Daylight Energy of Canada has announced that it has entered into an agreement with China baaed Sinopec International Petroleum Exploration and Production Corporation for the purchase its stakes at a cash price of C$10.08 per Common Share, for total cash consideration of approximately C$2.2 billion.
Sinoapec is a wholly owned subsidiary of China Petrochemical Corporation ("Sinopec Group") and undertakes overseas investments and operations in the upstream oil and gas sector. Sinopec Group is China's largest producer and supplier of oil products and major petrochemical products.
“We are very pleased to announce this transaction and the considerable value it brings to our
securityholders. We believe this transaction with SIPC recognizes the highly attractive asset
portfolio and exceptional team that we have assembled at Daylight. The efforts and
accomplishments of this team will be built upon through increased investment in the business
and acceleration of our development and exploration opportunities" said Anthony Lambert, President and Chief Executive Officer of Daylight.