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12 Mar 2021 | 08:54

Kistos agrees to acquire Tulip Oil Netherlands

(Sharecast News) - Energy investor Kistos said on Friday that it has entered into an agreement to acquire the entire issued and outstanding share capital of Tulip Oil Netherlands. Kistos will acquire Tulip Oil Netherlands, which owns an operating interest in the Q10-A offshore gas field and interests in other fields in the Dutch North Sea, for a total upfront consideration of €220.0m.

The AIM-listed group said the transaction would be satisfied through a combination of cash, the assumption of an existing bond instrument issued by Tulip, the issue of a new debt instrument and the issue of equity in Kistos to the seller.

Kistos will also issue warrants over €5.0m of ordinary shares at a premium of 30% to the price of any equity placing to Tulip and a contingent consideration of up to €163.0m will be payable on certain development milestones.

The group expects to carry out an equity placing with existing and new investors in connection with the acquisition and stated it was working with debt advisors in Norway to explore options for its new debt instrument.

As of 0850 GMT, Kistos shares were flat at 165.60p.
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