Pancontinental to Buy Bombora

Pancontinental Oil & Gas has signed an agreement to buy Bombora Natural Energy, an oil and gas explorer focused on the onshore Sacramento gas basin in California and the Australian Perth basin, it said June 7.

It will offer 26 shares for each Bombora share, the company said.

Pancontinental will secure the right to interests in near-term projects that are close to gas markets and existing infrastructure and with the potential for rapid development and early production, it said June 7.

Bombora’s Sacramento basin projects include the Dempsey gas project, Dempsey trend projects, Tulainyo gas project and Alvares gas discovery. In the Perth basin, it has an interest in Walyering gas field.   

Pancontinental will raise A$4mn (US$3mn) as part of acquisition, it said. 

Shardul Sharma