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April 21, 2016

Deals this week: Callon Petroleum Company, Indian Oil Corporation, Hurricane Energy

Callon Petroleum Company has announced the pricing for the public issue of 22 million shares to raise $187m. An additional 3.3 million shares are also available for underwriters through an over-allotment option.

Hurricane Energy

Callon Petroleum Company has announced the pricing for the public issue of 22 million shares to raise $187m. An additional 3.3 million shares are also available for underwriters through an over-allotment option.

Credit Suisse Securities (USA) LLC and Scotia Capital (USA) Inc are the joint book-running managers, whereas Haynes and Boone LLP is the legal advisor to Callon for the issue, which is scheduled to close on 25 April.

The amount raised from the offer will be used to fund the unfinished Big Star acquisition and AMI transaction or to partially fund exploration and development activities and corporate functions of Callon.

Indian Oil Corporation Limited (IOCL) has signed an agreement with Bangladesh Petroleum Corporation (BPC) to set-up a joint venture.

"The placement will also issue warrants to Crystal Amber, which allow the subscription of up to 23,333,333 new shares."

The new JV will set-up a liquefied petroleum gas (LPG) import terminal in Chittagong, Bangladesh.

The cooperation will also help IOCL and BPC to explore downstream business opportunities in Bangladesh.

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Hurricane Energy plc is offering 347,245,265 shares for raising $73.97m from a private placement. The shares will be subscribed by Kerogen Investments No.18 Limited ($62.61m) and two institutional investors, Crystal Amber and Marlborough Fund Managers Limited ($11.36m).

Expected to be close on 10 May, the placement will also issue warrants to Crystal Amber, which allow the subscription of up to 23,333,333 new shares.

The amount raised from the issue will be used to fund the drilling of two wells on Lancaster and for corporate expenses.


Hurricane Energy is a UK-based oil and gas company. Image courtesy of Hurricane Energy plc.

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