PREMIER OIL PLC
("Premier")
Update on the Catcher development
23 October 2017
The BW Catcher Floating Production Storage and Offloading ("FPSO") vessel arrived at the Catcher field at 23:00 on Wednesday 18th October. The hook up of the Submerged Turret Production ("STP") buoy mooring system was completed on the 19th October with the vessel successfully completing a rotation test around the buoy on the 20th October. The final pull-in of the risers and umbilicals is now underway and commissioning activities have also commenced in parallel. Delivery of first oil remains on schedule by the end of the year.
A short presentation setting out the key milestones in the hook up and commissioning programme to be carried out in advance of first oil and the plans to ramp up to plateau production levels, is available on the Company's website.
20 October 2017
Jersey Oil and Gas plc
("Jersey Oil & Gas", "JOG" or the "Company")
Placing to raise £20 million by way of an accelerated bookbuild
and
Proposed offer to raise up to £4 million ("Offer")
Jersey Oil & Gas (AIM: JOG), an independent upstream oil and gas company ?focused on the UK Continental Shelf ("UKCS") region of the North Sea, is pleased to announce its intention to undertake an equity placement of £20.0 million (the "Placing"). The Placing will be effected by way of an accelerated bookbuild, which will be launched immediately following this announcement at a minimum price of 200p.
Arden Partners plc ("Arden") and BMO Capital Markets Limited ("BMO") are acting as joint brokers and joint bookrunners in connection with the Placing.
The proceeds of the Placing will be used to fund the expected Verbier appraisal programme and Cortina exploration drilling, following the recent oil discovery in the Verbier side-track well, 20/05b-13Z, and strengthen the Company's balance sheet as it continues to pursue its production focused acquisition strategy in the UKCS.
In addition to the Placing, the Company intends to provide all Qualifying Participants with the opportunity to subscribe for new Ordinary Shares ("Offer Shares") at the Issue Price, to raise up to £4.0 million before expenses ("Offer").
Andrew Benitz, CEO of Jersey Oil & Gas, commented:
"Jersey Oil & Gas is in a unique position with an 18 per cent. interest in Licence P.2170 containing the Verbier oil discovery which Statoil, the operator, initially estimates has gross recoverable resources of between 25 and 130MMboe, with a minimum proven recoverable volume in the immediate vicinity of the wellbore of 25 MMboe.
Evaluation of the well results alongside the existing 3D seismic data is ongoing and today's placing ensures that we are able to fund our working interest in this highly attractive licence once the appraisal drilling programme is confirmed by the operator.
Alongside this we have a strong pipeline of asset opportunities and are encouraged by the active deal flow in the North Sea. The additional funds will allow us to maintain our balance sheet strength as we continue to pursue a production-led acquisition strategy within the UKCS."
Expected timetable:
2017
Announcement of the Placing and Bookbuild commences
20 October
Dispatch of the Circular, Application Form and Form of Proxy
24 October
Latest time and date for receipt of completed Forms of Proxy and receipt of electronic proxy appointments via the CREST system for the General Meeting
12.00 noon on 7 November
Latest time for receipt of applications under the Offer
12.00 noon on 8 November
General Meeting
12.00 noon on 9 November
Announcement of results of General Meeting and Offer
9 November
Admission and commencement of dealings in the New Ordinary Shares on AIM and CREST accounts expected to be credited for the New Ordinary Shares in uncertificated form
8.00 a.m. on 10 November
Each of the times and dates above refer to London time and are subject to change by the Company and/or the Joint Brokers. Any such change will be notified to Shareholders by an announcement on a Regulatory Information Service. The Circular will contain further details of the expected timetable for the Placing, the Offer, the General Meeting and Admission.
ADDITIONAL INFORMATION
The Placing:
The Company is proposing to raise £20.0 million (before expenses) pursuant to the Placing. The Placing has been arranged by Arden and BMO, acting as joint bookrunners and joint brokers (together, the "Joint Brokers"). The Placing will be conducted by the Joint Brokers on behalf of the Company in accordance with the terms and conditions set out in the Appendix to this Announcement. The Placing is being conducted through an accelerated bookbuilding process (the "Bookbuild") which will commence immediately following this Announcement.
The Bookbuild will determine final demand for and participation in the Placing. The Bookbuild is expected to close not later than 5.30 p.m. (London) today, but may be closed at such earlier or later time as the Joint Brokers, in their absolute discretion (following consultation with the Company), determine. The number of Placing Shares, the Issue Price and the making of allocations will be agreed between the Company and the Joint Brokers and will be confirmed orally or by email by Arden following the closure of the Bookbuild. A further announcement will be made following the completion of the Bookbuild and pricing of the Placing (the "Bookbuild Announcement").
Completion of the Placing is subject, inter alia, to Shareholder approval of the Resolutions to authorise the issue of the Placing Shares, which will be sought at a General Meeting of the Company to be held at 12.00 noon on 9 November 2017.
A Circular containing further details of the Placing including a notice convening the General Meeting is expected to be despatched to Shareholders on 24 October 2017 and will thereafter be available on the Company's website at www.jerseyoilandgas.com.
The Appendix (which forms a part of this Announcement) contains the detailed terms and conditions of the Placing.
The Offer
It is proposed that the Offer will comprise an offer to Qualifying Participants of Offer Shares with the aggregate consideration to be received by the Company limited to £4.0 million, being the Offer Maximum. Qualifying Participants can apply for as many Offer Shares as they wish. However, the Directors reserve the right to exercise their absolute discretion (with the agreement of the Joint Brokers) in the allocation of successful applications, including, without limitation, to ensure no Offer Shares are issued so as to exceed the Offer Maximum.
It is proposed that the Offer will only be open to Qualifying Participants and, save as set out in the preceding paragraph, there is no maximum or minimum subscription per applicant. No Qualifying Participant may subscribe for Offer Shares in excess of the Offer Maximum. Multiple applications may be submitted. Qualifying Participants who are joint Shareholders may only apply for Offer Shares as joint applicants.
The Offer is not being underwritten. The Application Form and accompanying procedure for application will set out, in detail, how Qualifying Participants may participate under the Offer.
In order to apply for Offer Shares, Qualifying Participants should complete the Application Form in accordance with the instructions set out in the Circular to be published in due course. A further announcement setting out timings in respect of the Offer will be made in due course.
Background to and reasons for the Placing
The Company has worked hard over the last few years to deliver value to Shareholders. The Company has achieved two significant farm-outs of its assets, the most significant being the farm-out to Statoil in which Statoil acquired a 70 per cent working interest in UK Seaward Licence P2170, and the Company retained an 18 per cent. working interest. Statoil provided a $25 million carried working interest on the first P.2170 Licence well. The Company is now well positioned following the recent success in the Verbier sidetrack well, 20/05b-13Z, where the Company announced an oil discovery on 9 October 2017.
Preliminary analysis indicates that the Verbier sidetrack well has proven hydrocarbon accumulation in good quality sands, up-dip of the water bearing sands encountered in the initial well. Evaluation of the sidetrack well results, together with the existing 3D seismic data, is ongoing, but the initial Statoil estimates of gross recoverable resources associated with the discovery are between 25 and 130 million barrels of oil equivalent, with a minimum proven recoverable volume of 25 million barrels of oil equivalent in the immediate vicinity of the wellbore. The Company's management estimates that, in the upside case of 130 MMboe, lifecycle cost per barrel would be approximately £22/boe (utilising current market rates) for Verbier.
Current management estimates for gross recoverable resources attributable to JOG across all of the P.2170 Licence prospects (Verbier, Cortina and Meribel) range from 70 MMboe in the low case to 273 MMboe in the upside case, which correspond to management estimates for net asset value to JOG of approximately £83.7 million in the low case (which assumes a subsea tie-back operation) to £400.5 million in the upside case (on a standalone production platform basis).
In addition to confirming the presence of oil in the Verbier prospect, this discovery provides valuable information to help better understand the prospectivity of the P.2170 Licence area, which includes the Cortina prospect and the Meribel lead.
The Company has also continued with its other focus of seeking to acquire value-enhancing North Sea production assets. The Directors believe that if the Company has a stronger balance sheet, it will provide vendors with greater confidence in the Company's ability to execute acquisitions. The Company will also benefit from having the necessary resources to undertake its own studies and continuing to fund the ongoing evaluation of numerous North Sea oil production and development prospects. The Company hopes to be able to transact in the near future on a strong pipeline of asset opportunities which the Company is currently evaluating.
The Directors believe therefore that it is an appropriate time to improve the financial position of the Company since the Directors expect that there will be further financing requirements for the Company relating to its working interest in the P.2170 Licence, as Statoil confirms any proposed work programme.
The Company's team has excellent technical and commercial knowledge of the UKCS, with decades of management experience, and to date has reviewed and evaluated in excess of 50 production field interests in the UKCS. The Company has a number of live production asset evaluations underway, looking at assets with reserves ranging from 2 to 24 MMboe and production ranging from approximately 1,000 to 3,800 boe/d, with such assets utilising a mixture of subsea tie-backs, production platforms or FPSOs. In the majority of cases, the Company is seeking transactions where the asset vendor will retain any abandonment liability obligations and all of the Company's current asset targets have upside potential from unswept pockets of oil or further development activities.
The North Sea is active with many asset sales processes in this well-known and prolific basin. The Directors believe that this means it is a very opportune time to pursue a production-led acquisition strategy within the UKCS.
Use of Proceeds
The Directors believe that in order to exploit the significant potential of the P.2170 licence area, the operator will suggest further appraisal and exploration wells to better define and determine the prospectivity and commerciality of the three key prospects: Verbier, Cortina and Meribel. The Company's carried working interests from both Statoil (U.K.) Limited and CIECO Exploration and Production (UK) Limited have now expired and as such the Company will need to fund its 18 per cent. share of any costs relating to the P.2170 licence.
