Shortdata
HLH

Bio

  • Private Investor predominately in oil stocks.

    Currently holding positions in:

    Petrofac,International Consolidated Airlines,Tullow Oil.

Companies

  • Petrofac
  • International Consolidated Airlines
  • Tullow Oil

Forum Activity

  • Posts: 261
  • Thanks Received: 2
  • Thanks Sent: 6
  • Followers: 3
  • Following: 3

Joined

  • September 1, 2017
Share Chat Post Distribution Chart
261 Share Chat Posts

SAVANNAH RESOURCES PLC » SAV Pilot Plant Construction Complete, Mutamba

RNS Number : 8787W
Savannah Resources PLC
20 November 2017

Savannah Resources Plc / Index: AIM / Epic: SAV / Sector: Mining

20 November 2017

Savannah Resources Plc

Pilot Plant Construction Complete and Commissioning Underway,

Mutamba Mineral Sands Project, Mozambique

Savannah Resources plc (AIM: SAV) ('Savannah' or 'the Company'), the AIM quoted resource development company, is pleased to announce that construction of the pilot plant for its bulk metallurgical test work programme at the Mutamba Mineral Sands Project in Mozambique, ('Mutamba' or the 'Project') is now complete (Figures 1-3). To view the press release with the illustrative maps and diagrams please use the following link:

http://www.rns-pdf.londonstockexchange.com/rns/8787W_-2017-11-17.pdf

HIGHLIGHTS:

· Construction of the Project's 20 tonne per hour pilot plant is complete and commissioning is now underway

· Pilot plant will produce bulk samples of concentrate for metallurgical and product test work

· Test work to act as proof-of-concept for future development model - currently targeting first production in 2020 with estimated average annual production of 456,000t of ilmenite and 118,000t of non-magnetic concentrate over a 30-year life of mine

· Commissioning is expected to be completed by the end of 2017

Savannah's CEO, David Archer said: "We are delighted to announce that the pilot plant construction is now complete, and commissioning is well underway in anticipation of an official opening in December. The pilot plant construction work has been completed on time and on budget and maintains the Consortium's fast-paced approach towards the Project including the delivery of a Scoping Study earlier this year.

"Upon completion of commissioning, the plant will provide concentrate bulk samples for analysis and the preparation of final products for test marketing. The completion of the plant is another key milestone for the Mutamba Consortium as we move the Project towards a development decision.

"In the meantime, the overall market setting for TiO₂ feedstocks continues to improve and new supply of TiO₂ feedstocks will be required to meet forecast demand and to ease anticipated market tightness."

Pilot Plant Commissioning

The commissioning process is expected to take around four weeks to complete and includes three stages:

· Water commissioning

· Sand commissioning

· Ore commissioning

Figure 1. Aerial photograph of the plant area - November 2017 (company photo)

Figure 2. Grizzly, conveyor and ore feed system (company photo)

Figure 3. Pilot plant and water storage (company photo)

Competent Person and Regulatory Information

The information in this announcement that relates to exploration results is based upon information compiled by Mr Dale Ferguson, Technical Director of Savannah Resources Limited. Mr Ferguson is a Member of the Australian Institute of Mining and Metallurgy (AusIMM) and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the December 2012 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (JORC Code). Mr Ferguson consents to the inclusion in the report of the matters based upon the information in the form and context in which it appears.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

November 20, 2017

PETROFAC LTD » Schlumberger/Halliburton looking to swoop

Shares in Petrofac enjoyed a much-needed boost yesterday as it was reported that US oilfield services giants Schlumberger and Halliburton were looking to swoop in on the troubled firm.

Its stock price jumped by 5.9 per cent, or 24.1p, to close the day at 431p. The rise will be welcomed by investors who have seen Petrofac’s share price plummet in recent months after it was investigated by the Serious Fraud Office for its alleged involvement in the Unaoil bribery scandal. City sources have suggested a price of around 600p per share under a proposed deal, significantly lower than its peak 946p price recorded prior to the SFO probe.

November 18, 2017

CARILLION PLC » CLLN Update

RNS Number : 8037W
Carillion PLC
17 November 2017


17 November 2017

Update on discussions with stakeholders, trading and financial covenants deferral

Carillion plc ("Carillion" or "the Group") today provides an update on discussions with its financial stakeholders, trading and its intention to seek to defer the testing of its financial covenants.

Since July, the Group has been focused on reducing costs, collecting cash, executing its disposals programme and implementing its new operating model. These self-help measures will serve to reduce the Group's average net debt over time, but they will not be sufficient to enable the Group to achieve its target net debt to EBITDA ratio of between 1.0 to 1.5 times by the end of 2018. The Board is therefore in discussions with stakeholders regarding a broad range of options to further reduce net debt and repair and strengthen the Group's balance sheet. This will require some form of recapitalisation, which could involve a restructuring of the balance sheet. The Board expects to commence steps to implement the chosen option during the first quarter of 2018 and a further announcement will be made in due course.

In its interim results on 29 September 2017, Carillion confirmed that it was forecast to be in compliance with its financial covenants as at 31 December 2017. As then indicated, compliance with its financial covenants was dependent on achieving its underlying forecasts, which assume that the normal pattern of receipts and payments continue alongside the completion of a number of PPP disposals and settlement receipts on contracts.

The Board has kept under continuous review the risk that receipts from contract claims and/or disposals forecast to be received during November and December 2017 might slip beyond 31 December 2017. The Group now expects that a combination of delays to certain PPP disposals, a slippage in the commencement date of a significant project in the Middle East and lower than expected margin improvements across a small number of UK Support Services contracts, partially offset by cost savings initiatives realised in the fourth quarter, will lead to profits for the year to 31 December 2017 being materially lower than current market expectations. Given the impact of delays in receipts and disposals, the Group now expects full year average net borrowing in 2017 to be between £875m and £925m.

Based on its latest forecasts, reflecting the items mentioned above, the Board now expects a covenant breach as at 31 December 2017. Following discussions with its principal lenders and with their support, the Board has concluded that it is necessary to amend the relevant agreements to defer the test date for both its financial covenants from 31 December 2017 to 30 April 2018 (based on EBITDA for the 12 months to that date), by which time it expects to be implementing its recapitalisation plan. Carillion has now commenced a process to seek the consents necessary to make this amendment.

Commenting, Interim Chief Executive, Keith Cochrane said:

"Whilst we continue to target cash collections, reduce costs, execute disposals and focus on delivering for our customers, it is clear that significant challenges remain and more needs to be done to reduce net debt and rebuild the balance sheet. Constructive dialogue is continuing with our financial stakeholders, and I am grateful for their support. I remain focused on addressing this issue before my successor, Andrew Davies, takes up the role on 2 April 2018."

This and other Carillion news releases can be found at www.carillionplc.com.

November 17, 2017

PETROFAC LTD » Petrofac in final talks with SACE, UKEF, Kexim

Petrofac in final talks with SACE, UKEF, Kexim to raise funds for USD 6bn Duqm refinery project.

Petrofac Limited is in final discussions with SACE (Servizi Assicurativi del Commercio Estero), UK Export Finance (UKEF), and Export-Import Bank of Korea (Kexim) to raise ECA-backed loans for the USD 6bn Duqm refinery project in Oman. This was according to Manu Soni, manager (strategy co-investment and structured finance) at the UK-based Petrofac’s UAE branch.

He added that the discussions are about to close and all the three ECAs will be involved in the project. Construction work on the project will start as soon as possible.

November 17, 2017

Premier Oil PLC » PMO Trading and Operations Update

RNS Number : 6444W
Premier Oil PLC
16 November 2017


PREMIER OIL PLC

("Premier" or "the Group")

Trading and Operations Update

16 November 2017



Premier provides a Trading and Operations Update for the period 1 January to 31 October 2017.



