Oil & Gas Corporate News
Max Petroleum (LON:MXP) plc (BUY, 50p) (MXP.l, 18p, ? (5.26%)) announced that 309,846,935 new ordinary shares in the Company have been successfully placed with the price set at 17p per share, which is a 10.5% discount to the closing mid-market price on AIM on 2 February. The placing will raise gross proceeds of US$85 million. The Placing Shares represent approximately 69% of the Company's issued share capital, on an undiluted basis, prior to the Placing and conversion of warrants by Macquarie Bank. A notice is expected to be sent to shareholders early next week convening a general meeting for on or around 28 February 2011.
Comment: The placing enables the Company to be in control of both post- and pre-salt exploration programme and clears the way to a very exciting and high-impact pre-salt drilling programme. The amount raised is in excess of previously indicated by the Company and demonstrates a very high level of interest in the stock from investors.
San Leon Energy (LON:SLE) (BUY, 65p) (SLE.L, 36.5, ? (11.45%)) announced that it has completed a 60 km2 3D seismic program over the Szczecinek block in northern Poland. San Leon (50%) and its partner Gas Plus International B.V. (50%) are currently processing the new data and plan to begin detailed interpretation in March with a view to drilling an exploration well later this year. The survey is targeting the high potential "Sylvia" oil prospect in the Main Dolomite of the Permian Zechstein Formation. "Sylvia" is an analogue to two of the largest oil discoveries in Poland, which were only discovered from the early 1990's through early 2000's with potential reserves in excess of 100MMbbl of recoverable oil.
Comment: We are encouraged by the progress of the exploration programme on several fronts, demonstrating that San Leon is growing up very fast and has the management and technical ability to do so. The Sylvia prospect could be larger than previously indicated by the Company and the drilling of an exploration well later this year to test that play is excellent news.
Aurelian Oil & Gas plc (AUL.L, 82.50p, ? (0.60%)) provided an update on the strategic review of its Romanian operations. Following the establishment of a new subsidiary AUL will be focusing on Voitinel discovery and Carpathian Thrust Fold belt and signing of Share…
