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Contains the last 10 releases
Updated: 1 year 15 weeks ago

DNO ASA: Mandatory Notification of Trade

6 June 2017 - 9:46am

Oslo, 6 June 2017 - DNO ASA, the Norwegian oil and gas operator, today purchased 600,000 own shares at an average price of NOK 7.9494 per share.

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

Following this transaction, DNO holds 24,550,000 own shares.

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

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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.

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

Categories: State

RigNet’s SI&A Business Unit Wins Systems Integration Contract For New North American Downstream Energy Facility

6 June 2017 - 8:05am

HOUSTON, June 06, 2017 (GLOBE NEWSWIRE) -- RigNet, Inc. (NASDAQ:RNET), announced today that it was awarded a multi-million dollar contract to provide communications infrastructure for a new downstream energy facility in North America.

The contract leverages the skills and knowledge of RigNet’s highly trained Systems Integration and Automation (SI&A) engineers responsible for developing robust and resilient infrastructures. RigNet’s scope of work includes the engineering, procurement and construction management for communication infrastructure including radio communication, Local Area Network (LAN), Closed Circuit Television (CCTV), and Public Address and General Alarm (PAGA).

“We are extremely pleased to be able to participate in the development of this world-class energy project,” said Steven Pickett, RigNet’s CEO and president. “This contract draws on the deep experience of our SI&A team and will help drive growth in this part of our business.  With this award, RigNet continues to demonstrate the ability to provide reliable and customized communication infrastructure in the downstream energy market.”

About RigNet
RigNet (NASDAQ:RNET) is a leading global provider of customized systems and solutions serving customers with complex data networking and operational requirements. RigNet provides solutions ranging from fully-managed voice and data networks to more advanced applications that include video conferencing, crew welfare, asset monitoring and real-time data services. RigNet is based in Houston, Texas and has operations around the globe. 

For more information on RigNet, please visit www.rig.net. RigNet is a registered trademark of RigNet, Inc.

CONTACT: Media / Investor Relations Contact: Charles E. Schneider SVP & Chief Financial Officer RigNet, Inc. Tel: +1 (281) 674-0699
Categories: State

Rex Energy Regains Full Compliance with Nasdaq Listing Standards

6 June 2017 - 6:30am

STATE COLLEGE, Pa., June 06, 2017 (GLOBE NEWSWIRE) -- Rex Energy Corporation (Nasdaq:REXX) today announced that it has regained full compliance with the continued listing requirements for The Nasdaq Capital Market.

On May 30 2017, Rex Energy received notice from the Nasdaq Listing Qualifications department stating that because the company’s closing bid price of its common shares has been at or above $1.00 per share for 10 consecutive trading days, the company has regained compliance with the minimum bid price requirement under Listing Rule 5550 (a)(2) and Nasdaq now considers the matter closed.

“We are pleased to have regained compliance with Nasdaq’s listing requirements,” said Tom Stabley, President and CEO of Rex Energy. “We will continue to focus on the execution of our business plan to deliver solid growth and increase shareholder value.”

About Rex Energy Corporation

Headquartered in State College, Pennsylvania, Rex Energy is an independent oil and gas exploration and production company with its core operations in the Appalachian Basin. The company’s strategy is to pursue its higher potential exploration drilling prospects while acquiring oil and natural gas properties complementary to its portfolio.

CONTACT: For more information contact: Investor Relations (814) 278-7130 InvestorRelations@rexenergycorp.com
Categories: State

SemGroup Announces Agreement to Acquire Houston Fuel Oil Terminal Company

6 June 2017 - 5:00am

Immediately accretive, transformational acquisition
Conference call scheduled for 8:30 a.m. Eastern today

Acquisition Highlights

  • Premier position on the Houston Ship Channel with connectivity to the local refinery complex and inbound receipt capabilities from all major producing basins             
  • Significantly enhances scale and diversifies business with refinery-facing, take-or-pay cash flows
     
  • Uniquely positioned to capitalize on shifting global commodity market trends
     
  • Enables SemGroup to capture low-risk growth opportunities
     
  • Advantageous financing structure aligns consideration with EBITDA growth
     
  • Highly stable cash flows support raising targeted dividend CAGR from 8% to 10% through 2020

TULSA, Okla., June 06, 2017 (GLOBE NEWSWIRE) -- SemGroup® Corporation (NYSE:SEMG) today announced that it has executed a definitive agreement to acquire Houston Fuel Oil Terminal Company (“HFOTCO”), one of the largest oil terminals in the U.S., from investment funds managed by Alinda Capital Partners. This acquisition establishes SemGroup’s position in the premier energy market, the Houston Ship Channel.

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/f86604b2-d4b5-4c7f-ad10-a9df9741df3c

The 16.8-million-barrel terminal is strategically located on the U.S. Gulf Coast with pipeline connectivity to the local refining complex, deep water marine access and inbound pipeline, rail and truck receipt capabilities from all major producing basins. The assets are located on 330 acres on the Houston Ship Channel, one of the most active trading centers for residual fuel oil and crude oil in the world. The business is fully supported by take-or-pay contracts with primarily investment-grade counterparties that have been customers for an average of 15 years. HFOTCO is currently executing on contractually supported growth projects, including a new ship dock, a new pipeline and connections, as well as an additional 1.45 million barrels of crude oil storage, expected to be in service mid-2018. 

“This is a transformational acquisition that adds tremendous stability to our business and provides a dynamic platform for growth,” said SemGroup President and CEO Carlin Conner. “Consistent with our strategy to diversify our portfolio and become more refinery facing, HFOTCO brings a well-established base of high-quality, long-tenured customers. At the same time, the terminal’s premier location on the Houston Ship Channel provides deep water access and is well positioned to capture increasing export volumes. With the addition of HFOTCO, SemGroup will be uniquely positioned to capture the future trends in exporting crude oil and refined products resulting from the near and long-term anticipated growth in U.S. shale production.”

The total purchase consideration to acquire HFOTCO will consist of two payments. The first payment will be $1.5 billion at closing, including the assumption of an estimated $785 million of existing HFOTCO debt, and issuance of between $300 million to $400 million in common shares, at SemGroup’s election, to Alinda at $32.30 per share. The remainder of the initial payment will be funded in cash from SemGroup’s revolving credit facility. The second payment will consist of an additional $600 million which will be paid in cash before the end of 2018, which aligns consideration with EBITDA growth. SemGroup will have no obligation to make the second payment, which instead will be an obligation of its acquisition subsidiaries and secured by a pledge of the equity interests in such subsidiaries. The purchase price will be subject to customary adjustments.

Chris Beale, Managing Partner of Alinda Capital Partners, commented: “The HFOTCO management team has done an excellent job of growing and diversifying a world-class terminal business. We believe that adding this asset to SemGroup’s portfolio is a great way to leverage customer relationships, strengthen both businesses and create additional shareholder value.”

The acquisition is expected to close in the third quarter of 2017, subject to the receipt of certain governmental approvals and the satisfaction of other customary closing conditions.

SemGroup intends to maintain HFOTCO’s workforce and anticipates that the company’s approximately 125 employees will become members of the SemGroup family upon the transaction’s close.