Highlights

· Production averaged 76.6 kboepd year-to-date with planned 3Q maintenance completed; on track to meet previously increased full year guidance of 75-80 kboepd



· Catcher on schedule for first oil during December; FPSO swivel and buoy successfully mated with the final rotation test imminent and final topsides system commissioning proceeding well



· Heads of Terms signed for FPSO lease extension on Huntington field, extending the life of the field



· Government agreement signed for the sale of Tuna field gas in Indonesia to Vietnam



· Zama appraisal: pre-unitisation discussions with Pemex underway; likely 4 well appraisal programme commencing late 2018



· Disposal programme ongoing including sale of Wytch Farm field for $200 million; shareholder circular to be issued imminently



· Forecast 2017 operating costs of c$16/bbl and gross G&A of $150 million, below budget and in line with previous guidance



· Forecast 2017 development, exploration and abandonment expenditure expected to be $300-310 million, down from previous guidance of $325 million



· Net debt of $2.8 billion at 30 September; debt reduction forecast at year end, including effects of ongoing planned disposals





Tony Durrant, Chief Executive, commented:

"Through strong production, cost control and disposal activity, cash generation is ahead of plan. The excellent progress on the Catcher project, combined with the recovering oil price, will accelerate debt reduction through 2018. The agreement to export Tuna gas to Vietnam, signed last week, adds to Premier's significant backlog of future growth opportunities."





Enquiries




Premier Oil plc


Tel: 020 7730 1111

Tony Durrant, Chief Executive




Richard Rose, Finance Director






Camarco


Tel: 020 3757 4980

Billy Clegg

Georgia Edmonds






Production operations

Production for the ten months to 31 October averaged 76.6 kboepd (2016: 68.2 kboepd) reflecting a period which included the now completed planned maintenance programmes on a number of fields. Production in October averaged 77.0 kboepd. Premier expects to deliver within its previously upgraded full year production guidance of 75-80 kboepd.



kboepd


1 January - 31 October 2017


1 January - 31 October 2016

Indonesia


14.0


14.0

Pakistan & Mauritania


6.6


8.0

UK


41.0


30.1

Vietnam


15.0


16.1

Total


76.6


68.2



Premier's operated Chim Sao field in Vietnam delivered a good production performance over the period underpinned by high operating efficiency, strong reservoir performance and a successful well intervention programme mitigating the natural decline from the field. The first of a two well infill drilling programme has been drilled and brought on-line. A second infill well will be completed by year end. Production was also robust from Premier's Indonesian assets which delivered 14.0 kboepd, with Natuna Sea Block A capturing a market share of 49 per cent of GSA1 deliveries, against a contractual market share of 47 per cent. The recent Anoa development well (WL-5X) was brought on production in August and is producing at 20-25 mmscf/d, helping to confirm and define the potential of the deeper Lama zones within the Anoa field.



UK production averaged 41.0 kboepd, up 35 per cent on the prior corresponding period, principally as a result of a full contribution from the former E.ON assets. Scheduled maintenance programmes were carried out during the third quarter in particular on Huntington (average 13.5 kboped), Solan (average 6.2 kboepd), the Elgin-Franklin area (average 5.5 kboepd) and Ravenspurn North (average 1.3 kboepd). All works have now been completed and the assets are performing in line with our forecasts.



Premier's operated Babbage field continues to outperform averaging 3.1 kboped, following a successful well intervention programme. On Huntington, a Heads of Terms has now been signed with Teekay, the owner of the FPSO, to extend the firm charter period for the Huntington field beyond April 2018 for a minimum of one year with an improved rate structure.



Production from Pakistan and Mauritania averaged 6.6 kboepd in line with expectations. The reduction on the prior corresponding period reflects expected natural decline in all of the gas fields.



Development projects

In the UK, the Premier-operated Catcher project remains on schedule for first oil during December. The FPSO arrived on location on 18 October and the production buoy was successfully pulled into the hull. In the subsequent period the full hook-up process has been essentially finished with the risers, umbilicals and the installation of the ESDVs now complete. The swivel stack is in place and the geostationary pipework connected with the final rotation test due imminently. Testing of the offloading interface with the cargo tanker is underway. Commissioning activities including the running of main power generation, chemical bunkering, system filling, shutdown system testing and system leak testing, which commenced in parallel are ongoing and will be ready for the introduction of hydrocarbons from the Catcher field shortly.



The development drilling programme continues ahead of schedule. The 12 wells originally planned pre-first oil (eight producers and four injectors) have been drilled, completed and tied back to the FPSO and drilling activities on phase 2 of the Catcher development wells are ongoing. The first of these phase 2 wells (CCP9) continued the trend of delivering results on, or better than, prognosis in terms of reservoir quality and flow rates. Total project capex, including remaining contingency is forecast at $1.6 billion, 29 per cent lower than the sanctioned estimate.



Elsewhere in the UK, offshore and onshore FEED on the Premier-operated Tolmount field in the Southern Gas Basin is progressing well. Tendering of the major project scopes is underway and proposals have been received for the pipeline, drilling rig and platform; these are now being evaluated. Alongside the FEED process, the draft Field Development plan has been submitted to the OGA and the Heads of Terms signed with Dana Petroleum and CATS Management Limited in respect of the infrastructure partnership for the Tolmount development, is being progressed into final documentation ready for development sanction planned for the first half of 2018.



In Indonesia, the BIGP development project in Natuna Sea Block A is proceeding well. The Indonesian Government formally approved the project in October and all major contracts have now been awarded. Premier is targeting first gas in 2019 to backfill our existing Singapore and domestic market contracts. On 10 November 2017 Petrovietnam, Premier and SKK Migas (on behalf of the Indonesian Government) entered into a Memorandum of Understanding for future gas sales from the Tuna Field in Indonesia into Vietnam. This represents a significant step forward in the potential development of the field envisaging using a new cross-border pipeline to connect the Tuna area to the existing Nam Con Son Pipeline system in Vietnam. Further appraisal in the area is planned for 2019.



Exploration and appraisal

Premier is working with its joint venture partners Talos Energy (Operator) and Sierra Oil & Gas to progress the appraisal and development of the world class oil discovery at the Zama-1 well in Block 7 Sureste Basin offshore Mexico. The Zama discovery extends into a neighbouring block operated by PEMEX. Discussions have commenced and are progressing well, to agree a pre-unitisation agreement with PEMEX to enable an appraisal programme to commence in late 2018 or early in 2019.



In the UK, operations on the Ravenspurn North Deep well (Premier carried 5 per cent interest), which is testing the potential of a deep Carboniferous age horizon underlying the Ravenspurn North field are ongoing and the well remains on tight hole status.



Portfolio management

As previously announced, Premier entered into a sale and purchase agreement to sell its interests in Licences PL089 and P534, which contain the Wytch Farm field, to Verus Petroleum (SNS) Limited ("Verus") for $200 million cash consideration. The transaction was subject to the pre-emption rights of existing joint venture partners and Premier subsequently received notification from Perenco UK Limited ("Perenco") of its intention to exercise those rights. It is therefore expected Premier will shortly enter into a sale and purchase agreement with Perenco on materially the same terms and conditions as were previously agreed with Verus, including unchanged cash consideration of $200 million. The disposal will be conditional, amongst other things, on shareholder approval and a circular will be issued to shareholders convening a general meeting as soon as possible. Subject to fulfilling the conditions, completion is expected by the end of December 2017.



In April, Premier announced the sale of its Pakistan business to Al-Haj Group for $65.6 million. To date, Al-Haj has paid non-refundable deposits in accordance with the agreement of $25 million. In addition to the clearance received from the Competition Commission of Pakistan, engagement with the Pakistani authorities with respect to other approvals is progressing well and completion of the transaction is expected by year end. In the meantime Premier continues to collect the cashflows generated from the Pakistan assets.



Discussions are ongoing with a number of parties regarding potential non-core asset disposals principally from the E.ON portfolio acquired in 2016.