The use of proceeds is therefore largely attributed to ensuring that the Company can fund its proportion of the costs of these expected appraisal and exploration wells as it continues to pursue opportunities for the acquisition of production assets in the UKCS. Based on the Company's current management estimates, which are subject to change once Statoil has formalised its forward plans, the Board estimates that costs attributable to the Company in relation to the Verbier discovery in the upside case outlined above will be up to approximately £0.5 million for technical studies and £11 million for the well appraisal programme. In addition, the Company's management estimates that its share of costs in relation to an exploration well on the Cortina prospect, if drilled, would be approximately £6 million. These figures are current management estimates, which include contingency and are likely to change, but form the basis for the Company's estimated fundraise target for operational costs of up to £20 million. It is currently envisaged that appraisal and definition activity in relation to Verbier will run through 2018, followed by execution of the development plan currently estimated to achieve first oil in approximately 2022.
The balance of the Placing proceeds not required for operational expenses will be used to provide the Company with general working capital and a stronger balance sheet to enhance any bids it chooses to make, which the Board believes will provide a greater degree of financial certainty to sellers of such assets of the Company's ability to fund any acquisitions.
A updated corporate presentation illustrating the information above can be found on the Company's website at www.jerseyoilandgas.com.
Director Placing
Certain Directors have indicated their interest in participating in the Placing. Their participation and their consequent interests in the Company's issued share capital will be described in a further announcement.
Principal risks and uncertainties
A description of the principal risks and uncertainties associated with the Group's business and how the Group seeks to manage them is included in the strategic report of the Company on pages 5 to 6 of the Group's Annual Report and Accounts for the year ended 31 December 2016. The Board is of the view that these principal risks and uncertainties are those which continue to be applicable to the Company at the date of this Announcement. The Directors' estimates on costs and timings of future operations are largely determined in conjunction with Statoil and CIECO and the eventual outturn could vary significantly from current forecasts and expectations.
RNS Number : 0123U
Amerisur Resources PLC
19 October 2017
19 October 2017
Amerisur Resources Plc ("Amerisur" or the "Company")
Operational Update
Amerisur Resources Plc, the oil and gas producer and explorer focused on South America, is pleased to provide an operational update on activities in Colombia.
Platanillo
Drilling of Platanillo-25, a medium step out directional well drilled to the south west of Pad 2N partially to determine the extent of the inferred permeability barrier between Pad 2N and the main structure of the Platanillo field, is complete.
Platanillo-25 was drilled to a planned total depth of 8,699ft, logged using logging-while-drilling tools which indicated 10ft of pay in the U sand. Although the reservoir levels were encountered close to prognosis, overall pay thickness was reduced by increased shale content within the upper part of the U sands. This result will help increase our understanding of the location and make-up of the inferred permeability barrier.
The Company is now side tracking Platanillo-25 to locate a production well further up dip and nearer to Platanillo-21 where better reservoir quality and additional pay thickness is expected and which has the potential to deliver more sustainable production. The side track is expected to be completed before the end of October.
In addition to the discovery of the U sands the well also intersected 3ft of pay in the N sands, a more positive result than expected for the planned drilling campaign in the north/central part of the field targeting 18.8 MMBOE.
Once the side track is complete, Platanillo-27, a planned well to the north of Pad 2N will be drilled in place of Platanillo-23 while analysis of the data from Platanillo-25 continues. Platanillo-27 is targeting a bottom hole location to the north of Platanillo-22 in a structural position similar to Platanillo-21.
As part of its low-cost optimisation work programme across the Platanillo field, routine well service operations have been undertaken on Platanillo 10, 11 and 20 including down hole pump changes and production string optimisation. In addition the Company has perforated a 4ft section of the Upper U sand in Platanillo-21 and the well is now being brought back onto production to test the effect of this additional perforation. Production from the Platanillo-21 well has been managed carefully in order to minimise water production arising from the incomplete cementation of the 7" casing. The management of Platanillo-21 and routine maintenance are likely to have a modest impact on production in October but are part of the production optimisation plan aimed at securing the Company´s 7,000 BOPD exit rate target for 2017.
CPO-5
The operator of the Mariposa discovery in the CPO-5 block has informed the Company that the equipment to initiate the Long Term Test (LTT) of the Mariposa-1 well is 95% mobilised to location and 80% installed. The LTT will commence after the inspection visit by the National Hydrocarbons Agency (ANH) to approve the facilities and begin the LTT. The Company will make a further announcement on commencement of the LTT.
John Wardle, Chief Executive Officer, commented:
"We are very encouraged by the results of Platanillo-25 which supports the view that there is significant further upside in the Platanillo field, both in the separate northern structure targeting 7.82 MMBO of recoverable reserves and in the N Sand Anomaly in the north/central part of the field targeting 18.8 MMBOE.
