(Yicai Global) Oct. 25 -- United Energy Group Ltd. [HK:0467] plans to purchase Asia Resources Oil Ltd. (AROL), an oil exploration company with oil exploration licenses and concessions in Pakistan, for USD63.64 million.

The Hong Kong-based group said it signed an acquisition agreement with the shareholders of AROL yesterday, and it will buy a 100-percent stake in the target.

It will issue USD56 million as a loan to AROL to pay its debts and fund future operations, and pay USD7.64 million in cash.

AROL has oil exploration licenses and concessions in Gambat South, Kotri North and Naushahro Firoz in Pakistan.

UEGL is one of the largest oil and gas companies in Hong Kong. It has branches in South Asia. The company said that this acquisition is in line with its strategies for expanding its upstream business, and will give full play to its oil exploration experience in South Asia.