Ormil Energy Eyes Botswana CSG Assets

Australia’s Ormil Energy has announced plans to make a takeover bid for Energy Botswana, an Australian firm with focus on Botswana coal seam gas resources.

Under the offer Energy Botswana will receive nine fully paid shares in Ormil for every ten issued. Pending a successful offer, Energy Botswana will hold around 49.3% of the combined entity.

Ormil intends to secure additional funds to support commercial activity of the combined entity. It also plans to go for a secondary listing on Botswana Stock Exchange.

Tom Fontaine, managing director of Ormil, commented on the company changing event, and said, "Ormil feels that there is tremendous potential in the Energy Botswana assets and we are excited about commencing exploration in Botswana as soon as we can.”