Sasol announces further CAD $1 050 million / ZAR7 413 million acquisition

Sasol announces a further CAD $1 050 million / ZAR7 413 million acquisition

3:01 PM, 17th June 2011
Sasol announces a further CAD $1 050 million / ZAR7 413 million acquisition
Pat Davies, CEO, Sasol

Sasol announces a further CAD$1 050 million / ZAR7 413 million acquisition in Canada – the company’s second in the Montney Basin

JOHANNESBURG, SOUTH AFRICA: Sasol has signed a second agreement with Canadian-based Talisman Energy to acquire a 50 per cent stake in their Cypress A shale gas asset located in the Montney basin of British Columbia. Consistent with the recent Farrell Creek shale gas acquisition, announced in December 2010, this second acquisition will see Talisman Energy retain the remaining 50 per cent interest and continue to operate the Cypress A gas asset.

“Talisman is a world-class shale gas operator and we are delighted to be further cementing our relationship with them,” said Pat Davies, CEO, Sasol. Assets included in the transaction cover over 57,000 acres of land and represent an estimated contingent resource of 11.2 trillion cubic feet (TCF).

The Cypress A asset offers particularly thick productive shale formations and is located in close proximity to the recently acquired Farrell Creek asset. The existing and planned pipeline infrastructure in North America also allows for gas to either be sold into the regional gas market, or to a potential integrated Gas -to -Liquids (GTL) facility in Canada.

As disclosed in December 2010, in the Farrell Creek announcement, Sasol and Talisman have agreed to conduct a feasibility study on the economic viability of a facility in western Canada to convert natural gas to liquid fuels using Sasol’s GTL technology.

© WOC News


 

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