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Full disclosure: we had to rework this article and title from our original title of “Is Repsol selling the rest of its Canadian assets?” because yesterday we found out that Repsol actually was selling its assets before we could hit publish. Why did we think this might be about to happen? Because BOE Intel picked up a giant licence transfer application on September 1st, 5 days before it would be announced that Peyto was buying Repsol’s Canadian assets. This AER licence transfer didn’t show anything about who the buyer was or might be, but was suspicious because of its size and the listed buyer at the time: Respol Oil & Gas Canada Inc. to numbered company 15249856 Canada Ltd. The application was for 4260 wells, 189 facilities and 254 pipelines. That transfer is currently pending AER approval. Figure 1 While it was possible at the time that this transfer had some other meaning, it appeared likely that a large amount of assets were being set up to be transferred; maybe to a hold co. for an eventual sale or maybe to a company representing an eventual buyer. We found out yesterday that buyer was Peyto. Click here for the […]
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