Ensign Resource Service Group Inc. announced that its wholly-owned subsidiary, Ensign (Australia) Holdings Pty Limited, has acquired in excess of 50% of the shares of Australian Oil & Gas Corporation Limited ("AOG") on a fully diluted basis. Under Ensign's offers, AOG's shareholders will realize AU$2.70 cash for each AOG share and AU$1.50 cash for each ASX quoted AOG option. Ensign's successful bid values AOG at approximately AU$175 million (CDN$150 million) on a fully diluted basis. Pursuant to Australian regulations, Ensign's bid is automatically extended two weeks to July 24, 2002 to enable AOG shareholders to tender their shares and options to Ensign's successful bid.
Selby Porter, President of Ensign Resource Service Group Inc. stated that "the acquisition of AOG provides a platform for future growth for the Ensign Group. Our strong North American operations will be augmented by AOG's international operations, thereby positioning the Ensign Group to effectively compete in an international oilfield services market." Ensign Resource Service Group Inc. is an oilfield services contractor based in Calgary, Alberta. The Ensign Group's Common Shares (symbol: ESI) are publicly traded through the facilities of The Toronto Stock Exchange.
The choice of the city of Helsinki is not incidental as the capital of Finland had hosted US-Soviet negotiations on the limitation of nuclear stockpiles in 1969