Deal Insight

Glencore Xstrata acquires Chad-focused Caracal Energy for US$1.6 billion

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23 April 2014

Glencore Xstrata acquires Chad-focused Caracal Energy for US$1.6 billion

Report summary

Caracal's asset base includes the onstream Mangara-Badila development, with estimated gross reserves of 110 mmbbl, and production of 16,500 b/d in 2014. Glencore already holds 35% of this development, and will increase its stake to 85%. The portfolio also extends over around 26,000km2 of exploration acreage. We value Caracal's commercial assets at US$1.1 billion, against a net consideration of US$1.6 billion. Our valuation excludes the Krim and Kibea fields, which we classify as technical.

Table of contents

  • Executive summary
  • Transaction details
    • Onstream
    • Discoveries
    • Exploration
  • Deal analysis
  • Upsides and risks
    • Caracal
    • Glencore Xstrata
  • Oil & gas pricing and assumptions

Tables and charts

This report includes 8 images and tables including:

  • Executive summary: Table 1
  • Deal analysis: Table 1
  • Deal analysis: Table 2
  • Oil & gas pricing and assumptions: Table 1
  • Oil & gas pricing and assumptions: Table 2
  • Acquired blocks and Glencore portfolio post-deal
  • Upstream assets: Table 1
  • Glencore Xstrata and Caracal combined production forecast (entitlement basis)

What's included

This report contains:

  • Document

    Glencore Xstrata acquires Chad-focused Caracal Energy for US$1.6 billion

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