Oil & Gas Corporate News
Hardy Oil & Gas plc (LON:HDY) ( 208p, ? -0.7%) announced the publication of a Competent Persons Report of its Indian assets by Gaffney, Cline & Associates Ltd (GCA) and an Independent Assessment of its Nigerian assets from RPS Energy (RPS). Total net Proven plus Probable (2P) oil Reserves increased to 2.9MMBbl (June 2007: 2.7MMBbl) with Indian net 2P oil Reserves of 2.5MMBbl (June 2007: 2.7MMBbl) and Nigerian net 2P oil Reserves of 0.4MMBbl (June 2007: nil). Total net 2C gas Contingent Resources amount to 201BCF (May 2009: 231BCF) with Indian net 2C gas Contingent Resources of 158BCF (May 2009: 160BCF) and Nigerian net 2C gas Contingent Resources 44BCF (June 2007: 72BCF). Total net 2C oil Contingent Resources amount to 2.6MMBbl (June 2007: 3.1MMBbl). In addition the Company provided an update to its own estimates of Prospective Resources as follows. Net risked Best Estimate gas Prospective Resources in Block D3 increased to 350BCF (May 2009: 250BCF) with 26 prospects identified, from 15 in May 2009. As a result of the Dhirubhai 44 discovery in December 2009, the Miocene play type has been proven and as a result the geological chance of success for the Miocene prospects has increased from 45% to 70%. In Block D9 net risked Best Estimate gas Prospective Resources from prospects and leads is lower at 520BCF (May 2009: 1,061BCF) whereas Net risked Best Estimate oil Prospective Resources is unchanged at 18MMBbl.
Comment: The lower estimates were expected given the lack of drilling success in D9 last year; hence the disappointing figures most likely already discounted by the share price.
Frontera Resources Corp (LON:FRR) ( 9p, ? 4.2%) announced it has initiated a restructuring plan involving an exchange offer for its convertible notes and certain outstanding warrants. The Company is offering to exchange existing long-term convertible notes for new convertible notes with a longer maturity, shares of common stock or a combination of both, in order to restructure and reduce and/or extend the term of the Company's existing debt. The Company is also offering to exchange certain existing warrants for new warrants with more favorable economic terms, in order to incentivise the holders to exercise such warrants to fund ongoing working capital requirements of the Company.…
