Tuesday, Mar 23, 2004
BG Group continued its expansion in the Caribbean yesterday with the Dollars 171m (Pounds 95m) acquisition of Aventura Energy, a Canadian exploration company with key gas interests in Trinidad and Tobago.
The group is buying Aventura for its 65 per cent participating interest in the Central Block, a 111 sq km onshore gas exploration licence in south Trinidad. Petrotrin, the state-owned oil and gas company, holds the remaining 35 per cent.
BG said it would offer CDollars 5.10 (227p) a share, a 6.25 per cent premium to Aventura's closing price on Friday.
Aventura is recommending the offer to its shareholders.
The price paid for Aventura equates to Dollars 3.05 per barrel of oil equivalent. Rebecca Bream
By REBECCA BREAM
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