Oil & Gas Corporate News
Dana Petroleum Plc (LON:DNX) (DNX, 1088p, ? (4.21%)) announced that the Company has entered into an agreement to acquire the entire issued share capital of Petro Canada Netherlands BV from Petro Canada Holdings B.V, a wholly owned subsidiary of Suncor Energy Inc. for an estimated net cash consideration of approximately EUR328m. The acquisition will provide Dana with an additional 31MMboe in 2P reserves, and 55MMboe in 3P reserves. Petro Canada Netherlands produced 12,136boepd last year. In connection with the Acquisition, and as part of a broader corporate refinancing initiative, the Company has agreed terms with the Royal Bank of Canada provision of A$900m term loan and revolving credit facility to be fully underwritten by RBC. The purchase price is equivalent to approximately US$12.16 per barrel of 2P reserves excluding the Alkmaar project which has no underlying reserve component.
Exillon Energy (LON:EXI) (EXI, 170p, ? (2.86%)) announced an update on group reserves and production levels. The group 1P levels now stand at 80MMbbl, 23% higher than previously. 2P and 3P reserves now stand at 137MMbbl, up 5%, and 391MMbbl, up 6%, respectively. The groups production rate has also risen to a total of 5,400bopd, an increase of 24%.
Mining Corporate News
African Consolidated Resources Plc (LON:AFCR) (AFCR, 9.38p, ? (7.14%)) announced that it has entered into a memorandum of understanding ('MOU'), subject to due diligence, with a group of individuals known as the SSSB Group, for the development of its gold property at the Pickstone Peerless mine. The MOU at this stage concerns the intended development of open pit mining operations at Pickstone Peerless and excludes the sulphide dump resource, where the possibility exists to establish a tailings retreatment operation. Under the terms of the MOU, the whole of the mine, apart from the sulphide dump will be transferred to a jointly owned structure under which ACR will own 40% and the SSSB Group 60%.
Nyota Minerals (LON:NYO) (NYO, 16.25p, ? (0.0%)) announced that the £3.44 million placement of new shares to International Finance Corporation has now been completed in all respects. As a result of the placement, 29,749,327 new shares have been allotted and issued to IFC, giving it a shareholding of 10% in the company. In addition, 22,311,995 options have been granted to IFC in connection with its investment.
Amur Minerals (AMC, 5p, ? (0.0%))…
