Oil & Gas Corporate News
President Petroleum (LON:PPC) (PPC, 69.5p, ? (0.36%)) announced that Peter Levine has accepted an invitation from the Board of the Company to join the boards of President's two operating subsidiaries, President Petroleum (USA) Inc. and President Petroleum Pty Ltd. with effect from 1 December 2010. On joining, Peter will be appointed by these boards as Chairman of both operating companies. President is currently evaluating a proposal to change its domicile and is in the final stages of consultation with the Company's advisers and largest shareholders. The Board believes that the interests of the business and its shareholders will be best served by ensuring that the Company is located in an environment that is politically and economically stable, with excellent infrastructure and communications, enhances the Company's ability to recruit and retain key staff and provides greater certainty in its future tax position. At this stage of President's development, the Board believes a change of domicile would be a relatively straight-forward process and the proposal being considered would create a new Group holding company which would be incorporated in Jersey, with tax residence in Switzerland and would continue to be UK listed, initially on AIM. If implemented, the proposal is not expected to impact President's eligibility for UK stock exchange indices nor to have any adverse implications for the Company's shareholders as a whole. In the event that the Company proceeds with the change, further announcements will be made in the first quarter of 2011 and completion is expected during the first half of the year.
Faroe Petroleum Plc (LON:FPM) (FPM,178.25p, ? (0.97%)) has signed a rig contract securing the Maersk Guardian jack-up rig to drill the Clapton prospect in late 2011 or early 2012. Earlier this month, Faroe was approved by the Norwegian authorities and its licence partners as the operator of licence PL440S where the Clapton exploration well has been committed. Faroe Petroleum has increased its stake in Licence PL440S from 20% to 40%, the remaining co- venturers being Det norske oljeselskap (10% down from 30%), Norwegian Energy Company (12%), Lundin (18%) and Dana (20%). The Clapton prospect is formed on the edge of a salt induced structure referred to as the Mode Dome which was previously explored in the 1980s. The main targets in the…
