Oil & Gas Corporate News
KNOC has currently received valid acceptances of the share offer in respect of a total of approximately 89.17% of the issued share capital of Dana; and has acquired or received acceptances of the convertible bond offer in respect of 99.84% of the total principal amount outstanding of Dana convertible bonds. The share offer will remain open for acceptance until further notice and at least 14 days' notice will be given by announcement before the share offer is closed. As set out in the offer document, if KNOC receives acceptances under the share offer in respect of, or otherwise acquires, 90% or more of Dana shares, KNOC intends to exercise its rights to acquire compulsorily the remaining Dana Shares on the same terms as the share offer. The convertible bond offer will remain open until further notice and at least 14 days' notice will be given by announcement before the convertible bond offer is closed. As the share offer has been declared wholly unconditional prior to 17 November 2010, the convertible bond offer is being made on the basis of GBP141,509.43 in cash for each GBP100,000 principal amount of Dana convertible bonds.
Frontera Resources Corp (LON:FRR) (FRR, 8.38p, ? (0.0%)) has successfully carried out a multi-zone frac completion at the Mirzaani #5 well, located in the undeveloped Mirzaani Northwest extension of the field in the Shallow Fields Production Unit, Block 12, Georgia. The frac completion targeted Zones 13 and 16/17, at depths of approximately 897-909 m and 1,057-1,075m, respectively, commingling these intervals. After a 36-hour cleanout, the well delivered a 48-hour initial average flow rate of approximately 230b/d of fluid, at an average flowing well head pressure of approximately 230 psi, including an average of approximately 100b/d of oil with associated gas, from the 28m of fraced pay. The well has continued to flow naturally at a 14-day average rate of approximately 130b/d of fluid, including 60b/d of 29.5oAPI oil and associated gas. The well will remain on cleanout production operations for the next 30 days in order to continue to recover the remainder of the approximately 2,200 barrels of injection water that was pumped into the reservoir formations during fracing operations. During this early production period, the well will be monitored and analyzed, after which flow parameters will be determined for the sizing of a…
