The deal implies a purchase consideration of $4m and involves the conditional acquisition of an initial 10% interest for $2m in cash and further payment of $2m for additional 10% stake.
WNEL holds 100% stake in Duyung production sharing contract (Duyung PSC), located offshore Indonesia. The Duyung PSC extends across an area of approximately 1,100km² in West Natuna Basin and includes Mako shallow gas discovery.
Upon completion of the transaction, Conrad Petroleum will own 80% stake and Empyrean Energy will have the remaining 20% in WNEL.
The Parkmead Group plc has completed the acquisition of additional stake in the Sanda North and Sanda South prospects within Block 205/13 in the UK North Sea’s west of Shetland area.
The two prospects hold estimated P50 recoverable reserves of 280 million barrels of oil.
Upon the completion of the transaction, Parkmead Group will hold 100% stake in Block 205/13.
China Petrochemical Corporation (Sinopec Group) intends to raise $1.1bn through the issue of senior unsecured bonds in a public offering through its subsidiary Sinopec Group Overseas Development (2017) Limited.
The bonds carry a coupon rate of 3.018% to be paid semi-annually and will mature on 12 April 2022. The offering is scheduled for closure on 12 April 2017.
As book runners for the issue, Sinopec has retained Agricultural Bank of China Limited, Bank of China International Limited, Merrill Lynch, Pierce, Fenner & Smith Incorporated, CCB International Capital Limited, Citigroup Inc, DBS Bank Ltd, The Goldman Sachs Group Inc, HSBC Bank plc, ICBC, JPMorgan Chase & Co, Mizuho Financial Group Inc, Morgan Stanley & Co Limited, Societe Generale SA, Standard Chartered Bank PLC, and UBS AG.
FAR Ltd intends to raise $60.6m through issuing 1,000 million shares, at a price of $0.06 per share in a private placement.
The shares will be issued in two tranches, with the first tranche to raise $40.9m and $19.69m for the second.
Proceeds from the placement are intended to be used by the company to fund its drilling, evaluation and pre-development programme offshore Senegal, for the potential acquisition and exploration of Blocks A2 and A5 in Gambia, and for the general corporate functions.
The private placement is scheduled for completion on 18 May.