International Goldfields Limited (ASX:IGC) has arranged to acquire Eastern Petroleum, holder of a 50% stake in a possible multi-billion barrel Kazakhstani oilfield, for $152 million.
IGC has entered into a scrip deal with the private UK company over the acquisition.
Eastern owns a 50% stake in the Alakol Basin License Block, an asset which has been valued at $559 million.
As part of the closing of the acquisition IGC is planning a placement to an institutional investor to help it raise $20 million.
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