Emirates National Oil Company increased its offer to takeover Dragon Oil (LON:DGO).
It was one of a number of interesting developments on a busy day in the world of small caps.
Emirates National Oil Company, already majority shareholder with around 54%, upped its offer to 750p per share, from 735p, following meetings with a number of Dragon’s minority shareholders.
In other M&A news, Vedanta (LON:VED) unveiled plans to acquire the remainder of Cairn India in a deal that will create India’s leading diversified natural resources company.
Vedanta Limited, a partially owned subsidiary of the London listed group, which already owns 59.88% of Cairn India, will acquire the interests of minority shareholders.
Away from takeovers, LGO Energy (LON:LGO) moved its rig to the ‘Pad 5’ location and has begun drilling the first of its next four wells.
Drilling and completion operations are being progressed in a phased approach, one ‘pad’ of wells at a time.
In other oil and gas news, President Energy (LON:PPC) successfully completed a well work-over programme at the Puesto Guardian project, in Argentina.
The programme represents President’s first work since acquiring operatorship of the asset in the latter part of 2014.
Elsewhere, Falkland Oil & Gas (LON:FOGL) said the Humpback exploration well has now been spudded.
Humpback has the potential to be the most significant of all wells in the current campaign as it could open up a new exploration front in the deeper waters of the South and East Falkland basins.
Meanwhile, UK Oil & Gas Investments (LON:UKOG) secured an extension for acreage offshore Isle of Wight.
Licence P1916 has had its initial exploration period extended to January 31 2017.
In other news, energy efficiency company Sabien Technology (LON:SNT) is to remove a major impediment to clients trying out its M2G boiler optimisation units.
The real-time M2G monitors are retrofitted and allow units to function more effectively, leading to savings of 15-25% per heating season (which runs from October to April).
To mining – and Mariana Resources’ (LON:MARL) has partner developed a 3D model of the Hot Maden project in Turkey that indicates the high-grade copper-gold mineralisation remains open up and down dip.
The animation incorporates all the data gleaned thus far from the 10,000 metre drill programme being carried out by local partner Lidya – including results from holes 12 to 14, which are yet to be released to the market.
Sticking with 3D, Providence Resources (LON:PVR) uncovered, with 3D seismic, what it believes to be a significant deep-water system, in the northern Porcupine basin, off Ireland’s west coast.
Elsewhere, Orosur Mining (LON:OMI) expects to maintain current levels of production from its San Gregorio mine in Uruguay, between 50,000 – 55,000oz in the twelve months to May 2016, this year.
Meanwhile, KEFI Minerals (LON:KEFI) drew up a short-list of project contractors and financiers for its Tulu Kapi project in Ethiopia, with the final decisions expected next quarter.
Tulu Kapi is expected to come into production in 2017, with plant commissioning at the end of 2016.
Speaking of drawing up, Obtala Resources (LON:OBT) outlined plans to increase its timber land holdings by 13% in Mozambique through buying two new licences and revealed it plans to divest its forestry division there.
In other mining-related news, West Africa- focused International Mining & Infrastructure Corporation (LON:IMIC) is making headway on the previously announced restructuring of its US$30 million, 9% bond due to mature in 2017.
Away from mining, Clinical research organisation Venn Life Sciences (LON:VENN) reminded investors that Jonathan Hartshorn starts his new role as chief financial officer today. Hartshorn's appointment was announced on 12 May.
Finally, theme Park ticketing systems specialist Galasys (LON:GLS) picked up a £500,000 contract for a new water Park in China.
Located near Zhengzhou Henan, the Yinji Water Park opens this month and will be an all-year-round Park.