BG Furthers Expansion

BG Group has announced its intention to recommended a take-over offer of Canadian $5.10 per share for all of the shares in Aventura Energy Inc. (Aventura), through its wholly-owned Canadian subsidiary, BG Canada Ltd. The total purchase price to be paid by BG Group is approximately Canadian $228 million (US$171 million)

Aventura is an exploration and production company with a 65% participating interest in, and operatorship of, the 111 square kilometre, onshore Central Block exploration licence in south Trinidad. Petrotrin, the state-owned hydrocarbon company, holds the remaining 35%. The estimated proved and probable reserves in the licence are approximately 0.5 trillion cubic feet.

Martin Houston, Executive Vice President, BG North America, Caribbean and Global LNG, said: "Trinidad and Tobago is of core importance for BG Group, and this acquisition further strengthens and complements our existing business in the country. Through BG's involvement in all aspects of the LNG chain, we are ideally placed to realise synergies not readily accessible to others. Aside from the discovered reserves, the key factors in our evaluation of the asset are the considerable exploration potential and anticipated low capital and operating costs, given the asset's onshore location and proximity to the new Cross Island Pipeline."