No new money: KNOC
KNOC has confirmed it will not put any more money on the table to try and complete its hostile £1.67 Bn (US $2.57 Bn) takeover of Dana Petroleum.
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GSA financing set
Published 28.07.2010 14:34:58 by John Bradbury
North Sea developer Ithaca has completed a further move in financial markets to secure funding for its UK Greater Stella Area. Ithaca said it has closed its previoisly announced UK private placement and Canadian bought deal finance for total proceeds of Can $158 m (US $153 m).
A total of 47.6 m shares have been sold for Can $1.70 per share, to raise Can. $80.9 m while another UK private placement of 45.1 m share to raise a further Can. $77 m.
“The proceeds are intended to be used to accelerate the development of the enlarged Greater Stella Area (the "GSA"), which includes the Stella, Harrier and Hurricane discoveries,” Ithaca stated today.
“The development of the GSA represents a key focus of the company over the near term,” Ithaca continued. “Management believes the Stella appraisal well has reduced the development risks associated with the GSA which now accounts for 30.95 million proved plus probable reserves on a barrel of oil equivalent basis based on the latest reserves report (as at April 30, 2010) prepared by Sproule International Limited.”
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