Victoria Oil & Gas plc (VOG) has reached a settlement agreement with RSM Production Corporation over the Logbaba gas project in the port city of Douala, Cameroon. JOINT INTERESTS VOG’s wholly owned subsidiary, Gaz du Cameroun SA, is the onshore gas producer and distributor. RSM is joint interest owner with a 38% working interest, alongside the […]
Legal
Public inquiry begins over WCM coal mine plan
A public inquiry has started on West Cumbria Mining’s plans for a £160 million metallurgical coal mine under the seabed near Whitehaven off the coast of Cumbria. TIMELINE The inquiry follows a decision by the Secretary of State for Local Government, Housing and Communities Robert Jenrick to call in the application for Woodhouse Colliery despite […]
Cairn Energy nears end of tax dispute with India
Cairn Energy plc announced that it had nearly resolved the outstanding tax issues with India and soon expected to complete its acquisition in Egypt. INDIA Cairn said that a near-term India resolution would see up to $700m (£500m) returned to shareholders via special dividend and buyback, subject to approval. The remainder will be retained to […]
Dalradian meets businesses as mine plans attract opposition
Dalradian Gold has held several meet-the-buyer events on opportunities at the proposed £750 million gold-silver-copper mine in County Tyrone, Northern Ireland. PROTEST The American company, backed by Orion Resource Partners, said that in recent months approximately 100 businesses had attended information sessions. The mine plans, which have attracted more than 40,000 representations, are subject to […]
Hurricane refused court approval for restructure
Hurricane Energy plc said that the High Court had today refused to sanction its proposed restructuring plan. RISK The company added that its existing board was considering all options including an appeal. “Unless the company or the Ad Hoc Committee successfully appeals the judgment, the restructuring plan will not be implemented,” said Hurricane in a […]
Hurricane bondholders back restructure
Hurricane Energy plc’s bondholders today voted 100% to support the company’s restructuring plan while the majority of shareholders voted against it. Shareholder votes in favour were reported at 7.66% compared with 92.34% opposing the plan. The company said that 1,518,667 votes were withheld and 32.87% of the issued share capital voted. Hurricane added that because […]