Finance
Premier anticipates 2017 full year operating expenses of c$16/boe in line with previous guidance. The increase from 1H 2017 reflects the expected lower production in the second half of the year as a result of the scheduled Q3 maintenance period. Gross G&A costs are forecast at $150 million for 2017 below the budget for the year.



Premier's development, exploration and abandonment expenditure for 2017 is now expected to be between $300 - 310 million, down from previous guidance of $325 million.



Despite the forward curve being in backwardation, Premier has taken advantage of the improvement in the commodity prices to increase its hedge position into 2018 through a combination of fixed price and option sales.



At 31 October, the Company's hedge position was as follows:






Q4 2017


H1 2018


H2 2018

Oil hedges


% hedged


Price ($/bbl)


%

hedged


Price ($/bbl)


%

hedged


Price ($/bbl)

Fixed price oil hedges


19%


52.4


30%


53.5


16%


55.7

Options (average floor price)




22%




51.1




20%




54.7




-




-

UK gas hedges


% hedged


Price (p/therm)


%

hedged


Price (p/therm)


%

Hedged


Price (p/therm)

Fixed price


40%


49.2


34%


48.4


13%


43.2





Net debt at 30 September was $2.8 billion, reflecting previously guided one off adjustments incurred in connection with the refinancing becoming effective, translation differences on non-dollar denominated debt and lower Q3 production. With the increase in production in Q4 and higher oil prices, Premier expects to generate positive free cash flow in Q4 despite ongoing capex at Catcher and to be cash flow positive for the full year including planned disposals. As at 30 September, Premier retains significant cash and undrawn facilities. As capex commitments (including the completion of the development phase of the Catcher field) reduce, debt reduction will accelerate through 2018.



Future announcements

The next Premier Trading and Operations Update will be provided on 11 January 2018. Premier's Full Year Results for 2017 will be announced on 8 March 2018.

November 16, 2017

Vodafone Group Plc » Vodafone Group Plc - VOD Half-year Report

Vodafone announces results for the six months ended 30 September 2017

14 November 2017

Highlights

· Group total revenue down 4.1% to €23.1 billion, primarily due to the deconsolidation of Vodafone Netherlands and FX movements; operating profit up 32.5% to €2.0 billion; profit for the financial period of €1.2 billion

· Organic service revenue up 1.7%*; Q2 up 1.3%* (Europe 0.8%*, AMAP 6.2%*)

· Organic adjusted EBITDA up 13.0%* to €7.4 billion (9.3%* ex roaming, UK handset financing and regulatory settlements1)

· Free cash flow (pre-spectrum) improved to €1.3 billion vs. a €0.1 billion outflow in the prior year. Free cash flow was €0.4 billion vs. a €0.4 billion outflow in the prior year

· Raising full-year guidance for organic adjusted EBITDA growth to around 10% (previously 4-8%), implying a range of €14.75-€14.95 billion at guidance FX rates; FCF pre-spectrum to exceed €5 billion (previously 'around €5 billion')

· Vodafone India service revenues down 15.8%*, adjusted EBITDA down 39.2%*; merger with Idea Cellular progressing well

· Interim dividend per share of 4.84 eurocents, up 2.1%

November 14, 2017

SDX ENERGY INC. » SDX Gas discovery at KSR-15 well, Morocco

SDX Energy Inc. (TSXV, AIM: SDX), the North Africa focused oil and gas company, is pleased to announce that a gas discovery has been made at its KSR-15 development well on the Sebou permit in Morocco (SDX 75% Working Interest).

The KSR-15 well was drilled to a total depth of 1,774 meters and encountered 17.2 meters of net conventional natural gas reservoir section across 4 intervals. The primary target, the Hoot sand, had an average porosity of 29%. This is the highest average porosity recorded for the Hoot sand in the basin. The quality of the Hoot exceeded our pre-drill estimates and, once the drilling rig has left the location, the Company expects that the well will be connected to the existing infrastructure and on production in early December.

The previously drilled KSR-14 well has been connected to the existing infrastructure and it is anticipated that testing will commence this week. Those test results will be reported in a separate release when available.

Paul Welch, President and CEO of SDX, commented:

"We are pleased to be announcing another successful result from our Moroccan drilling campaign as we continue to build real momentum with this programme. It is also very encouraging to have connected the first well and I look forward to reporting on the test results in due course. These first two successful wells keep moving us closer to achieving our target of increasing local gas sales volumes in Morocco by up to 50% in 2018"

About SDX

SDX is an international oil and gas exploration, production and development company, headquartered in London, England, UK, with a principal focus on North Africa. In Egypt, SDX has a working interest in two producing assets (50% North West Gemsa & 50% Meseda) located onshore in the Eastern Desert, adjacent to the Gulf of Suez. In Morocco, SDX has a 75% working interest in the Sebou concession situated in the Rharb Basin. These producing assets are characterised by exceptionally low operating costs making them particularly resilient in a low oil price environment. SDX's portfolio also includes high impact exploration opportunities in both Egypt and Morocco.

For further information, please see the website of the Company at www.sdxenergy.com or the Company's filed documents at www.sedar.com.

November 13, 2017

TAYLOR WIMPEY PLC » TW. Trading statement

"Taylor Wimpey has performed strongly during the second half of 2017, delivering excellent sales rates and making further good progress against our operational targets. While we are alert to potential political and economic risks, demand for new housing remains high across the UK and market conditions are favourable. Notwithstanding the recent small increase in the base rate, we have continued to see stability in trading patterns.

Looking ahead, we are on track to meet our full year expectations and deliver further growth and performance improvement in 2018. With a strong balance sheet in place and a high-quality landbank, our business is very well positioned to deliver sustainable growth".

UK current trading

The UK housing market has remained positive through the second half of 2017. Customer demand continued to be robust supported by healthy employment trends, a competitive mortgage market and the Government's Help to Buy scheme. We have experienced favorable trading patterns across our businesses, while in Central London market conditions remain stable.

Sales rates for the year to date have continued to be strong at 0.81 sales per outlet per week (2016 equivalent period: 0.75). For the second half of the year to date, sales rates are 0.71 (2016 equivalent period: 0.70), with a sales rate of 0.73 over the last 8 weeks (2016 equivalent period: 0.73). Cancellation rates for the year remain low at 13% (2016 equivalent period: 13%). For the year to date we have operated on an average of 290 outlets (2016 equivalent period: 291). Current outlets stand at 285, slightly higher than the equivalent period last year.

The current total order book, excluding joint ventures, of 8,751 homes, is slightly below last year (2016 equivalent period: 8,981), and stands at c.£2.2 billion (2016 equivalent period: c.£2.3 billion).

Build costs are expected to increase 3-4% this year, as previously indicated, with the greater pressure coming from labour costs and a more modest level of cost inflation in building materials.

Land

The land market remains very attractive and we continued to acquire land on compelling financial metrics. With our short term landbank at broadly optimal scale we are operating on a replacement basis, and therefore remain disciplined in our approach, only pursuing opportunities that meet our investment and location criteria. Having added c.13,700 plots to the short term landbank in the year to the end of October, the short term landbank has grown slightly to c.80k plots, with the strategic landbank at c.107k plots.

In August, as previously announced, the Group acquired part of the Mount Pleasant estate, in Central London, from the Royal Mail for a total cash consideration of £190 million. The development represents an excellent multi-year development opportunity in a high-quality location, with attractive financial metrics that meet all the Group's key investment criteria. Separately, our Major Developments business has recently announced a joint venture agreement with Wandsworth London Borough Council for the regeneration of Winstanley and York Road estates that will provide more than 2,200 new homes, in addition to significant new amenities and facilities for the local community.

Spain current trading

The Spanish housing market has remained strong throughout 2017. The order book for our Spanish business stands at 388 homes as of 5 November 2017 (2016 equivalent period: 342 homes). We expect the business to report another year of growth in operating profit* in 2017 (FY 2016: £20.6 million operating profit*).

