Oilexco Share Discussion Threads

[o1lman] 06/2/2017 07:35

Recommended Takeover by Delek

6 February 2017

Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE) ("Ithaca" or the "Company") is pleased to announce that it has entered into a definitive support agreement (the "Agreement") with Delek Group Ltd ("Delek") on the terms of a cash takeover bid for all of the issued and to be issued common shares of Ithaca not currently owned by Delek or any of its affiliates for C$1.95 per share (the "Offer").

Highlights

-- The Offer is for a cash consideration of C$1.95 per share - this equates to GBP1.20 per share based on the exchange rate on 3 February 2017(1)

-- The Offer is unanimously recommended by the Board of Directors of Ithaca (excluding the Delek related party Directors) and values the entire issued and to be issued share capital of the Company at C$841 million (US$646 million)

-- The Offer provides shareholders with the opportunity to crystallise the value of their holdings in cash and represents a 12% premium to the TSX closing price of C$1.74 per share on 3 February 2017 and a 16% and 27% premium to the 30 day and 60 day volume weighted average prices respectively

-- The Offer price represents a substantial premium to the average analyst consensus target price of C$1.60 per share(2)
-- The Offer implies a total enterprise value of approximately US$1.24 billion

-- Delek is an Israeli listed conglomerate with significant natural gas exploration and production activities in the Eastern Mediterranean and an existing 19.7% shareholder in Ithaca

Brad Hurtubise, Non-Executive Chairman, commented:

"We are very pleased to announce the Offer, which provides an attractive opportunity for all shareholders to secure a premium cash value for their investment following a sustained period of share price growth and at a favourable point in the Company's evolution."

"A Special Committee of independent Directors has fully assessed the Offer, with input from the Company's financial advisor and an independent valuator, and believes the Offer is fair and in the best interest of the Company and its shareholders and unanimously recommends that the shareholders tender their shares to the Offer."

[o1lman] 06/2/2017 07:32

NTORYA-2 WELL DRILLING RESULT

Ntorya-2 Well Result Ahead of Expectations with 25 to 30 Metre Net Gas Column

Final Preparations for Well Test

Aminex is pleased to announce that the Ntorya-2 appraisal well has been successfully drilled to a depth of approximately 2,750 metres. At 2,596 metres drilling depth the well encountered a gross gas bearing reservoir unit of approximately 51 metres. Preliminary petrophysical analysis of the Logging While Drilling (LWD) logs indicates a porous and hydrocarbon bearing reservoir with a potential net pay of between 25 and 30 metres. Drilling of the reservoir section was associated with significant gas influxes and higher than expected pressures. The result is well ahead of the Company's pre-drill expectations.

The well is currently being deepened to a total depth of approximately 2,780 metres, prior to a wireline logging programme being run, to allow for the setting of a 7-inch liner below the reservoir interval. Detailed petrophysical analysis will be conducted on both the LWD and wireline logs. Preparations are currently underway for a comprehensive well testing programme and the Company expects to have results of the flow-testing and ongoing petrophysical analysis by late February.

Ntorya-2 also encountered traces of oil in the gross reservoir interval and the Company is now evaluating the implications of this positive development through an updated basin model.

The well was spudded in the onshore Ruvuma Basin of Tanzania (Mtwara Licence: Aminex 75% and operator) on 21 December 2016 in order to appraise further the Ntorya Appraisal Area. Ntorya-1 had a net pay of 3.5 metres and flow-tested at 20 million cubic feet per day, with 139 barrels of associated condensate. The Ntorya field is approximately 40 kilometres from the Madimba gas processing plant, which receives gas into the National Gas Pipeline system.

Depending on the results of the well test, the Company intends to apply for a 25-year development licence over the Ntorya Appraisal Area.

Jay Bhattacherjee, CEO of Aminex said:

"We are delighted with the progress of the Ntorya-2 appraisal well, which is ahead of our expectations. The reservoir is both thick and high quality. Aminex looks forward to providing the results of the flow-testing which will enable the joint venture to consider its options for development of the Ntorya field."

