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Centrica Agrees To Sale of Canadian E&P Business
June 12,2017 The CQ Energy Canada Partnership (CQ), the Canadian E&P joint venture in which Centrica plc owns a 60% interest, is to be sold to a consortium comprising MIE Holdings Corporation (MIE), The Can-China Global Resource Fund and Mercuria for a purchase price of C$722 million (£413 million) in cash. Centrica’s net share of sale proceeds is expected to be approximately £240 million after adjustments. CQ owns producing assets located throughout Alberta, Saskatchewan and British Columbia, 11 processing facilities with a combined capacity of over 600mmcfe/d, over 2 million net acres of Crown, Fee and Royalty land and over 12,000km in gathering systems. CQ produced 20.5mmboe of natural gas and liquids in 2016 and had 257mmboe of 2P reserves as at the end of 2016 (88% natural gas). CQ made a net loss of C$48 million (£25 million) in 2016 and had gross assets of C$1.8 billion at the end of 2016. In line with Centrica’s strategy announced in July 2015, the divestment means Centrica’s E&P activity will now be focused solely on European assets, with the company having completed the sale of its gas assets in Trinidad and Tobago in May 2017. The transaction is subject to customary regulatory approvals, including under the Canadian Competition Act and the Investment Canada Act, and is also subject to approval from MIE’s shareholders. The transaction is expected to close in the second half of 2017.
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