M&As this week: Delonex Energy, Tokyo Gas America, Senterra Energy

Delonex Energy has agreed to acquire United Hydrocarbon Chad (UHCL) from United Hydrocarbon International for a cash consideration of $35m.

UHCL owns a production sharing contract (PSC) in Chad, which is spread across an area of 5.2 million acres and includes four lease blocks in Doba and Termit basins. The mean prospective resources of the PSC are estimated at 1.7 million metric barrels of oil equivalent (mmboe).

GMP FirstEnergy is the financial advisor to United Hydrocarbon for the transaction. The acquisition will allow Delonex to expand its operations in Chad.

Tokyo Gas America, through its wholly owned subsidiary TG East Texas Resources, has completed the acquisition of a 30% stake in Castleton Resources from CCI U.S. Asset Holdings, a wholly owned subsidiary of Castleton Commodities International (CCI).

Castleton Resources’ assets include more than 160,000 net acres of leasehold in east Texas, and more than 1,900 producing wells with a net production of 238mmcfed.

Moelis & Company and SMBC Nikko Securities were the financial advisors to Tokyo Gas for the transaction.

The acquisition allows Tokyo Gas to fortify its upstream oil and gas asset base.

Senterra Energy has agreed to acquire the entire issued share capital of United Oil and Gas (UOG) in a reverse take-over transaction.

The consideration will be funded by Senterra Energy through the issuance of shares to the shareholders of UOG.

UOG owns 26.25% stake in the Waddock Cross Field and a 22.6% stake in the PL090 exploration licence.

The acquisition will enable Senterra Energy to expand its oil and gas asset base in the UK.

Questerre Energy Corporation has agreed to pay $7.52m for the acquisition of 103,751 common shares, representing approximately 25% stake of Red Leaf Resources, from Whitehorn Resources and other sellers.

Red Leaf Resources is engaged in the production of commercial oil shale. The company currently has four licensees with projects in Utah, Jordan and Morocco, as well as a joint venture with Questerre Resources to develop leased lands in Wyoming.

Under the agreement, Questerre Energy will acquire the shares in two tranches, with the first tranche involving the acquisition of 82,015 shares, and the second one involving the acquisition of the remaining 21,736 shares.

Upon completion of the second tranche acquisition, Questerre Energy will own approximately 30% interest in Red Leaf Resources.

The acquisition is scheduled for completion later in May.

VTTI, through its wholly owned subsidiary, has agreed to acquire the publicly held stake of VTTI Energy Partners for a cash consideration of approximately $481m.

VTTI Energy owns and operates a portfolio of six terminals located in Europe, the Middle East, Asia, and North America, which have a combined total storage capacity of 35.5mmbbls.

VTTI Energy will become an indirect wholly owned subsidiary of VTTI upon completion of the transaction in the third quarter of this year.

The transaction will enable VTTI to expand its midstream assets base.