[o1lman] 03/2/2017 18:22

chart for AEX,SDX.



09 January 2017

Aminex plc

("Aminex" or "the Company")

Ntorya-2 Operations Update

Aminex provides the following update on the Company's drilling activity in the Ruvuma Basin, Tanzania, where the Ntorya-2 appraisal well was spudded on 21 December 2016, with a planned total depth of 2,860 metres.

Drilling Status and Schedule
-- On 5 January the 17" hole section was cased and cemented to a depth of 1,326 metres.

-- Drilling recommenced on 7 January in the 12" section which will be cased and cemented at 2,095 metres.

-- Following this an 8 1/2 " section is planned through the target Cretaceous formation to an estimated total depth of 2,860 metres.

-- A 7" cemented liner is then expected to be set and a detailed analysis of the well data conducted prior to potential testing.

This vertical well is targeting the same sandstone channel complex as the Ntorya-1 discovery which flow-tested gas at 20 mmcf/d, with 139 barrels of associated condensate, from a 3.5-metre sand interval

[o1lman] 03/2/2017 18:20

and the laggards

[o1lman] 03/2/2017 18:15

this week's leaders, still plenty of sellers for SOU.

[bountyhunter] 03/2/2017 12:14

Brent chart rolled forwards

[o1lman] 03/2/2017 11:09

By Philip Waller

LONDON--Premier Oil PLC (PMO.LN) said Friday it had struck a long-awaited debt-restructuring deal with lenders, paving the way for potential expansion.
The explorer and producer said the proposed agreements with private lenders and bondholders would protect its existing facilities of $3.9 billion, align maturity dates to May 31, 2021, and give it more flexibility on its covenants.
Premier, which has several fields in the U.K. North Sea and gas and oil schemes in Indonesia and Vietnam, said the refinancing would underpin existing operations and give it more certainty to invest in new projects.
"It's a relief that we've done it, because now we can get back to running the company," Chief Executive Tony Durrant told Dow Jones Newswires.
Premier launched the debt restructuring last year to help it cope with lower oil prices and to fund the $120 million acquisition of the North Sea assets of German utility company E.ON in April.
It had planned to finance the purchase from equity markets but ended up doing it in bond markets because of investor uncertainty about oil prices, Mr. Durrant said.
The company's production in the year to date has averaged about 80,000 barrels of oil equivalent per day, or boepd.
It has about 45,000 boepd in the North Sea, which should rise eventually by some 25,000 boepd after its Catcher field comes on stream later this year.
"It'll be 2018 before we see the full benefit of Catcher," Mr. Durrant said.
Premier also hopes to invest in unsanctioned projects such as infill drilling programs, incremental developments and new schemes such as Tolmount, Tuna and Sea Lion.
Most of the projects the company is considering could be achieved at current oil prices, Mr. Durrant said.
Midmorning Friday, the price of a barrel of Brent crude stood at $56.75, while a barrel of U.S. light crude was $53.70.
"I think that with another 12 months at these price levels of between $55-$60 a barrel, we'll see the start-up of a lot of new investment projects by the industry and we'll be comfortable enough to sanction some new projects ourselves," Mr. Durrant said.
Premier is among a number of small- and mid-cap oil companies that are expanding in the North Sea as oil majors reduce their activities there in favor of bigger schemes elsewhere.
Companies like Premier have lower costs than the big oil groups, and smaller-scale projects available in the North Sea are more valuable to them than to larger industry players, Mr. Durrant said.
"We're probably the future of the North Sea rather than the majors," he said.
At 1030 GMT, shares in Premier were up 0.5 pence, or 0.6%, at 86.75 pence.
Citigroup analyst David Byrne said: "With a debt package that gives Premier sufficient time to de-lever now further de-risked, we maintain our buy high-risk rating."

