Hurricane Energy plc said it would begin a formal sale process after receiving an unsolicited cash offer from an unnamed bidder for the company. INDICATIVE OFFER The offshore oil and gas company added that the indicative offer of 7.7 pence per share was at a premium of “only 13%” compared with the mid-market closing price of 6.8 pence per […]
Tag: oil and gas
Reabold completes Corallian £32m sale
Reabold Resources plc said its investors can expect payouts following completion of the sale of its investee company Corallian Energy Ltd to Shell UK Ltd. CONSIDERATION The company expects that payment of the initial gross consideration of £10 million (c. £3.2m net to Reabold) will be made to Corallian shareholders (including Reabold) over the coming […]
Rockhopper faces application to annul €190m award
Rockhopper Exploration plc said that the Italian Government had applied for an annulment of €190 million compensation for the company over the Ombrina Mare oil field dispute. APPLICATION In August the International Centre for Settlement of Investment Disputes (ICSID) arbitration held that Italy had breached its obligations under the Energy Charter Treaty. Rockhopper added that on 28 […]
Capricorn-Tullow cancel proposed merger
Capricorn Energy plc and Tullow Oil plc today confirmed the cancellation of the proposed transaction for an all-share merger. STATEMENTS Capricorn said that on 29 September 2022, Tullow announced it had determined not to increase the value of its offer for Capricorn or to elect to implement its offer by way of a contractual offer. […]
Angus begins works for SF-7 sidetrack well
Angus Energy plc today began the SF-07 sidetrack well programme by testing blow-out preventers in advance of spudding at Saltfleetby in Lincolnshire. PROGRAMME The company said it expected to run equipment in hole to a depth of 1,300m “reasonably swiftly” over this coming weekend. Above this depth, at around 1150m, a whipstock* will be set […]
Egdon to pursue case for safe shale gas extraction
Egdon Resources plc said it would continue to press for the safe extraction of shale gas following yesterday’s government decision to reinstate the ban on hydraulic fracturing. ENERGY NEEDS The company has a joint interest in the Springs Road project in the East Midlands with IGas plc which also condemned the moratorium and is considering […]