Group financial position

We expect net cash at the end of 2017 to be around £500 million (31 December 2016: £365 million), subject to the timing of conditional land purchases, and after the payment of £450 million of dividends to shareholders in 2017.

Leasehold

At the conclusion of our leasehold review we made a provision in the first half accounts, before tax, of £130 million, which we continue to believe is an appropriate estimate. Following the launch of our Ground Rent Review Assistance Scheme in April, we were pleased to reach agreements with freeholders to enable the substantial majority of our customers with a ten-year doubling lease to convert ground rent terms to an RPI based structure, should they elect to participate. Converting to an RPI based structure addresses concerns about the mortgageability and saleability of these properties. We continue to make good progress towards securing agreements with other freeholders to also enable the conversion of the remaining doubling ground rent leases. We expect a modest cash impact in 2017 with the majority of the outflow to be spread over approximately the next two years.

Outlook

We are on track to deliver FY17 results in line with our expectations, and we expect to achieve further growth and performance improvement in 2018. In FY17 we expect to deliver an increase in the operating profit* margin (FY 2016: 20.8%), a return on net operating assets** of over 30% and we also confirm the FY18 total dividend of c.£500 million, subject to relevant shareholder approvals. We reiterate our intent to make further material capital returns in 2019 and beyond, and we will provide further details at our Strategy Day next year. We remain highly focused on driving improvements in all our operational disciplines and are pleased with the continued progress being made with both our customer and product offerings.

Whilst underlying market conditions remain healthy and we have seen no evidence of a change in trading patterns we are nevertheless alert to the potential risks from heightened political and economic uncertainty. Our strategy, based on a robust balance sheet, a high quality landbank and a strong order book, provides the flexibility and resilience to enable us to manage any change in market conditions, if required.

* Operating profit is defined as profit on ordinary activities before net finance costs, exceptional items and tax, after share of results of joint ventures.

** Return on net operating assets is defined as 12 month operating profit divided by the average of the opening and closing net operating assets, which is defined as net assets less net cash less deferred tax balances, less any accrued dividends.

-Ends-

November 13, 2017

Vodafone Group Plc » Vodafone India & Idea - Sale of Standalone Towers

American Tower to acquire the standalone tower businesses of Vodafone India and Idea Cellular

London, United Kingdom, Mumbai India - November 13, 2017

· Vodafone India and Idea Cellular Limited ("Idea")[1] have separately agreed to sell their respective standalone tower businesses in India to ATC Telecom Infrastructure Private Limited ("ATC TIPL", formerly Viom)[2] for an aggregate enterprise value of INR78.5 billion (US$1.2 billion)[3].

· The standalone tower businesses of Vodafone India and Idea are pan-Indian passive telecommunication infrastructure businesses, comprising a combined portfolio of approximately 20,000 towers with a combined tenancy ratio of 1.65x as at 30 June 2017.

· Idea will sell its entire stake in ICISL and Vodafone India will sell a business undertaking to ATC TIPL.

· Both Vodafone India and Idea as customers, and ATC TIPL as a mobile network infrastructure provider, have agreed to treat each other as long-term preferred partners, subject to existing arrangements. The parties will work together to further the expansion of high speed mobile networks in India.

· After Vodafone India and Idea have completed their merger, ~6,300 co-located tenancies of the two operators on the combined standalone tower businesses will collapse into single tenancies over a period of two years without the payment of exit penalties[4].

· This transaction follows the Vodafone India / Idea merger announcement of 20 March 2017 whereby the parties announced their intention to sell their individual standalone tower businesses to strengthen the balance sheet of the combined business.

· In the event that the completion of the sale of the standalone tower businesses precedes the completion of the proposed merger of Vodafone India and Idea, Vodafone India will receive INR38.5 billion (US$592 million) and Idea will receive INR40.0 billion (US$615 million)[5]. The receipt of these proceeds prior to completion was anticipated and provided for in the merger agreement and hence would not affect the agreed terms of the Vodafone India and Idea merger, including the amount of debt which Vodafone will contribute to the combined company at completion[6].

· Completion of the transaction is subject to customary closing conditions and receipt of necessary regulatory approvals, and is expected to take place during the first half of calendar year 2018.

November 13, 2017

PETROFAC LTD » Petrofac beefs up defences amid threat of takeover

11 November 2017 • 8:15pm

OIL services firm Petrofac is readying its defence against the looming threat of an opportunistic takeover as its ­battle against corruption allegations drags on.

City sources told The Sunday Telegraph that a refreshed squad of advisers will be undertaking a forensic study of the firm’s true value as a pre-emptive strike against a hostile takeover following a sharp slump in its share price.

Petrofac has been left exposed to the possibility of an unwelcome swoop after its stock market value halved within weeks of a Serious Fraud Office probe commencing into its alleged involvement in the Unaoil corruption scandal.

The SFO is investigating whether the company secured service contracts by paying bribes to Unaoil, which it suspects was acting as a “middleman” in deals across the global industry. Both Petrofac and Unaoil have ­denied wrongdoing. Ayman Asfari, the group’s chief ­executive and largest shareholder, is also battling personal insider trading allegations made by the Italian authorities. These are also allegations that he denies.

Even though Petrofac has managed to snap up a string of lucrative ­contracts in the Middle East and Russia, its share price has remained at stubbornly low levels. Sources say this makes the firm a tempting target. Petrofac’s share price has crashed 51pc since the start of the year, leaving it with a market cap of £1.5bn.

Its position looks more precarious following a wave of deal activity in the oil services industry.

In recent weeks Wood Group completed a £2.2bn merger with Amec Foster-Wheeler, while Canada’s SNC-Lavalin snapped up UK-based WS Atkins in a £2.1bn deal over the summer.

According to industry insiders Mr Asfari is committed to turning the company around and is unlikely to welcome an approach. He currently holds over 18pc of the company, posing a ­serious hurdle for buyers.

A spokesperson for Petrofac said: “Petrofac keeps all of its advisory relationships under regular review as part of its ordinary course of business."

Source: http://www.telegraph.co.uk/business/2017/11/11/petrofac-beefs-defences-amid-threat-takeover/

November 13, 2017

FAROE PETROLEUM PLC » FPM Fixed Income Investor Meetings

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK, has mandated Danske Bank, DNB Markets and SEB to arrange a series of fixed income investor meetings commencing on 15 November 2017. Subject to market conditions, a senior unsecured bond issue of $100 million, with an expected tenor of five years may follow.

Following the success of Faroe Petroleum's exploration, appraisal and corporate activities, the Company has built a strong and diversified portfolio of producing assets with expected net production of 13-15,000 boepd in 2017, as well as a number of high-quality development projects on the Norwegian Continental Shelf. Whilst there can be no certainty that a debt transaction will follow the Company's investor meetings, any debt raised will support the Company's stated goal of increasing materially its profitable production.

November 10, 2017

GENEL ENERGY PLC » GENL Receipt of payment for KRI oil exports

10 November 2017

Genel Energy plc

Receipt of payment for KRI oil exports from Tawke and Taq Taq PSCs

Genel Energy plc ('Genel' or 'the Company') is pleased to announce the receipt of payments from the Kurdistan Regional Government ('KRG') for oil sales during August 2017 from the Tawke and Taq Taq PSCs. Genel's net share of the payments is $16.86 million.

Combined with the payment for the September override received earlier this week, this brings the total November 2017 net receipts to $23.27 million.

DNO ASA, as operator of the Tawke PSC, has announced the receipt of $46.53 million from the KRG as payment towards August 2017 crude oil deliveries to the export market from the Tawke licence. Genel's net share of payment is $11.63 million.

The Taq Taq field partners have received a gross payment of $9.51 million from the KRG for oil sales during August 2017. Genel's net share of the payment is $5.23 million.

November 10, 2017

PETROFAC LTD » Scotvalve secures late life asset maintanence cont

Scotvalve Services, part of the Petrofac Group, has secured a contract for the provision of wellhead maintenance services with a North Sea Operator.

The three-year award, which includes two one-year extension options, relates to the provision of maintenance for surface production wellhead equipment and tools.

From its state-of-the-art facility in Kintore, Aberdeenshire, Scotvalve will also manage repairs and the replacement of ageing infrastructure, through to the manufacture of new and bespoke parts.

David Hutchison, Operations Director, Late Life Asset and Decommissioning, Petrofac Engineering and Production Services (West), said: “We are delighted to be awarded this contract and we look forward to drawing on our experience of safe and efficient maintenance and support services to help our client maximise operational efficiency, whilst reducing and controlling operating expenditure.”

Scotvalve Services has a 32-year track record of providing specialist refurbishment and recertification services to the energy sector. Its Kintore facility has been designed to accommodate the largest equipment in the surface and sub-surface industry, allowing the safe and efficient dismantling and inspection of equipment, regardless of size or configuration.

November 9, 2017

JERSEY OIL AND GAS PLC » Completion of Fundraising and Issue of Equity

RNS Number : 0860W
Jersey Oil and Gas PLC
09 November 2017

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A BREACH OF THE RELEVANT SECURITIES LAWS OF SUCH JURISDICTION.

Capitalised terms used in this announcement shall have the same meanings as the definitions set out in the Company's announcement of 20 October 2017 and in the Circular.

9 November 2017

Jersey Oil and Gas plc

("Jersey Oil and Gas" or the "Company")

Result of General Meeting

Result of Offer, Completion of Fundraising and Issue of Equity

Jersey Oil and Gas (AIM: JOG), an independent upstream oil and gas company ?focused on the UK Continental Shelf ("UKCS") region of the North Sea, announces that the resolutions proposed at its General Meeting held earlier today, as set out in the formal Notice of General Meeting dated 24 October 2017, were all duly approved by shareholders.

The Offer announced as part of the Fundraising on 20 October 2017 having now closed for acceptances, the Company is pleased to announce that valid acceptances were received from Qualifying Participants in respect of, in aggregate, 1,878,441 Offer Shares, representing approximately 93.92 per cent. of the Offer Maximum. Qualifying Participants that have made valid applications will therefore be allocated all of the Offer Shares that they applied for.

Accordingly, pursuant to the Placing and Offer announced on 20 October 2017 and further to the abovementioned passing of all resolutions at the Company's General Meeting held earlier today, the Company is issuing 10,000,000 new Ordinary Shares pursuant to the Placing and 1,878,441 new Ordinary Shares pursuant to the Offer at a price of 200 pence per share. The Company has therefore raised total gross proceeds from the Fundraising of approximately £23.76 million.

Mr Marcus Stanton, Non-Executive Chairman of Jersey Oil and Gas, has subscribed for a further 7,500 Ordinary Shares under the Offer in addition to his participation in the Placing as announced on 20 October 2017. Mr Stanton will therefore be issued, in aggregate, 15,000 new Ordinary Shares pursuant to the Fundraising and following the issue of these shares will be interested, in aggregate, in 39,192 Ordinary Shares representing approximately 0.18 per cent. of the Company's enlarged issued share capital.

The participation by Mr Stanton in the Offer is considered to be a related party transaction for the purposes of Rule 13 of the AIM Rules for Companies. The Directors (other than Mr Stanton) consider, having consulted with Strand Hanson Limited, the Company's nominated adviser, that the terms of the participation by Mr Stanton in the Offer are fair and reasonable in so far as the Company's Shareholders are concerned.

Application has been made for admission of the Placing Shares and 1,878,441 Offer Shares to trading on the AIM market of the London Stock Exchange, which is expected to become effective and dealings commence at 8.00 a.m. on 10 November 2017 ("Admission"). Following Admission, the Company's enlarged share capital will comprise 21,829,227 Ordinary Shares, with voting rights. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of Ordinary Shares in the Company with voting rights will be 21,829,227 Ordinary Shares and shareholders may use this figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

Andrew Benitz, CEO of Jersey Oil and Gas Plc, commented:

"This has been an exceptional few months for Jersey Oil and Gas following the drilling of the Verbier oil discovery, which the operator, Statoil (U.K.) Limited ("Statoil"), initially estimates to contain gross recoverable resources of between 25 to 130MMboe. With today's successful completion of the Placing and Offer, we now have funding in place for the anticipated Verbier appraisal and Cortina exploration drilling programmes, the details of which will be decided upon and finalised with our partners, Statoil and CIECO V&C (UK) Limited, following full evaluation of the discovery well results alongside the existing 3D seismic data.

"The Board and I would like to welcome our new shareholders and acknowledge the valuable support of our existing shareholders, and we look forward to delivering further value as we continue to pursue our production focused acquisition strategy in the UKCS."

November 9, 2017

TULLOW OIL PLC » Tullow Oil plc - November Trading Update

RNS Number : 8486V
Tullow Oil PLC
08 November 2017


Tullow Oil plc - November Trading Update

2017 oil production forecast revised upwards to 85-89,000 bopd

Full year free cash flow forecast of c.$0.4 billion

Jubilee and TEN plans approved; drilling to commence in early 2018



8 November 2017 - Tullow Oil plc (Tullow) issues the following Trading Update for the period 27 July to 8 November 2017. The Group will publish a Trading Statement and Operational Update on 10 January 2018. Full Year Results for 2017 will be announced on 7 February 2018.

Highlights

· Full year 2017 West Africa net oil production guidance, including production-equivalent insurance payments, revised upwards to 85-89,000 bopd (from 78-85,000 bopd), following strong production performance from both TEN and Jubilee.

· TEN FPSO commissioning completed; 2017 gross production now expected to exceed guidance of 50,000 bopd following higher rates in the second half of the year; final ITLOS tribunal decision results in no adverse impact to the TEN fields and allows development drilling to resume in early 2018.

· Greater Jubilee Full Field Development Plan approval received from the Government of Ghana - drilling to commence in 2018; Jubilee turret remediation work optimised and now planned for 2018 with seven-to-nine weeks of total shut-down.

· Uganda farm-down submitted to the Government for approval following signature of pre-emption documentation; deal completion expected in the first half of 2018. Working towards FID in the first half of 2018, with FEED and ESIAs for upstream and pipeline progressing in line with schedule.

· South Lokichar Exploration and Appraisal drilling campaign now concluded, results being evaluated and incorporated in the development plans. Early Oil Pilot Scheme (EOPS) is now expected to commence early in 2018.

· Araku-1 wildcat well drilled in Block 54 in Suriname; no significant reservoir quality rocks encountered, but presence of gas condensate de-risks deeper plays for future possible exploration.

· 2017 Capex guidance reduced to c.$0.3 billion; free cash flow of around $0.4 billion forecast for 2017; Net debt at 31 October 2017 reduced to $3.6 billion. The RBL re-financing is on schedule to complete before year-end.

PAUL MCDADE, CHIEF EXECUTIVE OFFICER, TULLOW OIL PLC, COMMENTED TODAY:

"I am pleased to report that Tullow continues to make good operational and financial progress. The business is generating free cash flow which is enabling us to continue to reduce our debt. We have upgraded our oil production forecasts for West Africa following strong production at both Jubilee and TEN. In East Africa, both our projects are making steady progress towards Final Investment Decisions with our Kenyan business beginning the important shift from exploration and appraisal to development. With financial discipline and efficiency embedded across the Group, and with market conditions showing some early signs of improving, Tullow is well placed to benefit both from targeted investment in our diverse, low-cost portfolio and the opportunities that this point in the cycle presents."

Operational Update

GROUP PRODUCTION

Tullow's West Africa 2017 net oil production forecast, including production-equivalent insurance payments, has been revised upwards to 85-89,000 bopd (from 78-85,000 bopd), due to strong production performance from both TEN and Jubilee.

