Oil & Gas Corporate News
Circle Oil (LON:COP) (Buy, 90p) (COP, 32.8p? (5.4%)) Circle Oil plc has reviewed the Council Regulation (EU) No 204/2011 of 2 March 2011 concerning restrictive measures in view of the situation in Libya and the Council Implementing Regulation (EU) No 233/2011 of 10 March 2011. Having taken legal advice, the Company considers that the ordinary shares that are beneficially held by LOH, representing 17.75% of the total issued share capital of the Company, are subject to the Regulations and are therefore effectively frozen. The Company has today informed LOH that it will not register any transfer in respect of the shares until further notice. This action has no effect on the ongoing operations of the Company.
Max Petroleum (LON:MXP) (Buy, 50p) (MXP, 15.5p ? (1.6%)) Max Petroleum plc announced that additional options to subscribe for 41.4 million new ordinary shares of 0.01p each in the Company were granted to the Directors, officers and certain employees of the Company on 10 March 2011 at an exercise price of 20p per share, of which one third are exercisable in equal amounts on the first, second and third anniversaries of the date of grant. The options have a term of seven years and any unexercised options will expire on 11 March 2018. The additional share option grants were issued to incentivise and retain the Company's management and employees critical to enhancing the future market value of the Company. Subsequent to this grant, the total share options held by the Company's current Directors and employees represent approximately 7% of the Company's fully diluted share capital outstanding.
Mediterranean Oil (MOG, 14.1p, ? (3.4%)) Mediterranean Oil & Gas plc announced that ENI, the operator of the Guendalina Gas Field (MOG 20%, ENI 80%), has informed the Company that the field development plan for the Guendalina gas field continues to progress on schedule and "first gas" is expected to occur in September 2011. Construction of the jacket has been completed. Its installation is progressing on schedule and should be completed, subject to sea and weather conditions, in approximately 2 weeks. Construction of the deck is progressing on schedule, with installation forecast to occur immediately following completion of the development drilling phase. The drilling campaign for 2 wells is expected to commence in late March 2011. It is expected that 4…
