Deals this week: Goldcrest Resources, CPBG, Independent Oil and Gas

Goldcrest Resources has completed the acquisition of 38% stake in Norio onshore oil field located in the Republic of Georgia, from Georgia Oil and Gas.

The deal involved a purchase consideration of $0.68m, which was funded by Goldcrest through a combination of cash and equity. The company also has an option to buy the remaining 62% stake in Norio field for $0.87m.

Extending over an area of 22.5km², the Norio oil field currently produces at a rate of approximately 25 barrels of light, sweet oil a day from three wells.

CPBG plans to dispose working interest in oil and gas assets located in the Calcasieu Parish of Louisiana, US.

The assets include 98.93% gross working interest in more than 130 wells across an area of 1,918.73 gross leasehold acres in Vinton field and additional 580 gross mineral acres.

CPBG has appointed EnergyNet.com for the sale of assets in a bidding process, which is scheduled to be completed on 20 April.

Independent Oil and Gas (IOG) has agreed to buy decommissioned Thames gas pipeline located in the Southern North Sea (SNS), UK, from Perenco UK, Tullow Oil SK and Centrica Resources. The transaction also includes associated onshore reception facilities.

The pipeline is estimated to transfer 300,000 million cubic feet a day of gas and will offer a proposed export route to IOG for its SNS gas assets.

The pipeline will be re-commissioned and operated by IOG, upon completion of the transaction. It will allow IOG to transport approximately 500 billion cubic feet of gas to the UK market.

Indonesian state-owned company PT Pertamina (Persero) plans to acquire additional oil and gas blocks in Indonesia and abroad.

The acquisition will allow Pertamina to expand its oil and gas assets portfolio to meet its production target.

Venado Oil and Gas has agreed to spend $300m through its subsidiary for the acquisition of oil and natural gas properties and surface acreage located in South Texas, US, from EXCO Resources.

Spread across Eagle Ford Shale area of Zavala, Frio and Dimmit counties in Texas, the properties produced approximately 4,100 barrels of oil equivalent a day in December 2016.

EXCO Resources has appointed BMO Capital Markets as the financial advisor for the transaction, which is scheduled for completion in June.