Deal Insight
Glencore Xstrata acquires Chad-focused Caracal Energy for US$1.6 billion
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
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
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Upstream assets
- Onstream
- Discoveries
- Exploration
- Deal analysis
- Upsides and risks
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Strategic rationale
- Caracal
- Glencore Xstrata
- Oil & gas pricing and assumptions
Tables and charts
This report includes the following images and tables:
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Executive summary: Table 1Deal analysis: Table 1Deal analysis: Table 2
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Oil & gas pricing and assumptions: Table 1Oil & gas pricing and assumptions: Table 2Acquired blocks and Glencore portfolio post-dealUpstream assets: Table 1Glencore Xstrata and Caracal combined production forecast (entitlement basis)
What's included
This report contains:
