Oil & Gas Corporate News
Circle Oil (LON:COP) (BUY, £0.90) (COP, 32p, ? (3.23%)) announced the placing of 141,666,667 Ordinary Shares at a price of 30p per share to raise gross proceeds of approximately £42.5 million. Proceeds of he placing will be used in; accelerating the Company's exploration activities; funding capital expenditure in Morocco and Egypt; and providing funding for new ventures in the Company's core locations. Evolution Group (LON:EVG) Securities Limited acted as sole bookrunner and financial adviser and Fox Davies Capital Limited acted as co-lead manager to the Company.
Cadogan Petroleum (LON:CAD) (CAD, 16.5p, ? (0.0%)) announced the commencement of commercial production from the Zagoryanske3 well in Ukraine. The Zagoryanske3 well was drilled to a total depth of 5,110m in 2009.This is the first occasion that the V-18 horizon has proved commercial in the Zagoryanske license. Based on analysis undertaken by the Ukrainian State Geological Exploration Institute, the well is expected to average around 1.2mmscfd gas and 120bbl per day of condensate.
Petroceltic International (LON:PCI) (PCI, 9.14p, ? (1.19%)) announced that the Oryx-1 exploration well, on the Ksar Hadada Permit in Tunisia, has reached its total depth at 1140m. Although oil shows were encountered in both the upper and lower Ordovician reservoir units, log analysis indicates that no significant oil saturation is present in these reservoirs at this location. The well will now be plugged and abandoned, without testing, and the CTF Rig 06 will be moved to commence drilling of Sidi Toui-4.
Stratic Energy Corp (LON:SE.) (SE/, 6.13p, ? (0.0%)) announced it has reached agreement for the proposed sale of the Company to EnQuest (LON:ENQ) Plc in an all-share transaction pursuant to a statutory plan of arrangement. The proposed transaction has been approved by the boards of directors of both Stratic and EnQuest. Under the agreement, each Stratic common share will be exchanged for 0.089626 EnQuest ordinary shares. Based on the average closing price of the EnQuest shares on the five market days to August 2, 2010 of approximately £1.17, the exchange ratio values each Stratic share at C$0.17, representing a 70% premium to the closing price of the Stratic shares on the TSX Venture Exchange of C$0.10. The total transaction value, including the assumption or repayment by EnQuest of Stratic's bank debt, 8.75% convertible debentures and 9% convertible notes, is approximately C$135 million.
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