Oil and Gas Corporate News
Lansdowne Oil & Gas plc (LOGP, 16.5p, ? 2.22%) announced that it has raised £6.13 million before expenses, by the placing (the "Placing") for cash of 40,871,172 new ordinary shares of £0.05 each ("Ordinary Shares") (the "Placing Shares") at 15p pence per Placing Share. The net proceeds of the Placing will be used to enable the Company to participate in the drilling of an appraisal well on the Barryroe oilfield, in which Lansdowne holds a 20% interest, with the remaining interests being held by the operator, Providence Resources Plc ("Providence") 50% and San Leon Energy Plc 30%. To this end Providence has secured the GSF Arctic III rig to start drilling in September 2011. The drilling of this appraisal well is intended to obtain additional reservoir data in order to prove the economic viability of the Barryroe concession and thus unlock value. Lansdowne's cost of participating in this well is expected to be approximately £5 million, including provision for a test programme. Should Lansdowne choose to participate in a possible side-track to this well, following a successful vertical well, its share of the cost will be approximately a further £2 million. In this event LC Capital Master Fund, Ltd ("LC Capital") and Ramco Hibernia Limited ("Ramco") (a wholly owned subsidiary of SeaEnergy PLC) have agreed to underwrite a further £1 million of equity capital to cover this expenditure.
Mediterranean Oil & Gas plc (MOG, 12p, ? 2.13%) announced that the board notes the statement issued by Dominion Petroleum Limited ("Dominion Petroleum") on 25 July 2011 at 2: 1pm (LON:OPM) and its impact on the proposed agreement for Dominion Petroleum to acquire a 75% working interest in Area 4, offshore Malta, which was announced on 24 June 2011. Mediterranean Oil and Gas is currently in discussions with Dominion Petroleum as to the most appropriate course of action in the light of the necessary resolutions to give effect to this agreement not being passed at Dominion Petroleum's Special General Meeting. A further announcement will be made as soon as is practical.
Xcite Energy (LON:XEL) (XEL, 171.25p, ? 5.25%) announced that submission has now been made to the Department of Energy and Climate Change ("DECC") of the Environmental Statement for the planned First Stage Production on the Bentley field. This is a standard DECC requirement in connection…
