![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Spg Media | LSE:SPM | London | Ordinary Share | GB0008462714 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 12.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:6256F Sodra Petroleum AB 21 June 2001 June 21, 2001 SODRA PETROLEUM AB Sodra Petroleum AB announces that its parent company, Lundin Oil AB ("Lundin") has today issued the following announcement:- LUNDIN OIL RECOMMENDS ACCEPTANCE OF PUBLIC CASH OFFER FROM TALISMAN AND SPINS OFF KEY EXPLORATION ASSETS INTO A NEW SWEDISH OIL COMPANY Talisman Energy Inc ("Talisman") has today announced a recommended public cash offer for all the shares and warrants in Lundin Oil AB ("Lundin Oil"). Shareholders of Lundin Oil are referred to the press release of Talisman made today for the terms and conditions of the offer. Recommendation from the Board of Directors of Lundin Oil to the shareholders The Board of Directors of Lundin Oil at a Board Meeting on June 20, 2001 considered the proposed offer by Talisman to purchase each of the outstanding Series A and Series B shares in Lundin Oil for SEK 36.5 each in cash. The offer is for Lundin Oil exclusive of the Sudan and Russia assets. These assets will be spun-off into Lundin Petroleum AB ("Lundin Petroleum"), which will be distributed to Lundin Oil's shareholders. The management team of Lundin Oil will continue and manage the operations of Lundin Petroleum. After having evaluated the offer, the Board of Directors has unanimously decided to recommend to the shareholders that they accept the public offer. Ian H Lundin, President Lundin Oil comments, "We believe the offer represents a very attractive opportunity for Lundin Oil's shareholders. The offer provides a significant premium over the historical trading levels for Lundin Oil shares, and through the spin-off shareholders will have continued equity participation in a new exploration company with excellent potential for growth through existing oil discoveries and with exposure to some of the largest oil basins in the world." Preliminary timetable The offer documents relating to the offer are expected to be published on or about July 21, 2001. Based on the expected date of publication of the offer documents, the acceptance period is expected to run from July 22 through August 19, 2001. Subject to the satisfaction of all conditions to the offer, settlement is expected to be made on or about August 29, 2001. Talisman reserves the right to extend the acceptance period, as well as to defer the date for settlement of accounts. Distribution of Lundin Petroleum to Lundin Oil's shareholders The Board of Lundin Oil will propose at an Extra General Meeting of Lundin Oil to be held on or about August 9, 2001, resolutions for the distribution of Lundin Petroleum to Lundin Oil's shareholders and reduction of Lundin Oil's share capital and restricted reserves. It is proposed that Lundin Petroleum will seek a listing on the New Market in Stockholm. The first day of trading in Lundin Petroleum will be as soon as possible following the spin off of Lundin Petroleum. It is proposed in conjunction with the listing of Lundin Petroleum that Lundin Petroleum initiate a fund raising through a rights offering to the then existing shareholders. The Assets of Lundin Petroleum Russia Lundin Petroleum will own approximately 10 per cent of the undiluted share capital of KMOC, a private U.S. corporation with producing oil and gas interests in the West Siberia oil basin in the Russian Federation. The listing of KMOC in the US is proposed to occur shortly. KMOC produced above 10,000 barrels of oil per day in the fourth quarter of 2000. Total third party verified proved reserves as of December 31, 2000 were 420 million barrels of oil. KMOC will drill approximately 50 new wells in 2001. Sudan Lundin Petroleum will have a 40.375 per cent interest in and operate Block 5A in southern Sudan where partners are Petronas Carigali Overseas Sdn Bhd ("Petronas"), OMV Aktiengesellschaft ("OMV") and Sudapet Limited ("Sudapet") covering an area of approximately 30,000 square kilometers. The first well drilled on Block 5A was a large oil discovery at TharJath which flowed at 4,260 barrels oil per day. Appraisal of the discovery is underway with the drilling of the first appraisal well and the acquisition of 3-D seismic structure already completed. Further exploration potential exists with numerous prospects and leads located on trend with the existing Thar Jath discovery. Block 5A is located adjacent to and on the same geological trend as the producing oilfields in Block 1, 2 and 4 currently being developed by a consortium of international companies, known as the Greater Nile Petroleum Operating Company (GNOPC). GNOPC is currently producing over 200,000 barrels of oil per day. Lundin Petroleum will also own a 24.5 per cent non-operated interest in Block 5B covering an area of approximately 20,000 square kilometers. Block 5B is jointly operated by Petronas and Sudapet. OMV is also a partner. Block 5B adjoins Block 5A which are both in the highly prospective Muglad Basin and geologically on trend with the existing discoveries in the basin. Somalia Lundin Petroleum will have a 3-year option to purchase 100% of the existing Lundin Oil interest in Somalia subject to receiving the requisite government approvals. During the subsequent two years, Lundin Petroleum has an option to purchase 50% of the Somalia interest. Lundin Oil has a 20 per cent working interest in Blocks 35 and M-10A in northern Somalia which are currently in force majeure. Comments by Adolf H. Lundin "Lundin Petroleum will start trading with a very strong asset base and a management team with a proven track record at finding oil. The discovery at the Thar Jath in Sudan Block 5A will probably be the corner stone of the Company but plenty of additional potential exists on both Block 5A and 5B in which the Company has a significant interest. The shareholding in Khanty Mansiysk Oil Corporation (KMOC) is valued at well in excess of US$ 20 million. The ultimate objective is to build Lundin Petroleum into another international oil exploration and production company with a large asset base", says Adolf H. Lundin, Chairman of Lundin Oil. Stockholm on 21 June 2001 LUNDIN OIL AB (publ) The Board of Directors For further information, please contact: Ian H. Lundin, President Telephone: +41 22 319 66 00 or C. Ashley Heppenstall Telephone: +41 22 319 66 00 You should read the tender offer statement and other materials when they are available because they will contain important information about the tender offer. When it is available, you can obtain the tender offer statement without charge from North American representative Office, Lundin Oil AB, by phoning + 1 604 689 7842. Notes for editors: 1. Lundin is the parent company of Sodra by virtue of its holding of 40,506,500 Ordinary Shares of SEK0.05 each. The 40,506,476 Convertible Shares of SEK0.05 each in Sodra listed on the AIM market are effectively convertible into the right to subscribe for B Shares in Lundin in November 2001. Upon exercise of the conversion right, for every 12 Convertible Shares, the holder will receive a warrant to subscribe for 1 new Lundin B Share at the nominal value of SEK0.50. 2. Convertible Shares in Sodra are also listed on the New Market of the Stockholm Stock Exchange. Lundin B Shares are currently quoted on the Stockholm Stock Exchange, Toronto Stock Exchange and the Nasdaq National Market.
1 Year Spg Media Chart |
1 Month Spg Media Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions