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Updated: 1 year 15 weeks ago

Thunder Energies President's Letter

9 June 2017 - 7:00am

TARPON SPRINGS, Fla., June 09, 2017 (GLOBE NEWSWIRE) -- Dr. Ruggero M. Santilli, President and Chief Scientist of Thunder Energies Corporation, a publicly traded company with stock symbol (OTC:TNRG), states: "I am pleased to announce momentous advances in our three divisions that can be outlined as follows."

Division of Nuclear Instruments.
We have completed all R&D on our source of neutrons synthesized from a hydrogen gas as established by the scientific publication authored by scientists from three continents (http://thunder-energies.com/docs/AJMP.pdf), we have therefore initiated production of a Directional Neutron Source as needed for the scanning of suitcases, containers or grounds for the possible smuggling of nuclear weapons; we have received a first order from a European group with the down payment of $120K, as a result of which, I predict that this division will be profitable in the second quarter of 2017 (https://globenewswire.com/news-release/2017/06/05/1008093/0/en/Thunder-Energies-Receives-Down-Payment-on-Equipment-Producing-a-Directional-Neutron-Flux-and-Predicts-Profitability-for-its-Construction.html), and we have filed a patent application for full international coverage of our new technology.

Division of Combustion Equipment
We have made additional advances in our basically new combustion of fossil fuels, called HyperCombustion and related HyperFurnaces, which achieves no combustible contaminants in the exhaust and enhanced energy output (http://www.thunder-energies.com/index.php/ct-menu-item-18/11-articles/18-article-9). This breakthrough has been achieved thanks to new nuclear processes permitted by Carbon and Oxygen, besides their ordinary combustion (patent pending) (http://www.santilli-foundation.org/docs/ICNF-3.pdf). As a result of these environmental and technological advances, I was invited to deliver a plenary talk on our new HyperCombustion and HyperFurnaces  (https://www.youtube.com/watch?v=eyS6HDO5xDc&feature=youtu.be) at the 2016 - Sustainable Industrial Processing Summit & Exhibition held at Hainan Island, China, on November 6 to 14 (http://www.flogen.org/sips2016/), at which meeting I received the Fray International Sustainability Award (http://www.santilli-foundation.org/docs/sips-2016-big0view.pdf) (http://www.flogen.org/awards.php?spage=2&sp=2&sp2=Santilli).

Division of Optical Instruments

I am pleased to report the confirmation (http://www.santilli-foundation.org/docs/pdf10.pdf) (http://www.santilli-foundation.org/docs/Con-Ant-Tel-2013.pdf) (http://www.santilli-foundation.org/docs/antimatter-detect-2014.pdf) of our discovery of an antimatter galaxy in the Vega region of the night sky (http://www.santilli-foundation.org/docs/Antimatter-telescope-2013-final.pdf) as well as the discovery of a second antimatter galaxy in the Capella region of the night sky (http://www.santilli-foundation.org/docs/capella-antimatter-galaxy.pdf) thanks to our new telescope with concave lenses (patent pending) which is now in production and sale with 70 mm, 100 mm, 150 mm and 200 mm diameter (http://thunder-energies.com/index.php/ct-menu-item-9). We also delivered astrophysical equipment to a group of European scientists consisting of a pair of 70 mm Galileo and Santilli telescopes.

International recognition
I am finally pleased to report that our company has been featured by a number of qualified media conduits, such as:

Business Television
http://www.b-tv.com/thunder-energies-nuclear-corporate-video
Silicon Review
http://thesiliconreview.com/magazines/thunder-energies-corporation-tec-is-a-new-pathway-for-development-in-cutting-edge-technology
CEO-CFO
http://www.ceocfointerviews.com/interviews/ThunderEnergies16.htm
American Freedom Radio
https://www.youtube.com/watch?v=C9om97CYvb0

Forward Looking Statements

Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications, which may arise, could prevent the prompt implementation of any strategically significant plan(s) outlined above. The Company undertakes no duty to revise or update any forward-looking statements to reflect events or circumstances after the date of this release.

CONTACT: Dr. Ruggero M. Santilli President and Chief Scientist Thunder Energies Corp 727-303-9581 www.Thunder-Energies.com
Categories: State

Encana announces agreement to sell its Piceance natural gas assets

9 June 2017 - 6:00am

CALGARY, Alberta, June 09, 2017 (GLOBE NEWSWIRE) -- Encana Corporation (Encana) (TSX:ECA) (NYSE:ECA) announced today that its wholly-owned subsidiary, Encana Oil & Gas (USA) Inc., has reached an agreement to sell its Piceance natural gas assets, located in northwestern Colorado, to Denver-based Caerus Oil and Gas LLC (Caerus).

Total cash consideration to Encana under the transaction is $735 million. In addition, Encana will reduce its midstream commitments by approximately $430 million, on an undiscounted basis, and will market Caerus’ production related to the assets.

“This transaction advances our strategy, makes the company more efficient and delivers significant proceeds that we will use to further strengthen our balance sheet,” said Doug Suttles, Encana President & CEO. “I’d like to congratulate Caerus on acquiring a high-quality natural gas asset along with a talented team.”

Encana’s Piceance assets include approximately 550,000 net acres of leasehold and approximately 3,100 operated wells which produced an average 240 million cubic feet per day (MMcf/d) of natural gas and 2,178 barrels per day (bbls/d) of liquids through the first quarter of 2017. Estimated year-end 2016 proved reserves were 814 billion cubic feet equivalent (Bcfe).

The sale is subject to satisfaction of normal closing conditions, regulatory approvals, closing and other adjustments and is expected to be completed during the third quarter with an effective date of January 1, 2017.

BMO Capital Markets served as Encana's financial advisor for the transaction.

Encana Corporation
Encana is a leading North American energy producer that is focused on developing its strong portfolio of resource plays, held directly and indirectly through its subsidiaries, producing natural gas, oil and natural gas liquids (NGLs). By partnering with employees, community organizations and other businesses, Encana contributes to the strength and sustainability of the communities where it operates. Encana common shares trade on the Toronto and New York stock exchanges under the symbol ECA.

ADVISORY REGARDING OIL AND GAS INFORMATION - Reserves are the estimated remaining quantities of oil and natural gas and related substances anticipated to be recoverable from known accumulations, from a given date forward, based on: analysis of drilling, geological, geophysical and engineering data, the use of established technology, and specified economic conditions, which are generally accepted as being reasonable. Proved reserves are those reserves which can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves.

The conversion of barrels of oil to natural gas equivalent is on the basis of one barrel to six thousand cubic feet, which is based on a generic energy equivalency conversion method primarily applicable at the burner tip and does not represent economic value equivalency at the wellhead. Readers are cautioned that such term may be misleading, particularly if used in isolation.

ADVISORY REGARDING FORWARD-LOOKING STATEMENTS - This news release contains certain forward-looking statements or information (collectively, “FLS”) within the meaning of applicable securities legislation. FLS include: expected consideration to Encana, the use of proceeds therefrom, the anticipated reduction to midstream commitments, the expectation that the closing conditions and regulatory approvals will be satisfied and the timing of closing thereof; Encana’s marketing of production; anticipated benefits from the transaction; and estimated reserves.

Readers are cautioned against unduly relying on FLS which, by their nature, involve numerous assumptions, risks and uncertainties that may cause such statements not to occur, or results to differ materially from those expressed or implied. These assumptions include: enforceability of the sale agreement; the ability to satisfy closing conditions and regulatory approvals, successful closing of, and the value of post-closing and other adjustments associated with the sale of the assets; assumptions contained in Encana’s corporate guidance and in the news release; data contained in key modeling statistics; effectiveness of Encana's drive to productivity and efficiencies; the expectation that counterparties will fulfill their obligations under the gathering, midstream and marketing agreements; and expectations and projections made in light of, and generally consistent with, Encana's historical experience and its perception of historical trends, including with respect to the pace of technological development, the benefits achieved and general industry expectations.

Risks and uncertainties that may affect these business outcomes include: risks inherent to closing the transaction including whether it will close on a timely basis or at all; adjustments that may reduce the expected proceeds and value to Encana; issues or disputes with third parties and the inability to dispose of assets or interests in certain arrangements; commodity price volatility; counterparty and credit risk; risks inherent in Encana's corporate guidance; failure to achieve anticipated results from cost and efficiency initiatives; risks inherent in marketing operations; risks associated with existing and potential future lawsuits and regulatory actions made against Encana; imprecision of reserves estimates; and other risks and uncertainties impacting Encana's business, as described in its most recent Annual Report on Form 10-K and as described from time to time in Encana’s other periodic filings as filed on SEDAR and EDGAR.

Although Encana believes the expectations represented by such FLS are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned that the assumptions, risks and uncertainties referenced above are not exhaustive. FLS are made as of the date of this news release and, except as required by law, Encana undertakes no obligation to update publicly or revise any FLS. The FLS contained in this news release are expressly qualified by these cautionary statements.

Further information on Encana Corporation is available on the company’s website, www.encana.com, or by contacting:

 

Investor contact:
Brendan McCracken
Vice-President, Investor Relations
(403) 645-2978 

 

Patti Posadowski
Sr. Advisor, Investor Relations
(403) 645-2252  

Media contact:
Simon Scott
Vice-President, Communications
(403) 645-2526



Jay Averill
Director, External Communications
(403) 645-4747SOURCE: Encana Corporation 
Categories: State

Allocation of acquisition cost

9 June 2017 - 2:05am

Stockholm, 2017-06-09 09:05 CEST (GLOBE NEWSWIRE) --  

The allocation of the acquisition cost for shares as a result of Lundin Petroleum AB's ("Lundin Petroleum") distribution of shares in International Petroleum Corporation ("IPC") has been determined to be 92.5 percent for Lundin Petroleum shares and 7.5 percent for IPC shares.

Lundin Petroleum completed in April 2017 the distribution of all of the Company's shares in IPC to its shareholders. Each three shares in Lundin Petroleum entitled the holder to one common share in IPC. The last day of trading with the right to participate in the dividend was 18 April 2017 and the first day of trading excluding the right to participate in the dividend was 19 April 2017. The record date to receive shares in IPC was 20 April 2017 and the distribution occurred on 24 April 2017.

The Swedish Tax Agency has in a letter reply considered that the requirements for treating the distribution in accordance with the so-called Lex ASEA-rules have been met. The distribution shall in such case not be taxed in Sweden. The acquisition cost for shares in Lundin Petroleum shall instead be divided between Lundin Petroleum shares and the shares received in IPC.

The Swedish Tax Agency has issued general advice regarding the allocation of the acquisition cost and has determined that 92.5 percent of the acquisition cost for shares in Lundin Petroleum shall be allocated Lundin Petroleum shares and 7.5 percent to shares received in IPC. The general advice applies as of the fiscal year 2017.

The Swedish Tax Agency's general advice SKV A 2017:5 and notice SKV M 2017:4 are available (in Swedish) on the Swedish Tax Agency's website www.skatteverket.se.

 

Lundin Petroleum is one of Europe's leading independent oil and gas exploration and production companies with operations focused on Norway and listed on NASDAQ Stockholm (ticker "LUPE"). Read more about Lundin Petroleum's business and operations at www.lundin-petroleum.com


For further information, please contact:

Alex Budden
VP Communications & Investor Relations
Tel: +41 22 595 10 19
alex.budden@lundin.ch
  Robert Eriksson
Manager, Media Communications
Tel: +46 701 11 26 15
robert.eriksson@lundin-petroleum.se

Forward-Looking Statements
Certain statements made and information contained herein constitute "forward-looking information" (within the meaning of applicable securities legislation). Such statements and information (together, "forward-looking statements") relate to future events, including the Company's future performance, business prospects or opportunities. Forward-looking statements include, but are not limited to, statements with respect to estimates of reserves and/or resources, future production levels, future capital expenditures and their allocation to exploration and development activities, future drilling and other exploration and development activities. Ultimate recovery of reserves or resources are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.

All statements other than statements of historical fact may be forward-looking statements. Statements concerning proven and probable reserves and resource estimates may also be deemed to constitute forward-looking statements and reflect conclusions that are based on certain assumptions that the reserves and resources can be economically exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward-looking statements". Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements.  No assurance can be given that these expectations and assumptions will prove to be correct and such forward-looking statements should not be relied upon. These statements speak only as on the date of the information and the Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws. These forward-looking statements involve risks and uncertainties relating to, among other things, operational risks (including exploration and development risks), productions costs, availability of drilling equipment, reliance on key personnel, reserve estimates, health, safety and environmental issues, legal risks and regulatory changes, competition, geopolitical risk, and financial risks. These risks and uncertainties are described in more detail under the heading "Risks and Risk Management" and elsewhere in the Company's annual report. Readers are cautioned that the foregoing list of risk factors should not be construed as exhaustive. Actual results may differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements are expressly qualified by this cautionary statement.
 

Categories: State

Interoil Exploration & Production ASA: Production update 2017

9 June 2017 - 1:27am

Average production in May 2017, compared to average production in April 2017, was:

IOX licences* May 2017 April 2017   Boe/d** Boe/d** Boe/d** Bopd*** Colombia 941 572 961 571


Operator licences May 2017 April 2017   Boe/d** Bopd*** Boe/d** Bopd*** Colombia 474 474 485 485

*Working interest average daily production before royalty
**Barrels of oil including associated gas
***Barrels of oil

Oil has been sold at average net sales price: USD 47,6/bbl in May.

Gas has been sold at average net sales price: USD 19,7/boe in May.

Operations & Maintenance Contract sales price: base production USD 17/bbl - additional production USD 9/bbl in May.

Please direct any further questions to: ir@interoil.no.

***************************

Interoil Exploration and Production ASA is a Norwegian based exploration and production company - listed on the Oslo Stock Exchange - with focus on Latin America. The Company is operator of several production and exploration assets in Colombia. Interoil currently employs approximately 70 people and is headquartered in Oslo.


This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.

Categories: State

Life after Neste's first Hackathon

9 June 2017 - 1:19am

Neste Corporation
News
9 June 2017

Life after Neste's first Hackathon

More photos of the event here.

Neste organized its first ever 24-hour Hackathon on May 23rd and 24th simultaneously in Helsinki, Finland, and in Singapore. Ten teams came together to work on what they hoped would become the winning concept for improving and digitalizing Neste's Supplier Due Diligence System. The event culminated in the announcement of top three concepts, and ultimately the winner of the 10 000 euro cash prize for a concept to help Neste engage its suppliers digitally on their sustainability progress. End of story.? Well, luckily not quite.

What, when and where?

  • At Slush Helsinki in December 2016, Neste presented an open invitation for all to help Neste develop and digitalize its Supplier Due Diligence System.
  • On April 21st, a Pre-Hack Event was held to enable networking and matchmaking among interested participants and teams.
  • After May 11th deadline to register ideas, ten teams with ideas offering the most development potential were invited to the main 24-hour-long Hackathon event.
  • On May 23rd, 7 teams in Helsinki and 3 in Singapore gathered to work on their ideas with Neste mentors; members of Neste's top management team also engaged with the teams.
  • On May 24th, after nearly 24 hours of development, the teams took 3 minutes each to pitch their concept to the Hackathon jury consisting of SVP, Sustainability and Public Affairs Simo Honkanen and Chief Information Officer Tommi Tuovila from Neste, as well as NGO representatives Sonja Vartiala from Finnwatch and Anna Bexell from Proforest.

Congratulations to all the winners!

1st place: Team Fute (aka Future Technologies)
"We did a lot of work but still feel anxious and nervous", Team Fute members Thanh Dao, Yuexin Du and Khanh Nguyen sighed after having pitched their concept to the jury. "We'll probably get 'the Most Annoying Team' award as we asked so many questions from the mentors", Yuexin Du said laughing and added she had been too nervous to sleep more than 2 hours prior to the pitching of the final ideas.

These three Finland-based students from China and Vietnam not only utilized Neste mentors efficiently but also relied successfully on their combined know-how from the areas of business analytics, supply chain management, sustainability and software development to produce "...a digital communication and collaboration platform that helps Neste teams engage the suppliers efficiently on their sustainability progress." The concept earned Team Fute 10 000 € as a grand prize.

"Team Fute clearly listened to our needs and combined this knowledge with their own views in a value-adding way. The team was very hungry, it really wanted to win", Neste's Sustainability Director Johan Lunabba complimented.

"Team Fute's idea was well-rounded and realistic. They efficiently incorporated already existing data into new means to engage Neste's raw material suppliers", says Simo Honkanen, SVP Sustainability and Public Affairs at Neste. "The concept introduced a very visible process to help draw attention to the potential risks in the supply chain."

Neste's Hackathon will most likely not be the last one for Team Fute. "We are going to think about what we can do to improve as a team", Thanh Dao says.

2nd place: Team Openfeel
Team Openfeel receiving 2nd place was the only one of the Singapore-based teams to place in the top three. Team members Rosemary Wong and Oh Chye Yong described their concept as a "...holistic system to integrate Neste, Suppliers and Public stakeholders, strengthening Neste's commitment to global sustainability with a path to expand the internal sustainability processes to become a new business for digital sustainability marketplace." According to Neste mentors, the team paid particular attention to the engagement of suppliers by putting them in the center of the system as key users.

3rd place: Team Lichens
"We didn't know each other that well beforehand but are very satisfied with our idea and our pitching", said Team Lichens' members Camila Barragán, Nidia Obscura, Babi Brasileiro and
Jami Valorinta. The team placed 3rd by combining the skills of a graphic designer, as well as math and computer scientists - some Hackathon enthusiasts, some first-timers - to produce a concept described as "... an effortlessly growing network of suppliers, with a platform to connect them in a traceable and transparent way, enhanced by the Sustainability flower: a unique and intuitive way to visualize sustainability."

Honorary mention: Team Nortal
The jury additionally gave an honorary mention to Team Nortal for providing a fresh concept for a "Neste ecosystem for sustainable suppliers" which put great emphasis on openness and transparency. The team members included Erik Mashkilleyson, Kalle Mattas, Mari-Liis Kärsten, David Castillo, and Juha Virko.

And what will happen next?

"The enthusiasm and curiosity of all the the teams and the detail of their ideas was simply amazing," compliments Adrian Suharto, Sustainability and Communications Manager at Neste who managed the Hackathon process from Neste's Singapore office.

According to CIO Tommi Tuovila, Neste is in the process of combining what it learned from Hackathon with the ideas and requirements the company had listed for its Supplier Due Diligence System prior to the event. "The winning concept will not necessarily be the only one utilized in the development. We hope to efficiently utilize all the best parts of Hackathon-rooted ideas", Tuovila says. "For example, the two proposals based on Blockchain technology brought new perspectives into how confidentiality and openness can be combined into a manageable entity."

For Sustainability Director Johan Lunabba, the pure excitement and energy of the event was the most memorable part: "The positive energy enveloped us all, the participants, us organizers, our enthusiastic partner Gaia, the technical team. I am very proud that we had the courage to do things differently! As we do not have all the wisdom inside Neste, we need to continue reaching out to our stakeholders to accomplish great things together."