"The net pay observed in the U sands of Platanillo-25 may well be associated with the inferred permeability barrier which we believe has resulted in the deeper oil-water contact we discovered at Pad 2N. These subtle changes in lithology are usually not possible to detect in seismic data. To manage risk, we will focus on drilling to the north of Pad 2N with Platanillo-27 post the Platanillo-25 side track and meanwhile continue to analyse the data we have obtained.
"We are pleased to report that the LTT off Mariposa-1 is on track to begin at the end of October, which will not only diversify Amerisur's production base from one to two fields, but also adds further material production to Amerisur in the near term."
Petrofac has been awarded a contract, valued at around US$30 million, to undertake Project Management Consultancy (PMC) services for the Halfaya Contract Area (Halfaya) in southern Iraq.
Working in support of PetroChina International Iraq FZE (PetroChina), as the lead operator of Halfaya, Petrofac’s Engineering and Production Services (EPS) East business will undertake project management services for five years.
Petrofac is responsible for managing and supervising the development and progress of several engineering, procurement and construction work scopes including: the central processing facility, power plant expansion, gas process plant and all associated facilities. For each work scope, activities will include the management of detailed design, procurement, construction and commissioning.
Manivannan Rajapathy, Managing Director, Petrofac EPS East said: “This important award reflects our growing capabilities in a core market. Through the provision of PMC services, we are demonstrating our competence and capabilities to oversee large programmes of work. This builds upon our long track record for in-country execution for existing clients, through the delivery of engineering, operations, maintenance and training activities.
“We are pleased to have the opportunity to support PetroChina and the Halfaya partners in the delivery of this key infrastructure project. Our focus is to support sustained production, through the successful conclusion of each phase, towards the overall production plateau target of around 400,000 barrels per day.”
Tullow Oil plc (Tullow) is pleased to announce that it has acquired 90% stakes in four onshore blocks in Côte d’Ivoire.
Petroci, the national oil company of Côte d’Ivoire, holds the remaining 10%. The four blocks - CI 518, CI519, CI301 and CI302 – cover 5,035 square kilometres and located on the coastline of Côte d’Ivoire mostly to the west of Abidjan.
Tullow believes that this acreage will complement the Group’s existing exploration portfolio as the blocks are located in a proven petroleum system, indicated by multiple oil seeps and past production from the Eboinda Oil Sands. If commercial discoveries are made, the maturity of Côte d’Ivoire’s oil industry suggests a relatively short and low-cost path to production. Tullow intends to initiate work immediately on these licences to allow a full tensor gradiometry (FTG) survey to start in early 2018. This early survey data will be used to assess the potential of the licenses and guide future acquisition of seismic data.
Tullow has worked in Côte d’Ivoire for 20 years both as an explorer and as a producer and holds a non-operated position in the Espoir field which produces approximately 4,000 bopd net to Tullow.
Paul McDade, Chief Executive Officer, commented today:
“I am very pleased to have signed the licences for these blocks and look forward to exploring again in Côte d’Ivoire. We have a long history in Côte d’Ivoire having been in country since 1997 and I am excited about the potential that these blocks, with their proven petroleum system, offer.”
RNS Number : 0156U
Domino's Pizza Group PLC
19 October 2017
Domino's German Joint Venture to acquire Hallo Pizza
Domino's Pizza Group plc ("DPG"), the leading pizza company in the UK, today announces that Daytona JV Limited (the "German Joint Venture"), which operates the Domino's master franchise in Germany, and in which DPG owns a one third stake, is to acquire Hallo Pizza GmbH ("Hallo Pizza"), for a consideration of €32 million on a cash and debt free basis1.
About Hallo Pizza
Hallo Pizza is the largest independent pizza chain in Germany with a comprehensive national footprint of 170 franchise stores throughout Germany. Hallo Pizza generated network sales of €80.2 million and normalised EBITDA of €3.5 million for FY162.
Transaction rationale
The acquisition will strengthen the German Joint Venture's market leading position and increase the store count in Germany from 209 to approximately 300-3403 following brand conversions, accelerating progress towards its 1,000 store target. Existing Hallo Pizza stores will be operated on a transitional basis until franchisee contracts are converted to Domino's.
The transaction is also expected to improve the profitability of former Hallo Pizza stores and existing Domino's stores for both franchisor and franchisees as stores are converted to Domino's and national advertising campaigns, social media initiatives and IT innovations are leveraged over the larger store network.
The transaction is scheduled to complete in the first quarter of 2018. Following completion, the German Joint Venture will work with the vendor and Hallo Pizza management to convert franchise contracts to the Domino's brand over the next 2-3 years.
Acquisition consideration and funding
The purchase price for Hallo Pizza of €32 million will be payable on completion of the transaction. An additional €20-30 million of costs are estimated to be incurred over the next 2-3 years to finance store conversions and other transaction costs. The consideration and related costs are to be funded by the German Joint Venture's shareholders, Domino's Pizza Enterprises Limited ("DPE") and DPG, in proportion to their current shareholdings. Accordingly, DPG will fund one third of the purchase price on closing of the transaction (€11 million) and one third of the conversion and other transaction costs over the next 2-3 years.
