Oil & Gas Corporate News
Aurelian Oil & Gas Plc (AUL, 35.25p, ? (0.7%)) announced that it is seeking to raise approximately EUR32 million by way of a conditional placing of new ordinary shares at a price to be determined by way of a bookbuild and set in consultation with the board of directors of the Company. Proceeds of the Placing together with EUR12 million of existing cash will be used to fund the first Siekierki well and up to seven exploration and appraisal wells in the next two years.
Heritage Oil (HOIL, 514p, ? (3.21%)) issued an update on the proposed disposal of the Company's entire interest in Block 1 and Block 3A in Uganda. Heritage announced that Tullow Uganda Limited has exercised its right to pre-empt the sale of the Disposed Assets on the same terms and conditions as agreed in the Sale and Purchase agreement entered into between Heritage and ENI International B.V., on 18 December 2009. Completion of the transaction remains subject, inter alia, to approval by the Ugandan Government. The Government will determine which transaction to approve (either the acquisition by Eni or Tullow's pre-emption of such acquisition) in its role as final arbiter.
Petroceltic International (PCI, 14.5p, ? (3.33%)) announced that it has been notified that Iberdrola has sold 215,769,231 ordinary shares, being all of its 15.68% shareholding in Petroceltic, on the 15th January 2010. The shares were placed with a group of existing and new Petroceltic shareholders at 16p per share, a 1p per share premium to the previous day's closing price. Following the sale, Iberdrola no longer holds a shareholding in Petroceltic. In line with the provisions of the Shareholder's agreement entered into by Petroceltic and Iberdrola on 30 June 2008, Iberdrola's representative on the Board of Petroceltic, Pablo Fuentes-Cantillana, has resigned as a director of the Company with immediate effect.
Mining Corporate News
Stratex International (BUY, £0.06) (STI, 4.25p, ? (0.0%)) announced further encouraging gold results from its exploration programme on the 37 sq km Shehagne Exclusive Exploration Licence, in northern Ethiopia. With these positive exploration results the Company will now proceed with its previously announced option to acquire 60% of the licence. Channel-chip results define an extensive zone of gold mineralisation 900m in length and more than 200m in width within the Tsemmetti target area. Best intersections include: 11m grading 4.39 g/t gold and 40m grading…
