Skip to main content
This website uses cookies. By continuing to use this website you are agreeing to our use of cookies as described in our privacy policy.
Client Work

Tuscany International Drilling acquires Caroil SAS for US$120 million

Reading Time 1 minute read Subscribe

Établissements Maurel & Prom

On 16 September 2011, Établissements Maurel & Prom ("M&P") (MAU: EN Paris) announced that it completed its sale of all of the issued and outstanding shares of Caroil SAS ("Caroil"), a drilling and work-over subsidiary of M&P, to Tuscany International Drilling Inc. ("Tuscany") (TSX:TID). Tuscany acquired Caroil in exchange for US$120 million in cash and the issuance of 81,500,000 common shares of Tuscany and 27,500,000 zero cost, non-transferable, non-voting common share purchase warrants of Tuscany.Fasken Martineau acted as Canadian counsel for M&P with a team including Jean-Claude Petilon (Paris), Mark Camilleri, Jodi Katz and Anne Cobbett (London), Michael Wright and Chelsea Bushfield (Calgary).


    Receive email updates from our team