Shale exploration companies IGas Energy and Dart Energy have signalled that their merger is likely to go ahead after IGas finalized due diligence work.
IGas and Dart announced their intention to combine early May, with IGas valuing Dart at about $187 million. At the time, the companies said the merger would create a major U.K. onshore oil and gas company with more than 1 million licensed acres including major shale basins.
In an joint London Stock Exchange statement updating progress on the Dart acquisition, IGas says it is now satisfied with a due diligence process, and the deal is expected to proceed. Dart and IGas shareholders are due to vote on the proposed merger in August and the deal is scheduled to be completed by September.
Recommended Reading
NGL Growth Leads Enterprise Product Partners to Strong Fourth Quarter
2024-02-02 - Enterprise Product Partners executives are still waiting to receive final federal approval to go ahead with the company’s Sea Port Terminal Project.
Exxon, Chevron Tapping Permian for Output Growth in ‘24
2024-02-02 - Exxon Mobil and Chevron plan to tap West Texas and New Mexico for oil and gas production growth in 2024, the U.S. majors reported in their latest earnings.
After Megamerger, Canadian Pacific Kansas City Rail Ends 2023 on High
2024-02-02 - After the historic merger of two railways in April, revenues reached CA$3.8B for fourth-quarter 2023.
Shell’s CEO Sawan Says Confidence in US LNG is Slipping
2024-02-05 - Issues related to Venture Global LNG’s contract commitments and U.S. President Joe Biden’s recent decision to pause approvals of new U.S. liquefaction plants have raised questions about the reliability of the American LNG sector, according to Shell CEO Wael Sawan.
The OGInterview: Petrie Partners a Big Deal Among Investment Banks
2024-02-01 - In this OGInterview, Hart Energy's Chris Mathews sat down with Petrie Partners—perhaps not the biggest or flashiest investment bank around, but after over two decades, the firm has been around the block more than most.