Orcadian Energy plc has agreed to sell 50% of the ordinary shares of HALO Offshore UK Ltd to Independent Power Corporation plc.
COSTS
IPC founder and chief executive Peter Earl as well as Mark Preece will join directors Alan Hume and Steve Brown, who is also Orcadian CEO, on the HALO board.
Both companies aim to acquire production opportunities for HALO, preferably on low-emissions, non-operated, gas producing licences.
Orcadian said that IPC had reimbursed it for costs relating to the HALO acquisition earlier this month, exploration opportunities for HALO, and will additionally finance HALO’s search for acquisition opportunities.
IPC has also undertaken to secure £5m as part of an initial programme to acquire gas fields.