Oil & Gas Corporate News
Ascent (LON:AST) Resources (BUY, £0.20) (AST, 6.63p, ? (0.0%)) has issued 6,062,579 ordinary shares of 0.1p each in the Company to YA Global Master SPV Ltd ('Yorkville'), an investment fund managed by Yorkville Advisors LLC. The shares have been issued under the Standby Equity Distribution Agreement ('SEDA'), details of which were announced on 19 November 2010. The shares were issued at an average of 6.6p per share to raise GBP400,000 for the Company which will assist the Company's working capital needs following the recent successful drilling of its appraisal well Pg-11 in Slovenia.
Chariot Oil & Gas (CHAR, 306p, ? (0.49%)) announced that it has conditionally placed 35,958,376 New Ordinary Shares (the "Placing Shares") at a price of 250 pence per share (the "Placing") to raise gross proceeds of GBP90 million (approximately US$146 million). The funds will enable Chariot to participate in a minimum of two wells and conduct a further 5,000km2 3D seismic programme across areas of specific interest in the Central Blocks. Upon completion of the Placing, Chariot's net cash position will be approximately US$150 million.
Ithaca Energy (LON:IAE) (IAE, 191p, ? (2.14%)) announced today that the Sedco 704 semi submersible drilling unit has commenced the drilling of the final production well for the development of the Athena field ("Athena"). Well 14/18b-A2 ("the well") is being drilled from the Athena drill centre and is the final well to be drilled of a 180 day campaign of drilling and completion activities. The well is planned to be directionally drilled to produce oil reserves lying in the north west of Athena. In addition, this well is planned to intersect the top reservoir (Top Scapa A sands) at a point within the appraised Athena oil pool and continue north, drilling at a high angle to provide valuable information relating to an area of the field targeted for future development. The drilling and completion of the well as a producer is scheduled to last approximately 80 days.
Providence Resources (LON:PVR) (PVR, 295p, ? (0.0%)) announced that it has, on behalf of itself and its partners, signed a contract with Polarcus Limited for a 3D seismic acquisition project in the Celtic Sea, offshore Ireland. The survey, which will commence in June and is expected to run for approximately 15 days, forms…
