Archive for the ‘BVI Company Investment Sales’ Category

Canadian exploration company signed investment agreement with EERL Holdings (BVI) Ltd.

Friday, February 1st, 2013

LNG Energy Ltd., the Canadian exploration and development company focused on developing oil and gas reserves in Papua New Guinea, Poland and Bulgaria, announced that its subsidiary Telemu No. 18 Limited entered into an investment agreement with EERL Holdings (BVI) Ltd., a British Virgin Islands company that is 50% owned by Enterprise Energy Ltd. and 50% by the Lenders. Under the terms of this agreement, the BVI-registered company contributed US$4,000,000 towards a 22km 2D seismic program and past cost reimbursement on Telemu’s PPL 319 in Papua New Guinea, for a 31.5% equity interest in LNG’s subsidiary.

LNG Energy, its subsidiary and BVI-registered EERL Holdings also entered into a shareholders’ agreement to govern the operations of Telemu.

The previously announced Credit Agreement between the LNG’s subsidiary Kaynes Capital S.a.r.l. and undisclosed third parties has been amended in conjunction with the transaction, to extend the maturity date from the first to the third anniversary, and to increase the contingency bonus payments from 3.125% to 6.25% and 9.375% to 18.75% for the US $1.25 million and US 3.75 million portions of the facility respectively.

On closing the transaction between its subsidiary and the BVI company, LNG holds a 68.5% interest in approximately 5.5 million acres and 100% interest in approximately 42,000 acres of prospective oil and gas properties in Papua New Guinea.

Aricom purchases two Option Licenses from the BVI Holding Companies

Thursday, March 27th, 2008

The Anglo-Russian developer of mineral resources AM Aricom Plc announced that it has purchased options to buy two further licences that will expand significantly the existing Aricom projects K&S and Garinskoye – the Garinskoye Flanks license and the Kostenginskoye license. Aricom’s unit has already made two cash payments of US$22.5 mln for granting the options.

The Garinskoye Flanks license is owned by a Cypriot company Guiner Enterprises Ltd, which is owned by two British Virgin Islands companies – Myrtle Corp. Ltd and Ardoryna Commercial Ltd. The shareholders of Guiner Enterprises have conditionally agreed to sell their shares in Cypriot company to Aricom.  Aricom’s wholly owned subsidiary Aricom UK Ltd. has signed option agreements to acquire the indirect holders of the two licenses. Both assets are US$80 mln, comprising US$40 mln for each asset.

The Garinskoye Flanks deposit covers an area of 3,530 km surrounding Aricom’s currently owned Garinskoye license, and is estimated to contain nearly 1 billion tonnes of reserves and resources. The area of the Kostenginskoye iron ore deposit is about 24 km.

BVI-formed Greenford Trading makes licensing deal with Genesis Worldwide

Thursday, January 31st, 2008

Greenford Trading, a newly-incorporated British Virgin Islands company belonging to the Russian investment and development company ArianaInterProject, has concluded a deal with Genesis Worldwide Inc.

According to the deal, Genesis Worldwide received license to build three light steel panel manufacturing plants in Russia over the next two-and-a-half years. Genesis said it will produce steel paneled structures using the Genesis Solution, which includes leading-edge software, industrial equipment, hardware, processes and engineering services.

The initial revenue of Genesis Worldwide will be 4 million USD from licensing its technology, the sale of industrial equipment and hardware, various training and consulting services required for the commissioning of the first plant. The licensed company will earn similar revenue from the commissioning of each of the two additional plants, which are projected to be commissioned by July 1, 2009, and July 1, 2010, with the revenue recognized at such time. Also, over the next five years, Genesis will earn minimum of 4.1 mln USD in royalty fees.

Malaysian Ernslaw One to purchase BVI- and Hong Kong-controlled Winstone Pulp

Wednesday, December 19th, 2007

Malaysian company Ernslaw One is buying the New Zealand forestry company Winstone Pulp International, for an undisclosed amount of money. The deal is subject to Overseas Investment Office approval.

At present, Winstone is controlled by offshore companies, registered in Hong Kong and the British Virgin Islands. The company owns about 16,500 hectares of forest in the central North Island, a sawmill at Tangiwai and a pulp mill nearby at Karioi, and employs about 300 staff. By the fiscal results at September 30, 2006, company’s forest crop was valued at US$83 mln, and its fixed assets were evaluated at US$38.7 mln. For the same period, company had revenue of US$131 mln, but made a US$10.1 mln loss.

The purchase took forestry plantation of Ernslaw One to 100,000 hectares, making it the fourth largest forest owner in New Zealand. As at June 30, Ernslaw One’s forest estate was valued at US$254 mln.

Managing director of the BVI- and Hong Kong-controlled company David Anderson said the sale would not affect staff levels.