“A large part of HFOTCO’s success has been its outstanding team,” Conner said. “We’re looking forward to these talented employees becoming part of the SemGroup team.”

Senior management at both SemGroup and HFOTCO have several decades of combined experience managing terminalling and logistics assets in the U.S. and abroad. SemGroup currently operates 7.6 million barrels of crude oil storage in Cushing and another 8.7 million barrels of multi-product storage in Milford Haven, U.K. Prior to SemGroup, CEO Carlin Conner spent more than 20 years in the terminal industry, most recently as managing director of Oiltanking GmbH, an independent worldwide storage provider based in Germany.

Financial Guidance
SemGroup is reaffirming its previously announced 2017 Adjusted EBITDA guidance of between $270 million and $310 million and 4Q 2017 run rate of between $325 million and $340 million on its existing business. Assuming an early third quarter close, management expects HFOTCO to contribute between $60 million and $65 million of additional Adjusted EBITDA during 2017. Including projects scheduled to be placed into service during 2018 and 2019, management anticipates HFOTCO 2018 Adjusted EBITDA of $135 million to $145 million growing to $180 million to $190 million in 2019. SemGroup does not provide guidance for net income, the GAAP financial measure most directly comparable to the non-GAAP financial measure Adjusted EBITDA, because Net Income includes items such as unrealized gains or losses on derivative activities or similar items which, because of their nature, cannot be accurately forecasted. We do not expect that such amounts would be significant to Adjusted EBITDA as they are largely non-cash items.

Management expects to increase capital expenditures from $500 million to $575 million in 2017. Management continues to expect year-end 2017 covenant compliance leverage of 4.5x to 4.75x, assuming no ATM issuance.

In December 2017, management expects to recommend to the Board of Directors a dividend increase of 10 percent on an annualized basis. SemGroup is raising its targeted dividend CAGR from 8 percent to 10 percent through 2020.

Advisors
Credit Suisse Securities (USA) LLC served as SemGroup’s exclusive financial advisor on the transaction. Vinson & Elkins LLP and Gibson, Dunn & Crutcher LLP served as legal advisors to SemGroup. Simpson Thacher & Bartlett LLP served as legal advisor to Alinda Capital Partners.

Supplemental Slide Presentation
A slide presentation supplementing this press release is posted on SemGroup’s Investor Relations website at www.semgroupcorp.com.

Conference Call Timing
SemGroup will host a conference call for investors at 8:30 a.m. Eastern today, June 6, 2017. The call can be accessed live over the telephone by dialing 855-239-1101, or for international callers, 412-542-4117. Interested parties may also listen to a simultaneous webcast of the conference call by logging onto SemGroup's Investor Relations website at www.semgroupcorp.com. A replay of the webcast will be available following the call.

About SemGroup
Based in Tulsa, Okla., SemGroup® Corporation is a publicly traded midstream service company providing the energy industry the means to move products from the wellhead to the wholesale marketplace. SemGroup provides diversified services for end users and consumers of crude oil, natural gas, natural gas liquids, refined products and asphalt. Services include purchasing, selling, processing, transporting, terminalling and storing energy.

SemGroup uses its Investor Relations website and social media outlets as channels of distribution of material company information. Such information is routinely posted and accessible on our Investor Relations website at www.semgroupcorp.com, our Twitter account and LinkedIn account.

About Houston Fuel Oil Terminal Company
Houston Fuel Oil Terminal Company stores, blends and transports residual fuel and crude oil via pipeline, ship, barge, rail and truck for major oil companies, refiners, international trading firms and other energy companies. Storage is divided among 144 tanks ranging in size from 10 thousand barrels to 400 thousand barrels. The facility also includes multiple receipt and delivery pipelines, four ship docks with a fifth under construction, as well as seven barge docks able to accommodate 23 barges simultaneously.

About Alinda Capital Partners
Alinda Capital Partners is one of the world’s largest and most experienced infrastructure investment firms. Alinda is a long-term investor in infrastructure assets that provide essential services to communities. Alinda has $10 billion of assets under management and has invested in infrastructure businesses that operate in 33 states in the United States as well as in Canada, the United Kingdom, the Netherlands, Belgium and Poland. These businesses serve over 100 million customers annually in more than 550 cities globally, and are run by a workforce of over 80,000 people.

Non-GAAP Financial Measures
SemGroup’s non-GAAP measure, Adjusted EBITDA, is not a GAAP measure and is not intended to be used in lieu of GAAP presentation of net income (loss), which is the most closely associated GAAP measure. Adjusted EBITDA represents earnings before interest, taxes, depreciation and amortization, adjusted for selected items that SemGroup believes impact the comparability of financial results between reporting periods.  In addition to non-cash items, we have selected items for adjustment to EBITDA which management feels decrease the comparability of our results among periods. These items are identified as those which are generally outside of the results of day to day operations of the business. These items are not considered non-recurring, infrequent or unusual, but do erode comparability among periods in which they occur with periods in which they do not occur or occur to a greater or lesser degree. Historically, we have selected items such as gains on the sale of NGL Energy Partners LP common units, costs related to our predecessor’s bankruptcy, significant business development related costs, significant legal settlements, severance and other similar costs. Management believes these types of items can make comparability of the results of day to day operations among periods difficult and have chosen to remove these items from our Adjusted EBITDA. We expect to adjust for similar types of items in the future. Although we present selected items that we consider in evaluating our performance, you should be aware that the items presented do not represent all items that affect comparability between the periods presented. Variations in our operating results are also caused by changes in volumes, prices, mechanical interruptions and numerous other factors. We do not adjust for these types of variances.

This measure may be used periodically by management when discussing our financial results with investors and analysts and is presented as management believes it provides additional information and metrics relative to the performance of our businesses. This non-GAAP financial measure has important limitations as an analytical tool because it excludes some, but not all, items that affect the most directly comparable GAAP financial measures. You should not consider non-GAAP measures in isolation or as substitutes for analysis of our results as reported under GAAP. Management compensates for the limitations of our non-GAAP measures as analytical tools by reviewing the comparable GAAP measures, understanding the differences between the non-GAAP measure and the most comparable GAAP measure and incorporating this knowledge into its decision-making processes. We believe that investors benefit from having access to the same financial measures that our management uses in evaluating our operating results. Because all companies do not use identical calculations, our presentations of non-GAAP measures may be different from similarly titled measures of other companies, thereby diminishing their utility.

Forward-Looking Statements
Certain matters contained in this Press Release include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995.