Further information:
Johan Lunabba, Director, Sustainability, tel. +358 50 458 0795, johan.lunabba(@)neste.com
www.neste.com/sustainability

Neste in brief

Neste (NESTE, Nasdaq Helsinki) creates responsible alternatives for transportation, business and consumer needs. Our global range of products and services allows customers to lower their carbon footprint by combining high-quality and low-emission renewable products and oil products to tailor-made service solutions. We are the world's largest producer of renewable diesel refined from waste and residues, and we are also bringing renewable solutions to the aviation and plastics industries. We want to be a reliable partner with widely valued expertise, research and responsible practices. Neste's turnover in 2016 was EUR 11.7 billion, and we continued to be on the Global 100 list of the world's most responsible companies. Read more: neste.com

Categories: State

Interoil Exploration & Production ASA: Management changes

9 June 2017 - 1:00am

 

Further to the letter to shareholders dated 18 May 2017, the Company can confirm that Nigel Duxbury has stepped down as General Manager and Pablo Arias has stepped down as CEO/CFO.

The Company is pleased to announce the appointment of new management.

Sandra Cancino has been appointed General Manager (Norwegian "daglig leder") subject to the appropriate residency exemption being approved by Norwegian authorities. Sandra is a professional in finance and international trade with a Masters in International Business. She has extensive knowledge and experience in multiple industries and sectors across international markets and has a proven track record in leading financial, creation, restructuring and reorganization of companies in challenging settings.

Leandro Carbone has been appointed Chief Executive Officer and brings over 20 years of experience in leading oil and gas projects. He started as a field engineer working for TOTAL for ten years in Europe, North Sea and Latin America.  In recent years Leandro has been a Latin American Executive Director for many private and public companies. He has extensive experience across Latin America and has been involved in a number of significant discoveries and transactions across Argentina, Peru, Bolivia and Colombia. Leandro is a Petroleum Engineer from Instituto Tecnologico de Buenos Aires.

Both appointments are effective as of today.

Contact: ir@interoil.no
***************************
Interoil Exploration and Production ASA is a Norwegian based exploration and production company - listed on the Oslo Stock Exchange - with focus on Latin-America. The Company is the operator of several production and exploration assets in Colombia. Interoil currently employs approximately 71 people and is headquartered in Oslo.


This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.

Categories: State

Providence Resources P.l.c. : Grant of Options to Non-Executive Directors

9 June 2017 - 1:00am

GRANT OF OPTIONS

Dublin and London - June 8, 2017 - Providence Resources P.l.c. (PVR LN, PRP ID), the Irish based Oil and Gas Exploration Company, today announces the grant of options (the "Options") to certain of its non-executive Directors under the Company's 2009 Option Scheme (the "Scheme") in respect of a total of 3,750,000 ordinary shares of €0.10 in the Company (the "Ordinary Shares").  

Director Position Number of Options Granted Lex Gamble Non-Executive Director 400,000 James McCarthy Non-Executive Director 400,000 Angus McCoss Non-Executive Director 800,000 Philip O'Quigley Non-Executive Director 400,000 Pat Plunkett Non-Executive Chairman 1,750,000 TOTAL   3,750,000

The grant of these Options is made subject to the terms and conditions of the Scheme. The Directors have determined that the undernoted terms shall apply in accordance with clauses 9(a) and 9(b) of the 2009 Scheme.

  1. Fifty percent (50%) of the total Options granted are exercisable after one year of the date of grant provided that the market price of the Ordinary Shares has increased by a minimum of 25% and has maintained such increase over a period of three months prior to the exercise of any Options.
  2. The remaining fifty percent (50%) of the total Options granted are exercisable after two years of the date of grant provided that the market price of the Ordinary Share has increased by a minimum of 25% and has maintained such increase over a period of three months prior to the exercise of any Options.
  3. The Option price shall be the closing market price per Ordinary Share on June 8, 2017 such price being €0.17.
  4. No Option shall be exercisable more than seven years after the relevant grant date.

The number of Options being granted represents less than 0.7% of the issued ordinary share capital of the Company.

Following the grant of these Options, the following is a schedule of all share options held by the non-executive Directors:

Director Granted
June 2017 Granted*
August 2016 TOTAL Lex Gamble 400,000 400,000 800,000 James McCarthy 400,000 400,000 800,000 Angus McCoss(1) 800,000 NA 800,000 Philip O'Quigley 400,000 400,000 800,000 Pat Plunkett(2) 1,750,000 NA 1,750,000 TOTAL 3,750,000 1,200,000 4,950,00
  1. Appointed June 1, 2017
  2. Appointed October 1, 2016

* The options awarded in August 2016 (the "2016 LTIP Options") were made under the 2016 LTIP Scheme to reflect the agreement of the non-executive Directors to forego director's fees earlier in 2016, as well as their agreement to the relinquishment of 640,000 options previously issued to the non-executive Directors.

The following specific terms and conditions apply to the 2016 LTIP Options:

  1. Fifty percent (50%) of the 2016 LTIP Options (600,000) are exercisable on or after August 8, 2017, provided that the market price of the Ordinary Shares exceeds €0.45 per Ordinary Share;
  2. The remaining fifty percent (50%) of the 2016 LTIP Options (600,000) are exercisable on or after August 8, 2018, provided that the market price of the Ordinary Shares exceeds €0.45 per Ordinary Share; and
  3. The 2016 LTIP Options must be exercised prior to or on August 8, 2019
INVESTOR ENQUIRIES   Providence Resources P.l.c. Tel: +353 1 219 4074 Tony O'Reilly, Chief Executive Officer       Cenkos Securities plc Tel: +44 131 220 9771 Neil McDonald/Derrick Lee       J&E Davy Tel: +353 1 679 6363 Anthony Farrell       MEDIA ENQUIRIES   Powerscourt Tel: +44 207 250 1446 Lisa Kavanagh/Peter Ogden       Murray Consultants Tel: +353 1 498 0300 Pauline McAlester  

ABOUT PROVIDENCE RESOURCES
Providence Resources is an Irish based Oil and Gas Exploration Company with a portfolio of appraisal and exploration assets located offshore Ireland.  Providence's shares are quoted on AIM in London and the ESM in Dublin.


Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

1. Details of the person discharging managerial responsibilities / person closely associated a) Name Lex Gamble 2. Reason for the Notification a) Position/status Non-Executive Director of the Company b) Initial notification/amendment Initial notification 3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor a) Name Providence Resources P.l.c. b) LEI   4. Details of the transaction(s):section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv)each place where transactions have been conducted a) Description of the Financial instrument, type of instrument Options over ordinary shares of €0.10 each Identification code IE00B66B5T26 b) Nature of the Transaction Award of options under the Company's 2009 Option Scheme c) Price(s) and volume(s)  Price Volume €0.17 400,000 d) Aggregated information
Aggregated volume Price N/A (Single transaction) e) Date of the transaction 8 June 2017 f) Place of the transaction London Stock Exchange, AIM (LON:PVR)


1. Details of the person discharging managerial responsibilities / person closely associated a) Name James McCarthy 2. Reason for the Notification a) Position/status Non-Executive Director of the Company b) Initial notification/amendment Initial notification 3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor a) Name Providence Resources P.l.c. b) LEI   4. Details of the transaction(s):section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv)each place where transactions have been conducted a) Description of the Financial instrument, type of instrument Options over ordinary shares of €0.10 each Identification code IE00B66B5T26 b) Nature of the Transaction Award of options under the Company's 2009 Option Scheme c) Price(s) and volume(s) Price Volume €0.17 400,000 d) Aggregated information
Aggregated volume Price N/A (Single transaction) e) Date of the transaction 8 June 2017 f) Place of the transaction London Stock Exchange, AIM (LON:PVR) 1. Details of the person discharging managerial responsibilities / person closely associated a) Name Angus McCoss 2. Reason for the Notification a) Position/status Non-Executive Director of the Company b) Initial notification/amendment Initial notification 3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor a) Name Providence Resources P.l.c. b) LEI   4. Details of the transaction(s):section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv)each place where transactions have been conducted a) Description of the Financial instrument, type of instrument Options over ordinary shares of €0.10 each Identification code IE00B66B5T26 b) Nature of the Transaction Award of options under the Company's 2009 Option Scheme c) Price(s) and volume(s) Price Volume €0.17 800,000 d) Aggregated information
Aggregated volume Price N/A (Single transaction) e) Date of the transaction 8 June 2017 f) Place of the transaction London Stock Exchange, AIM (LON:PVR)


1. Details of the person discharging managerial responsibilities / person closely associated a) Name Philip O'Quigley 2. Reason for the Notification a) Position/status Non-Executive Director of the Company b) Initial notification/amendment Initial notification 3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor a) Name Providence Resources P.l.c. b) LEI   4. Details of the transaction(s):section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv)each place where transactions have been conducted a) Description of the Financial instrument, type of instrument Options over ordinary shares of €0.10 each Identification code IE00B66B5T26 b) Nature of the Transaction Award of options under the Company's 2009 Option Scheme c) Price(s) and volume(s) Price Volume €0.17 400,000 d) Aggregated information
Aggregated volume Price N/A (Single transaction) e) Date of the transaction 8 June 2017 f) Place of the transaction London Stock Exchange, AIM (LON:PVR)


1. Details of the person discharging managerial responsibilities / person closely associated a) Name Pat Plunkett 2. Reason for the Notification a) Position/status Non-Executive Chairman of the Company b) Initial notification/amendment Initial notification 3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor a) Name Providence Resources P.l.c. b) LEI   4. Details of the transaction(s):section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv)each place where transactions have been conducted a) Description of the Financial instrument, type of instrument Options over ordinary shares of €0.10 each Identification code IE00B66B5T26 b) Nature of the Transaction Award of options under the Company's 2009 Option Scheme c) Price(s) and volume(s) Price Volume €0.17 1,750,000 d) Aggregated information
Aggregated volume Price N/A (Single transaction) e) Date of the transaction 8 June 2017 f) Place of the transaction London Stock Exchange, AIM (LON:PVR)
Categories: State

Pilgrim Petroleum Corporation Receives a Commitment of $3.0 Million Working Capital

8 June 2017 - 11:42am

Addison, Texas, June 08, 2017 (GLOBE NEWSWIRE) -- Pilgrim Petroleum Corporation (PGPM), an oil and gas exploration development (E&D) company focus in proven fields exploited by well managed independent oil companies extracting reserves at lower risk and lower cost than unproved prospects. Our parent is Pilgrim Petroleum PLC, a private company (E&P), focus in domestic and international areas where major oil and gas producing companies have reduced their exploration efforts in search of larger reserves; the company announced today of new funding commitment in the amount of $3.0 Million from certain insider(s). This will be the first of many funding events this year with a combination of insiders and certain private investors.

The new capital commitment will allow the Company to start production on our non-producing properties, acquire additional mineral rights and secure additional working interest. This year we expect will bring transformative changes to our Company, both on the corporate and strategic front. One of our most important tasks is to allocate capital to the most compelling opportunities. We continually strive to align our capital structure with our exploration strategy and through the rationalization of our non-core exploration prospects that no longer fit our selection and screening criteria.

Legal Notice Regarding Forward-Looking Statements:

This press release contains forward-looking information within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934 and is subject to the safe harbor created by those sections. About Pilgrim Petroleum Corporation. Headquartered in Addison, Texas, Pilgrim Petroleum Corporation is a publicly traded company (PGPM). Pilgrim Petroleum Corporation is an independent oil and gas company. The company is acquiring oil and gas leases, producing properties, mineral rights, and surface interests. Once acquired, the company intends to develop each property to maximize the income from each property by refurbishing and improving the existing production. Forward Looking Statements: can give no assurance that such expectations will prove to be correct. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. Factors that could cause the company’s actual results to differ materially from those expressed or implied by forward-looking statements include, but are not limited to: The success of the company’s exploration and development efforts; the price of oil, gas and other produced gasses and liquids; the worldwide economic situation; changes in interest rates or inflation; the ability of the company to transport gas, oil and other products; the ability of the company to raise additional capital, as it may be affected by current conditions in the stock market and competition in the oil and gas industry for risk capital; the company’s capital costs, which may be affected by delays or cost overruns; cost of production; environmental and other regulations, as the same presently exist or may later be amended and the company’s ability to identify, finance and integrate any future acquisitions. You are urged to carefully review and consider the cautionary statements and other disclosures.  Forward-looking statements speak only as of the date of the document in which they are contained, and Pilgrim Petroleum does not undertake any duty to update any forward-looking statements except as may be required by law.

The statements which are not historical facts contained in this release are forward looking statements that involve risks and uncertainties, including but not limited to, the effect of economic conditions, the impact of competition, the results of financing efforts, changes in consumers' preferences and trends. The words "estimate," "possible," and "seeking" and similar expressions identify forward-looking statements, which speak only to the date the statement was made. The Company undertakes no obligation to publicly update or revise any forward-looking statements, because of new information, future events, or otherwise. Future events and actual results may differ materially from those set forth herein, contemplated by, or underlying the forward-looking statements. 2017 Pilgrim Petroleum Corporation. The information herein is subject to change without notice. Pilgrim Petroleum Corporation shall not be liable for technical or editorial errors or omissions contained herein.

CONTACT: Shareholder inquiries: info@pilgrimpetroleum.com 972-655-9870

Categories: State

DNO ASA: Mandatory Notification of Trade

8 June 2017 - 9:44am

Oslo, 8 June 2017 - DNO ASA, the Norwegian oil and gas operator, today purchased 1,600,000 own shares at an average price of NOK 7.698 per share.

The purchase is part of the share buyback program initiated on 24 March 2017.

Following this transaction, DNO holds 26,150,000 own shares.

--

For further information, please contact:
Media: media@dno.no
Investors: investor.relations@dno.no
Tel: +47 911 57 197

--

DNO ASA is a Norwegian oil and gas operator focused on the Middle East and North Africa. Founded in 1971 and listed on the Oslo Stock Exchange, the Company holds stakes in onshore and offshore licenses at various stages of exploration, development and production in the Kurdistan region of Iraq, Oman, Somaliland, Tunisia and Yemen.

--

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Categories: State

Providence Resources P.l.c - Notification of Interest in Share Capital

8 June 2017 - 8:17am

Providence Resources P.l.c. ("the Company")

Notification of Interest in Share Capital

Providence Resources P.l.c. have been informed by The Capital Group Companies, Inc that with effect from 05 June 2017;

The Capital Group Companies, Inc holds 35,235,000 ordinary shares of €0.10 each in the capital of the Company representing 5.90% of the issued ordinary share capital.

Tony O'Reilly
Director

08 June 2017

Categories: State

Listing prospectus for Neste's EUR 400 million bond available

8 June 2017 - 7:01am

Neste Corporation
Stock Exchange Release
8 June 2017 at 3 pm (EET)

Listing prospectus for Neste's EUR 400 million bond available

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND, SOUTH AFRICA OR SUCH OTHER COUNTRIES OR OTHERWISE IN SUCH CIRCUMSTANCES IN WHICH THE OFFERING OF THE NOTES OR THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

Neste Corporation announced its decision to issue a bond of EUR 400 million on 31 May 2017. The bond matures on 7 June 2024 and it carries a fixed annual interest of 1.500 percent.

The Finnish Financial Supervisory Authority has today approved the listing prospectus of the bond. The prospectus is available in English on the company's website at https://www.neste.com/en/corporate-info/investors/credit/prospectuses.

Nasdaq Helsinki Ltd. is expected to admit the bond to public trading as of 12 June 2017.

BNP Paribas, ING Bank N.V. and Nordea Bank AB (publ) act as joint lead managers for the issue of the bond.

For more information, please contact:

Mika Rydman, Vice President and Group Treasurer, Neste, tel: +358 10 458 4710
Olli Kivi, Manager, Corporate Finance, Group Treasury, Neste, tel. +358 10 458 4683

Neste in brief

Neste (NESTE, Nasdaq Helsinki) creates sustainable choices for the needs of transport, businesses and consumers. Our global range of products and services allows customers to lower their carbon footprint by combining high-quality renewable products and oil products to tailor-made service solutions. We are the world's largest producer of renewable diesel refined from waste and residues, and we are also bringing renewable solutions to the aviation and plastics industries. We want to be a reliable partner, whose expertise, R&D and sustainable practices are widely respected. In 2016, Neste's net sales stood at EUR 11.7 billion, and we were on the Global 100 list of the 100 most sustainable companies in the world. Read more: neste.com/en

Important Information

The information contained herein is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into the United States, Australia, Canada, Hong Kong, Japan, New Zealand, South Africa or such other countries or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, the notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.

This communication does not constitute an offer of securities for sale in the United States. The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") or under the applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

This communication does not constitute an offer of notes to the public in the United Kingdom. No prospectus has been or will be approved in the United Kingdom in respect of the notes. Consequently, this communication is directed only at (i) persons who are outside the United Kingdom, (ii) persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"), (iii) high net worth entities falling within Article 49(2) of the Order and (iv) other persons to whom it may lawfully be communicated (all such persons together being referred to as "relevant persons"). In addition, this communication is, in any event only directed at persons who are "qualified investors" pursuant to the Prospectus Directive (2003/71/EC, as amended). Any investment activity to which this communication relates will only be available to, and will only be engaged with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

Categories: State

Mantra Venture Group CEO Delivers an Open Letter to Shareholders

8 June 2017 - 7:00am

LONGWOOD, Fla., June 08, 2017 (GLOBE NEWSWIRE) -- Mantra Venture Group, Ltd, (OTC:MVTG) (the “Company”), has appointed Roger Ponder as its new CEO and the following is his update to the Company's shareholders:

“Dear Shareholders and Investors:

I wanted to take this time to formally introduce myself as the new CEO of Mantra Venture Group, and provide our shareholders an update on the company, its changes, vision, strategy and exciting future that we believe will create greater shareholder value over the long term.   Larry Kristof, the Company’s former CEO, will remain with the Company as the President of the Mantra Energy Alternatives subsidiary to continue the development work to commercialize alternative energy technologies.

The Company recently announced its intention to change its name from “Mantra Venture Group to “Spectrum Global Solutions, Inc.”  The name change reflects the acquisition of AW Solutions, Inc. and the significant expansion in services and solutions now able to be offered by the Company. 

AW Solutions (AW) is a leading provider of telecommunications engineering and infrastructure services across the United States, Canada, Puerto Rico, Guam and Caribbean. AW specializes in a vast array of comprehensive turnkey solutions to wireless and wireline communication carries, utilities and energy sector companies, aggregator management companies, enterprise/venue clients, original equipment manufacturers (OEM’s) and project management offices (PMO’s). The combination of Mantra Energy with AW provides our customers with a broad range of additional professional engineering and infrastructure solutions.  AW Solutions brings to the Company strong operations, a track record of excellence in execution and a Fortune 500 client base producing over $10 Million in annual revenue. We expect to see solid revenue growth from AW’s management team, national and international footprint, and breadth of comprehensive services.

The acquisition of AW Solutions enables this Company to take advantage of exciting new technology in the IT and telecom space and support for the deployment of Mantra Energy’s technology.

In the telecom industry, there is the pending deployment of enhanced mobile and fixed solutions which includes: IOT deployment, 5G technology deployment; FirstNet national public safety system for first responders; and the development of disruptive technology with software defined networks (SDN) and network function virtualization (NFV).   There is a current need to deploy, expand and enhance the telecom and data networks as well as augment infrastructure and enterprise facilities to support this new technology and bandwidth demands of the market.

