IB Daiwa Corporation completes acquisition of Darcy Energy Ltd
Singapore ; Dec 12th. Crosby Capital Partners (“Crosby”) announces the successful completion of the acquisition by IB Daiwa Corporation (“IBD”) of Darcy Energy Ltd (“Darcy”). Crosby Capital Partners advised and assisted IB Daiwa in its purchase of 100% of the issued and outstanding share capital of Darcy for consideration of US$57.5 million.
production of, mainly,gas in the Gulf of Mexico off the coast of Louisiana.
Crosby currently holds 22,000,000 million shares of IBD, and warrants,that if exercised, would give Crosby a further 64,600,000 shares of IBD. Crosby will also receive afurther 34,325,000 shares of IBD on 15 December 2005 following the completion of the acquisition of Lodore Resources Inc.(“Lodore”) by IBD. In total, assuming that Crosby’s warrants are all exercised, Crosby would hold 120,925,000 shares of IBD, representing on a fully diluted basis approximately 28% of the enlarged share capital of IBD.
importance of this particular deal earlier in the year when IB Daiwa, with our help, signed a binding agreement to acquire Darcy in what was an ambitious timetable. Completing that deal is a major achievement byany standard, and Darcy brings an extra dimension of value to IBD.”
US market, and operates fields and developments in a market that sets the standard for political risk. Darcy’s proven and probable reserves were recently independently valued at in excess of US$130 million, and the existing wells are expected to generate over US$30 million in revenue in calendar 2006 based on gas price assumptions over the course of the year that are well below the prevailing US$15 per mcf. The recent completion of the acquisition of Lodore Resources and now the Darcy deal gives IB Daiwa a complement of assets and exploration interests that are exceptional for a Japanese company, andwhich have transformed IB Daiwa into a significant oil and gas and natural resources player.” END
Regulatory Announcement Go to market news section Company Crosby Capital Partners Inc TIDM CSB Headline Acquisition by IB Daiwa Released 14:41 12-Dec-05 Number 5210V