Extension to joint venture agreement
In respect of the German Joint Venture, DPG and DPE have agreed to extend the put and call option agreements over DPG's interest in the German Joint Venture by one year. DPG's put option will now be exercisable at any time on or after 1 January 2021, and DPE's call option will be exercisable at any time on or after 1 January 2023.
1. The acquisition is to be effected by Daytona Germany GmbH, a wholly-owned subsidiary of the German Joint Venture, and Domino's Pizza Deutschland GmbH, another wholly-owned subsidiary of the German Joint Venture.
2. Hallo Pizza financials for the year ended 31 December 2016. Normalisation adjustments comprise the removal of expenses relating to the vendor, other general and administrative costs which are non-recurring in nature, and other items which differ under the future ownership structure.
3. The German Joint Venture expects approximately 45 stores from either the existing store network or Hallo Pizza to be consolidated over time due to the proximity between stores in some locations with existing German Joint Venture stores.
Is now the time to buy a slice of Domino's Pizza, today?
Petrofac today announces it has appointed John Pearson to the new role of Chief Corporate Development Officer and Group Managing Director, Western Hemisphere, with immediate effect.
John will report to Group Chief Executive Ayman Asfari. As Chief Corporate Development Officer, he will assist in further strengthening key relationships with International and Independent Oil Company clients globally, as well as leading the implementation and development of the Group’s strategy. He will also manage the growth of our reimbursable business, Engineering and Production Services in the Western Hemisphere through leading geographic and service line expansion, and exploring longer-term growth opportunities.
John joins following a 28-year career with AMEC Foster Wheeler, during which he has held several positions including President, Global Oil, Gas & Chemicals and multi-market roles running the Americas region and the Northern Europe & CIS region. Most recently, John had responsibility for the development of AMEC Foster Wheeler’s global Oil, Gas and Chemicals strategy, and was heavily involved in the development of the company’s new operating model. John is also a past Co-Chair of Oil & Gas UK, the operator and contractor trade association.
Ayman Asfari said: “I am delighted that John is joining us in this new role that has been created to give dedicated leadership commitment to the continued evolution of our offering. John’s fresh perspective, proven leadership pedigree and experience of the European and Americas markets will help us capitalise on the exciting opportunities we see for organic growth in complementary areas and adjacent markets. With John and the rest of the senior management team I look forward to creating shareholder value from these opportunities.”
John said: “I am truly excited to be joining Petrofac, whose agility and innovation in adapting to new market conditions I have always admired. There is more to be gained now, by the energy supply chain adapting rapidly to the new market realities we and our clients face, than at any point in the last 30 years. I look forward to working with Ayman and the team in continuing to transform our offer for our clients and to deliver shareholder value.”
Group Managing Director Craig Muir will focus on delivering the strategic organic expansion of Petrofac’s EPS business in the Eastern Hemisphere.
Fantastic RNS, this morning.
RNS Number : 0060T
Jersey Oil and Gas PLC
09 October 2017
9 October 2017
Jersey Oil and Gas plc
("Jersey Oil & Gas", "JOG" or the "Company")
Oil Discovery at Verbier Sidetrack Well 20/05b-13Z
Jersey Oil & Gas (AIM: JOG), an independent upstream oil and gas company focused on the UK Continental Shelf ("UKCS") region of the North Sea, is pleased to announce an oil discovery in the Verbier sidetrack well, 20/05b-13Z. The well has been drilled safely and within budget to the planned total depth of 3811m and a suite of log data has been acquired via Logging While Drilling ("LWD"), including pressure data.
Preliminary analysis indicates:
· The well has proven a hydrocarbon accumulation in good quality sands, up dip of the water bearing sands encountered in the initial well
· Evaluation of the well results, together with the existing 3D seismic data is ongoing
· Initial Operator estimates of gross recoverable resources associated with the Verbier discovery are between 25 and 130 million barrels of oil equivalent, with a minimum proven recoverable volume in the immediate vicinity of the wellbore of 25 million barrels of oil equivalent
In addition to confirming the presence of oil in the Verbier prospect, this discovery provides valuable information to help better understand the prospectivity of the licence area, which includes the Cortina prospect and the Meribel lead. JOG holds an 18% working interest in the licence.
Andrew Benitz, CEO of Jersey Oil & Gas, commented:
"We are delighted by the positive outcome of the Verbier sidetrack. The well has achieved its objective by encountering good quality, hydrocarbon-bearing sands, up dip from the initial well with the results exceeding pre drill expectations for the sidetrack."
Jenny Morris, Vice President for Exploration in the UK of Statoil, commented:
"The results show that we made the right decision to sidetrack the well and this discovery proves that there could be significant remaining potential in this mature basin… we are convinced of the remaining, high-value potential on the UK continental shelf and the Verbier result certainly gives us the confidence and determination to continue our exploration efforts."
