TransAtlantic Petroleum, a downstream company with operations in Turkey and Bulgaria, said that it has completed the due diligence on Albania-focused peer Stream Oil & Gas and sees no hurdles for its acquisition.
Canadian-based Stream, an oil and gas production and exploration company, has undertaken the re-activation and re-development of three oilfields and a gas/condensate field in Albania.
On September 3, Stream Oil&Gas said it had entered into an agreement to to be acquired 100% by TransAtlantic in an all-share deal valuing the company at $41.2 million (32.5 million euro).
The study included a review of Stream's licences, properties, reserves andoperations, Transatlantic added.
"TransAtlantic anticipates that Stream will hold a special meeting of shareholders to approve the acquisition on November 12, 2014," it said in a press release on Friday.
Prior to the meeting, TransAtlantic intends to host open houses in the Canadian cities ofVancouver, Calgary and Toronto to discuss the acquisition with Stream shareholders.
Source: SeeNews