TriOil Resources Ltd., an ORLEN Group company, entered into an Agreement to acquire Birchill Exploration Limited Partnership (“Birchill”). Successful completion of the transaction will double ORLEN Group’s oil and natural reserves base in Canada, the company reported in a news release.
ORLEN Group's existing producing assets in Canada are concentrated in the Pouce Coupe, Kaybob and Lochend fields in the province of Alberta, with total proved and probable reserves (2P) of 22 million boe. In Q1 2014, TriOil’s average production amounted to 3.7 thousand barrels of oil equivalent per day ("boe/d”), 60% of which were liquid hydrocarbons (crude oil and condensate).
The oil and gas fields operated by Birchill are also located in Alberta, Canada, in the Ferrier/Strachan area, in proximity of TriOil's existing fields. Closing of the transaction is subject to certain conditions including clearance from the Competition Bureau in accordance with Canadian laws.
Source: ORLEN, 2014.