AW Solutions is developing its own proprietary technology. As a product and solution, AW has added Unmanned Aircraft Vehicles (UAV’s) structural mapping and inspection services to its portfolio of comprehensive services. Through the development of proprietary technology, currently being patented, coupled with the use of the UAV fleet and other methods we are able to, with unparalleled precision, conduct structurally mapping, measurement, analysis and video capture of structures and associated technologies such as antenna mounts, telecom equipment, etc. Traditionally, to perform these services, it required structural climbing crews to physically ascend and measure the structural members. Now, we are able to perform our engineering solutions without the need for structural or tower climbing and thereby increase safety and increase productivity.  This new proprietary technology has many other industry applications to include: telecommunications; utilities; government; energy; military; and transportation just to name a few and may provide a potential revenue stream in the future from licensing fees.

Mantra Energy Alternatives, spearheaded by Larry Kristof, continues to focus on developing and commercializing two electrochemical technologies designed to make reduction of greenhouse gas emissions profitable, ERC (Electro-Reduction of Carbon Dioxide) and MRFC (Mixed-Reactant Fuel Cell). The merger of AW into Mantra should not be a signal that we are giving up any existing energy technology assets. To the contrary, the merger enables Larry Kristof to focus on the development of these energy assets without additional capital constraints of a public company operation.  AW can support that commercialization with their internal engineering and construction capabilities.  

We will attempt to capitalize on these transformative changes in technology with strong operational execution, a focus on driving profitability through comprehensive service offerings and organic and acquisitive growth strategies.  We will execute on a strategy to build, innovate, buy, partner, and seamlessly integrate.  We will be acquisitive to increase our services, footprint and customer base in all our service offerings.

Our commitment is to develop sustained revenues and earnings.  At the core of all our decisions is how can we increase shareholder value over the near and long-term. Whether we are a business buyer or a seller, the bottom line is the creation of real shareholder value.  My goal is to grow this Company significantly over the next twelve months and seek up listing to a national exchange.  We appreciate the support of our shareholder base and look forward to finishing 2017 with exciting results. 

Roger Ponder
Chairman & CEO

About Mantra Venture Group:

Mantra Venture Group Ltd. (MVTG) operates through its AW Solutions and Mantra Energy Alternatives subsidiaries.

AW Solutions (AW) is a leading provider of telecommunications engineering and infrastructure services across the United States, Canada, Puerto Rico, Guam and Caribbean. The Company’s subsidiary Mantra Energy Alternatives is developing electrochemical technologies designed to make reducing greenhouse gas emissions profitable.  For more information about the Company and its technologies visit the Company’s website at: http://www.mantraventuregroup.com and its public filings at SEC.gov.

Forward-looking statements:
The above news release contains forward-looking statements. The statements contained in this document that are not statements of historical fact, including but not limited to, statements identified by the use of terms such as "anticipate," "appear," "believe," "could," "estimate," "expect," "hope," "indicate," "intend," "likely," "may," "might," "plan," "potential," "project," "seek," "should," "will," "would," and other variations or negative expressions of these terms, including statements related to expected market trends and the Company's performance, are all "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performances, and are subject to a wide range of external factors, uncertainties, business risks, and other risks identified in filings made by the company with the Securities and Exchange Commission. Actual results may differ materially from those indicated by such forward-looking statements. The Company expressly disclaims any obligation or undertaking to update or revise any forward-looking statement contained herein to reflect any change in the company's expectations with regard thereto or any change in events, conditions or circumstances upon which any statement is based except as required by applicable law and regulations.

CONTACT: CONTACT: Investor Relations Mantra Venture Group, Ltd 561-672-7068
Categories: State

VivoPower International PLC Reports Results for the Year Ended March 31, 2017

8 June 2017 - 5:01am

Statutory Net Income of $5.6 million and Adjusted Net Income of $12.3 million
Adjusted EBITDA of $18.9 million, exceeding prior upgraded forecast of $18.8 million and initial forecast of $18.0 million
EPS of $0.73 and Adjusted EPS of $0.92 per share

LONDON, June 08, 2017 (GLOBE NEWSWIRE) -- VivoPower International PLC (Nasdaq:VVPR) (“VivoPower” or the “Company”), a global next generation solar power company, today announced its financial results for the year ended March 31, 2017.

“Fiscal 2017 was a remarkable year for VivoPower,” said Dr. Philip Comberg, VivoPower’s Chief Executive Officer. “For the financial year ended March 31, 2017, we are pleased to have generated Statutory Net Income of $5.6 million and Adjusted Net Income of $12.3 million, Adjusted EBITDA of $18.9 million, exceeding our prior upgraded forecast of $18.8 million and initial forecast of $18.0 million, statutory earnings per share (EPS) of $0.73 and Adjusted EPS of $0.92. In addition, we completed a successful business combination transaction and became a public company. We have put together an experienced, global management team and have created a strong platform from which we can continue to generate profitable growth.”

Fiscal Year 2017 Financial Highlights:

  • Total revenue was $32.3 million for fiscal 2017

  • Statutory Net Income was $5.6 million for fiscal 2017 and Adjusted Net Income * was $12.3 million

  • Adjusted EBITDA* was $18.9 million for fiscal 2017, exceeding previously upgraded forecast of $18.8 million and initial forecast of $18.0 million

  • Adjusted EPS * was $0.92 for fiscal 2017

  • Total assets as at March 31, 2017 were $100.0 million and total equity was $63.8 million

* Adjusted Net Income, Adjusted EBITDA, and Adjusted EPS are defined, and a reconciliation of these measures to their most comparable measures calculated in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”) is provided below.

Recent Business Highlights:

  • Completed a business combination transaction on December 29, 2016 and became a public company

  • Established a share repurchase program with Oppenheimer & Co. Inc. to allow for potential repurchase of up to $10.0 million of the Company’s outstanding ordinary shares

  • Formed a joint venture for a 1.86 gigawatt solar portfolio located throughout the United States resulting in a total Company project pipeline of over 2.0 gigawatts

  • Completed two build, transfer, operate (BTO) transactions for two solar power projects in North Carolina with a combined generating capacity of 91 megawatts

  • Established an Alliance Agreement with ReNu Energy (ASX:RNE) of Australia pursuant to which ReNu will have a right of first offer to acquire behind the meter solar projects, below 5MW in scale, originated by VivoPower, as well as signed an agreement with ReNu Energy for the transfer of the first asset, Amaroo

Financial Targets:

VivoPower is providing its financial targets for the full fiscal year 2018, as follows:

  • Total revenue is expected to be in the range of $56 million to $61 million

  • BTO revenue is expected to be in the range of $30 million to $40 million

  • Adjusted EBITDA is expected to be in the range of $22 million to $25 million

About VivoPower

VivoPower is a global next generation solar power company that operates a build, transfer and operate (BTO) model to establish an installed solar power asset base in a capital efficient manner. VivoPower does this by aggregating photovoltaic (PV) solar projects underpinned by long term power purchasing agreements and then arranges corporate and project financing, engineering, design and equipment procurement, and manages the construction and development of such solar PV projects for long-term asset owners. VivoPower intends to leverage this asset base to sell distributed generation power, and manage and provide power support services (encompassing operations, maintenance and optimization) and data driven energy services for commercial, industrial and government customers, pursuant to long term contracts with the asset owners so as to maximize the performance and value of their solar assets.

Forward-Looking Statements

This communication includes certain statements that may constitute “forward-looking statements” for purposes of the U.S. federal securities laws. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements may include, for example, statements about the benefits of the transactions described in this communication. These statements are based on VivoPower’s management’s current expectations or beliefs and are subject to risk, uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive and/or regulatory factors, and other risks and uncertainties affecting the operation of VivoPower’s business. These risks, uncertainties and contingencies include business conditions, fluctuations in customer demand, changes in accounting interpretations, management of rapid growth, intensity of competition from other providers of products and services, general economic conditions, geopolitical events and regulatory changes and other factors set forth in VivoPower’s filings with the Securities and Exchange Commission. The information set forth herein should be read in light of such risks. VivoPower is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements whether as a result of new information, future events, changes in assumptions or otherwise. The historical results presented herein are not necessarily indicative of financial results to be achieved in future periods.

UK Companies Act Statement

For the purposes of s435 of the Companies Act 2006 of the United Kingdom (which applies to VivoPower International Plc as a UK-incorporated company), these financial statements are not the statutory accounts of VivoPower International Plc for the financial year ending March 31, 2017. The statutory accounts of VivoPower International Plc in relation to the financial year ending March 31, 2017 have not yet been delivered to the Registrar of Companies for England and Wales and, as such, no auditor's report has been made in relation to such statutory accounts.

Adjusted EBITDA and Adjusted EPS

Adjusted EBITDA and Adjusted EPS are non-IFRS financial measures. We define Adjusted EBITDA as net income, adjusted to exclude: depreciation and amortization, restructuring expense, interest income and interest expense, the provision for income taxes and foreign currency exchange income (expense). We define Adjusted EPS as earnings per share, as adjusted for one-off exceptional items. A reconciliation of these non-IFRS measures to their most directly comparable IFRS measures for the year ended March 31, 2017 is below.

We believe that Adjusted EBITDA and Adjusted EPS provides investors and other users of our financial information consistency and comparability with our past financial performance, facilitates period-to-period comparisons of operations and facilitates comparisons with our peer companies, many of which use a similar non-IFRS or generally accepted accounting principles in the United States (“GAAP”) financial measure to supplement their IFRS or GAAP results, as applicable.

