Oil & Gas Corporate News
Providence Resources (LON:PVR) (PVR, 164.5p, ? (4.44%)) confirmed it has selected Amec Plc (LON:AMEC) to begin a conceptual development study for the Ulysses salt cavern gas storage project in the Kish Bank Basin, offshore Ireland. The initial study includes planning and gas sourcing and is expected to be completed in Q1 2011.
President Petroleum (LON:PPC) (PPC, 58.5p, ? (0.0%)) announced Chris Hopkinson has resigned as a NED following his appointment as a senior executive at another international oil & gas company.
Mining Corporate News
Persian Gold (LON:PNG) (PNG, n.a.) announced it is to undergo a major transformation in strategy. In the coming months Persian Gold will transform into Clontarf Energy. The company?s gold exploration opportunities in Iran and early stage lithium opportunities in Bolivia will be subsumed into a company with oil and gas production and exploration. The proposal, agreed by your board, is to acquire Hydrocarbon Exploration, an unlisted public company, with oil and gas operations in the Gulf of Mexico and Bolivia, and a potential share in a Ghanaian oil exploration block and early stage exploration interests in Bolivian lithium exploration. The proposal is to offer 2,500 Persian Gold shares for every 1 Hydrocarbon Exploration share. On that basis, the Persian Gold share price of 6.75p at the time of suspension values each Hydrocarbon Exploration share at £168.75. Post merger and prior to any funding, Clontarf Energy, the relisted vehicle, will therefore be owned as to 54% by Persian Gold shareholders and 46% by Hydrocarbon Exploration shareholders respectively.
