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Johannesburg - Petrochemicals group Sasol [JSE:SOL] said
on Friday it has completed the $1.06bn acquisition of its second shale gas
interest in Canada's Talisman Energy.
Sasol is picking up a 50% stake in Talisman’s Cypress A
acreage in the Montney Basin in northeastern British Columbia, where the
company also bought a stake in Talisman’s Farrell Creek assets last year.
“The suspensive conditions to the transaction have been fulfilled and ... the transaction closed on June 10 2011,” the company said.
Sasol said the final purchase price amounted to C$1.034bn.
This comprises an initial purchase price of C$246m and C$788m in the form
of a commitment to fund 75% of Talisman’s future development costs, it said.
Talisman, Canada’s third-largest independent oil explorer, is one of numerous North American gas producers that have taken on foreign partners for shale gas projects, which require expensive technology to unlock reserves.
