Oil & Gas Corporate News
Europa Oil & Gas (Holdings) plc (EOG, 9.5p, ? 2.56%) the oil and gas explorer and producer with assets onshore UK, Romania and France and Offshore Ireland, announced that it has raised approximately £700,000 (before expenses) through an oversubscribed institutional placing of 7,777,776 new ordinary shares (the "Placing Shares") at a price of 9p per share (the "Placing"). The proceeds from the Placing will supplement the Company's existing cash resources in funding the near-term working capital requirements of the Company and its ongoing projects, and to strengthen the Company's balance sheet in light of the recently announced Romanian VAT liability, as notified on 27 September 2011.
Kea Petroleum (LON:KEA) plc (KEA, 5.00p, ? 0.0%) announced that it has sold its 50% shareholding in Petra Drilling Limited ("Petra"), and its associated rights to the Titan work-over rig and the VR500 drill rig, to Webster Drilling and Exploration Limited ("Webster"), the other shareholder in Petra. A loan by Kea to Petra to initiate the project to bring to New Zealand a state of the art drilling unit, namely a fully automated VR500 rack and pinion top drive rig, is to be fully repaid by Petra. In addition, Webster's have also paid Kea the full asset value of the Petra shares, and Petra has repaid the money advanced by Kea last year to enable the purchase of the Titan work-over rig.
Sound Oil (LON:SOU) plc (SOU, 2.10p, ? 1.20%) the upstream oil and gas company with assets in Italy and Indonesia, is pleased to announce that Hydro Drilling International have mobilised the MR4000 drilling rig to the Casa Tiberi-1 wellsite, located at Falconara, Ancona, central Italy. Rigging up is expected to take five days and drilling operations are expected to start within one week. Casa Tiberi-1 will be drilled to a total depth of 700 m to test the hydrocarbon potential of Pliocene sands. The well is expected to take 10 days to complete.
Wentworth Resources Limited (WRL, 4.8 NOK, ? 0.83%) an independent oil and gas company focused in the Rovuma Basin of East Africa announced that its entire ordinary share capital of 80,469,940 Ordinary Shares has today been admitted to trading on the AIM market of the London Stock Exchange plc. Wentworth has interests in three adjacent East African hydrocarbon concessions: Mnazi Bay in…
