(MENAFN- ProactiveInvestors - Australia) Sundance Australia (ASX: SEA) is completing its acquisition of Texon Petroleum (ASX: TXN) that will mark its entry into the prospective Eagle Ford Shale with a high interest, operated project.
The Federal Court of Australia has approved the acquisition, which will be implemented on 8 March.
Following the acquisition, Sundance will have Proved, Probable and Possible Reserves of 47.8 million barrels of oil equivalent and about $163 million in cash and $100 million in a senior debt facility to carry out exploration and development.
Texon's non-Eagle Ford Shale assets have been spun out into new ASX entrant Talon Petroleum (ASX: TPD).
Texon shareholders will receive one Sundance share for every two Texon shares they hold and will also retain exposure to Talon with the receipt of one Talon share for every Texon share.
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