Magseis ASA intends to raise $5m through issuing up to 2,830,800 shares at a price of $1.77 each in a rights offering.

Each eligible shareholder will be allotted 0.45553 allocation rights, which will enable the holder to apply for the allotment of one share of the company.

Magseis has appointed ABG Sundal Collier Norge ASA and Arctic Securities ASA as book-running managers for the offering.

Point Resources AS has agreed to acquire operated upstream assets located on the Norwegian Continental Shelf (NCS), from ExxonMobil Exploration and Production Norway AS.

Under the agreement, Point Resources will assume the operated interests in the Balder (100%), Ringhorne (100%), Ringhorne ost (77%) and Forseti (100%) fields, Jotun Unit (90%) and neighbouring exploration areas in the NCS. Net production from the fields was 54,000boed in 2016.

The acquisition also includes transfer of field assets such as platforms and floating production, storage and offloading (FPSO) vessels.

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By GlobalData
"The deal involves a purchase consideration of $13.18m."

Scheduled for completion in the fourth quarter of 2017, the transaction will allow Point Resources to extend its oil and gas assets portfolio on the NCS.

Through its wholly owned subsidiary Meridian Minerals Ltd, FAR Ltd has agreed to acquire 80% stake in blocks A2 and A5 located in the Mauritania-Senegal-Guinea-Bissau Basin, offshore Gambia, from Erin Energy Corporation.

The deal involves a purchase consideration of $13.18m, which will be funded by FAR through a combination of cash and capital investment.

A2 and A5 blocks extend over an area of approximately 663,000 acres in water depths of 50m to 1,200m. The blocks are estimated to hold prospective resources of more than 1,000 million barrels of oil.

FAR will hold 80% stake and operatorship in the blocks, while Erin Energy will own the remaining 20% stake upon completion of the transaction.