All statements, other than statements of historical fact, included in this Press Release including the prospects of our industry, our anticipated financial performance, our anticipated annual dividend growth rate, management's plans and objectives for future operations, planned capital expenditures, business prospects, outcome of regulatory proceedings, market conditions and other matters, may constitute forward-looking statements. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that these expectations will prove to be correct. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. Factors that might cause actual results to differ include, but are not limited to, the possibility that the conditions to the closing of our acquisition of HFOTCO, including the conditions related to obtaining regulatory approvals, may not be satisfied in a timely manner or at all, that if such conditions are not satisfied, they may not be waived, and that the acquisition of HFOTCO may not be completed on the terms currently contemplated or at all; the failure to realize the anticipated benefits of our acquisition of HFOTCO, assuming it is completed; our ability to pay the deferred consideration and the consequences of our failing to do so; the amount and timing of transaction expenses associated with our acquisition of HFOTCO, and the impact of our management team spending a significant portion of its time focusing on completing our acquisition of HFOTCO; the impact of the announcement or completion of our acquisition of HFOTCO on the credit ratings assigned to any of  our indebtedness or the indebtedness of HFOTCO; the financial and operating performance of HFOTCO; our ability to generate sufficient cash flow from operations to enable us to pay our debt obligations and our current and expected dividends or to fund our other liquidity needs; any sustained reduction in demand for, or supply of, the petroleum products we gather, transport, process, market and store; the effect of our debt level on our future financial and operating flexibility, including our ability to obtain additional capital on terms that are favorable to us; our ability to access the debt and equity markets, which will depend on general market conditions and the credit ratings for our debt obligations and equity; the loss of, or a material nonpayment or nonperformance by, any of our key customers; the amount of cash distributions, capital requirements and performance of our investments and joint ventures; the amount of collateral required to be posted from time to time in our commodity purchase, sale or derivative transactions; the impact of operational and developmental hazards and unforeseen interruptions; our ability to obtain new sources of supply of petroleum products; competition from other midstream energy companies; our ability to comply with the covenants contained in our credit agreement and the indentures governing our senior notes, including requirements under our credit agreement to maintain certain financial ratios; our ability to renew or replace expiring storage, transportation and related contracts; the overall forward markets for crude oil, natural gas and natural gas liquids; the possibility that the construction or acquisition of new assets may not result in the corresponding anticipated revenue increases; changes in currency exchange rates; weather and other natural phenomena, including climate conditions; a cyber attack involving our information systems and related infrastructure, or that of our business associates; the risks and uncertainties of doing business outside of the U.S., including political and economic instability and changes in local governmental laws, regulations and policies; costs of, or changes in, laws and regulations and our failure to comply with new or existing laws or regulations, particularly with regard to taxes, safety and protection of the environment; the possibility that our hedging activities may result in losses or may have a negative impact on our financial results; general economic, market and business conditions; as well as other risk factors discussed from time to time in each of our documents and reports filed with the U.S. Securities and Exchange Commission.

Readers are cautioned not to place undue reliance on any forward-looking statements contained in this press release, which reflect management’s opinions only as of the date hereof. Except as required by law, we undertake no obligation to revise or publicly release the results of any revision to any forward-looking statements.

CONTACT: Contacts: Investor Relations: Alisa Perkins 918-524-8081 investor.relations@semgroupcorp.com  Media: Tom Droege 918-524-8560 tdroege@semgroupcorp.com
Categories: State

Neste Jacobs receives the esteemed OPC UA certificate for NAPCON products

6 June 2017 - 1:30am

Neste Jacobs
Press Release
6 June 2017 at 9.30 am. (EET)

Neste Jacobs receives the esteemed OPC UA certificate for NAPCON products

Technology, engineering and project management company Neste Jacobs has successfully gained the OPC UA certification for their process big data product, NAPCON Informer. OPC UA, also recognized as an IEC standard IEC62541 is the top notch interoperability standard for enabling cyber secure, reliable and unified communications in the industrial automation space. NAPCON Informer consolidates whole NAPCON product family to OPC UA compliant and therefore fulfills for instance the German Industrie 4.0 requirements.

Neste Jacobs has been a member of OPC Foundation for several years now and is among the companies collaborating with the OPC Foundation in order to create a unified communications platform for the industry.

"We are very pleased to receive this certification, which was achieved after a vigorous evaluation period at the OPC Foundation Test Lab in Germany. Our products meet fully the needs of Industry 4.0 due to the inbuilt OPC UA interoperability. This certificate is an example of our continuous, extensive and in-depth product development work in cooperation with the OPC Foundation", says Jyri Lindholm, Head of Product Management of NAPCON, Neste Jacobs.

More information on Neste Jacobs NAPCON solution from www.napconsuite.com or
Satu Stolt, Marketing Communications Manager, Neste Jacobs, tel. +358 50 458 9779

Neste Jacobs is a preferred solution provider of high-quality technology, engineering and project services for a wide range of industries in the fields of oil and gas, petrochemicals, chemicals, biorefining, biochemicals, biopharma and industrial infrastructure. We have 60 years of experience in technology development and industrial investment projects as well as maintenance and performance improvement in Europe, North and South America, Asia and the Middle East. In addition to our home market Nordic countries we are looking to grow in the global expanding markets. We employ 1,300 professionals globally. www.nestejacobs.com

Neste Jacobs' NAPCON offers you a wide range of advanced process improvement and automation technology solutions to enhance your production. The dedicated solutions based on extensive process know-how and modern control software engineering fulfil your needs on the areas of Production Optimization, Quality Optimization, Safety, Logistics, Business Optimization, Energy Efficiency,  Big Data and Analytics. www.napconsuite.com

Categories: State

Neste deepens its knowhow on the circular economy - waste plastics now in focus

6 June 2017 - 1:00am

Neste Corporation
Press Release
6 June 2017 at 9 am. (EET)

Neste deepens its knowhow on the circular economy - waste plastics now in focus

Neste, the world's leading biofuel producer in the circular economy, is putting a large amount of resources into research on waste and residue raw materials. In addition to biofuels, also bioplastics can be produced from waste and residues in the future. The company is also focusing its raw materials research on waste plastics as a substitute for crude oil in the manufacture of oil products.

The idea of "one's waste is a valuable raw material to another" is central to the circular economy, and, for over a decade, it has inspired Neste's development and production of renewable fuels. The company already produces enough Neste MY Renewable Diesel, produced of waste and residues, to power more than two million cars for a year. This will enable Neste's customers to reduce their greenhouse gas emissions by almost 7 million tons this year. Underpinning this progress is the company's patented NEXBTL technology for refining low-quality waste fats into high-quality, fully renewable fuel. The same technology can be used to produce other renewable products also, such as renewable aviation fuel and raw material for bioplastics.

"In practice, our business, based on renewable products and circular economics, is eating away at our traditional business operations. This is a sacrifice that many did not believe in at first," says President and CEO of Neste, Matti Lievonen. "But when it comes to the question of what kind of planet we will leave to future generations, the transition to sustainable lifestyles cannot be held back."

Focus on future raw materials already now  

Fat-containing wastes and residues currently account for nearly 80 percent of the raw materials of Neste's renewable products. Examples of the raw materials Neste uses include waste fats from the meat and fish processing industries, and used cooking oil. However, the situation in a decade's time may be very different, as the waste and residues that are currently used by modern refineries are limited. Neste is investing a large amount of resources in research on renewable raw materials. The primary aim is to find increasingly lower grade waste and residue raw materials that have no other significant uses.

Among the most important new raw materials of the future that Neste is interested are residues from the forestry industry, algae, and waste plastics. The research on waste plastics is focused on how to introduce it as a raw material in oil refining processes. For example, plastic packaging materials could be recycled, instead of being disposed of in waste incinerators, and could replace crude oil in the manufacture of petroleum products.