We use Adjusted EBITDA and Adjusted EPS in conjunction with traditional IFRS operating performance measures as part of our overall assessment of our performance, for planning purposes, including the preparation of our annual operating budget, to evaluate the effectiveness of our business strategies and to communicate with our board of directors concerning our financial performance.

Investors should not place undue reliance on Adjusted EBITDA or Adjusted EPS as measures of operating performance. These non-IFRS measures should not be considered as substitutes for other measures of financial performance reported in accordance with IFRS. There are limitations to using non-IFRS financial measures, including that other companies may calculate these measures differently than we do, that they do not reflect our capital expenditures or future requirements for capital expenditures and that they do not reflect changes in, or cash requirements for, our working capital.


Reconciliation of Adjusted EBITDA to Net Income(USD in thousands)   Year Ended March 31,
2017 Net income  5,565 Add back:    Taxation  5,334 Interest income  (13)Interest expense  600 Depreciation of property, plant and equipment  103 Amortisation of intangible assets  568 One-off extra-ordinary costs (1)  965 Transaction costs (2)  5,800 Adjusted EBITDA  18,922 


 (1)One-off extraordinary costs include non-recurring remuneration, restructuring expenses and abandoned acquisition costs. (2)Payment to Arowana International Limited comprising an advisory fee for the IPO of VivoPower as well as reimbursement of significant operating costs incurred by Arowana attributable to VivoPower.


Reconciliation of Adjusted Earnings Per Share(USD in thousands, except per share amounts)   Years Ended March 31,   2017  2016 Profit for the year  5,565   (281)Add back:        One-off exceptional items (1)  6,765   0 Adjusted profit for the year  12,330   (281)         Weighted average number of shares in issue (‘000s) (2)  13,428   50 (excluding treasury shares)        Adjusted basic earnings per share  0.92   (5.62)Adjusted diluted earnings per share  0.92   (5.62)


 (1)One-off exceptional costs include IPO related transaction costs, non-recurring remuneration, restructuring expenses and abandoned acquisition costs. (2)Number of shares in issue as at March 31, 2017 are excluding those held as treasury shares for the purposes of calculating Earnings Per Share (EPS).

A reconciliation of Adjusted EBITDA to net income for our fiscal year 2018 guidance has not been provided because certain items such as income taxes that are excluded from Adjusted EBITDA cannot reliably be predicted and a reconciliation of Adjusted EBITDA is therefore not available without unreasonable effort. The variability of these items is expected to have a significant impact on our IFRS financial results for fiscal year 2018.


Consolidated Statement of Comprehensive Income(USD in thousands, except per share amounts)   Years Ended March 31,   2017  2016 Revenue  32,250   - Cost of sales  4,977   - Gross profit  27,273   - General and administrative expenses  (9,316)  (279)Depreciation of property, plant and equipment  (103)  - Amortisation of intangible assets  (568)  - Operating profit  17,286   (279)Transaction costs  (5,800)  - Finance income  13   - Finance expenses  (600)  (2)Profit before income tax  10,899   (281)Income tax expenses(1)  (5,334)  - Profit for the year  5,565   (281)         Other comprehensive income        Currency translation differences recognised directly in equity  (311)  - Total comprehensive income for the year   5,254   (281)         Earnings per share dollars  dollars Basic  0.73   (5.62)Diluted  0.73   (5.62)


  All revenue and profit for the year is generated from continuing operations.   (1)The income tax expense recorded by the company may be offset in future periods by claiming investment tax credits related to eligible solar projects in the United States.


Consolidated Statement of Financial Position(USD in thousands)   Years Ended March 31,   2017  2016 ASSETS        Non-current assets        Property, plant and equipment  2,163   3 Intangible assets  45,524   - Deferred tax assets  2,324   - Other receivables  1,167   7,876 Investments  18,060   - Total non-current assets  69,238   7,879          Current assets        Cash and cash equivalents  10,970   28 Trade and other receivables  19,842   - Total current assets  30,812   28          TOTAL ASSETS  100,050   7,907          EQUITY AND LIABILITIES        Current liabilities        Trade and other payables  8,260   186 Finance lease payable  145   - Provision for Income Tax  2,362   - Provisions - current  1,339   - Loans and borrowings  1,022   - Total current liabilities  13,128   186          Non-current liabilities        Related party loans  18,992   7,930 Provisions  237   - Deferred tax liabilities  3,776   - Finance lease payable  95   -    23,100   7,930 Total liabilities  36,228   8,116          Equity        Share capital  163   72 Share premium  40,215   - Cumulative translation reserve  (311)  - Other reserves  18,471   - Retained earnings  5,284   (281)Total Equity  63,822   (209)         TOTAL EQUITY AND LIABILITIES  100,050   7,907 


Consolidated Statement of Cash Flow(USD in thousands)   Years Ended March 31,   2017  2016          Cash generated/(used) by operating activities  14,632   (7,970)                  Net cash generated/(used) by operating activities  14,632   (7,970)         Cash flows from investing activities        Interest received  13   - Purchase of property plant and equipment  (97)  (3)Investment in capital projects  (18,060)  - Cash received from acquisitions  1,723   - Acquisitions  (10,080)  -          Net cash used in investing activities  (26,501)  (3)         Cash flows from financing activities        Purchase of own shares into treasury  (592)  - Financing agreements  1,263   - Loans from related parties  11,062   7,929 Funds received from issuing shares  91   72 Costs from listing  (11,469)  - Funds received from listing  22,456   - Net cash generated from financing activities  22,811   8,001          Net increase in cash and cash equivalents  10,942   28 Cash and cash equivalents at the beginning of the year  28   - Cash and cash equivalents at the end of the year  10,970   28 


Consolidated Statement of Changes in Equity(USD in thousands)   Share
Capital
 Share
Premium
 Other
Reserves
 Cumulative
Translation
Reserve
 Retained
Earnings
 Total
Balances, March 31, 2016  72               (281)  (209)                         Total comprehensive income for the year              (311)  5,565   5,254 Redenomination of share capital  (4)                  (4)Issue of new shares  95   40,215               40,310 Equity instruments          25,072           25,072 Capital raising costs          (9,722)          (9,722)Share option reserve          3,713           3,713 Treasury shares                        Purchase of shares          (592)          (592)Balances, March 31, 2017  163   40,215   18,471   (311)  5,284   63,822 


CONTACT: Contact: Carl Weatherley-White Chief Financial Officer shareholders@vivopower.com
Categories: State

Interoil Exploration & Production ASA: Annual General Meeting 2017 minutes

8 June 2017 - 4:22am

The Annual General Meeting of Interoil Exploration and Production ASA was held at Kronprinsensgate 17, Oslo on Thursday 8 June 2017 at 10:00.

Find the minutes from the Annual General meeting and the Company presentation held at the meeting attached.

Please direct any further questions to: ir@interoil.no.

***************************

Interoil Exploration and Production ASA is a Norwegian based exploration and production company - listed on the Oslo Stock Exchange - with focus on Latin-America. The Company is operator of production and exploration assets in Colombia. Interoil currently employs approximately 70 people and is headquartered in Oslo.


This information is subject to the disclosure requirements pursuant to section 5 -12 of the Norwegian Securities Trading Act.

Attachments:

http://www.globenewswire.com/NewsRoom/AttachmentNg/73c0c9fc-9529-4b29-a498-bc17c1ff2b09

Attachments:

http://www.globenewswire.com/NewsRoom/AttachmentNg/d0620158-7c12-4799-a55a-6e27c1fbe45e

Categories: State

Regarding Allocated Liquefied Natural Gas Terminal Capacities

8 June 2017 - 12:54am

AB Klaipedos Nafta (hereinafter – the Company) hereby informs that after the closure of annual liquefied natural gas (hereinafter - LNG) terminal capacities allocation procedure and conclusion of respective agreements with LNG terminal users, the following LNG terminal capacities were allocated under below indicated conditions:

AB “Achema”:

  1. LNG regasification capacities: LNG regasification capacities 5.611.730.000 kWh (with reference conditions: natural gas upper heating value - 11.90 kWh/nm3, LNG expansion coefficient- 1:578 (m3 LNG/ nm3 natural gas), combustion/measurement temperature -25/0 °C, pressure – 1,01325 bar).
  2. Terminal capacity usage period: from the 1st of April, 2018 until the 30th of September, 2018.

UAB “LITGAS”:

  1. LNG regasification capacities: LNG regasification capacities 3.529.728.894 kWh (with reference conditions: natural gas upper heating value- 11.90 kWh/nm3, expansion coefficient- 1:578 (m3 LNG/ nm3 natural gas), combustion/measurement temperature -25/0 °C, pressure – 1,01325 bar).
  2. Terminal capacity usage period: from the 1st of October, 2017 until the 30th of September, 2018.

UAB “Lietuvos dujų tiekimas”:

  1. LNG regasification capacities: LNG regasification capacities 1.531.000.000 kWh (with reference conditions: natural gas upper heating value - 11.90 kWh/nm3, LNG expansion coefficient- 1:578 (m3 LNG/ nm3 natural gas), combustion/measurement temperature -25/0 °C, pressure – 1,01325 bar).
  2. Terminal capacity usage period: from the 1st of October, 2017 until the 31st of August, 2018.

The Company notes that the above-indicated LNG terminal capacities were allocated in advance, i.e. before the start of upcoming Gas Year, lasting from the 1st of October, 2017 to the 30th of September, 2018. The Company at its website shall constantly announce and update the information regarding free capacities of the LNG terminal, which shall be available for booking during the Gas Year as well.

         Marius Pulkauninkas, Director of the Finance and Administration Department, 8 46 391 763

Categories: State

CGG: Delivers Final Data from Encontrado project over Perdido fold belt

8 June 2017 - 12:30am

CGG Delivers Final Data from Encontrado project over Perdido fold belt

Paris, France - June 8, 2017

CGG announced today that the final products from its Encontrado multi-client reprocessing project across the Gulf of Mexico's prolific Perdido fold belt have been delivered on schedule to the Comision Nacional de Hidrocarburos (CNH) and the industry.