Gas production from the European portfolio is performing in line with guidance which remains unchanged at 5,500 to 6,000 boepd for the full year. Production will be adjusted to reflect the sale of the Group's entire Netherlands portfolio to Hague and London Oil plc (HALO) once the deal completes which is expected later this month.

WEST AFRICA

Ghana

Jubilee

The Jubilee Turret Remediation Project continues to progress well and during the period, the focus has been on optimising the remaining work programme and schedule. As a result, the turret bearing stabilisation works will now take place in the first quarter of 2018 and are expected to require shut-downs totalling approximately four-to-six weeks (down from five-to-eight weeks as previously guided). The next phase to rotate the FPSO to its permanent heading and to carry out the final spread-mooring will take place around the end of 2018 and is expected to require a shut-down of approximately three weeks. Tullow's corporate Business Interruption insurance is expected to offset the loss of revenue associated with these shut-down periods. Work is also continuing on the plan for the installation of a deep-water offloading system which would take place in 2019 and result in minimal interruption to production.

The combination of deferring the turret bearing stabilisation shutdowns into 2018 and good performance from the Jubilee field in the second half of 2017 means that full year gross production guidance from Jubilee has been increased to around 89,000 bopd (net: 31,600 bopd). Tullow's corporate Business Interruption insurance is expected to reimburse around 6,800 bopd of net production-equivalent insurance payments. Therefore, full year net production guidance from Jubilee, including production-equivalent insurance payments, has been increased to 38,400 bopd.

In October 2017, the Government of Ghana approved the Greater Jubilee Full Field Development (GJFFD) Plan which has been designed to develop additional commercial reserves and extend the field production profile. Approval of this plan permits infill drilling to commence on the Jubilee field and subsequent development of the Mahogany and Teak fields.

TEN

The TEN fields have performed well in the second half of 2017 and full year gross production guidance is now expected to exceed original guidance of 50,000 bopd (net: 23,600 bopd). Final commissioning of the FPSO has now been completed and with continued optimisation of production and water injection, the field performed well and has been regularly producing over 60,000 bopd during the period.

On 23 September 2017, the International Tribunal for the Law of the Sea (ITLOS) made its decision with regard to the maritime boundary dispute between Ghana and Côte d'Ivoire. The new maritime boundary, as determined by the tribunal, does not affect the TEN fields and Tullow has received confirmation from the Government of Ghana that the moratorium on drilling has now been lifted.

Ghana drilling in 2018

Following the ITLOS Tribunal decision and approval of the GJFFD Plan, Tullow is in the final stages of securing a rig for drilling on both the TEN and Jubilee fields in 2018. Work is ongoing on the sequence of the drilling campaign to optimise output from both the Jubilee and TEN field with the first well in the schedule expected to be in the Ntomme area of the TEN fields with drilling expected to commence in early 2018.

Non-operated Portfolio

The West Africa non-operated portfolio has been performing in line with expectations and production is expected to average around 23,000 bopd net in 2017.

Full year gas production from Europe is expected to average around 5,800 boepd, in line with guidance. The sale of Tullow's entire Netherlands portfolio to HALO is expected to complete later this month. Tullow will adjust its full year European production accordingly at the year end to reflect this sale.

EAST AFRICA

Kenya

In Kenya, the current phase of exploration and appraisal drilling in the South Lokichar Basin has been concluded and the focus is now on the Early Oil Pilot Scheme (EOPS) and the development of the discovered resources.

Successful exploration wells drilled in the programme were the Erut-1 well that tested and proved the northern extent of the basin and the Emekuya-1 well that further de-risked the Greater Etom structure and the northern area of the basin. The two remaining exploration wells drilled included the Etiir-1 well, which although dry, helped to understand the westerly extent of the Greater Etom Structure, and the Ekales-3 well which tested an undrilled fault block adjacent to the Ekales field. While reservoir and oil shows were encountered, the well was deemed non-commercial.

Appraisal drilling has also been a key focus of the programme in 2017. Appraisal wells were drilled at Ngamia-10 and 11, Amosing-6 and 7 and Etom-3 and all the wells have improved the definition of the limits of their respective fields. The final well in the programme was the Amosing-7 appraisal well and the Marriott-46 rig has now been demobilised.

The Auwerwer and Lokone reservoirs in the Etom-2 well were tested utilising artificial lift and flowed at 752 bopd and 580 bopd respectively which was lower than anticipated. As a result, further technical work will be undertaken to assess how representative the tests may have been and identify potential options to increase flow rates from the Etom field.

Activity will now move to focus on collecting further dynamic data from the fields. As part of EOPS extended production, water injection testing and a waterflood pilot test utilising the Ngamia-11 well are planned for the first half of 2018. Produced oil will initially be stored, until all work is completed and necessary consents and approvals granted for the transfer of crude oil to Mombasa by road.

Tullow is now reviewing all the data from the South Lokichar basin and in the first quarter of 2018 intends to give its assessment of Contingent Resources and plans for developing the basin.

A Joint Development Agreement (JDA), setting out a structure for the Government of Kenya and the Kenya Joint Venture Partners to progress the development of the export pipeline, was signed on 25 October 2017. The JDA allows important studies to commence such as FEED, Environmental and Social Impact Assessments (ESIA), as well as studies on pipeline financing and ownership. Upstream FEED and ESIAs are expected to commence in the first quarter of 2018.

Uganda

Tullow's farm-down in Uganda continues to progress with the signature of the pre-emption documents by the Joint Venture Partners. The Joint Venture Partners have officially notified the Government of Uganda, seeking its approval of the transaction. Tullow now anticipates that the farm-down with Total and CNOOC will complete in the first half of next year with cash payment on completion and payment of deferred consideration for the pre-completion period (including the whole of 2017) being received in 2018. The Joint Venture partners are working towards reaching FID in the first half of 2018; at which point Tullow's second cash instalment from the farm down will be received. In line with its post-transaction status, Tullow has been reducing its footprint in Uganda and is preparing for a non-operated presence only.

Operational activity is continuing as planned, with FEED and ESIAs for both the upstream and pipeline progressing in line with the FID schedule. Discussions on the pipeline project continue with both Governments supporting progress on the key commercial and transportation agreements. Commitment to the pipeline project was marked by both the Ugandan and Tanzanian Governments in August when a foundation stone was laid by the Presidents of each country at the Tanga Port in Tanzania. Two further ceremonies are planned for this month where a cross-border stone will be laid at the Uganda-Tanzania border and a foundation stone will be laid in Hoima, Uganda.

NEW VENTURES

South America

In October, the Araku-1 exploration well in Suriname was drilled to a total depth of 2,685 metres and no significant reservoir quality rocks were encountered. The well has been plugged and abandoned. Logging and sampling proved the presence of gas condensate, which in combination with high quality 3D seismic data, has de-risked deeper plays which offer significant future exploration potential in the Group's acreage. The well was drilled safely and under budget with a net cost to Tullow of c.$11 million.

In August, Tullow completed the farmout of a 20% equity in the Block 47 license offshore Suriname to Ratio Petroleum.

3D seismic acquisition in Guyana concluded in September. Processing of data acquired is in its early stages to mature and rank identified prospects for future potential drilling.

In Jamaica, Tullow entered into the next phase of the Walton Mourant license in October 2017 and will acquire a 2,100 sq km 3D survey in 2018.

Africa

In October 2017, Tullow announced that it had signed four new onshore licences (CI 518, CI 519, CI 301 and CI 302) in Côte d'Ivoire. The licences cover 5,035 sq km and a full tensor gradiometry gravity survey will begin in 2018.

In Mauritania, a 3D survey in Block C3 to cover new shallow water plays began in September 2017 and has now concluded. Tullow will also relinquish its interest in Block C-10 at the end of November. The Partnership are exiting at the end of the second exploration period as insufficient commercial justification could be made to enter into a third phase of the licence.

