Jadestone Energy (formerly Mitra Energy) has revealed plans to issue shares to raise $95m in a private placement.
Two existing institutional shareholders, directors, and senior management will subscribe to shares worth $46m in the placement.
Proceeds from the placement will be used by Jadestone to acquire the Montara oil project, partially fund the Stag infill well, and for general corporate purposes.
Jadestone Energy Inc has simultaneously signed an agreement to purchase 100% interest in the Montara oil project from PTTEP Australasia (Ashmore Cartier) Pty Ltd for $355m.
The Montara oil project lies in the production licences AC/L7 and AC/L8 (Montara Titles), offshore Australia in the Timor Sea.
Based in Singapore, Jadestone Energy is an oil and gas production, development and exploration company. PTTEP Australasia, also known as Ashmore Cartier, is a subsidiary of Thailand-based petroleum exploration and production company PTT Exploration and Production Public Co Ltd (PTTEP).
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Korean upstream energy company Korea National Oil Corporation (KNOC) has secured $400m by issuing senior floating-rate notes in a private placement.
Due July 2023, the notes are priced at 100% of the principal amount and carry an interest rate of three-month LIBOR plus 0.875% spread.
Bermuda-based shipping company Ship Finance International Limited (SFL) plans to sell its Soehanah jack-up drilling rig.
Built in 2007, the Soehanah is a Panama-flagged jack-up rig with a length of 236ft and width of 223ft.
Proceeds from the sale will be used by SFL to invest in new assets.
The divestment is expected to strengthen SFL’s plans to renew and diversify its fleet.
SFL also plans to sell three of its VLCCs namely Front Page, Front Stratus, and Front Serenade built in 2002 to ADS Crude Carriers Ltd for $77.6m.
SFL will be left with a fleet of five vessels post-divestment.
C&I Leasing has completed the acquisition of the remaining 27.5% interest in C&I Petrotech Marine Ltd.
The target company became a wholly owned subsidiary of C&I Leasing, following the acquisition.
C&I Leasing is a leasing company operating fleet management, outsourcing, and marine services business. C&I Petrotech Marine Ltd owns a fleet of six vessels that have been deployed under a long-term contract to Shell Petroleum Development Company of Nigeria. Both companies are based in Nigeria.
The acquisition is expected to strengthen C&I Leasing’s business operations.
Tidewater has entered a merger agreement with GulfMark Offshore to combine both their businesses to create a new offshore support vessel company.
The shareholders of GulfMark will receive 1.1 common stock shares of Tidewater for each share unit of GulfMark held.
GulfMark shareholders will receive 27% interest in the combined company, which is expected to be valued at $1.25bn.
The transaction aims to strengthen the footprint of the combined company’s operations.