Orlen completes Canadian acquisition
22:35
PKN Orlen's Canadian unit, TriOil, has completed the acquisition of Birchill Exploration for CAD 255.6 million. The deal was financed with the help of a capital increase at TriOil carried out by Orlen Upstream and with a credit line.
The transaction was approved by the Canadian Competition Commissioner.
Birchill's barrels of oil equivalent (boe) amounts to 26.6 mln, with Q1 average daily output amounting to 3400 boe. The firm is based in Calgary, Alberta.
A previous press release by Orlen, claimed that the planned acquisition would double Orlen's oil and gas reserves in Canada.