[manics] 03/2/2017 07:28

Premier Oil PLC (PMO)
Friday 03 February, 2017

Announcement of the proposed refinancing
RNS Number : 9622V
Premier Oil PLC
03 February 2017

This announcement has been determined to contain inside information


PREMIER OIL PLC

("Premier" or "the Group")

Announcement of the proposed refinancing

3 February 2017



Premier is pleased to announce:

- Agreement of representatives of its Private Lenders to a long form term sheet, subject to credit approvals

- Agreement of revised key terms between Premier and representatives of its convertible bondholders, subject to agreement by the Private Lenders

- Proposed amended terms to its retail bonds



Refinancing overview

The refinancing will provide a solid foundation for Premier to deliver its strategic plans through:

- Preserving the Group's debt facilities

- Resetting financial covenant headroom

- Extending Premier's debt maturities to 2021 and beyond

In return, the lenders will receive a revised security and covenant package, enhanced economics and certain governance controls.



The long form term sheet will now be circulated to the lenders under the company's RCF, term loan, Schuldschein and US Private Placement notes (Private Lenders) for formal credit committee approval, with lock-up agreements requested by the end of February. Revised financing documentation will now be finalised with completion of the refinancing currently anticipated by the end of May 2017.



Revised funding structure allows for debt reduction and growth

Year-to-date Premier's production has averaged around 80 kboepd. A significant step up in production is expected once Catcher is on-stream later this year, materially enhancing the Group's cash flows. The Group will prioritise these cash flows towards reducing its absolute debt levels and leverage ratio to 3x EBITDA. At the same time, Premier and its lenders envisage that the Group will selectively seek to invest in its unsanctioned projects, at the appropriate equity levels, with due regard to the commodity price environment.



With rising production and 700 mmboe of discovered but undeveloped reserves and resources, Premier has considerable portfolio optionality. Unsanctioned projects include infill drilling programmes, incremental developments and new projects such as Tolmount, Tuna and Sea Lion. Premier also has the potential for material value creation through its exploration acreage, including in Mexico, with drilling expected to commence in Q2.



Tony Durrant, CEO, commented

"The agreement of the long form term sheet with representatives of our Private Lenders marks a significant milestone for Premier. We are grateful for our lenders' continued support, which reflects the high quality nature of our asset base, the strong recent operating performance and our plans to deliver value for all of our stakeholders."



Enquiries



Premier Oil plc

Tel: [phone]

Tony Durrant (CEO), Richard Rose (Finance Director)







Bell Pottinger

Tel: [phone]

Lorna Cobbett, Henry Lerwill



Key terms of the refinancing
The RCF, term loan, US Private Placement notes (USPP) and Schuldschein notes
Proposed amendments have been agreed with the Coordinating Committee of the RCF Group and representatives of the other Private Lenders as follows:

- Confirmation of total existing facilities of US$3.9bn with undrawn capacity preserved

- Alignment of final maturity dates to 31 May 2021

- Amendment of Premier's financial covenants, currently anticipated to be

· Net debt to EBITDA cover ratio reset to 7.5x until end 2017 reducing to 5.0x at the end of 2018, before returning to 3.0x in 2019

· Interest cover ratio reduced to 1.85x before increasing to 3.0x in 2019

· Covenant net debt (which includes issued letters of credit) to be less than US$2.95bn by end 2018

- Enhanced economics to lenders, including

· A margin uplift of 1.5% over existing pricing with an additional 1.0% for the Schuldschein lenders for conversion of their existing bilateral facilities into an English law syndicated facility

· Amendment fees of 1.0% with an additional 0.5% for the Schuldschein lenders

· Equity warrants representing up to 90 million new shares, being 15% of Premier's issued shares (enlarged for the potential new issue) at a price of 42.75 pence per share, equivalent to 7.6% dilution based on the latest closing share price. The warrants will have a five-year term. Alternatively, lenders will have the option to take up synthetic warrants in the form of a deferred fee of comparable value to the equity warrants. Take up of the synthetic warrants will reduce the number of underlying new shares to be issued under the equity warrants

· Crystallisation of the make-whole on the USPP to be calculated at the completion date of the refinancing

- A security package which provides priority over unsecured creditors; in addition a portion of the RCF and certain other debt obligations of up to US$800m will receive super senior status