The Final Reverse Time migration (RTM), Kirchhoff migration and associated data volumes covering a vast 38,000 sq km area straddling the Mexico/USA border are now available on a non-exclusive basis. The significant uplift in the imaging of these final products over the Fast Trax RTM data delivered last year is evident throughout. As a result, the prospective reservoirs can be identified and mapped in unprecedented detail. The improved depth information in the final volume also has a material impact on the understanding of the petroleum systems and the location, timing, volume and type of hydrocarbons that may have charged the reservoirs. Collectively, these improvements enable an enhanced assessment of prospectivity in this emerging exploration frontier. Given the project's magnitude, this achievement is testament to the experience and commitment of the processing team in CGG's Houston subsurface imaging center and the value of geoscience integration.

To further enhance industry understanding of this complex but highly prospective area, CGG has embarked on a JumpStart(TM) fully integrated geoscience program to complement the seismic data from the Encontrado project. JumpStart programs are designed to review, validate, calibrate and interpret all available seismic, well and geologic data to deliver all the information needed in one place for a comprehensive understanding of the petroleum systems present.

Jean-Georges Malcor, CEO, CGG, said: "CGG's considerable experience in understanding and imaging the geology in both the US and Mexican Gulf of Mexico has been instrumental in our timely delivery of the final products from this very large data set. The final images obtained from the advanced high-end processing sequence will allow detailed geological interpretation and be suitable for both ba­sin-scale exploration and potential prospect evaluation. By undertaking the Encontrado reprocessing and a JumpStart geoscience program, CGG is playing a leading role in helping to turn this frontier area into a well-understood basin."

About CGG

CGG (www.cgg.com) is a fully integrated Geoscience company providing leading geological, geophysical and reservoir capabilities to its broad base of customers primarily from the global oil and gas industry. Through its three complementary businesses of Equipment, Acquisition and Geology, Geophysics & Reservoir (GGR), CGG brings value across all aspects of natural resource exploration and exploitation.
CGG employs around 5,600 people around the world, all with a Passion for Geoscience and working together to deliver the best solutions to its customers.

CGG is listed on the Euronext Paris SA (ISIN: 0013181864) and the New York Stock Exchange (in the form of American Depositary Shares. NYSE: CGG).


Contacts

Group Communications 
Christophe Barnini
Tel: + 33 1 64 47 38 11
E-Mail: : invrelparis@cgg.com

  Investor Relations
Catherine Leveau
Tel: +33 1 64 47 34 89
E-mail: : invrelparis@cgg.com

 


               

Attachments:

http://www.globenewswire.com/NewsRoom/AttachmentNg/2eea3046-7c97-43cf-9ae9-ca18438e93d8

Categories: State

Termination of Operating Agreement

7 June 2017 - 4:39pm

CALGARY, Alberta, June 07, 2017 (GLOBE NEWSWIRE) -- Marksmen Energy Inc. (TSX:MAH) (OTCQB:MKSEF) (“Marksmen” or the “Company”) and its wholly owned subsidiary Marksmen Energy USA, Inc. announces that its operating agreement with Houghton Investments LLC (“Houghton”) is terminated. The operating agreement defined the relationship of both parties in an Area of Mutual Interest (“AMI”) in Pickaway County, Ohio.

The operating agreement between Marksmen Energy USA, Inc. and Houghton Investments LLC lapsed due to a failure to agree on the drilling of an additional well in a specified time frame.  Although the agreement has been successful for both parties, each company is currently re-evaluating individual interests outside the AMI.  Rather than renegotiating new terms and amending the operating agreement both parties agree that it is now an appropriate time to pursue other interests.

Houghton transferred operatorship to Marksmen Energy, USA Inc. of the producing wells and water injection well/facility in January of 2017.  Marksmen will continue to operate the wells. 

The lapsing of the agreement does not prevent Marksmen and Houghton from entering into new operating agreements on other wells outside the AMI.  Houghton and Marksmen remain business partners on all earned wells and lands.

Marksmen has other joint venture opportunities in Ohio and is currently evaluating additional drilling, land acquisition and 3D seismic opportunities in Ohio.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

This news release may contain certain forward-looking information and statements including drilling and other opportunities available to Marksmen. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties.  There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information.  A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in Marksmen’s disclosure documents on the SEDAR website at www.sedar.com. Marksmen does not undertake to update any forward-looking information except in accordance with applicable securities laws.

CONTACT: For additional information regarding this news release please contact Archie Nesbitt, CEO and President at (403) 265-7270 or e-mail info@marksmen.ca
Categories: State

Paragon Offshore Announces Confirmation of Restructuring Plan

7 June 2017 - 3:17pm

HOUSTON, June 07, 2017 (GLOBE NEWSWIRE) -- Paragon Offshore plc (“Paragon” or the “company”) (OTC:PGNPQ) announced today that the United States Bankruptcy Court has approved the company’s consensual plan of reorganization (the “Consensual Plan”) under chapter 11 of the United States Bankruptcy Code that the company announced on May 2, 2017.  Under the Consensual Plan, Paragon’s existing equity will be deemed worthless and the company’s secured creditors and unsecured bondholders will receive equity in a new reorganized parent company.  In confirming the plan, the Bankruptcy Court overruled all objections raised at confirmation, including those raised by an unofficial committee of equity holders.

Paragon is planning for its emergence from chapter 11 in early July; however, this timing is subject to the completion of certain conditions precedent to emergence including, among other things, Paragon’s legal entity restructuring.

Following the ruling, Mr. Dean E. Taylor, President and Chief Executive Officer of Paragon, said, “We are extremely gratified to have received this ruling.  Thanks are due to our employees, our board of directors, our creditors, and the professionals retained by Paragon and its creditors.  Without their hard work and dedication, we could not have achieved this result, which allows us to emerge from the shadow of bankruptcy and return to our core business of delivering Safe, Reliable, and Efficient services to our customers.”

Additional Information

Details of the Consensual Plan can be found in the Current Report on Form 8-K filed by the company with the U.S. Securities and Exchange Commission (the “SEC”) on May 3, 2017.  Additional information will be available on Paragon’s website at www.paragonoffshore.com or by calling Paragon’s Restructuring Hotline at 1-888-369-8935.

Neville Barry Kahn and David Philip Soden were appointed Joint Administrators of Paragon Offshore Plc on 23 May 2017. The affairs, business and property of the Company are managed by the Joint Administrators. The Joint Administrators act as agents of the Company and contract without personal liability. In performing their work in relation to this appointment, the Joint Administrators are bound by the Insolvency Code of Ethics, a link to which has been provided on the website set up for this case at www.deloitte.com/uk/paragonoffshoreplc.

Weil, Gotshal & Manges LLP is serving as legal counsel to Paragon and Lazard is serving as financial advisor.  Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to the Creditors’ Committee and Ducera Partners LCC is serving as financial advisor.  Simpson Thacher & Bartlett LLP is serving as legal counsel to the Revolver Agent and PJT Partners is serving as financial advisor.  Freshfields Bruckhaus Deringer LLP is serving as legal counsel to the Term Loan Agent and FTI Consulting, Inc. is serving as financial advisor. 

Forward-Looking Disclosure Statement

This document contains forward-looking statements. Statements regarding the Consensual Plan, its ability to implement the proposed transaction set forth under the Consensual Plan, Paragon’s operations and services, and the bankruptcy process including timing of emergence, as well as any other statements that are not historical facts in this release, are forward-looking statements that involve certain risks, uncertainties and assumptions. These include but are not limited to risks associated with the general nature of the oil and gas industry, risks associated with the company’s restructuring, actions by regulatory authorities, customers and other third parties, and other factors detailed in the “Risk Factors” section of Paragon’s annual report on Form 10-K for the fiscal year ended December 31, 2016, Paragon’s most recently filed report on Form 10-Q, and in Paragon’s other filings with the SEC, which are available free of charge on the SEC's website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated.

About Paragon Offshore

Paragon is a leading provider of standard specification offshore drilling services.  Paragon’s operated fleet includes 32 jackups, including two high specification heavy duty/harsh environment jackups, four drillships, and one semisubmersible.  Paragon’s primary business is contracting its rigs, related equipment and work crews to conduct oil and gas drilling and workover operations for its exploration and production customers on a dayrate basis around the world. Paragon’s principal executive offices are located in Houston, Texas. Paragon is a public limited company registered in England and Wales with company number 08814042 and registered office at 20-22 Bedford Row, London, WC1R 4JS, England. Additional information is available at www.paragonoffshore.com

CONTACT: For additional information, contact: For Investors & Media: Lee M. Ahlstrom Senior Vice President & Interim Chief Financial Officer +1.832.783.4040
Categories: State

CSW Industrials Announces Details for Fiscal Fourth Quarter and Full Year 2017 Earnings and Conference Call

7 June 2017 - 3:05pm

DALLAS, June 07, 2017 (GLOBE NEWSWIRE) -- CSW Industrials (NASDAQ:CSWI), a diversified industrial growth company with well-established, scalable platforms and domain expertise across three segments: Industrial Products; Coatings, Sealants & Adhesives; and Specialty Chemicals, today announced that it will release its earnings results for the fiscal fourth quarter and full year ended March 31, 2017 on Wednesday, June 14, 2017 before the market opens.

The company will host a conference call the same day at 10:00 a.m. ET to discuss the results, followed by a question and answer session for the investment community.  A live webcast of the call can be accessed at ir.cswindustrials.com. To access the call, participants may dial toll-free at 1-877-407-0784 or 1-201-689-8560 (international) and request to join the CSW Industrials earnings call.

