Oil & Gas Corporate News
Bowleven (LON:BLVN) plc (BUY, 550p) (BLVN, 115.00p, ? 1.50%) announced its intention to raise approximately US$120 million by way of a placing of new ordinary shares with both new and existing institutional investors. The management intend to use the proceeds along with existing cash resources to pursue the following work programme from now through 2012: Drilling up to three appraisal wells on the Etinde Permit; Drilling one exploration well in the Douala Basin, offshore Etinde Permit; and carrying out front end studies and meeting other pre-FEED costs for a hub and spoke development concept with processing facilities based onshore at Limbe; Drilling one exploration well on the onshore Bomono Permit and carrying out the associated civil engineering site works. The placing proceeds will also provide additional working capital and general corporate facilities for the Group.
San Leon Energy (LON:SLE) plc (BUY, 50p) (SLE, 15.25p, ? 1.61%) The Companys partner and operator of the Barryroe project announced that the partners have been awarded Standard Exploration Licence 1/11 over the Barryroe oil discovery for a period of up to six years, split into two three year phases. This licence is a successor authorisation to Licensing Option 08/1. The areal extent of the License has been increased by approximately 9% to cover additional acreage with identified resource potential. The partners have committed to the drilling of at least one well during the first phase, which will be fulfilled by the upcoming 48/24-J well. Providence now expects to commence drilling operations on the 48/24-J Barryroe appraisal well in mid-November 2011, which will offset and primarily appraise the previous Marathon Oil operated 48/24-3 (1990) well, which tested c. 45o API light sweet oil at c. 1,600 BOPD from Base Cretaceous sands. Providence holds a 50% interest in the Licence and operates on behalf of its partners San Leon Energy plc (30%) and Lansdowne Oil & Gas plc (20%).
Sterling Energy (LON:SEY) plc (HOLD) (SEY, 40p, ? 0.62%) issued its interim Management Statement for the period beginning 1 July 2011. Highlights: Production, net to Sterling from the Chinguetti field, averaged 622 bopd for the third quarter 2011 (Q3 2010: 621 bopd); Adjusted EBITDA in third quarter of $1.7 million (Q3 2010: $2.8 million) (unaudited); Profit after tax in third quarter of $0.05 million…
