Oil Field Devt: Petralon Energy Offers Julius Berger 20% Stake In Subsidiary

The management of Julius Berger Plc, on Monday announced that further to its June 19, 2017, a strategic partnership and joint investment agreement with Petralon Energy Limited (PEL) for an acquisition, it has received another offer to acquire 20% equity stake in Petralon 54 Limited (P54L), a wholly-owned subsidiary of PEL (READ MORE).
The latest offer for subscription was made to Julius Berger Investments Limited (JBIL), an arm of Julius Berger, subject to engagement and the receipt of all, consents, and approvals.
Notice to the Nigerian Stock Exchange (NSE), Mrs. C.E. Madueke, company secretary of Julius Berger, explained that the initial strategic partnership related to the development of oil fields in Nigeria.
The new offer, she continued, has received the blessing of Julius Berger Plc’s board, as well as ministerial consent, but remains “subject to the necessary engagements, and receipt of all the requisite regulatory approvals and consents.”
Necessary engagements with key stakeholders, she continued, regarding the Investment are continuing, assuring further that “the share capital of JBIL is sufficient to fund the Investment.
The Investment, Mrs. Madueke stressed, “is in line with the strategic goals of Julius Berger on diversification and would enable Julius Berger to acquire know-how and experience in the Oil and Gas Sector.”