AIM-listed Orcadian Energy has agreed to sell 50% of the ordinary shares of HALO Offshore UK to The Independent Power Corporation ('IPC'). Peter Earl and Mark Preece will join Steve Brown and Alan Hume on the board of HALO.
Orcadian and IPC intend to seek production acquisition opportunities for HALO with a preference for low-emissions, non-operated, gas producing licences.
IPC has also reimbursed Orcadian for costs incurred in evaluating and closing the HALO acquisition and exploring acquisition opportunities for HALO and will finance HALO to pursue production acquisition opportunities.
IPC has also undertaken to secure £5m of acquisition finance as part of an initial programme of gas field buy-outs.
Source: Orcadian Energy