To listen to a telephonic replay of the conference call, dial toll-free 1-844-512-2921 or 1-412-317-6671 (international) and enter confirmation code 13663735. The telephonic replay will be available beginning at 1:00 p.m. ET on Wednesday, June 14, 2017, and will last through 11:59 p.m. ET on Wednesday, June 28, 2017.  The call will also be available for replay via the webcast link on CSW Industrials’ Investor Relations website.

About CSW Industrials
CSWI is a diversified industrial growth company with well-established, scalable platforms and domain expertise across three segments: Industrial Products; Coatings, Sealants & Adhesives; and Specialty Chemicals. CSWI’s broad portfolio of leading products provides performance optimizing solutions to its customers. CSWI’s products include mechanical products for heating, ventilation and air conditioning (“HVAC”) and refrigeration applications, coatings and sealants and high performance specialty lubricants. Markets that CSWI serves include HVAC, general industrial markets, rail car and locomotive, plumbing, commercial construction, oil and gas, mining, electrical, steel and transportation.

CONTACT: Investor contact: Michael Callahan, ICR (203) 682-8311 Michael.Callahan@icrinc.com
Categories: State

Providence Resources P.l.c. : Announcement Replacement

7 June 2017 - 12:08pm

This announcement replaces the announcement released by the Company at 07:01 today, which contained an incorrect reference to "FEL 2/14" in the second paragraph under the title 'Option Agreement with Cairn for 20% Working Interest', rather than "LO16/27". All other details remain unchanged.

The full amended text is shown below.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

Commercial Update
Licensing Option 16/27
Southern Porcupine Basin

  • PROVIDENCE & SOSINA SIGN FARM-IN AGREEMENT WITH TOTAL
    • TOTAL TO SECURE A 50% WORKING INTEREST AND OPERATORSHIP IN LO 16/27
    • CARRY FOR OPERATIONAL COSTS & CONTINGENT PROMOTED CARRY FOR THE FIRST EXPLORATION WELL
       
  • PROVIDENCE & SOSINA SIGN OPTION AGREEMENT WITH CAIRN ENERGY
    • CAIRN SECURES AN OPTION OVER 20% WORKING INTEREST IN LO 16/27

Dublin and London - June 7, 2017 - Providence Resources P.l.c. (PVR LN, PRP ID), the Irish based Oil and Gas Exploration Company, provides a commercial update on Licensing Option ("LO") 16/27, which lies in c. 1,300 metre water depth in the southern Porcupine Basin and is located c. 150 kilometres off the south west coast of Ireland.  The Licencing Option is operated by Providence Resources P.l.c. ("Providence", 80%) on behalf of its partner Sosina Exploration Limited ("Sosina", 20%).  LO 16/27 contains the Paleocene "Avalon" exploration prospect. 

Farm-in Agreement with TOTAL for 50% Working Interest

Providence and Sosina have signed a Farm-in Agreement ("FIA") with TOTAL E&P Ireland B.V. ("TOTAL"), a wholly owned subsidiary of TOTAL S.A. In consideration for TOTAL taking a 50% working interest in LO 16/27, TOTAL will:

  • Pay its pro-rata share of past gross costs of c. US$ 0.175 million
  • In addition to its pro-rata share, pay 21.4% of the past and future costs during the 2-year term of LO 16/27, subject to a gross cost cap of US$ 1.33 million
  • Under the terms of the FIA, and subject to Ministerial approval, TOTAL will assume Operatorship of LO 16/27 and any subsequent licensing authorisations issued
  • In the event that the JV partners agree to convert LO 16/27 into a Frontier Exploration Licence, and a subsequent decision is taken to drill an exploration well, TOTAL will pay 60% of the drilling costs, subject to a gross well cap of US$ 42 million  

The TOTAL farm-in is subject to the approval of the Minister of Communications, Climate Action and Environment.  Subject to this, the resultant equity in LO 16/27 will be TOTAL (Operator - 50%), Providence (40%) and Sosina (10%).

Option Agreement with Cairn for 20% Working Interest
Providence and Sosina have signed an Option Agreement (the "Option") with Capricorn Ireland Limited ("Capricorn"), a wholly owned subsidiary of Cairn Energy PLC ("Cairn").  Under the terms of the Option, Capricorn has the right to farm-in to a 20% working interest in LO 16/27 from Providence & Sosina.  The Option can be exercised by Capricorn within 60 days of the completion (plugging and abandoning) of the upcoming 53/6-A well on Frontier Exploration Licence 2/14.

If Capricorn elects to exercise the Option, Providence, Sosina and Capricorn will enter into an agreed Farm-in Agreement ("FIA") to effect the transfer of a 20% working interest in  LO 16/27 to Capricorn, based on the following terms where Capricorn will:  

  • Pay its pro-rata share of past gross costs of up to US$ 0.175 million
  • In addition to its pro-rata share, pay 8.6% of the past and future costs during the 2-year term of LO 16/27, subject to a gross cost cap of US$ 1.33 million
  • In the event that the JV partners agree to convert LO 16/27 into a Frontier Exploration Licence, and a subsequent decision is taken to drill an exploration well, Capricorn will pay 24% of the drilling costs, subject to a gross well cap of US$ 42 million

  

In the event that Capricorn exercises the Option, the final equity would be TOTAL (Operator - 50%), Providence (24%), Capricorn (20%) and Sosina (6%). Conclusion of any farm-in by Cairn would be subject to the approval by the Minister of Communications, Climate Action and Environment. 

Speaking today, Tony O'Reilly, Chief Executive of Providence said:

"We are delighted to have agreed this farm-in transaction on Avalon with one of the world's leading E&P companies which provides further significant technical, financial and operational capability to the LO 16/27 joint venture group.  We are also pleased to announce this option agreement with Cairn. This further potential transaction would serve to create a common partnership with our nearby Druid block with which Avalon shares many geological similarities."

INVESTOR ENQUIRIES   Providence Resources P.l.c. Tel: +353 1 219 4074 Tony O'Reilly, Chief Executive Officer        Cenkos Securities plc   Tel: +44 131 220 9771 Neil McDonald/Derrick Lee       J&E Davy Tel: +353 1 679 6363 Anthony Farrell       MEDIA ENQUIRIES   Powerscourt   Tel: +44 207 250 1446 Lisa Kavanagh/Peter Ogden  


Murray Consultants  


Tel: +353 1 498 0300 Pauline McAlester      

ABOUT PROVIDENCE RESOURCES
Providence Resources is an Irish based Oil and Gas Exploration Company with a portfolio of appraisal and exploration assets located offshore Ireland.  Providence's shares are quoted on AIM in London and the ESM in Dublin.

 

ABOUT TOTAL

Total is a global integrated energy producer and provider, a leading international oil and gas company, and a major player in solar energy with SunPower and Total Solar. Our 98,000 employees are committed to better energy that is safer, cleaner, more efficient, more innovative and accessible to as many people as possible. As a responsible corporate citizen, we focus on ensuring that our operations in more than 130 countries worldwide consistently deliver economic, social and environmental benefits. total.com

ABOUT CAIRN
Cairn Energy PLC is one of Europe's leading independent oil and gas exploration and development companies and is listed on the London Stock Exchange. Cairn has discovered and developed oil and gas reserves in a variety of locations around the world. Cairn's business operations are focused on opportunities across a growing resource base in Senegal, the UK and Norway.  Cairn is headquartered in Edinburgh, Scotland with operational offices in London, Norway and Senegal.

ANNOUNCEMENT
This announcement has been reviewed by Dr John O'Sullivan, Technical Director, Providence Resources P.l.c. John is a geology graduate of University College, Cork and holds a Masters in Applied Geophysics from the National University of Ireland, Galway. He also holds a Masters in Technology Management from the Smurfit Graduate School of Business at University College Dublin and a doctorate in Geology from Trinity College Dublin. John is a Chartered Geologist and a Fellow of the Geological Society of London. He is also a member of the Petroleum Exploration Society of Great Britain, the Society of Petroleum Engineers and the Geophysical Association of Ireland. John has more than 25 years of experience in the oil and gas exploration and production industry having previously worked with both Mobil and Marathon Oil. John is a qualified person as defined in the guidance note for Mining Oil & Gas Companies, March 2006 of the London Stock Exchange. Definitions in this press release are consistent with SPE guidelines. SPE/WPC/AAPG/SPEE Petroleum Resource Management System 2007 has been used in preparing this announcement.

ABOUT AVALON
Providence (80%) and Sosina (20%) were awarded Licensing Option 16/27 in July 2016 as part of the 2015 Atlantic Margin Licensing Round. During regional interpretation and mapping of vintage 2D seismic reflection data, Providence identified an areally extensive (c. 550 km2) north-south orientated Paleocene basin-floor channel and fan system ('Avalon') within the axial part of the Porcupine Basin. 

The Avalon system, which is located c. 2,500 metres BML, is interpreted to be sourced from the north of the basin and shales out in a southerly distal direction. A structural flexure down to the north negates the requirement for sandstone pinch out in the proximal direction, greatly improving reservoir sealing potential. The presence of a thick sandstone interval is indicated by compactional drape morphologies which are imaged within parts of the system.  The pre-existing Mesozoic structural grain appears to have exerted some control on deposition as evidenced by thickening of the system within pre-existing structural lows.

Whilst limited seismic reflection gather data were available during the evaluation phase, the available data suggest the potential for a depth-conformant amplitude versus offset ('AVO') anomaly similar to the nearby Druid prospect in FEL 2/14.  The main element of the agreed work programme during the 2-year Option period is the purchase, reprocessing and interpretation of existing 2D seismic reflection data.

Categories: State

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