Oil & Gas Corporate News
Egdon Resources (LON:EDR) (EDR, 22.75p, ? (0.0%)) Egdon Resources plc announced that Andrew Hindle is to step down from his role as a non-executive Director of the Company with effect from 1 February 2011. Andrew, along with Mark Abbott, co-founded Egdon Resources in 1997 and has been a Director since this time. He was instrumental in the development of Egdon's gas storage business and became the CEO of Portland Gas plc (now InfraStrata plc) on its demerger from Egdon in January 2008. Andrew has been a non-executive Director of Egdon since that time.
Regal Petroleum (LON:RPT) (RPT, 31.25p, ? (9.65%)) provided an update with regard to the interest expressed by Heamoor in its announcement of 13 December 2010, and a potential alternative proposal to the recommended cash offer made by Energees Management Limited at a price of 24p per Regal share. An offer document was posted to Regal shareholders by Energees on 22 December 2010 and the first closing date of the Energees Offer is 1.00 p.m. (London time) on 24 January 2011. The board of directors of Regal is committed to maximising value for all Regal shareholders, and as such has continued to explore viable alternatives to the Energees Offer as they arise. Accordingly, the Board of Regal has been discussing an alternative structure with Heamoor, Geo-Alliance and their advisers. Both Heamoor and Geo-Alliance are companies incorporated in Cyprus with all their issued and outstanding shares currently held by several discretionary trusts, the beneficiaries of which are Mr. Victor Pinchuk and his family members. Heamoor is involved in various financing activities and Geo-Alliance is a leading private oil and gas producer in Ukraine, operating licences adjacent to those of Regal. As this announcement concerns a potential reverse take-over of Regal, in accordance with AIM Rule 14, the Regal shares will be suspended from trading on AIM until the earlier of the AIM Admission Document being published or the Acquisition no longer being pursued.
Mining Corporate News
Horizonte Minerals (LON:HZM) (HZM, 22.25p, ? (11.25%)) announces that it has signed a Heads of Agreement for the acquisition of 100% of the Vila Oito and Floresta nickel laterite projects located in the Carajás Mineral District of northern Brazil from Lara Exploration. The consideration for the acquisition will be…
