Kyrgoil, PDA to merge
Wednesday, October 22 2003 - 10:40 PM WIB
Toronto Stock Exchange-listed firm Kyrgoil Holding Corporation and Petroleum Development Associates (Oil and Gas) Limited (PDA) on Wednesday announced a Pre-Merger Agreement under which they will merge the companies.
The name of the merged company will be Kyrgoil Holding Corporation.
PDA is engaged in oil and natural gas exploration and extraction in Indonesia, Spain and the United Kingdom. For the purposes of the merger, PDA's assets were valued at approximately US$13 million, including a 10 percent working interest in Lematang PSC in Sumatra, Indonesia. Kyrgoil's assets were valued at approximately US$7.2 million, including its principal asset, a 50 percent interest in Kyrgyz Petroleum Company, which operates an oil refinery in the Kyrgyz Republic.(alex)