Neste Corporation

Kaisa Lipponen
Director, Corporate Communications

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

Energy Systems Group Awarded U.S. DOE IDIQ Contract for Federal Energy Savings Performance Contracts

5 June 2017 - 9:25pm

NEWBURGH, Ind., June 05, 2017 (GLOBE NEWSWIRE) -- Energy Systems Group (ESG), a leading energy services provider and wholly owned subsidiary of Vectren Corporation (NYSE:VVC) announced that it has been awarded an Indefinite Delivery Indefinite Quantity (IDIQ) contract for federal Energy Savings Performance Contracts (ESPCs) by the U.S. Department of Energy (DOE). ESG is one of 21 companies awarded the $55 billion IDIQ contract to develop new energy and water savings projects for federal facilities.

“ESG is honored to continue serving federal customers as a DOE IDIQ ESPC contractor,” said Steve Spanbauer, Senior Vice President of Energy Systems Group. “We look forward to developing innovative energy and water infrastructure projects that help federal agencies meet their mission-critical needs while increasing energy security, enhancing energy efficiency resiliency, and facilitating the necessary financing, with no required initial cost.”

The new IDIQ contract, awarded to ESG on April 27, has a base period of five years and one 18-month extension period. The maximum contract ceiling amount of $55 billion will be shared by all contract holders. The DOE expects the new IDIQ to be used for investments resulting in federal infrastructure improvements, energy savings, and job creation.

ESG is a longstanding DOE ESPC IDIQ contractor, developing a number of leading projects through the contract, including the design and construction of the first ever combined heat and power (CHP) facility for the National Aeronautics and Space Administration (NASA).  Located at the Lyndon B. Johnson Space Center (JSC), the CHP facility is capable of operating as an islanded microgrid, providing energy for critical mission operations such as the International Space Station Mission Control in the event of a utility power disruption. The CHP facility and chilled water plant improvements will save approximately $141 million over a 22-year operating term.

ESG is also completing a $70.3 million ESPC project, signed in December 2016, at Naval Base Coronado's Naval Air Station North Island. Upon completion, the project is anticipated to save over 36 million gallons of water annually, and will generate over $187 million in savings over the contract term.

“ESPCs such as those ESG is completing at NASA JSC and Naval Base Coronado help federal agencies meet their energy reduction goals and achieve innovative energy and water infrastructure upgrades that reduce costs and replace dated equipment with new and efficient systems,” added Spanbauer. “Funding these upgrades through energy savings is good for the federal government, U.S. business, and the U.S. taxpayer.”

"This program highlights how the public and private sector partnerships can align with the Administration's objectives for increased energy efficiency and job creation without burdensome regulations," said U.S. Secretary of Energy Rick Perry. "A key component is that these energy and water efficiency projects at federal facilities pay for themselves, and the hope is that all federal agencies will utilize this financing method to the fullest extent."

Energy Systems Group (ESG), a wholly owned subsidiary of Vectren Corporation (NYSE:VVC), is a leading energy services provider that specializes in energy efficiency, sustainability, and infrastructure improvement solutions in the government, education, healthcare, commercial, and industrial sectors. ESG is strongly positioned to develop projects across the full spectrum of federal contracting opportunities, including Energy Savings Performance Contracts with the U.S. Department of Energy and the U.S. Army Corp of Engineers. ESG is an industry leader in developing and implementing federal government projects under Utility Energy Services Contracts and through public/private partnerships such as Enhanced Use Leases. ESG also offers a full range of sustainable infrastructure solutions including waste-to-energy, distributed generation, and renewable energy. To learn more about ESG, visit www.energysystemsgroup.com.

CONTACT: For more information, contact Meram El Ramahi, Director of Marketing and Communications 812.492.3734 mramahi@energysystemsgroup.com
Categories: State

Amplify Energy Provides Operational and Strategic Updates

5 June 2017 - 4:30pm

HOUSTON, June 05, 2017 (GLOBE NEWSWIRE) -- Amplify Energy Corp. (“Amplify Energy” or the “Company”) announced today the acceleration of its East Texas drilling program, engagement of Jefferies to pursue non-core asset sales, engagement of Huron to continue cost reduction initiatives and appointment of board leadership.

Acceleration of Drilling Program in East Texas

Amplify Energy commenced drilling operations in East Texas with a focus on horizontal development of the Cotton Valley formation.  The Company is currently running one rig on a two-well surface location and recently ran casing on its first well to a total measured depth of 15,315 feet.  Drilling operations are under way on the second well, and first production from this two-well pad is expected in August 2017.  The Company currently expects to run one rig in East Texas throughout the remainder of 2017 and drill five additional horizontal Cotton Valley wells. This development will be focused on the Joaquin and Tatum fields in Shelby, Rusk and Panola counties in East Texas. All-inclusive IRR’s (net of transportation costs) are expected to exceed 30% using current strip pricing.

Bill Scarff, President and Chief Executive Officer of Amplify Energy, stated, “We are making great progress positioning Amplify for growth and long-term success, and the commencement of drilling operations in our core area of East Texas is a key step toward advancing these efforts.  East Texas is an area where we have had a lot of success as an operator targeting horizontal development of the Cotton Valley, and we look forward to building on that success in 2017.”  He continued, “As we work together with our Board and financial advisors in the coming weeks and months, we will provide additional detail to the market on our strategic plans and initiatives to drive value-creation and maximize shareholder returns.” 

Engagement of Jefferies to Pursue Sales of Non-Core Assets

As previously announced, the Company has engaged Jefferies LLC to explore and evaluate potential strategic alternatives, including the marketing of certain non-core assets for sale.  The Company expects to outline these strategic alternatives, along with a more detailed 2017 business plan, in an Emergence presentation that will be available on its website. 

Engagement of Huron Consulting Group to Continue Cost Optimization

Over the last two years, the Company made significant improvements lowering all aspects of its overall cost structure, including lease operating expenses, capital expenditures and general & administrative (“G&A”) expenses.  To facilitate continued improvements to its cost structure, the Company has engaged Huron Consulting Group. 

Appointment of Board Leadership

The Company also announced that the Board of Directors (the “Board”) made the following leadership appointments, effective immediately:

  • David Proman, Managing Director and Partner at Fir Tree Partners, will serve as Chairman of the Board;
  • Drew Scoggins, Managing Partner at Millennial Energy Partners, will serve as Chair of the Audit Committee of the Board; and
  • Alex Shayevsky, Senior Analyst at Citadel LLC, will serve as Chair of the Compensation Committee of the Board.

Mr. Proman said, “I’m very pleased to serve as the Chairman of the Board of Amplify Energy.  On behalf of the Board, we are very excited for the Company’s prospects as we transition from an upstream MLP to a streamlined, best in class, growth-oriented E&P company.  We expect to maximize shareholder returns through growing production in our core economic basins, divesting certain non-core assets, further optimizing our cost structure and evaluating strategic initiatives.  The Board is looking forward to working closely with management and retained advisors.  We will update the market as these plans develop.” 

The Company is in the process of registering its shares to be traded and quoted on the OTCQX market and expects the new listing to go effective in the next several weeks.

About Amplify Energy

Amplify Energy Corp. is an independent oil and natural gas company engaged in the acquisition, development, exploration and production of oil and natural gas properties. The Company’s operations are focused in East Texas / Louisiana, the Rockies, offshore California and South Texas. For more information, visit www.amplifyenergy.com.   