In Zambia, a 20,000 sq km full tensor gradiometry gravity survey and passive seismic survey to cover frontier Tertiary age rift basins finished in October 2017. The data from all the surveys is now being assessed.

In Namibia, Tullow completed the farmout of a 30% interest in the PEL37 license to ONGC Videsh in October.

Financial update

Tullow formally commenced the re-financing of its Reserves Based Lending facility in October and is on schedule to complete the process before the end of the year. At 31 October 2017, Tullow had net debt of $3.6 billion, down from $3.8 billion at the Half Year, and unutilised debt capacity and free cash of approximately $1.2 billion.

Forecast capital expenditure for the year has reduced to approximately $0.3 billion (net of accrual reversals) following a reduction of approximately $60 million made across the Group's East African assets. This Group forecast includes expenditure of approximately $65 million in Uganda which will be reimbursed once the farm-down completes next year.

Strong production and higher oil prices for much of the second half of the year continues to positively impact cash flow generation, and for the Full Year 2017, the Group expects to generate around $0.4 billion of free cash flow.

November 8, 2017

FAROE PETROLEUM PLC » Re: FPM share price now at 105.25

IMHO, yes. I believe $70 oil will be a reality in December or early 2018. FPM have a lot of things in the pipeline and I expect to see the SP hit the old 115.00 target before the year end.

November 7, 2017

Premier Oil PLC » PMO shorts increasing and so is the SP :)

GLG Partners LP https://www.shortdata.co.uk/fund.php?name=GLG%20Partners%20LP

Highbridge Capital Management LLC https://www.shortdata.co.uk/fund.php?name=Highbridge%20Capital%20Management%20LLC

Whitebox Advisors LLC https://www.shortdata.co.uk/fund.php?name=Whitebox%20Advisors%20LLC

All three of these fund managers increased their short positions in PMO at the beginning of November and the SP has continued to rise each day!

PMO is 11.57% short at time of posting and SP is 76.75p

The SP was around 72p when these shorts opened.

November 7, 2017

IMAGINATION TECH GROUP PLC » RECOMMENDED CASH ACQUISITION

RNS Number : 2165V
Imagination Technologies Group PLC
01 November 2017

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

1 November 2017

RECOMMENDED CASH ACQUISITION
of
Imagination Technologies Group plc
by
CBFI Investment Limited

a wholly-owned subsidiary of funds managed by

Canyon Bridge Capital Partners, LLC

Revised Timetable

On 22 September 2017, Imagination Technologies Group plc ("Imagination") and CBFI Investment Limited, a newly incorporated company ("CBFI"), indirectly owned by Canyon Bridge Fund I, LP ("Canyon Bridge"), a fund managed by U.S. headquartered Canyon Bridge Capital Partners, LLC announced that they had reached agreement on the terms of a recommended cash acquisition by which the entire issued and to be issued ordinary share capital of Imagination will be acquired by CBFI (the "Acquisition") by means of a Court approved scheme of arrangement under Part 26 of the Companies Act 2006 (the "Scheme").

On 31 October 2017 Imagination announced that the requisite shareholder majorities to approve the Scheme and the Acquisition at the Court Meeting and the Imagination General Meeting had been obtained.

Next steps and timetable

The Scheme remains subject to the sanction by the Court at the Court hearing to sanction the Scheme and the satisfaction or (if capable of waiver) the waiver of the remaining Conditions to the Scheme (as set out in the Scheme Document).

The board of directors of Imagination now expects completion of the Acquisition to be on the following timetable:

Event

Expected time/date(1)

Court hearing to sanction the Scheme


Thursday 2 November 2017

Last day of dealings in Imagination Shares


Thursday 2 November 2017

Dealings in Imagination Shares suspended in London


7.30 a.m. on Friday 3 November 2017

Scheme Record Time


6.00 p.m. on Friday 3 November 2017

Effective Date of the Scheme


Friday 3 November 2017

De-listing of Imagination Shares


8.00.a.m on Monday 6 November 2017

Despatch of cheques and crediting of CREST for cash consideration due under the Scheme


By 17 November 2017

(1) These times and dates are indicative only and will depend, among other things, on the date upon which the Court sanctions the Scheme and the date on which the Conditions are satisfied or, if capable of waiver, waived. The timetable is also dependent on when the Court Order sanctioning the Scheme is delivered to the Registrar of Companies. Imagination will give notice of any change(s) by issuing an announcement through a Regulatory Information Service and, if required by the Panel, post notice of the change(s) to Imagination Shareholders and persons with information rights.

Unless otherwise defined, all capitalised terms in this announcement (the "Announcement") shall have the meaning given to them in the Scheme Document.

November 1, 2017

Echo Energy » ECHO Farm-In Agreement

RNS Number : 1824V
Echo Energy PLC
01 November 2017

1 November 2017

Echo Energy plc

("Echo" or the "Company")

Country Entry: Argentina

Signature of Onshore Farm-In Agreement covering 4 assets

Echo Energy plc, the South and Central American focused upstream gas company, is pleased to announce that it has entered into a binding farm-in agreement (the "Farm-In") with Compañía General de Combustibles S.A. ("CGC"), a privately-owned subsidiary of the Argentinian conglomerate Corporación América International, for the acquisition by Echo of a 50% interest in each of the Fracción C, Fracción D, Laguna de los Capones and Tapi Aike licences, onshore Argentina (the "Transaction").

The Fracción C, Fracción D, Laguna de los Capones and Tapi Aike licences (the "Licences") all sit in the prolific Austral Basin of Santa Cruz province in Argentina and cover a total of 11,153 square kilometres. The Transaction will provide the Company with a compelling blend of multi Tcf exploration potential, appraisal and production.

Completion of the Transaction is conditional, inter alia, on receipt of third party, legal and regulatory approvals or consents in relation to the Transaction, including Echo shareholder approval.

The Transaction is expected to deliver:

· A material position in Argentina with a well-respected local strategic partner.

· Access to multi Tcf exploration potential on the Tapi Aike licence.

· Access to transformational exploration and appraisal potential across the Fracción C and Fracción D licences.

· Existing gross production of approximately 11.4 MMscfe/d on the Fracción C & D licences, with potential to significantly increase current production to approximately 80 MMscfe/d, underpinned by strong local Argentinian gas prices.

· First drilling in Q1 2018, followed by a period of significant drilling and operational activity.

· Technical Operatorship of the Fracción C & D licences.

The Company would like to invite investors to a live Q & A session hosted via the Company website at 11:00 a.m. (UK time) on 2 November 2017.

Fiona MacAulay, Chief Executive Officer, commented:

"Echo was launched in March this year to secure multi Tcf potential onshore gas assets across South and Central America counter cyclically. This transaction is a transformational acquisition in the region and will form the backbone of our gas business, blending exploration, appraisal and production.

Echo is now positioned as a leading regional gas explorer with a unique platform for growth and a staged work programme. In line with its strategy, the Company will continue to review further opportunities in the region.

We will now focus on completing this transaction and expect to be drilling our first well in Q1 2018."

Tapi Aike Licence

The Tapi Aike licence, which is one of the largest new block awards in Argentina (5,187 square kilometres), benefits from 3,400 kilometres of existing 2D seismic and 3 existing gas discoveries. The Company internally estimates that Tapi Aike block has multi Tcf exploration potential (unrisked gas originally in place).

The consideration for Tapi Aike is:

· No upfront cash consideration.

· Echo to carry CGC for 15% of total Tapi Aike work programme costs during the initial work programme period of 3 years (4 in the event of tight gas classification).

· The work programme over that period comprises reprocessing of selected existing 2D and 3D seismic, acquisition of 1,200 square kilometres of 3D seismic and the drilling of 4 exploration wells. Echo's carry of CGC for the entire work programme anticipated to be in the order of US$9 million (anticipated gross work programme costs in the order of US$60 million).

· Work programme in the first year following completion of the Transaction is anticipated to comprise re-processing and seismic acquisition planning and initiation.

