Rheochem, the AIM-listed technical services provider based in Western Australia, is to acquire Wimbledon Oil & Gas (WOGL) for £7.3m. WOGL's main assets include ten North Sea licence blocks accross the UK Continental shelf. Rheochem is to make the acquisition through its subsidiary Lochard Energy Limited, in conjunction with Pacific International Management (PIM). Lochard and PIM will own one third and two thirds of WOGL respectively. Rheochem will pay just under £2.5m in cash and shares on completion, with PIM paying the remainder in cash. The deal is the second acquisition for Lochard, which also owns 55% working interest on 12 wells within the Blackwell Lease in Texas.
