The fall in international oil prices notwithstanding, ONGC Videsh Ltd will not revise its pound 12.50 a share buyout of Imperial Energy Corp Plc as the acquisition priced UK-listed firm's in-place oil reserves at $2.5-3 per barrel.
ONGC Videsh Ltd, the overseas arm of state-run Oil and Natural Gas Corporation, will make an offer to acquire shares of the United Kingdom-listed Imperial Energy Corp Plc at 12.50 pounds a share by December 9.
Old timers in Oil and Natural Gas Corporation (ONGC) still remember how in early 2000 its overseas subsidiary, ONGC Videsh Ltd (OVL), was on the verge of closure. Though OVL was set up in 1965, the only discovery the company had made till then was in Vietnam offshore, with more investment needed to monetise it. In 2001, when OVL started looking for new blocks abroad, the company's previous acquisition was 13 years old.
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