Sea Dragon to Acquire National Petroleum Company Egypt for $147.5m - Sea Dragon’s Step to Expand Operations in Egypt - Deal Analysis from GlobalData

Introduction

Sea Dragon Energy Inc.(Sea Dragon), an oil and gas company, through its indirect wholly owned subsidiary, agreed to acquire all of the issued and outstanding shares of National Petroleum Company Egypt Limited (National Petroleum), an oil and gas company, from Golden Crescent Investments Ltd (Golden Crescent), for a purchase consideration of $147.5m. Of the total consideration, $87.5m will be paid through the issuance of 350,000,000 common shares at a price of $0.25 per share. The remaining $60m will be paid in cash.

Following the transaction, National Petroleum Company Egypt Limited will be a wholly owned subsidiary of Sea Dragon and Golden Crescent will hold no less than 20% of the issued and outstanding common shares of Sea Dragon. In addition, Sea Dragon will grant to Golden Crescent a 20% after-payout net profits interest from the production attributable to the Muzhil field (located in the SAZ Concession) and a 17.5% after-payout net profits interest from production attributable to the balance of the SAZ concession.

In the event of the transaction not being completed, Sea Dragon shall pay a $2.5m termination fee to Golden Crescent. In the event of the acquisition not being completed as a result of the acceptance of a superior proposal for the assets owned by Golden Crescent, Golden Crescent shall pay a termination fee of $2.5m to Sea Dragon.

Scope

- Rationale behind Sea Dragon buying National Petroleum in Egypt
- Stratigic benefits for the companies involved in the transaction
- Geography covered - Egypt

Highlights

Reasons to buy

- Develop a sound understanding of the major M&A's, Partnerships, and Joint Ventures taking place in oil and gas in Egypt.
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1 Table of Contents
1 Table of Contents 1
1.1 List of Tables 1
2 Sea Dragon Energy to Acquire National Petroleum Company Egypt for $147.5 Million 1
2.1 Deal Overview 1
2.2 Deal in Brief 1
2.3 Sea Dragon Aims to Expand Operations in Egypt through the Acquisition of National Petroleum 2
2.3.1 Egypt has a Lucrative Oil and Gas Investment Scenario 2
2.4 Golden Crescent Aims to Balance its Portfolio by Selling National Petroleum 4
2.5 Deal Financials and Valuations 4
2.5.1 Companies Involved 4
2.5.2 Deal Financials 4
2.5.3 Deal Rationale 4
2.5.4 Detailed Target Information 4
2.5.5 Detailed Acquirer Information 4
2.5.6 Detailed vendor Information 5
3 Appendix 5
3.1 Methodology 5
3.1.1 Coverage 5
3.1.2 Secondary Research 5
3.1.3 Primary Research 5
3.1.4 Expert Panel Validation 5
3.2 Contact Us 6
3.3 Disclaimer 6
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1.1 List of Tables
Table 1: Sea Dragon, Major Investments in Egypt, 2008 - January 06, 2012 2
Table 2: Egypt, Major Upstream Deals, 2010–Jan 06, 2012 3
Table 3: Companies Involved 4
Table 4: Financials of the Deal 4
Table 5: Target Information 4
Table 6: Acquirer Information 4
Table 7: Vendor Information 5
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