RNS Number : 0004T
Imagination Technologies Group PLC
09 October 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
FOR IMMEDIATE RELEASE
9 October 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
Publication of Scheme Document
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"). The Acquisition is to be effected by means of a Court approved scheme of arrangement under Part 26 of the Companies Act 2006 (the "Scheme").
Imagination and Canyon Bridge are pleased to announce that the scheme document containing the full terms and conditions of the Acquisition (the "Scheme Document"), together with the related Forms of Proxy, is being published and posted today to Imagination Shareholders and, for information only, to persons with information rights and holders of options and awards granted under the Imagination Share Plans.
The Scheme Document will be made available on Imagination's website at https://www.imgtec.com/sales-process/ and Canyon Bridge's website at www.canyonbridge.com/#in-the-news/.
Unless otherwise defined, all capitalised terms in this announcement shall have the meaning given to them in the Scheme Document.
Notice of the Court Meeting and Imagination General Meeting
As described in the Scheme Document, to become effective the Scheme requires, amongst other things, the approval of a majority in number of the Scheme Shareholders present and voting (either in person or by proxy) at the Court Meeting representing not less than 75 per cent. in value of the relevant Scheme Shares voted, and the passing of the Special Resolution. The Scheme must also be sanctioned by the Court. The Scheme is also subject to the satisfaction or waiver of the Conditions and further terms that are set out in the Scheme Document.
Notices of the Court Meeting and the Imagination General Meeting, which will be held at Clifford Chance LLP, 10 Upper Bank St, Canary Wharf, London E14 5JJ on 31 October 2017, are set out in the Scheme Document. The Court Meeting will commence at 9.00 a.m. and the Imagination General Meeting at 9.15 a.m. (or, if later, as soon as the Court Meeting has concluded or been adjourned).
It is important that, for the Court Meeting, as many votes as possible are cast so that the Court may be satisfied that there is a fair and reasonable representation of voting Scheme Shareholders' opinion. Voting Imagination Shareholders are therefore strongly advised to complete, sign and return their blue Form of Proxy (once received) or to appoint a proxy electronically using the instructions set out in the Form of Proxy (once received) as soon as possible.
Timetable
The Scheme Document contains an expected timetable of principal events relating to the Scheme, which is also attached as an Appendix to this announcement. Subject to obtaining the approval of Imagination Shareholders at the Court Meeting and the Imagination General Meeting and the Court, and the satisfaction or, where applicable, the waiver of the other Conditions (as set out the Scheme Document), the Scheme is expected to become Effective in early-mid November 2017.
If the Scheme is approved as outlined above, from close of business on the Business Day prior to the Effective Date trading of Imagination Shares on the London Stock Exchange's main market for listed securities will be suspended. It is intended that, following the Scheme becoming Effective, the London Stock Exchange and the FCA will be requested respectively to cancel trading in Imagination Shares on the London Stock Exchange's main market for listed securities and to remove the listing of the Imagination Shares from the Official List, in each case on or shortly after the Effective Date.
The dates given are based on Imagination's current expectations and may be subject to change. If any of the key dates set out in the timetable change, Imagination will give notice of this change by issuing an announcement through a Regulatory Information Service. Such announcement will be made available on both Imagination's website at https://www.imgtec.com/sales-process/ and Canyon Bridge's website at www.canyonbridge.com/#in-the-news/. All Imagination Shareholders have the right to attend the Court hearing.
RNS Number : 9973S
President Energy PLC
09 October 2017
9 October 2017
PRESIDENT ENERGY PLC
("President", "the Company" or "President Energy")
Operational Update
Q4 2017 work programme at Puesto Flores / Estancia Vieja Concession commences
President Energy (AIM: PPC), the upstream oil and gas company with a diverse portfolio of production and exploration assets focused primarily in Argentina, provides an update on its recently acquired oil producing assets at Puesto Flores and Estancia Vieja (the "Concession") in the prolific Neuquén Basin situated in the Rio Negro Province, Argentina.
Highlights
Initial work programme to commence in the next month through to the end of the year, funded out of existing cash flow
Plan comprises of the workover of three firm wells and two additional contingent wells
Of the five wells, four were shut in prior to President's acquisition
Objective of the work is to bring back into production the wells and test by-passed intervals which during original drilling demonstrated evidence of hydrocarbons
Peter Levine, Chairman and Chief Executive, commented:
"We are hitting the ground running at Puesto Flores following our acquisition of these oil producing assets less than three weeks ago, on 20 September 2017. This initial work is an important first step in what will be an increasingly intensive programme running through 2018 led by President's in-country team with extensive experience of the Concession as we explore multiple opportunities to grow production."
Q4 2017 work programme
President will shortly commence its initial work programme at the Puesto Flores Field at the Concession. Work will continue from November through to the end of the year and will consist of three firm well workovers with another two wells contingent.
