Deal insight

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

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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.

What's included

This report contains

  • Document

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

    PDF 1023.06 KB

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:

Images

  • Acquired blocks and Glencore portfolio post-deal
  • Glencore Xstrata and Caracal combined production forecast (entitlement basis)

Tables

  • 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
  • Upstream assets: Table 1

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