Oilexco owns 100% shares of Svenska Petroleum Expl
Look at sedar ... financial statements for September 30, 2008, now what else do they own directly ????
9. ACQUISITION
On April 30, 2008, the Company acquired 100% of the voting shares of Svenska Petroleum Exploration UK
Limited for cash consideration of $30.6 million including working capital adjustments.
The acquisition provides the following interests:
.. a 1.66% unitized equity interest in the Nelson Field and platform;
.. a 6.45% working interest in the Janice and James fields and floating production vessel and
.. a 40% working interest in Block 30/23b, south east of Janice
The purchase price is assigned to the estimated fair values of the acquired assets and liabilities as follows:
Current assets $10,921,000
Current liabilities (6,102,000)
Property, Plant and Equipment 47,599,000
Asset Retirement Obligations (9,384,000)
Future Income Taxes (12,444,000)
Total $30,590,000
The operations of the acquired enterprise are included in the Company’s consolidated results commencing
April 30, 2008. Current assets acquired included $8.1 million in cash resulting in a net cash consideration
price in the amount of $22.5 million.