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Amplify Energy expects, believes or anticipates will or may occur in the future are forward-looking statements. Terminology such as “will,” “would,” “should,” “could,” “expect,” “anticipate,” “plan,” “project,” “intend,” “estimate,” “believe,” “target,” “continue,” “potential,” the negative of such terms or other comparable terminology are intended to identify forward-looking statements. Amplify Energy believes that these statements are based on reasonable assumptions, but such assumptions may prove to be inaccurate. Such statements are also subject to a number of risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Amplify Energy, that may cause Amplify Energy’s actual results to differ materially from those implied or expressed by the forward-looking statements. Please read the Company’s filings with the Securities and Exchange Commission, including “Risk Factors” in its Annual Report on Form 10-K, and if applicable, its Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and other public filings and press releases for a discussion of risks and uncertainties that could cause actual results to differ from those in such forward-looking statements. All forward-looking statements speak only as of the date of this press release. All forward-looking statements in this press release are qualified in their entirety by these cautionary statements. Amplify Energy undertakes no obligation and does not intend to update or revise any forward-looking statements, whether as a result of new information, future results or otherwise.

CONTACT: Contacts Investors: Amplify Energy Bobby Stillwell – Chief Financial Officer (713) 588-8347 bobby.stillwell@amplifyenergy.com Martyn Willsher – Treasurer (713) 588-8346 martyn.willsher@amplifyenergy.com
Categories: State

Marathon Oil Schedules Second Quarter 2017 Earnings Release and Conference Call

5 June 2017 - 3:30pm

HOUSTON, June 05, 2017 (GLOBE NEWSWIRE) -- Marathon Oil Corporation (NYSE: MRO) announced today it plans to issue its second quarter 2017 earnings news release on Wednesday, Aug. 2, after the close of U.S. financial markets.

Prepared remarks along with accompanying slides will be available on the Company's website approximately one hour after the earnings news release is issued. The Company will conduct a conference call, which will be webcast live, on Thursday, Aug. 3, at 10 a.m. ET.

Zach Dailey, vice president of Investor Relations, will host the call. Also participating from Marathon Oil will be Lee Tillman, president and CEO; Dane Whitehead, executive vice president and CFO; and Mitch Little, executive vice president, Operations. The call will include forward-looking information.

All of the above information can be accessed by visiting Marathon Oil's website at http://www.MarathonOil.com. Additional financial information, including earnings releases and other investor-related material, is available online.

CONTACT: Media Relations Contact: Lee Warren: 713-296-4103 Investor Relations Contact: Zach Dailey: 713-296-4140
Categories: State

Willbros to Participate in the Stifel 2017 Industrials Conference

5 June 2017 - 3:15pm

HOUSTON, June 05, 2017 (GLOBE NEWSWIRE) -- Willbros Group, Inc. (NYSE:WG) today announced that the Company will be attending the Stifel 2017 Industrials Conference to be held in New York City on June 15, 2017.

Michael Fournier, President and Chief Executive Officer, will participate in 1x1 meetings and is scheduled to present on Thursday, June 15 at 12:40 p.m. Eastern Time (11:40 a.m. Central Time).   

Willbros is a specialty energy infrastructure contractor serving the oil and gas and power industries with offerings that primarily include construction, maintenance and facilities development services. For more information on Willbros, please visit our web site at www.willbros.com.

CONTACT: CONTACT: Steve Breitigam Vice President Investor Relations Willbros 713-403-8172
Categories: State

Jones Energy, Inc. Announces Results of Borrowing Base Redetermination and Participation in Upcoming Investor Conferences

5 June 2017 - 7:15am

AUSTIN, Texas, June 05, 2017 (GLOBE NEWSWIRE) -- Jones Energy, Inc. (NYSE:JONE) (“Jones Energy” or “the Company”) announced today that its lending group has completed their semi-annual borrowing base redetermination under the Company’s revolving credit facility. The borrowing base has been reaffirmed at $425 million. The next redetermination is expected in the fall of 2017.

The Company also announced it plans to participate in the following investor conferences:

  • June 20 – 21: Wells Fargo 2nd Annual West Coast Energy Conference, San Francisco, CA
  • June 26 – 28: J.P. Morgan 2017 Energy Equity Conference, New York, NY

The presentation materials for these events will be posted to the Company’s website at www.jonesenergy.com in the Investor Relations section. 

About Jones Energy

Jones Energy, Inc. is an independent oil and natural gas company engaged in the development and acquisition of oil and natural gas properties in the Anadarko and Arkoma basins of Texas and Oklahoma.  Additional information about Jones Energy may be found on the Company’s website at: www.jonesenergy.com.

CONTACT: Investor Contact: Page Portas, 512-493-4834 Investor Relations Associate Or Robert Brooks, 512-328-2953 Executive Vice President & CFO
Categories: State

Thunder Energies Receives Down Payment on Equipment Producing a Directional Neutron Flux and Predicts Profitability for its Construction

5 June 2017 - 7:00am

TARPON SPRINGS, Fla., June 05, 2017 (GLOBE NEWSWIRE) -- Dr. Ruggero M. Santilli, CEO and Chief Scientist of Thunder Energies Corporation, a publicly traded company with stock symbol (OTC:TNRG), announces the reception of the down payment of $120,067 for the construction of a Directional Neutron Source purchased by a European Group for the detection of smuggled nuclear material. Consequently, Dr. Santilli predicts that the construction of the equipment to be completed within three months will show a profit (see the short movie on the operation of the neutron source http://thunder-energies.com/docs/MagnaPower.mp4 and a schematic of the new source under construction http://thunder-energies.com/docs/DNS-table-1.pdf).

Dr. Santilli states: "I am extremely pleased to announce that, based on current expenditures, Thunder Energies Corporation will show a profit for the construction of the equipment producing a directional neutron flux (patent pending) that has been purchased by a European group for a number of applications, particularly for the scanning of suitcases and containers to detect the possible smuggling of Uranium, Plutonium or other materials used in nuclear weapons. The importance of this sale is that it sets the foundation for the opening of the European market. The sale was originally announced by the previous release https://finance.yahoo.com/news/thunder-energies-corporation-announces-sale-142000927.html. The validity of our cutting-edge technology for the first and only known synthesis of neutrons from a hydrogen gas was confirmed by an international team of scientists from three continents in the scientific paper http://santilli-foundation.org/docs/Confirm-neutron-Final.pdf. In view of these successes, and in view of the proven importance of our technology for national security, our Company is currently negotiating a sale of our Directional Neutron Source in the U.S.A. as well as in Israel."

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 CEO and Chief Scientist Thunder Energies Corp 727-940-3944 www.thunder-energies.com
Categories: State

Volt Energy Acquires Lac Saint Simon Lithium Property

5 June 2017 - 6:00am

VANCOUVER, British Columbia, June 05, 2017 (GLOBE NEWSWIRE) -- Volt Energy Corp. (“VOLT” or the “Company”) (TSX-V:VOLT) (Frankfurt:A1S.F) (OTC:ABETF), is pleased to announce that it has acquired the Lac Saint Simon Lithium Property (the “Property”) in west-central Quebec from PUF Ventures Inc. (CSE:PUF).  In consideration for the purchase of 100% of the Property, VOLT will issue 2.5 million common shares to PUF Ventures (“PUF”).  The proposed transaction is subject to approval from the TSX Venture Exchange. 

