Waldorf Production has entered into a Purchase and Sale Agreement to divest its business in the US to an undisclosed buyer.
The US Transaction, which was completed upon signing, has an effective date of 1 July 2023. The divestment results in a country exit from the US for Waldorf.
The US Transaction is structured as an asset sale from Waldorf Production US, LLC, a company that is indirectly owned 51% by Waldorf and 49% by Waldorf Production UK Plc. Financial terms of the US Transaction are confidential. The net proceeds from the US Transaction will be split according to the relative ownership and applied in accordance with the bond terms under the bonds issued by WPUK and Waldorf Energy Finance Plc (WEF), whereof approx. USD 2.6 million will be pledged and blocked as security for the bondholders under the WEF bond with such funds to be applied for reinvestments in producing assets in the United Kingdom or completion of a disposal put option in accordance with the bond terms.
On 5 October 2022, Waldorf Energy Netherlands B.V. (“WEN”) and Dana Petroleum Limited (“Dana”) entered into an Agreement for the Sale and Purchase of Dana’s Dutch business (the “Dana Transaction”). WEN confirms that the Dana Transaction did not complete and that all matters are now resolved between the parties on confidential terms. Having also previously resolved matters with Taqa Energy B.V., WEN has no further liability in respect of the Netherlands acquisitions announced on 6 October 2022.
