Oil & Gas Corporate News
Mediterranean Oil & Gas plc (MOG, 7.50p, ? 1.69%) announced that Stephen Matthew Clarke (aged 48) has been appointed to the Board as a Non-Executive Director, effective immediately. Matthew Clarke has over 20 years of experience in the financial markets as a corporate lawyer and as a banker. He has considerable experience in the financing of oil and gas businesses and was instrumental in the refinancing of the Company in May this year. He is currently also a Partner of Merlin Partners LLP, an FSA registered corporate finance firm which specialises in oil and gas financings. Mr Clarke brings to the Board considerable experience within the oil and gas industry and a broad range of skills from his legal and banking background.
Tower Resources (LON:TRP) plc (HOLD, £0.04) (TRP, 3.47p, ? 6.92%) announced that it has raised US$4m (£2.59m) before expenses through a placing with institutional and other investors (the 'Placing') of 103,700,000 new ordinary shares (the 'Placing Shares') at a price of 2.5p per Placing Share. The Placing is consistent with the Interim Results released on 30 September 2011 in which it was stated that the Company's intention was to issue only the smallest amount of equity for the time being, consistent with working capital requirements, while the Uganda farm-out process continues. In total, the Directors of the Company have subscribed £782,500 in the Placing, of which £770,000 represents the conversion of US$1.2m of director loans as detailed in the Interim Results. It is intended that the proceeds of the Placing will be used to finance the Company's working capital requirements until September 2012.
Mining Corporate News
Zambia will negotiate larger shareholding in foreign mining companies and plans to revise the tax collection mechanism to improve transparency and maximize benefits for the country, the minister of mines said. "We would like to increase our shareholding to at least 35 percent in all the projects but that will depend on how well we negotiate with the mining firms," mines minister Wylbur Simuusa told Reuters in an interview late on Wednesday. Simuusa said the decision to seek a higher stake in the mines did not amount to nationalization of the mining sector in Africa's top copper producer.
Mariana (LON:MARL) Resources Ltd (MARL, 11.3p, ? 7.29%) announced the commencement of its fourth drilling programme at the…
