Serica Energy plc has lost its bid to acquire all of BP’s stake in the Culzean gas condensate field after project partner NEO NEXT exercised its pre-emption rights. DISAPPOINTING The 13 October purchase agreement covered a 32% non-operated working interest in UK central North Sea licences P111 and the adjacent P2544, for $232 million cash. […]
Tag: oil and gas
EnQuest secures $800m financing deal
EnQuest plc has signed new six-year, senior secured reserves based lending facilities for an aggregate $800 million (£608m) with a syndicate of eight “leading international banks”. STRATEGY The syndicate financing the facilities includes “long-standing existing lenders and high-quality new relationships”. The sum comprises a $400m secured revolving loan, a $400m secured revolving letter of credit, […]
Petrel appoints John Teeling as chairman
Petrel Resources plc has appointed John Teeling as non-executive chairman and James Finn as board executive director, both with immediate effect. The appointments follow the death last month of former chairman David Horgan. Mr Finn, who holds holds 13,618,718 ordinary shares in Petrel, is also a director or partner in 42 other companies including Arkle […]
Corcel granted licence for KON-16 seismic
Corcel plc has received final approval of its environmental impact assessment, which grants a full environmental licence for seismic acquisition and drilling in block KON-16, onshore Angola. OPERATOR The company’s local subsidiary, Atlas Petroleum Exploration Worldwide Ltd has also signed a contract for the 2D seismic with B.G.P. Geophysical Limitada, Lda and BGP Inc., China […]
Block raises £1.5m
Block Energy plc has raised £1,499,974 via an institutional placing of, and direct subscriptions for, a total 214,282,000 new ordinary shares of 0.25 pence each, at an issue price of 0.7 pence per share. TVRs The company, with oil and gas assets in Georgia, said the fundraise had attracted strong demand from new and existing investors. The fundraise, which […]
Union Jack disappointed over Sark poor show
Union Jack Oil plc’s joint venture has had its first setback from a poor show in its fifth drilled well, Sark, in central Oklahoma, USA. PROGRAMME Operator and partner Reach Oil and Gas company plc drilled the well to a total depth of 5,391 feet, targeting an estimated 1,440,000 barrels of oil gross and a […]