Oil & Gas Corporate News
San Leon Energy (Research restricted) (SLE, 23.25p, ? (1.09%)) have reached agreement on the terms of a recommended share for share acquisition of Island Oil & Gas. The Acquisition is for the entire issued and to be issued share capital of Island and will be implemented by San Leon by means of a scheme of arrangement, as detailed under Section 201 of the Companies Act, 1963. Island Shareholders will be entitled to receive 1 new San Leon share for every 2.3 Island shares they hold. The Acquisition values the entire issued share capital of Island at £13.74m (10.11p per Island Share), based on the closing price of San Leon of 23.25p on 24 February 2010.
Centrica (CNA, 272.1p, ? (0.07%)) through its subsidiary Centrica Resources, has signed an agreement with Suncor Energy, under which Centrica will acquire Suncor’s Trinidad and Tobago portfolio of gas assets for US$380m in cash. This acquisition provides Centrica with its first producing Liquefied Natural Gas (LNG) position and significant development opportunities for future, long-term LNG supplies. This portfolio of gas assets comprises a 17.3% stake in the North Coast Marine Area (NCMA-1) gas production area and equity interests in three blocks; Blocks 22, 1(a) and 1(b), for future development.
Providence Resources (PVR, 3.55p, ? (0.0%)) has signed a strategic collaboration agreement with PGS Ventures A/S, a division of Petroleum Geo-Services (PGS), an industry leader in offshore seismic data acquisition and processing. This agreement will allow the companies to co-operate on offshore seismic survey design and acquisition across the portfolio, particularly in such challenging data areas such as the Celtic Sea Basin where Providence is currently evaluating a number of oil and gas discoveries, through its SPV's EIRGAS and EXOLA. Where possible, and as appropriate, Providence will seek to leverage on PGS's proprietary technology such as the "GeoStreamer" seismic acquisition system. In addition, Providence will also gain access to view PGS' significant multi-client seismic database offshore Ireland and offshore United Kingdom.
Dana Petroleum Plc (DNX, 11116p, ? (2.86%)) spudded the Bamboo well (Dana 50%) in the West El Burullus concession, offshore Nile Delta, Egypt on 19 February. This drilling follows on from the recent success at Papyrus, the second gas field discovered in this concession by Dana and its partner Gaz de…
