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Johannesburg - Sasol [JSE:SOL] has completed the acquisition of a 50% strategic interest in Farrell Creek Assets from Talisman Energy for a total purchase consideration of C$1.05bn (R7.55bn at the closing Canadian dollar/rand exchange rate of R7.19 on February 28) with effect from January 1 2011.
The transaction had been subject to various suspensive conditions.
"Sasol shareholders are advised that all the suspensive conditions to the transaction have been fulfilled and that the transaction closed on March 1 2011," Sasol said.
The final aggregate consideration amounted to C$1.03bn (R7.37bn at the closing exchange rate of R7.19). It comprised an initial purchase price for the Farrell Creek Assets of C$237m (R1.7bn). This was paid in cash on the closing date.
It also included C$788m (R5.67bn) in the form of a commitment to fund 75% of Talisman's 50% portion of certain future development costs, for developing the Farrell Creek assets until the aggregate purchase consideration has been paid in full.
The transaction had been subject to various suspensive conditions.
"Sasol shareholders are advised that all the suspensive conditions to the transaction have been fulfilled and that the transaction closed on March 1 2011," Sasol said.
The final aggregate consideration amounted to C$1.03bn (R7.37bn at the closing exchange rate of R7.19). It comprised an initial purchase price for the Farrell Creek Assets of C$237m (R1.7bn). This was paid in cash on the closing date.
It also included C$788m (R5.67bn) in the form of a commitment to fund 75% of Talisman's 50% portion of certain future development costs, for developing the Farrell Creek assets until the aggregate purchase consideration has been paid in full.
