Europe > Eastern Europe > Czech Republic > Pakistan Petroleum buys MND Group assets

Czech: Pakistan Petroleum buys MND Group assets

2013/04/21

Czech integrated energy player MND Group has sold its upstream assets in Pakistan and Yemen to Pakistan Petroleum.
The Prague-based energy company, which is owned by the KKCG investment group, put the assets in the shop window this time last year. As part of the transaction, Pakistan Petroleum is picking up a stake in OMV’s Sawan gas field, where output runs to about 200 million cubic feet per day of gas.

The Karachi-based explorer is as well gaining a boosted share in its own Barkhan gas block inclunding stakes in Mari Gas Company’s Harnai and Ziarat blocks.

In Yemen, MND E&P held a stake in Total’s Block 3 as well part of the sale. The price of the transaction was not disclosed, but MND Group said that Pakistan Petroleum had been the highest bidder.

The Czech company added that both sides were “confident that the consideration paid fairly reflected the high price of the producing assets inclunding the superior prospectiveness of the exploration licences”.

The transaction is being made as a corporate sale of London-registered MND Exploration & Production, which Pakistan Petroleum has renamed PPL E&P Europe.

Although it has sold off the E&P arm, the Czech company is not exiting upstream activities.

MND Group oil and gas director Miroslav Jestrabik said that the explorer planned to “use the substantial funds from the transaction” to help raise financing for its projects in central and eastern Europe.

The company holds exploration and production assets in the Czech Republic, inclunding shale acreage, inclunding stakes in Georgian blocks and business in drilling and field services, terminals, gas storage and gas trading.

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