CITIC Resources Holdings Limited has signed a memorandum of understanding (MoU) with Itochu Corporation to pursue joint acquisition and development of oil and gas exploration and production assets.
The non-binding MoU will enable both companies to use their experience to efficiently develop exploration and production (E&P) projects.
Go deeper with GlobalData
Itochu and CITIC are each expected to invest $946m in a single E&P project, a Nikkei report cited.
Providence Resources plc plans to issue 399,670,956 shares to institutional and other investors.
The private placement will involve the issue of ordinary shares at a price of $0.171 each.
See Also:
The offering will raise $64.42m, which will be primarily used by Providence to settle the Transocean litigation and to repay short-term liabilities.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
