Brief: Crown Energy Says Has Entered Into An Agreement To Dispose Of The Majority Of Its Up-Stream Oil And Gas Interests

Crown Energy AB

20/10/2021 19:04

Oct 20 (Reuters) - Crown Energy AB  CRWEN.NGM :
    * CROWN ENERGY HAS ENTERED INTO AN AGREEMENT TO DISPOSE OF
THE
MAJORITY OF ITS UP-STREAM OIL AND GAS INTERESTS
    * TOTAL CONSIDERATION AMOUNTS TO US$450 MILLION BEFORE
DEDUCTION
OF TRANSACTION COSTS
    * IT IS EXPECTED THAT COMPLETION OF FIRST ACQUISITION
CONTEMPLATED
SHALL OCCUR PRIOR TO 20 OCTOBER 2026
    * CROWN ENERGY - FOLLOWING ACQUISITION OF INITIAL SUBSIDIARY
ENTITY, BUYER SHALL ALSO PAY UP TO US$270 MILLION IN EARN-OUT
CONSIDERATION
    * CROWN ENERGY- ENTERED INTO AGREEMENT UNDER WHICH IT WILL
DISPOSE
OF ITS UP-STREAM OIL AND GAS ASSETS, EXCLUDING LICENSED
OPERATIONS IN SOUTH AFRICA

Source text for Eikon:  ID:nWkr6hMSNq 
Further company coverage:  CRWEN.NGM 

 ((Reuters.Briefs@thomsonreuters.com;))