- Certain governance controls including

· Annual approval of Premier's overall capex and exploration budgets

· Final sanction of significant new projects

· Certain approval rights in respect of acquisitions and disposals

The retail bonds
Substantially the same economic terms are being offered to the retail bondholders as to the Private Lenders. The key terms proposed are:

- Maturity date extended by six months to 31 May 2021

- Enhanced economics comprising an interest rate uplift of 1.50%, amendment fees of 1.0% and pro rata participation in the warrant offering as above

- Participation in the security package which gives priority over unsecured creditors, ranking alongside the private debt facilities (with senior status)

Positive feedback has been received from a number of significant retail bondholders who have been consulted on these terms. A prospectus will be issued for retail bondholders to elect between equity warrants and synthetic warrants.

Convertible bonds
Premier has agreed key amended terms with certain significant bondholders and advisers to an ad hoc committee of the convertible bondholders. Full details of these terms will be circulated to the wider convertible group. The amended terms remain subject to review and agreement by the Private Lenders and their representatives.

Implementation of the proposed refinancing
Premier plans to enter into lock up agreements in relation to the long form term sheet with Private Lenders by the end of February. Revised refinancing and implementation documents will now be finalised with completion for the refinancing anticipated by the end of May 2017.



The proposed RCF, term loan and USPP amendments will be effected through a Scottish scheme of arrangement of each of Premier and Premier Oil UK Limited (the Schemes), which must be approved by a majority in number and 75% in value of Scheme creditors attending and voting at the meetings (the Scheme Meetings).

Schuldschein lenders and the convertible bondholders will each consent to the terms of the refinancing outside of the Scheme process.

The refinancing will require shareholder approval in respect of the potential issue of the warrant shares and shares that could be issued as a result of the change to the convertible bond conversion price. That approval will be sought at a general meeting.

[o1lman] 03/2/2017 07:24

VOG


Since 1 January 2017, the 9⅝" casing has been run and cemented in La-107 in preparation to drill the 8½" hole section through the objective Logbaba gas-bearing reservoir sections. The 9⅝" casing run into La-107 included a DDV (Downhole Deployment Valve), which was successfully set with the casing to assist in the MPD (Managed Pressure Drilling) technology that will be employed during the drilling of the over-pressured Logbaba Formation. This is the first time that a DDV has been deployed in sub-Saharan Africa.



After setting the 9⅝" casing in La-107 the rig was skidded to the La-108 well and has drilled the La-108 12¼" hole section to its target depth of 1,953m MD (measured depth). The 9⅝" casing, including the installation of a DDV as in La-107, has been run and cemented. We are currently rigging up the MPD surface equipment in preparation for drilling the La-108 8½" hole section to its target depth of 3,563m.


MPD and the insertion of a DDV, both of which are expected to produce higher quality wells and reduce failure risk in the high pressure/high temperature environment under which these wells are being drilled, has added to the initial estimated budget. In addition, higher than expected Non-Productive Time (NPT) related to various operational issues has increased the schedule. The revised budget range for the two well programme, without the exploration tail has now been increased by 10-20% above the previous estimate of $40m to $44-48M.



Approximately $23m has been spent to date on the project, so the balance of GDC's $13-15m share of the two well programme of will be funded by cash generated from operations and existing debt facilities. The net cash position of the Group at the end of the quarter was $1.3m (cash position of $15.8m). The group has remaining credit on its Cameroonian debt facility of $16m

[o1lman] 02/2/2017 13:12

if anybody wants to read the recent history for VOG without wading thru loads of nonsense like fill your boots etc., etc.,
Type VOG in the search box at the top of the page, after u have read the history u may want to follow malcy or u may not.

[highasakite] 02/2/2017 10:36

Extract from 2017 Malcy bucket list:

"Victoria Oil & Gas is arguably one of the most undervalued assets I have looked at, the management are determined to create a utility scenario from the gas to the customer. Gas found by them at Logbaba and through their own pipes to clients in Douala is a very exciting prospect and the demand is almost limitless."