Ascent Resources Plc (LON:AST) collapsed almost 70% because the proposed takeover by Cadogan Petroleum Plc’s (LON:CAD) fell through, as the deal would no longer be worth it.
Ascent’s AIM quoted shares rose 658% since it was announced that Cadogan had made an approach, and was in early stage talks to buy the European ‘tight’ gas junior.
The share was priced at 5.97p at Thursday’s close versus 0.93p on March 23, the day prior to Ascent’s announcement regarding the Cadogan approach.
In a stock market statement following Thursday’s stock market close Cadogan told investors that the Ascent price was now too high.
Range Resources Ltd (LON:RRL) has told investors that the MD 250 well, in Trinidad, has reached target depth ahead of schedule.
The well, which spudded on March 10, reached a depth of 4,100 feet on March 28. It was the first well drilled with the new deep drilling rig under contract to Range, and it unearthed more than an estimated 100 feet of net oil pay.
Range said oil shows were encountered at a depth of 1,350, as well as between 3,500 and 3,600 feet. It is now proposed that the well will be completed, so that the individual geologic targets can be perforated and tested. First though, the group must get regulatory approval for such a programme.
Regency Mines Plc (LON:RGM) chairman Andrew Bell has cautioned that it will take time for the full potential of the Horse Hill oil discovery to be understood. “The forthcoming results of independent studies will give more perspective on the scale, but this is likely to be a developing story that will take time for its full potential to be understood.”
Bell told investors that the company’s focus for 2016 would be on cashflow, onshore oil opportunities and corporate deal making.
A revitalised Independent Oil and Gas PLC (LON:IOG) has identified “a number of opportunities” after completing a refinancing that has provided the AIM-listed group with the funds to pick up assets and projects at knock-down prices.
IOG said it has now “refined” its strategy following the £13.55mln infusion of cash from London Oil & Gas (LOG), which includes the possible acquisition of “complementary near term oil and gas developments and low risk production assets in the North Sea”.
Chariot Oil & Gas Limited (LON:CHAR) has unveiled a deal with Italian major ENI to sell the majority of its stake in the Rabat Deep exploration project, offshore Morocco.
ENI is taking a 40% share in Rabat Deep, leaving Chariot with 10%. In return it will pay Chariot’s share of future drilling costs for the proposed JP-1 exploration well. The Italian group will lead future work at Rabat Deep as the project operator.
Additionally, ENI agreed to cover certain other geological and admin costs in Rabat Deep’s next licence period and it will also pay some contribution to Chariot’s investments in the project to date. Chariot currently expects the JP-1 well to be drilled in 2017.
88 Energy Limited (LON:88E) has now completed analysis of core samples from the ‘super highway’ zone of the Icewine shale well, in Alaska, and it is impressed with the results. Further analysis for permeability was required because prior examination gave readings that were too high to be measured by traditional methods.
Subsequent analysis has now indicated that the permeability in the ‘super highway’ sections are some 20 times greater than 88 Energy’s pre-drill forecasts. It boosts already excellent permeability numbers measured in prior testing, the company highlighted.