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AJ Lucas receives acquisition proposal

AJ Lucas Group has received a non-binding indicative proposal for the acquisition of its drilling services division Lucas Drilling Services.

The company is currently undertaking a strategic review of the drilling division and the indicative proposal, with financial advisor Highbury Partnership and legal advisor Allen & Overy to assist.

The board has said that there is no certainty that the acquisition will move past the proposal, so operations continue as normal.

With Lucas Drilling’s comprehensive range of services – including exploration, production, directional drilling, well design, drill optimisation and steering services across the oil, gas and water sectors – the board also said it remained confident that there were growth opportunities for the division under the ownership of AJ Lucas.

More information will be distributed to shareholders as it becomes available.

For more information visit the AJ Lucas website.

If you have company news you would like featured in The Australian Pipeliner contact Assistant Editor David Convery at dconvery@gs-press.com.au

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