All bar one of these wells have been shut in for some time and the objective of the work is to bring the wells back into production and in addition in certain wells open a number of previously unperforated and untested by-passed intervals which during original drilling demonstrated fresh oil shows and bright fluorescence in the cuttings.
This capital expenditure will be funded out of cash flow and the wells, being served by electrical submersible pumps from the main power grid, will be capable of being placed on production at the end of the year should work be successful.
The programme is a first step to what will be an increasingly intensive programme running through 2018 which is slated to include multi-workovers, re-completions and drilling.
Contact:
President Energy PLC
Peter Levine, Chairman, Chief Executive
Bruce Martin, Chief Financial Officer
+44 (0) 207 016 7950
finnCap (Nominated Advisor & Joint Broker)
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Notes to Editors
President Energy is an oil and gas company listed on the AIM market of the London Stock Exchange (PPC.L) primarily focused in Argentina, with a diverse portfolio of operated onshore producing and exploration assets. The Company currently has independently assessed 1P reserves in excess of 16 MMboe and 2P reserves of more than 25 MMboe.
The Company has operated interests in the Puesto Flores and Estancia Vieja Concession, Rio Negro Province, in the Neuquén Basin of Argentina and in the Puesto Guardian Concession, in the Noroeste Basin in NW Argentina. The Company is focused on growing production in the near term in Argentina. Alongside this, President Energy has cash generative production assets in Louisiana, USA and further significant exploration and development opportunities through its acreage in Paraguay and Argentina.
President Energy's second largest shareholder is the IFC, part of the World Bank Group and is actively pursuing value accretive acquisitions of high quality production and development assets in Argentina capable of delivering positive cash flows and shareholder returns. With a strong institutional base of support and an in-country management team, President Energy gives UK investors rare access to the Argentinian growth story combined with world class standards of corporate governance, environmental and social responsibility.
Glossary
Bopd:barrels of oil per day
Boepd:barrels of oil equivalent per day
Mmboe: million barrels of oil equivalent
This announcement contains inside information for the purposes of article 7 of Regulation 596/2014
Petrofac signs Master Services Agreement with Gazprom Neft
Petrofac has secured a three-year master services agreement (MSA) to support Gazprom Neft Middle East B.V. (Gazprom Neft) with the provision of engineering services on a call-off basis for the Garmian field in the Kurdistan region of Iraq.
The MSA was secured following a competitive tendering process and augments Petrofac’s extensive footprint in Iraq, where it has been providing engineering, operations, maintenance and training services since 2010.
Gazprom Neft has been Operator of the Garmian field since early 2016. Through the provision of engineering services Petrofac aims to support the planned brownfield works to debottleneck and expand the Central Processing Facility (CPF).
Steve Webber, Senior Vice President, Petrofac Engineering & Production Services, East said: “We are delighted Gazprom Neft has selected Petrofac as one of its key suppliers in support of the Garmian field CPF upgrade project.
“We have been working with this key client in Iraq for more than three years and hope to take this opportunity to build on our relationship through the demonstration of Petrofac’s fit-for-purpose and value-driven engineering solutions in the Kurdistan region.”
At the moment 14 brokers are covering Faroe Petroleum (LON:FPM), 14 rate it “Strong Buy”, 0 “Buy”, 0 “Sell”, 0 “Strong Sell”, while 0 “Neutral”.
It's looking like a buy to me.
Interim Dividend - exchange rate 9.47 pence per share
Petrofac Limited
27 September 2017
Interim Dividend - exchange rate
Petrofac Limited hereby confirms that further to the announcement made on Wednesday, 30 August 2017 of an interim dividend of 12.70 US cents per ordinary share payable on Friday, 20 October 2017 to shareholders on the register of members at the close of business on Friday, 22 September 2017, the exchange rate to be used to convert the dividend payment from US dollars to UK Sterling (for those shareholders who did not elect to receive payment in US dollars) will be US$1.3404:£1 (based on the exchange rate on Wednesday, 27 September 2017).Â
Accordingly, the UK Sterling amount of dividend payable on Friday, 20 October 2017 will be 9.47 pence per share.
26 September 2017
FAROE PETROLEUM PLC
("Faroe Petroleum", "Faroe", the "Company" or the "Group")
Unaudited Interim Results for the six months ended 30 June 2017
Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway and the UK, announces its unaudited Interim Results for the six months ended 30 June 2017.
