Oil & Gas News
Salamander Energy Plc (LON:SMDR, 297.5p, ? (3.62%)) announced that it intends to make an offering of approximately US$85m of senior, unsecured convertible bonds due 2015. The Bonds will be convertible into ordinary shares of the Company and are expected to have a semi-annual coupon in the range of 4.75%-5.75% per annum and a conversion price set at a premium in the range of 32.5% - 37.5% above the volume weighted average price of the Shares on the London Stock Exchange between launch and pricing. The Company will have the option to call the Bonds after the first three years, if the price of the Shares exceeds 130% of the then prevailing conversion price over a specified period. The company also announced that it has agreed to acquire a 50% interest in and operatorship of Block 101-100/04 from Santos Vietnam Pty Ltd and Singapore Petroleum Vietnam Song Hong Co Ltd. There is over 500km2 of existing seismic on the block, and the Cat Ba prospect will be drilled next year.
Leed Petroleum Plc (LON:LDP, 4.9p, ? (0.20%)) announced that the Company has been confirmed as successful bidder in the Central Gulf of Mexico Minerals Management Services Lease Sale 213. The MMS has confirmed that Leed was the successful bidder on Grand Isle Block 96. The Company bid US$427,699 for the Block which is adjacent to the Company's Grand Isle 95/100 blocks. Final award of this lease is subject to a geological review by the MMS to confirm the adequacy of the bid value.
Petrolinvest (OIL PW, 40z?, ? (0.0%)) is reported, in the Polish press, to be in talks with Russia’s OAO Gazprom on the joint exploration of oil fields in northern Siberia.
Opec decided to maintain the current production quotas at their meeting yesterday, a widely expected outcome. Oil price is at a level that satisfies everyone in and outside the industry; hence the motivation not to disturb a fragile equilibrium was strong. However global oil demand is expected to increase by about 2% this year but despite growing confidence the recovery is still fragile and any deviation to the worse could have a material impact on prices.
Mining Corporate News
Berkeley Resources Ltd (LON:BKY, 76p, ? (1.94%)) announced the completion of…
