Poland’s Orlen finalises acquisition of Canada's TriOil

14 November 2013 12:15  [Source: ICIS news]

LONDON (ICIS)--Poland's PKN Orlen has completed the acquisition of Canada's TriOil Resources for Canadian dollar (C$) 183.7m ($175.0m, €130.3m) in a move it expects to provide access to shale gas ‘fracking’ knowhow and technology, the refining and petrochemical company said on Thursday.

The purchase payment, in cash, was transferred shortly after 100% of TriOil’s shareholders accepted Orlen’s offer, made through wholly-owned subsidiary Orlen Upstream, it added.

The acquisition - Orlen’s first beyond Europe - means Orlen now owns a company that utilises hydraulic fracturing and horizontal drilling technologies to exploit gas and oil resources, Orlen said.

TriOil operates in fields located in the the Cardium, Dunvegan and Montney formations in the western Canadian province of Alberta in Canada.

Orlen said it remained committed to completing test drilling across Poland that it hoped would eventually lead to the commercial exploitation of a substantial proportion of Polish shale gas reserves.

The Polish government, which controls Orlen through a company stake held by the treasury ministry, has stated its commitment to diversifying Poland’s gas supplies away from over-dependence on Russian gas imports.

($1 = €0.74, $1 = C$1.41, €1 = C$1.05)

By: Will Conroy
+44 20 8652 3214

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