Oil & Gas News
RusPetro, a Russian-based oil explorer with assets in western Siberia, has raised £163m ($250m) in an initial public offering which is set to make it the first main market listing in London of the year. The company priced 121m shares at 134p, towards the bottom end of an informal range in a bookbuilding exercise launched on Tuesday, 17 January 2012, to give the company an indicative market capitalisation of £441m. The company, whose shares begin conditional trading today ahead of formal admission on January 24, is expected to have a free float of about 40 per cent. Proceeds from the sale are expected to be spent on paying for the drilling of more than 100 wells across Siberian licensed fields by 2014, the building of a 27km link to an existing pipeline for transportation of oil to market, and repay debt. The company produces 4,500 barrels of oil a day and is chaired by Christopher Clark, who is also chairman of Severstal, Russia?s second-biggest steelmaker. Among its backers are Altera Capital, the investment fund whose managing partner Kirill Androsov is a former deputy chief of staff to Russia?s prime minister Vladimir Putin.
Mediterranean Oil & Gas PLC (MOG LN, 5.0p, ? 14.29%) today announced that the gas sales contract between its subsidiary Medoilgas Italia SpA and Elettrogas SpA covering the entirety of the Company's net gas production from the Guendalina gas field, has been transferred to the Italian utility Energetic SpA, commencing on and from 1 February, 2012. The substantive terms of the contract remain as set out in the announcement issued on 22 June, 2011.
Dragon Oil (LON:DGO) PLC (DGO LN, 474.0p, ? 0.62%) today announced the successful testing of the Dzheitune (Lam) 13/163 development well. The Dzheitune (Lam) 13/163 well was completed with a single string to a depth of 2,703 metres by Rig 40 in December 2011 and tested at 296 barrels of oil per day. Additional data and analysis led to re-completing the well in different reservoir intervals; this resulted in an improved production rate of 1,584 barrels of oil per day. Rig 40 has skidded to the Dzheitune (Lam) 13/144B well to work it over.
President Petroleum Company PLC (PPC LN, 36.0p, ? 3.6%) provided an operational update relating to its various fields within the Puesto Guardian Concession ("PG") in Argentina. Highlights: Well PEE-1001…
