Vanguard Oil and Gas International is a floating production storage and offloading (FPSO) company.
Delek Group Ltd. (TASE: DLEKG) subsidiary Delek Energy Systems Ltd. (TASE: DEOL) has acquired 24.2% of Vanguard Oil and Gas International Ltd. for $14 million. The acquisition was made through a wholly owned subsidiary of Delek Energy.
Delek Energy said that, in the event that Vanguard Oil’s founders exercise their options in the company, Delek Energy’s stake would be diluted to 22.2%. Vanguard Oil is a floating production storage and offloading (FPSO) company, which buys tankers and converts them into floating oil storage and offloading platforms.
Delek Energy added that Vanguard Oil previously bought 3% of Anzon Energy Ltd (AIM:AEL) and bought a tanker slated for conversion into an FPSO for Anzon’s use. Through a subsidiary, the company also acquired 15% of Nexus Energy Ltd. (ASX:NXS) for $81 million. Both companies were bought from Mitsui E&P Australia pty Ltd., and both companies own proven oil reserves, which are operating or about to do so, and they both own oil exploration assets.
Published by Globes [online], Israel business news - www.globes.co.il - on July 29, 2007
© Copyright of Globes Publisher Itonut (1983) Ltd. 2007