Sino Gas & Energy announced on 31 May 2018 it has entered into a Scheme Implementation Agreement with a wholly owned subsidiary of Lone Star Fund X Acquisitions under which Lone Star proposes to acquire 100% of the issued share capital of Sino Gas by way of a scheme of arrangement.  Private equity firm Lone Star will acquire 100% of Sino Gasâ issued share capital in an all cash transaction via a scheme of arrangement, Sino Gas shareholders will receive cash consideration of A$0.25 per Sino Gas share, subject to all applicable conditions being satisfied or waived and the Scheme being implemented.  About Lone Star  Lone Star is a private equity firm, headquartered in the USA, that invests globally in a range of different assets classes, including the oil and gas industry. Since inception in 1995, Lone Star has organised seventeen private equity funds with aggregate capital commitments totalling over US$70 billion. Funding for this acquisition is being provided by affiliates of Loan Star Fund X (U.S.), L.P. and Loan Star Fund X (Bermuda) L.P., which closed in November 2016 with a US$5.5 billion capital commitment. The Scheme is not subject to any funding condition.  About Sino Gas & Energy Holdings Limited  Sino Gas & Energy Holdings Limited (âSino Gasâ ASX: SEH) is an Australian energy company focused on developing natural gas assets in China. Sino Gas holds a 49% interest in Sino Gas & Energy Limited (âSGEâ), the operator of the Linxing and Sanjiaobei Production Sharing Contracts (PSCs) in the Ordos Basin, China's largest gas producing basin. SGE has been established in Beijing since 2005 and is jointly owned with China New Energy Mining Limited (âCNEMLâ) via a strategic partnership.  SGEâs interest in the Linxing PSC with CUCBM (a CNOOC wholly-owned subsidiary) is 70% and 49% for the Sanjiaobei PSC held with PCCBM (a Petrochina wholly-owned subsidiary). SGE has a 100% working interest during the exploration phase of the PSC, and SGEâs PSC partners are entitled to participate upon Overall Development Plan (ODP) approval up to their PSC working interest by contributing their future share of costs.  Sino Gas also holds an option to acquire a 5.25% participating interest from SGE (assuming full SOE partner participation) in the Linxing PSC at ODP by contributing 7.5% of historical back costs to SGE. Upon exercise of the option, Sino Gas will hold the largest net working interest in the Linxing PSC.  The PSCs cover an area of approximately 3,000km2 in the Ordos basin in Shanxi, a rapidly developing province. The region has mature field developments with an established pipeline infrastructure to major markets. Natural gas is a key component of clean energy supply in China, with the 13th Five-Year Plan identifying the Ordos basin as a strategic natural gas source.
Sino Gas & Energy announced on 31 May 2018 it has entered into a Scheme Implementation Agreement with a wholly owned subsidiary of Lone Star Fund X Acquisitions under which Lone Star proposes to acquire 100% of the issued share capital of Sino Gas by way of a scheme of arrangement. 