The Lac Saint Simon Lithium Property is located approximately 2km from the boundary of Nemaska Lithium’s Whabouchi Project (“Whabouchi”) and is roughly 480 hectares in size.  According to Nemaska, Whabouchi is one of the most important spodumene lithium hard rock deposits in the world both in volume and grade.  A Mineral Reserve estimate prepared by Met-Chem using the updated Mineral Resource block model suggests that Whabouchi hosts an estimated 20 million tonnes of Proven and Probable Reserves with a grade of 1.53% Li2O Open Pit and 7.3 million tonnes of Proven and Probable Reserves with a grade of 1.28% Li2O Underground.  The mineralization hosted on the Whabouchi property is not necessarily indicative of the mineralization hosted on the Company’s Lac Saint Simon Lithium Property.  The bedrock geology of the Property is composed primarily of pink granite with pegmatites and porphyritic granodiorite.  Accessory amounts of amphibolite and diabase have been mapped on the Property.  All geological information is based on data available for download by the Quebec government and not by the Company.  Future work by VOLT will assist in verifying this data as well as gaining a better understanding of the geology and potential of the Property.

The most prospective geology appears to be pegmatites set within the pink granite.  Generally, lithium mineralization in the region has been concentrated in pegmatites, with Whabouchi being the classic example.  Historically, Tuscana Lithium completed a NI 43-101 technical report on their Abigail property, which covered a large land position in the belt that went as far north as the southern boundary of the Property.  More recently, PUF conducted an initial exploration program on the Property and is expecting completion of an updated NI 43-101 report in short order.  The technical report encompasses the preliminary reconnaissance exploration program that was conducted, along with the recently completed unmanned aerial vehicle (“UAV”) geophysical survey. 

Mr. Thomas Clarke, a geological advisor to the Company, stated, “We are intrigued with the initial findings of the Phase 1 work program.  Although still early stage, there are areas of interest that warrant follow-up, ideally through a prospecting and sampling program.  Prospecting for pegmatites should be the key focus going forward.   We are eager to assess the potential of the Property in upcoming work programs.” 

President and CEO, Mr. Lew Dillman stated, “With heightened demand for ‘Energy Metals’, specifically Cobalt and Lithium, VOLT is well positioned with a robust mineral exploration portfolio in the mining friendly jurisdiction of Quebec.  The newly acquired Lac Saint Simon Lithium Property coupled with the previously acquired Temiskaming & Fabre Cobalt – Silver project will be the focus of near term development efforts either through direct investment or through potential JV partnership.”  He continued, “Recent research reports out of UBS Group estimate that electric cars will account for over 9% of global light vehicle sales by 2020, up from only 1% today.  Similarly, analysts at Goldman Sachs Group have suggested that burgeoning energy storage markets could see demand for Lithium surpass that of all other products combined.  The strategic acquisition of the Lac Saint Simon Lithium Property will assist in diversifying our asset base of conventional energy projects and will position VOLT in a highly prospective area for Lithium exploration.”

The scientific and technical content of this news release has been approved by Thomas Clarke, P.Geo., Pr.Sci.Nat. Mr. Clarke is a Qualified Person as defined by NI 43-101.

About the Company
Volt Energy Corp. is an energy company that currently has stable oil production through operations in southeastern Saskatchewan.  The Company is focused on adding, creating and increasing value through the acquisition, development and production of conventional oil and gas assets as well as alternative energy sources such as cobalt and lithium, particularly in North America.

For additional information on Volt Energy Corp. please visit the Company’s website at www.voltenergy.ca or contact Jeff Davis at (604) 312-5189.

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 release.

Cautionary Statements regarding Forward-Looking Information:

Certain statements contained in this press release constitute forward-looking information as defined by law including without limitation Canadian securities laws and the “safe harbor” provisions of the US Private Securities Litigation Reform Act of 1995 (“forward-looking statements”).  These forward-looking statements relate to future events or future performance.  The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially.  All statements including, without limitation, statements relating to the potential mineralization and geological merits of the Temiskaming-Fabre area and the Company’s properties and other future plans, objectives or expectations of the Company are forward-looking statements that involve various risks and uncertainties.  There can be no assurance that such forward-looking statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such forward-looking statements.  Important factors that could cause actual results to differ materially from the Company's plans or expectations include risks relating to the actual results of current or future exploration activities, fluctuating commodity prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators.  The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.

Categories: State

Denbury Resources to Present at Energy Conferences

5 June 2017 - 5:30am

PLANO, Texas, June 05, 2017 (GLOBE NEWSWIRE) -- Denbury Resources Inc. (NYSE:DNR) (“Denbury” or the “Company”) today announced that Chris Kendall, President and Chief Operating Officer, will present at the Bank of America Merrill Lynch 2017 Energy Credit Conference on Tuesday, June 6, 2017, at 8:50 a.m. Eastern Time and the 2017 RBC Capital Markets Global Energy and Power Executive Conference on Wednesday, June 7, 2017, at 10:30 a.m. Eastern Time.  An updated slide presentation that will accompany the conference presentations will be available in the investor relations section of the Company’s website at www.denbury.com.

Denbury is an independent oil and natural gas company with operations focused in two key operating areas: the Gulf Coast and Rocky Mountain regions. The Company’s goal is to increase the value of its properties through a combination of exploitation, drilling and proven engineering extraction practices, with the most significant emphasis relating to CO2 enhanced oil recovery operations. For more information about Denbury, please visit www.denbury.com.

CONTACT: DENBURY CONTACTS: Mark C. Allen, Senior Vice President and Chief Financial Officer, 972.673.2000 John Mayer, Investor Relations, 972.673.2383
Categories: State

Providence Resources P.l.c. : Licence Update Southern Porcupine Basin

5 June 2017 - 1:00am

Licence Update
Frontier Exploration Licence 2/14
Southern Porcupine Basin

  • MINISTERIAL APPROVAL FOR ASSIGNMENT OF 30% EQUITY IN FEL 2/14 TO CAIRN

       
Dublin and London - June 5, 2017 - Providence Resources P.l.c. (PVR LN, PRP ID), the Irish based Oil and Gas Exploration Company, provides a Licence Update on Frontier Exploration Licence ("FEL") 2/14.

Providence is pleased to confirm that the Minister of Communications, Climate Action and Environment has given his consent to the transfer of 30% equity in FEL 2/14 to Capricorn Ireland Limited ("Capricorn"), a wholly owned subsidiary of Cairn Energy PLC ("Cairn"). This follows on from the previously announced (RNS of March 8, 2017) Farm-in by Capricorn where Capricorn will partner in the upcoming Druid & Drombeg 53/6-A well, scheduled for late June.  

The revised equity in FEL 2/14 is now Providence (Operator - 56%), Capricorn (30%) and Sosina (14%).

 

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.

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 (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.

