Loyz Energy to acquire Primeline Energy for $145.7M

Loyz Energy Ltd., a Singapore-based upstream energy group, has entered into a binding memorandum of understanding (MOU) for the acquisition of Primeline Energy Holdings Inc. (PEH) by way of a scheme of arrangement for a consideration of $145.7 million (SGD 197.0 million).

PEH, a company listed on TSX Venture Exchange in Canada (TSX-V), is an independent oil and gas exploration and production company focusing exclusively on upstream opportunities in China. It owns exploration and development rights in the East China Sea, China, via two petroleum contracts, namely Block 25/34 and Block 33/07.

As at the date of the MOU, Victor Hwang Yiou Hwa holds, directly and indirectly, 60.1% of the issued and paid-up share capital of PEH, with the remaining 39.9% held by minority shareholders.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...