Highlights
Exploration and Appraisal - significant resource upgrade following Brasse appraisal
· Successful Brasse (Faroe 50% and operator) appraisal well, production testing and side-track well, announced in July 2017, proving up recoverable volumes to 56-92 mmboe gross, an increase of approximately 20%
· Four new licences awarded in Norway under the 2016 APA licensing round in January 2017, including an extension to the Brasse discovery and two operatorships
· Farm-out secured on licence option 16/23 in Ireland to Nexen - Faroe retains 20% and is carried through the work programme, including a possible exploration well
Development and Production - good production performance and all projects progressing to plan and on budget
· Average H1 2017 production of 14,800 boepd from existing portfolio (H1 2016: 18,800 boepd) - reflecting no production from Njord and Hyme as the facilities undergo life-extending refurbishment and upgrades
· Average operating cost for producing assets approximately $26 per boe (2016: $25), reflecting lower volume until new lower operating cost subsea fields come on stream
· Further 14% of Blane oil field acquired from JX Nippon in July 2017 for a consideration of $5.25 million
· Plan for the Development and Operation ("PDO") for Oda approved by Norwegian Ministry of Petroleum, triggering initial compensation payment from Oda partners (Faroe 15%) to Oselvar partners (Faroe 55%) (net £7.4 million receipt to Faroe) resulting in payback on the DONG deal within 6 months of completion
· PDO for Njord and Bauge approved by the Norwegian Ministry of Petroleum
Finance - strong cash generation from producing assets
· Revenue £80.1 million (H1 2016: £23.1 million) - reflecting higher accounting production as a result of the DONG asset acquisition completed in December 2016
· EBITDAX £44.0 million (H1 2016: £16.7 million) - includes net income of £10.4 million in relation to Oselvar compensation payments received and made following Oda PDA approval
· Operating loss of £0.3 million (H1 2016: £34.3 million) and loss after tax of £2.9 million (H1 2016: £13.0 million) - reflecting higher revenue and higher other income
· Exploration and appraisal capex £33.4 million (H1 2016: £14.8 million), equivalent to £7.3 million (H1 2016: £3.7 million) on a post-tax basis, taking account of 78% Norwegian exploration tax rebate
· Development and production capex £22.0 million (H1 2016: £2.5 million)
· Unrestricted cash and net cash at 30 June 2017 £117.6 million (31 December 2016: £96.8 million)
· $250 million reserve based lending ("RBL") facility, undrawn at 30 June 2017 (31 December 2016: £nil), and NOK 1 billion exploration finance facility ("EFF") in place
Outlook - step-up in economically attractive organic development and production investments, fully funded
· Production guidance for 2017 maintained at 13,000-15,000 boepd as all key producing fields have been performing in line with expectations and with limited downtime
· Approximately 90% of gas production hedged to December 2018 averaging 42p/therm; and approximately 30% of oil production hedged to December 2018 averaging $55/bbl (all on post-tax basis)
· Exploration and appraisal drilling programme continues in H2 2017 in Norway - Goanna exploration well (Faroe 30% and fully cost-carried) spudded in August 2017 (dry); Iris/Hades (Aerosmith) exploration well (Faroe 20%) expected to commence in December 2017; Fogelberg appraisal well (Faroe 33.3%) forecast to spud in February 2018
· Investment step-up planned on developments and infill drilling, following approvals of Oda, Njord, Bauge developments, and Tambar infill drilling and gas lift projects - all fully funded from cash, cashflow and undrawn RBL credit facility
· Fully funded net capital expenditure for 2017 on exploration is estimated at approximately £45 million pre-tax (£10.5 million post-tax), and on development and production is estimated at approximately £90 million
Graham Stewart, Chief Executive of Faroe Petroleum, commented:
"I am pleased to report that Faroe Petroleum is performing ahead of expectation across its range of activities, despite continuing low oil prices. Faroe benefited from a number of positives in the period including: strong production performance in H1 2017, averaging 14,800 boepd; appraisal success on the Brasse discovery, increasing our recoverable resource range; a growing low cost exploration and appraisal programme; significant progress on our organic development projects; the acquisition of a further 14% interest in the Blane field (announced in July 2017); and rapid payback achieved on the DONG deal within 6 months of completion. Faroe now has a strong and diversified asset base with a clear path to increase profitable production to over 40,000 boepd within the next five years, with robust project economics even at low commodity prices.
"The Brasse field is clearly a standout project for Faroe. Brasse was applied for, drilled, discovered and appraised by our team. We now move forward to the exciting phase of planning its development, in the knowledge that the significant resources in this prolific reservoir have considerable value, particularly given their shallow water location close to competing process and export infrastructure. Gross plateau flow rates for this field have the potential to exceed 30,000 boepd, with first production scheduled for 2020/21.
"The Company has delivered good financial performance in H1 2017 with strong cash flow, improved cash reserves and an undrawn RBL credit facility of $250 million, ensuring significant financial flexibility going forward as we progress our development and exploration programmes simultaneously. Looking ahead, while we actively manage our organic programme, we will seek to continue to capitalise on our strong strategic and financial position as we pursue further attractive and value accretive M&A opportunities."
£4.50 target broken. Now £4.60
See Brent Crude at $57.72 per barrel today!
The psychological £4.50 is being tested today.
Petrofac Limited (LON:PFC) had its target price lowered by equities researchers at Kepler Capital Markets from GBX 700 ($9.44) to GBX 600 ($8.09) in a note issued to investors on Tuesday. The brokerage presently has a “buy” rating on the stock. Kepler Capital Markets’ target price suggests a potential upside of 33.96% from the stock’s previous close.