Oil & Gas Corporate News
Dana Petroleum Plc (LON:DNX) (DNX, 1693.0p, ? 0.7%) provided an update on the unsolicited indicative conditional approach from KNOC. Dana's Chairman and Chief Executive Officer met with the Senior Executive Vice President of KNOC on 6 August asking for clarity as to how, or if, KNOC would reflect recent and future developments within Dana in its indicative, conditional proposal of 1800p per Dana share. Dana invited KNOC to conduct due diligence subject only to the signature of a non-disclosure agreement. KNOC stated that it will not conduct due diligence without the Dana Board's recommendation of KNOC's proposal and also refused to discuss either the value of Dana's assets or KNOC's assumptions behind the proposal. The Dana Board does not consider it is prudent or warranted to provide a recommendation to any conditional, unsolicited proposal at this level. In addition, the Dana Board believes KNOC has failed to recognise the value of the Company's recent developments and work in progress. Dana stated this leaves the Board with no way of progressing confidential discussions with KNOC and therefore there can be no certainty that an offer will ultimately be made by KNOC for Dana or the terms on which any such offer may be made.
Matra Petroleum (LON:MTA) Plc (BUY, 7.0p) (MTA, 1.68p, ? 2.9%) announced its results for the period ended 30 June 2010. Highlights of the period include the completion of the first appraisal well in the Sokolovskoe Field, Well-13, successfully proving the presence of an oil reservoir. A short open-hole test produced light, sweet oil at a rate of approximately 110 b/d. Also, permission was granted to re-enter Well-12 to re-establish production. Cash at the end of the period was £6m. The Company plans to bring Well-13 on production as soon as possible and complete the remapping and geological modelling of the Sokolovskoe field.
Dominion Petroleum (LON:DPL) Ltd (DPL, 3.05p, ? 3.17%) announced that it has appointed RBC Capital Markets as its Nominated Adviser and Broker, with immediate effect. The Company is combining the roles of Nomad and Broker into a single engagement with RBC to better serve the Company through the full services they can provide. Canaccord Genuity Limited continues as a joint-broker to the Company.
Mining Corporate News
Beacon Hill Resources (LON:BHR) Plc (BHR, 7.75p, ? 3.33%) announced a further significant step…
