Market Overview

ZaZa Completes the Sale of French Assets to Vermilion Energy

ZaZa Energy Corporation (NASDAQ: ZAZA) today disclosed that it completed
the sale of its French assets, comprising 100% of the shares of ZaZa
Energy France SAS (“ZEF”), to Vermilion REP SAS, a wholly-owned
subsidiary of Vermilion Energy Inc., for a gross purchase price of $85.8
million.

Taking into consideration customary closing adjustments and
contractually obligated asset integrity and G&A contributions, the net
purchase price paid to ZaZa was ~US$76 million. Resulting acquisition
metrics reflect a cash valuation of ~US$90,000 per Bbl/d and ~US$13.64
per boe of proved reserves.

ZaZa applied half of the net proceeds from the disposition to pay down a
substantial part of its remaining senior secured

See full press release

Posted-In: News Guidance Contracts Asset Sales Management Global

 

Related Articles (ZAZA)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters