AUSTRALIA-based explorer Nido Petroleum has announced plans to improve its capital structure after Thai refiner BCP Energy acquired a majority stake in the group.
BCP, which offered 5.5 cents in cash per Nido share under its $113 million takeover bid, held 67.8 per cent of the company’s total issued capital at the time of of going to press.
Nido managing director Phil Byrne said the company board would consider several initiatives in improving its attractiveness to future investors.
These may include a share consolidation or the sale of unmarketable parcels, he said.
“This is an exciting time for the Company and we look forward to steering the strategic direction of the Company with the benefit of a strong supporting shareholder.”
The takeover was backed by Nido directors and the company’s previous major shareholder, Petroleum International Investment Corporation.
The BCP offer was fully funded and backed by its parent company, The Bangchak Petroleum Public Company.
Bangchak is listed on the Thai Stock Exchange and has a market capitalisation of around A$1.4 billion.
The news came as Lundin Gurita BV, the operator of the Gurita production sharing contract, offshore Indonesia, informed its partners the rig for the Gobi 1 well would become available to the Joint Venture in early October 2014.
Nido, which has a 10% working interest in the Gurita PSC, expects the Gobi 1 well to spud in mid-October 2014.
The company and its joint venture partners were also granted a three year moratorium for works on the SC 54A and SC 54B permits offshore the Philippines in September.
The moratiorium period will end on 5 August 2017, with Nido saying it would give the joint ventures sufficient time to study the areas, which were currently sub-commercial, and other areas nearby.