Categories: State

Sky Solar Holdings, Ltd. Announces Resignation of Arthur Wong from Board of Directors

2 June 2017 - 3:05pm

HONG KONG, June 02, 2017 (GLOBE NEWSWIRE) -- Sky Solar Holdings, Ltd. (NASDAQ:SKYS) (“Sky Solar” or “the Company”), a global developer, owner and operator of solar parks, today announced that Mr. Arthur (Lap Tat) Wong has resigned as an independent director of the Company. The resignation is effective as of May 31, 2017. Mr. Wong resigned for personal reasons and has no disagreement with the Company. The Board thanks him for his service for the past years.

Upon the effectiveness of Mr. Wong’s resignation, the Board of Sky Solar will consist of six directors, including one independent director. The Board is actively seeking a suitable independent director candidate to join the Board.

About Sky Solar Holdings, Ltd.

Sky Solar is a global independent power producer (“IPP”) that develops, owns, and operates solar parks and generates revenue primarily by selling electricity. Since its inception, Sky Solar has focused on the downstream solar market and has developed projects in Asia, South America, Europe, North America and Africa. The Company's broad geographic reach and established presence across key solar markets are significant differentiators that provide global opportunities and mitigate country-specific risks. Sky Solar aims to establish operations in select geographies with highly attractive solar radiation, regulatory environments, power pricing, land availability, financial access and overall power market trends. As a result of its focus on the downstream photovoltaic segment, Sky Solar is technology agnostic and is able to customize its solar parks based on local environmental and regulatory requirements. As of December 31, 2016, the Company had developed 307 solar parks with an aggregate capacity of 292.3 MW and owned and operated 159.6 MW of solar parks.

CONTACT: For investor and media inquiries, please contact: Sky Solar: IR@skysolarholding.com SKYS Investor Relations: The Blueshirt Group US or Mandarin Ralph Fong +1 (415) 489-2195 ralph@blueshirtgroup.com China Gary Dvorchak, CFA +86 (138) 1079-1480 gary@blueshirtgroup.com
Categories: State

CGG : Monthly Information relating to the number of voting rights and shares issued

2 June 2017 - 11:28am

CGG

A French société anonyme
with a share capital of € 17,706,519
Registered office : Tour Maine Montparnasse
33 avenue du Maine 75015 Paris
Paris Trade and Companies Register 969 202 241

Monthly information relating to the number of voting rights and shares issued

Article 223-16 of the General Regulation of the French market authority

 

Date of the information

   

Number of shares issued  

Number of theoretical voting rights  

May 31, 2017

   

22,133,149  

22,763,717 Attachments:

http://www.globenewswire.com/NewsRoom/AttachmentNg/e9f310d5-0e87-485b-903b-8f086593ffb6

Categories: State

PDC Energy Announces Upcoming Investor Events

2 June 2017 - 10:17am

DENVER, June 02, 2017 (GLOBE NEWSWIRE) -- PDC Energy, Inc. (“PDC” or the “Company”) (Nasdaq:PDCE) today announced plans to present at the following investor conferences:  

  • June 7, 2017: Senior Vice President and CFO David Honeyfield will present at the Bank of America Merrill Lynch Energy Credit Conference at 10:50 a.m. ET in New York.
  • June 27, 2017: President and CEO Bart Brookman will present at the JP Morgan Energy Conference at 10:40 a.m. ET in New York.

The Company also plans to attend the RBC Capital Markets Global Energy and Power Executive Conference in New York on June 6, 2017; the Citi Small and Mid-Cap Conference in New York on June 8, 2017; the Barclays High Yield Bond and Syndicated Loan Conference in Colorado Springs on June 8, 2017; and the Wells Fargo West Coast Energy Conference in San Francisco on June 20-21, 2017.

Related materials, which may include webcast links and/or presentations, will be available on the Company’s website, www.pdce.com.

About PDC Energy, Inc.

PDC Energy, Inc. is a domestic independent exploration and production company that acquires, produces, develops, and explores for crude oil, natural gas and NGLs with operations in the Wattenberg Field in Colorado, in the Delaware Basin in West Texas and in the Utica Shale in southeastern Ohio. Its operations are focused on the liquid-rich horizontal Niobrara and Codell plays in the Wattenberg Field, the liquid-rich Wolfcamp zones in the Delaware Basin, and the condensate and wet gas portion of the Utica Shale play.

CONTACT: Contacts: Michael Edwards Senior Director Investor Relation 303-860-5820 michael.edwards@pdce.com Kyle Sourk Manager Investor Relations 303-318-6150 kyle.sourk@pdce.com
Categories: State

DNO ASA: Mandatory Notification of Trade

2 June 2017 - 9:45am

Oslo, 2 June 2017 - DNO ASA, the Norwegian oil and gas operator, today purchased 1,300,000 own shares at an average price of NOK 7.8905 per share.

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

Following this transaction, DNO holds 23,950,000 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

CGG: announces an agreement in principle on financial restructuring plan with its main creditors and DNCA

2 June 2017 - 1:22am

CGG announces an agreement in principle
on financial restructuring plan
with its main creditors and DNCA

Paris, France - June 2nd, 2017

CGG announces that it has reached an agreement in principle on a financial restructuring plan (the "Agreement in Principle") which meets the Company's objectives of (i) full equitization of the existing unsecured debt, (ii) extension of the maturity of the secured debt and (iii) financial flexibility to confront various business scenarios through, inter alia, additional new money (the "New Money") and has garnered the support of the majority of its secured lenders, the majority of the holders of its Senior Notes and DNCA (in its capacity as a long-standing institutional shareholder, bondholder and convertible bondholder of the Company).

Status of the Financial Restructuring Process

On March 3rd, 2017, CGG S.A ("CGG" or the "Company") entered into a financial restructuring process with the aim of significantly reducing debt levels and related cash interest costs and more broadly addressing its capital structure constraints.

Following its announcement dated May 12th, 2017, under the aegis of the mandataire ad hoc, the Company has re-engaged in discussions with certain of its main creditors and DNCA and their respective advisers, under non-disclosure agreements.

Those discussions led to the Agreement in Principle supported by (i) the Company, (ii) the Secured Lenders Coordinating Committee (representing approximately 52.7 % of the aggregate principal amount of the secured debt), (iii) DNCA (representing c. 7.9% of the share capital and 7.7% of the voting rights as well as 5.5% of the aggregate principal amount of the Senior Notes and 18.7% of the aggregate principal amount of the Convertible Bonds), as well as (iv) the members of the ad hoc Committee of the Senior Notes (representing c. 52.4% of the aggregate principal amount of the Senior Notes (the "ad hoc Committee of Senior Notes"). The representative of the masses of holders of Convertible Bonds has not supported the Agreement in Principle. The two other shareholders holding more than 5% of the Company's share capital, Bpifrance Participations and AMS Energie, who participated in the previous discussions leading to May 12th 2017 announcement have not participated in the negotiations of the Agreement in Principle.

The Agreement in Principle is based on the same objectives as the proposal published on May 12th, 2017 (the "May 12th Proposal"): it is in line with the Company's corporate interest, preserves the Group's integrity, provides a framework for long-term sustainability for the Company's businesses, employees and customers, and offers its current shareholders an opportunity to participate in the Company's recovery.

