Antelopus Energy, co-founded by former Cairn Energy COO Suniti Bhat has agreed to attain a 21 percent stake in oil exploration and production firm Selan Explorations in one of the private equity-backed buyouts in the oil and gas sector.
Blackbuck Energy Investments, a holding entity of Antelopus, will buy shares from existing Selan promoters at Rs 200 apiece, according to an exchange notification.
Antelopus, backed by private equity firms, Oak tree
Capital and ICE Canyon Capital has also launched an open offer to buy as much as 26 percent stake from public shareholders of the company.
“We do see great synergies amid Antelopus and Selan. The combined entity will be able to play a much bigger role in the country’s energy space,” said Suniti Bhat, chief executive of Antelopus Energy.
Co-founded by former Cairn Energy chief operating officer Suniti Bhat, Antelopus is an operator of 3 contract areas in India. “We operate D31 contract area in Mumbai Offshore and D11 contract areas in Offshore Mahanadi with 100% interest. We also are lead operator of Duarmara in Assam with 50% interest. The overall showed and probable reserves of the firm are in excess of 50 million barrels oil equivalent,” Bhat said.
IIFL Securities is the manager to the open offer for Blackbuck and Antelopus, while Asialink Advisors, started by former CIMB India Investment Banking head Anjani Kumar was the strategic advisor to Antelopus management team.
Shares in Selan Exploration were up 3.07 percent to Rs 152.85.