Fracción C & D Licences

Fracción C, which surrounds the Laguna de los Capones licence, is a 5,288 square kilometre area and includes 3 existing production facilities and a gas export pipeline connecting directly to the main pipeline to Buenos Aires (Transportadora de Gas del Sur S.A.). The licence area benefits from 1,192 square kilometres of 3D seismic in addition to extensive 2D seismic coverage and existing gross production of 11.0 MMscfe/d. The Company internally estimates that exploration potential in the block is in excess of 1 Tcfe on a gross unrisked gas initially in place basis.

Fracción D is a 280 square kilometre licence with existing production facilities and a small initial level of production. The Company has identified significant development, appraisal and exploration potential with the field, estimated by the Company to contain gross unrisked gas in place of a mid-case of 183 Bcfe (341 Bcfe upside case, 98 Bcfe low case). The area has a proven gas cap already penetrated by a number of wells. The work programme is designed to explore, appraise and bring into production these resources utilising existing production facilities and a 28 kilometre pipeline to the gas metering point.

All discoveries across these licences are expected to be brought on stream rapidly and with low incremental costs due to the proximity to existing infrastructure.

The consideration payable for Fracción C, Fracción D and Laguna de los Capones will be:

· US$2.5 million cash on signature of the Farm-In.

· Echo to meet 100% of the costs of the initial 18 month work programme (the carry by Echo of CGC's 50% working interest estimated to be between US$9 million and US$12 million) which will include:

o Reprocessing and analysis of existing 3D seismic in the Laguna de los Capones licence.

o Acquisition of c.500 square kilometres of 3D seismic on the Fracción C licence.

o Drilling and testing of 4 exploration wells on the Fracción C licence and their completion as producing wells following a success case.

o Workover of 3 wells on the Fracción D licence and the drilling, testing and completion (or abandonment) of 1 new well in Fracción D contingent on satisfactory results arising from the workovers.

o Acquisition of c.230 square kilometres of 3D seismic in the Fracción D licence subject to satisfactory results arising from the workovers / contingent development well. This seismic requirement may be transferred to the Fracción C licence.

· A deferred cash payment of US$2.5 million on completion of the initial term work programme.

· After the completion of the initial term work programme, the Company has the option to progress to the second term on the licences for which a provisional work programme has been envisaged including expanding the total seismic acquisition across the blocks (including that acquired in first term) to 2,000 square kilometres and drilling a further 8 exploration wells across the licences.

· On election by the Company to progress to the second term, the total carry of CGC's interests by Echo (including all expenditure in the initial term) would be capped at a total of US$35 million and during the term a second deferred payment of US$5 million would be payable which may at the election of the Company be deferred to development costs.

· CGC and the Company will enter into a joint operating agreement on completion of the Transaction with Echo being appointed as Technical Operator of the Fracción C, Fracción D and Laguna De Los Capones licence areas.

The initial consideration payments and the initial term work programme costs under the Transaction can be met from the Company's existing cash balances.

Should the Transaction not be completed by 29 December 2017 or a subsequent date which the parties may mutually agree (the "Closing Date"), the Farm-In will lapse uncompleted and the initial US$2.5 million payment in relation to Fracción C and D will not be refundable, other than to the extent of US$0.5 million in certain limited circumstances. In the event that the Company fails to gain Echo shareholder approval for the Transaction, a further sum of US$2.5 million will be payable by the Company to CGC. This additional US$2.5 million payment would be refundable in certain limited circumstances.

Suspension of Ordinary Shares

By virtue of its size, the Transaction constitutes a reverse takeover under Rule 14 of the AIM Rules for Companies. Accordingly, the Company's Ordinary Shares will remain suspended from trading on AIM, pending publication of an AIM admission document or an announcement that the Transaction has been terminated.

As part of the AIM admission document a competent persons report in respect of the Licences is being prepared by the internationally recognised Gaffney, Cline & Associates.

Further announcements will be made, as appropriate, in due course and, following completion of the Transaction, investors will be invited to view the Company's new Argentinian portfolio in forthcoming investor trips to the region.

This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

November 1, 2017

CARILLION PLC » Update on financing, disposals and work winning

RNS Number : 4245U
Carillion PLC
24 October 2017


24 October 2017

Update on financing, disposals and work winning

Carillion plc ("Carillion" or the "Group") provides an update on discussions with its creditors, disposals and new contract wins.

New committed credit facilities

Carillion announced on 29 September 2017 that a term sheet for further committed credit facilities of £140m had been agreed with five of the Group's core lenders. Further to this, the Group is pleased to announce the signing of two committed facilities, totalling £140 million, as contemplated by this term sheet. This additional liquidity is fully available to draw down now. It comprises a £40m senior secured revolving facility maturing on 27 April 2018, secured over shares in certain of the Group's subsidiaries and over certain of the Group's assets, and a £100m senior unsecured revolving facility maturing on 1 January 2019.

In addition, the Group has agreed new committed bonding facilities, together with the deferral of certain pension contributions and the deferral of repayment of private placement notes due in November 2017 and September 2018. These deferrals will be until the earlier of five business days following, (i) the repayment of the new committed facilities, and (ii) 1 January 2019.

When taken together, Carillion's new facilities and agreed deferrals outlined above improve Group committed headroom throughout 2018 by between approximately £170m and £190m. Further details are set out in the Appendix.

The Group continues to assess a broad range of options for optimising its capital structure and to this end is fully engaged in constructive dialogue with stakeholders.

Disposals

Carillion has signed heads of terms with Serco Group Plc ("Serco") for the disposal of a large part of its UK healthcare facilities management business for an agreed price of £50.1m, subject to a limited working capital adjustment. Carillion has agreed to give Serco a period of exclusivity to provide the parties with time to finalise a business purchase agreement, which Carillion and Serco are aiming to sign in the next few weeks. The transfers of contracts pursuant to this disposal are each subject to receipt of third party consents, and, if required, shareholder approval. It is intended for the contract transfers to take place on a phased basis, with the aim of receiving the bulk of the proceeds during the first half of 2018. Further details will be published once the business purchase agreement is signed.

Carillion intends to dispose of the remaining contracts in its UK healthcare facilities management portfolio during 2018.

While Carillion is continuing to pursue the disposal of the Group's Canadian businesses, it is also evaluating whether a better result for the Group would be achieved by retaining for now certain of those businesses. The Group continues to target non-core disposals with aggregate consideration anticipated of over £300m by the end of 2018 and further announcements will be made in due course.

Work winning

Recent wins include:

· Gigaclear - £200m contract. Carillion telent, a 60:40 Joint venture with telent, has signed a contract with Gigaclear, the ultrafast pure fibre broadband company, to build a broadband network in Devon and Somerset. The contract is expected to generate revenue of up to £200m for the Joint Venture between 2018 and 2020, and will commence immediately.

· Dubai Creek Harbour - £105m contract. Following a pre-construction period, Emaar Properties has awarded Al Futtaim Carillion (AFC: a 50:50 Joint Venture) the contract to deliver Creek Horizon, a collection of premium residential apartments located at the Island District in Dubai Creek Harbour. The contract is expected to generate revenues of approximately £105m for AFC and work is underway, with completion scheduled for early 2020.

· Fallowfield - £71m contract. Following Carillion's appointment as preferred bidder (announced on 12 April), Carillion has signed a contract with the University of Manchester to design and build Phase 1 of its Fallowfield Student Residences project. The project has an estimated construction cost of £71m and work is underway.

Outlook and guidance

There is no change to 2017 guidance as set out in the interim results announcement on 29 September.

Commenting Keith Cochrane, Interim Chief Executive, said:

"Today we are announcing progress on a number of fronts and whilst our customers and creditors continue to be supportive, much remains to be done. We remain focused on executing our disposals and cost savings programmes while continuing our discussions with our lenders and other stakeholders to explore further ways of strengthening Carillion's balance sheet."

October 24, 2017