The Agreement in Principle is detailed in Appendix 1 and comprises the following key elements:

  • Treatment of the Senior Notes:
    • full equitization of the principal amount (plus accrued and unpaid interest not paid in kind on closing) of the Senior Notes (except for the portion that may be used as backstop for the rights issue described below) at $3.5 per share (versus $4.0 in the May 12th Proposal);
    • $86 million accrued and unpaid interest to be paid on closing with new Second Lien Notes (versus equitization of the accrued and unpaid interest in the May 12th Proposal);
  • Treatment of the Convertible Bonds:
    • full equitization of the principal amount (plus accrued and unpaid interest not paid in cash on closing) of the Convertible Bonds at $11.5 per share (versus $15 in the May 12th Proposal);
    • $5 million accrued and unpaid interest to be paid on closing in cash (versus equitization of the accrued and unpaid interest in the May 12th Proposal);
  • Free Warrants #1 allocated to historical shareholders with a $3.5 strike price, 4 years duration and a ratio of 4 warrants for 3 existing shares (versus respectively $4.0 strike price, 5 years duration and ratio of 6 Warrants #1 for 5 existing shares in the May 12th Proposal);
  • New Money through:
    • a rights issue of $125 million (versus $75 million in the May 12th Proposal) with preferential subscription rights for historical shareholders by issuance of new shares with Warrants #2 (ABSA) at a price of $1.75 (versus $2 in the May 12th Proposal), the Warrants #2 having a $4.5 strike price, a 5-year duration and a ratio of 2 Warrants #2 for 3 new shares subscribed as part of the rights issue (versus respectively $5.0 strike price, 5 years duration and ratio of 1 Warrant #2 for 1 new share subscribed as part of the rights issue, in the May 12th Proposal), backstopped by DNCA in cash for $70 million, and potentially other significant shareholders in cash or Senior Notes holders by way of set-off;
    • an issuance of new Second Lien Senior Notes with Penny Warrants (as described in Appendix 1) for $375 million (versus $350 m in the May 12th Proposal) reserved for eligible Senior Notes holders (including a Euro-tranche in an amount to be determined);
  • Amend and extend the maturity of the secured debt until 2022 (same as the May 12th Proposal).

Under the terms of the Agreement in Principle, the ownership percentages of the existing shareholders in the Company (see page 12 of the attached presentation) would be:

-           4.5% after equitization of the Senior Notes and the Convertible Bonds (the "Unsecured Debt Equitization") but before exercise of the Warrants #1; and 10.0% after exercise of these Warrants #1;

-           13.6% after the Unsecured Debt Equitization and the rights issue with Warrants #2 and the exercise of the Penny Warrants (as described below) but before exercise of the Warrants #1 and #2; 17.2% after exercise of the Warrants #1; and 22.4% after exercise of both the Warrants #1 and #2;

-           3.2% after the Unsecured Debt Equitization, rights issue and the exercise the Penny Warrants should existing shareholders decide not to subscribe to the rights issue with Warrants #2 nor to exercise their Warrants #1. In addition, such shareholders would get any proceeds from the disposal of their Warrants #1 and of their preferred subscription rights linked to the rights issue with Warrants #2.

The Agreement in Principle has been approved in principle by the Company's board of directors. It is subject to the finalisation of the negotiations of its final terms, and the necessary documentation to launch the private placement relating to the issuance of the new Second Lien Senior Notes with Penny Warrants (including lock-up agreements and private placement agreements provided for under the Agreement in Principle to be finalized no later than June 12, 2017).

The implementation of the Agreement in Principle is subject to various customary conditions precedent including the approval of the necessary resolutions by the shareholders' meeting of the Company and obtaining the required level of support from creditors in the proceedings that would be launched in France and possibly in other jurisdictions. Assuming the applicable conditions precedent are satisfied or waived, the implementation of the Agreement in Principle is expected to occur no later than February 28, 2018.

Ordinary General Assembly postponed

In this context, with the authorization of the Commercial Court of Paris, CGG Group's Board of Directors has decided to postpone the Ordinary General Assembly expected to vote on the 2016 accounts, so that the shareholders can vote both on the 2016 accounts and the restructuring. The market will be kept informed about the schedule, in compliance with stock market rules.

Appointment of an independent expert

In accordance with the AMF General Regulation, the Company's board of directors will appoint an independent expert to issue a report on the financial restructuring.

2021 Senior Notes coupon payment due June 1st, 2017

CGG has an interest payment of approximately $21.2 million due on June 1, 2017 in respect of its 6.5% 2021 Senior Notes. Although it has sufficient cash on hand to make the payment, CGG has elected not to do so and to use the 30-day grace period during which it retains the right to pay the interest due to the holders of the 2021 Senior Notes and thereby remain in compliance with the indenture governing the 2021 Senior Notes.

As a reminder, CGG had an interest payment of approximately $12.4 million due on May 15, 2017 in respect of its 5.875% 2020 Senior Notes. Although it had sufficient cash on hand to make the payment, CGG elected not to do so and to use the 30-day grace period during which it retains the right to pay the interest due to the holders of the 2020 Senior Notes and thereby remain in compliance with the indenture governing the 2020 Senior Notes.

Failure to make such interest payment by the end of the 30-day grace period would result in an "Event of Default" under both indentures. CGG believes that it has sufficient liquidity to continue meeting all of its obligations during the grace period. The 30-day grace period related to the 2020 Senior Notes ends on June 14, 2017.

CGG will consider commencing voluntary court proceedings shortly, potentially in multiple jurisdictions. These court-supervised processes will be pursued to implement the Agreement in Principle and preserve the Company's liquidity and the value of its business. As numerous companies have demonstrated, these processes can be an effective way of achieving an efficient debt restructuring with minimal disruption to the business.

In parallel with our financial restructuring process, we remain focused on our high level of services to our customers and quality of our integrated product offerings.

 "Convertible Bonds" means CGG's 1.25% convertible bonds due 2019 (ISIN: FR0011357664) (the "2019 convertible bonds") and 1.75% convertible bonds due 2020 (ISIN: FR0012739548) (the "2020 convertible bonds").

"Senior Notes" means CGG's 6.500% Senior Notes due 2021 (CUSIP: 204384AB7 / ISIN: US204384AB76; CUSIP: F1704UAD6 / ISIN: USF1704UAD66) (the "2021 Notes"), 5.875% Senior Notes due 2020 (Reg. S ISIN: XS1061175607 / Reg. S Common Code: 106117560; Rule 144A ISIN: XS1061175862 / Rule 144A Common Code: 106117586) (the " 2020 Notes") and 6.875% Senior Notes due 2022 (Reg. S CUSIP: F1704UAC8 / Reg. S ISIN: USF1704UAC83; Registered CUSIP: 12531TAB5 / Registered ISIN: US12531TAB52) (the "2022 Notes").

Appendix 1: Restructuring Financial Proposal Presentation

Conference call

An English language conference call is scheduled today at 9:00 am (Paris time) - 8:00 am (London time)
             
             
To follow this conference, please access the live webcast:

 From your computer at:
  

  www.cgg.com



A replay of the conference will be available via webcast on the CGG website at: www.cgg.com.

For analysts, please dial the following numbers 5 to 10 minutes prior to the scheduled start time:

 France call-in
 UK call-in
 Access code +33(0)1 76 77 22 23
+44(0)20 3427 0503
3806792

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/6296f035-c03d-4c91-b3b1-26ad15850dcb

Categories: State

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