa Energy Corporation ( ZAZA ) has completed the sale of its French assets, comprising 100% of the shares of ZaZa Energy France SAS, to Vermilion REP SAS, a wholly-owned subsidiary of Vermilion Energy Inc., for a gross purchase price of $85.8 million.
Taking into consideration customary closing adjustments and contractually obligated asset integrity and G&A contributions, the net purchase price paid to ZaZa was ~US$76 million. Resulting acquisition metrics reflect a cash valuation of ~US$90,000 per Bbl/d and ~US$13.64 per boe of proved reserves.
ZAZA gained 3% yesterday, moving further away from year low $1.20.
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