Oil & Gas Corporate News
Ascent Resources (LON:AST) (BUY, £0.20) (AST, 5.63p, ? (7.14%)) has secured a one year loan facility of £2.1m and has entered into a £7m Standby Equity Distribution Agreement ('SEDA') with YA Global Master SPV Ltd, an investment fund managed by Yorkville Advisors LLC. The loan facility will be drawn to contribute to the financing of the Pg-11 evaluation well on the Petiovci-Lovaszi project area in which the Company recently announced an independently verified P50 estimate of gas-in-place of 412Bcf. The Pg-11 drilling location is now complete. Crosco is planning to mobilise its CR-1 drilling unit to the location next week and drilling will commence as soon as the rig is ready. This well has a number of important objectives and the evaluation programme, which includes core sampling and state-of-the-art wireline logging, is designed to collect sufficient data for development planning, as well as calibration of the 3-D seismic to optimise the geological modelling over the entire project area.
Faroe Petroleum Plc (LON:FPM) (FPM, 178.75p, ? (0.69%)) announced that it has conditionally raised £62.2m through a placing of 37,718,024 new ordinary shares at a placing price of 165p per share, with both new and existing investors. The proceeds will be used to fund recent successes and significant opportunities generated by the Company including the appraisal and pre-development of recent discoveries, increase exposure to exploration upside by taking larger equity stakes and committing to new wells and the acquisition of appraisal and production assets. Scottish & Southern Energy PLC subscribed for 5.1% of the enlarged share capital. This new strategic partnership has scope to develop wider co-operation, including joint acquisition targets and leveraging mutual strengths.
Leni Gas & Oil (LENI, 3.13p, ? (1.63%)) announced the appointment of Mr. Neil Ritson as Chief Executive Officer with immediate effect. Mr. Ritson has extensive experience in the energy sector with a distinguished record of delivery in exploration technology, exploration discoveries, major construction projects and M&A transactions. Mr. Ritson has over 30 years experience working in the energy industry including 23 years with BP plc where he held roles as International Chief Geophysicist and Strategic Business Unit Manager in both Norway and Alaska. In 1999 he was appointed to run the Burlington Resources Inc. businesses in North Africa before becoming Vice President…
