Verenex
Energy Inc. (TSX: VNX) has entered an agreement with a Libyan sovereign wealth
fund. Verenex is to be bought out by the Libyan wealth fund. The Libyan
Investment Authority is going to be paying C$7.09 a share for all of Verenex’s
outstanding shares. The total value for the acquisition is approximately C$316
million.
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The
Libyan government created the wealth fund in order to manage Libya’s surplus of
oil. Libya has more oil reserves than any other country in Africa.
About
Verenex Energy Inc.
Verenex
Energy Inc. (Verenex) is a Canada-based, international oil and gas exploration
and production company with a portfolio in the Ghademas Basin in Libya. As of
March 30, 2009, the Company drilled and cased seven new field wildcat (NFW)
exploration wells and three appraisal wells. During the year ended December 31,
2008, the Company announced four new oil and gas discoveries. On January 28,
2009, the Company entered into an agreement with Vermilion Resources Limited
(Vermilion) and it’s wholly owned France and Denmark subsidiaries to sell the
Canadian Bottrel GORR and the Verenex Danish and French subsidiaries.
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