Fortbridge Announcements » Energy

WestSide receives Indicative Proposal

Fortbridge — Mon, 13 Feb 2012 03:00:33 +0000

WestSide Corporation Limited (ASX: WCL) has received an indicative, conditional, non-binding and confidential proposal from an unrelated party (“Potential Acquirer’) to acquire all of the shares in WestSide for cash consideration of $0.65 per WestSide share (“Indicative Proposal”).

The Indicative Proposal states that the price is based on a number of assumptions about WestSide’s business, including its share of gas reserves and gas delivery rates from its existing tenements.

The Indicative Proposal is highly conditional and subject to, amongst other things, the completion of due diligence and the receipt of various approvals (including third party approvals).

The Board of WestSide has not formed a view, at this stage, as to the merits of the Indicative Proposal and there is no guarantee that any formal, binding proposal will be received. Accordingly, shareholders should take no action at this time.

The Board of WestSide is committed to maximising value for shareholders and, in this regard, intends to work co-operatively with the Potential Acquirer to progress the Indicative Proposal, including by offering the Potential Acquirer due diligence access, on a non-exclusive basis and subject to normal protections for the Company.

The Board intends to continue to assess the Indicative Proposal alongside other strategic options available to the Company.

WestSide has retained Moelis & Company as financial adviser and Allens Arthur Robinson as legal adviser and will make further announcements in due course.

Pura Vida Energy closed $4 million IPO oversubscribed

Fortbridge — Fri, 10 Feb 2012 02:45:39 +0000

Pura Vida Energy NL (ASX: PVD) has announced that the four million dollar Initial Public Offering (IPO) to explore oil in Africa has closed oversubscribed.

Capital raised from the 20 million shares priced at 20 cents each will be combined with the company’s existing 3.3 million dollar cash resource to fund exploration activity within 11,000 square kilometres of Morocco’s Mazagan Offshore Area in the Atlantic.

“We are particularly pleased to have secured significant broad-based support in the market with several brokers and institutions supporting the IPO despite challenging market conditions,” said Pura Vida Managing Director Damon Neaves.

Pura Vida’s main Toubkal prospect is located in deep water 100 kilometres offshore to the west of Essaouira and has been independently estimated to have the potential to contain more than a billion barrels of oil.

For further information, please contact:

Damon Neaves
Managing Director
+61 (0) 404043134
dneaves@puravidaenergy.com.au

media enquiries:

Luke Dean
Senior Consultant
Mobile: + 61 414 535 433
Skype: luketdean

BAM Clough Joint Venture awarded A$400M wheatstone LNG project

Fortbridge — Thu, 09 Feb 2012 02:12:15 +0000

Clough Limited (ASX:CLO) has announced that the BAM Clough Joint Venture has been awarded a contract by international oil and gas service company Bechtel, for the design and construction of the Chevron-operated Wheatstone Project LNG product loading facility and tug berths near Onslow, Western Australia. The contract is valued at approximately A$400 million.

Buccaneer Energy granted key offshore premits

Fortbridge — Thu, 09 Feb 2012 00:39:35 +0000

Buccaneer Energy Limited (ASX: BCC) has advised that two key permits have been granted for oil and gas exploration operations at the Southern Cross and Northwest Cook Inlet Units located offshore in the Cook Inlet, Alaska.

The Alaskan Department of Natural Resources (DNR), Division of Oil and Gas, has approved the Buccaneer Alaska Operations, LLC Unit Plan of Operation, Cook Inlet – Exploratory Drilling Program, which approval authorizes exploration activities in state waters in the Cook Inlet.

Highlights:

Plan of Operations for both Southern Cross and Northwest Cook Inlet Units approved by the DNR
U.S. Army Corps of Engineers granted Permit including Marine Mammal Monitoring and Mitigation Plan
Permitting Plan on schedule

Resourceful Events to host Excellence in Oil & Gas conference and exhibition

Fortbridge — Tue, 07 Feb 2012 06:36:42 +0000

Resourceful Events has announced that it will host Sydney’s largest oil and gas investment event – the 7th Annual Excellence in Oil and Gas conference and exhibition on March 20-21, 2012 at the Sofitel Sydney Wentworth Hotel.

“The event is set to welcome 400 senior representatives and more than 35 exhibiting companies, and connect the finance and investment communities with oil & gas companies,” said Winnie Louie, Senior Marketing Manager at Resourceful Events.

Excellence in Oil and Gas returns with an inspired and refreshed conference agenda for 2012, showcasing lucrative junior and midcap investment opportunities plus local and international industry insights.

A key highlight of the conference is a state by state analysis of growth strategies and investment opportunities for upstream oil and gas.

“Joining the event for the first time will be The Hon, Chris Hartcher, Minister for Resources and Energy, New South Wales,” said Ms Louie.

For more details, please contact:

Winnie Louie
Senior Marketing Manager
Resourceful Events
T: +61 (0) 2 9279 2222 / +61 (0) 2 8003 6718
E: winnie.louie@resourcefulevents.com

For Media and PR enquiries, please conact:

Sandra Tavakoli
Public Relations Officer
Fortbridge Consulting
T: +61 (0) 2 9003 0477
E: sandra.tavakoli@fortbridge.com

Clough awarded LOI for Ichthys project

Fortbridge — Mon, 06 Feb 2012 19:47:05 +0000

Clough Limited (ASX:CLO) has announced that the BAM Clough Joint Venture has received a Letter of Intent (LOI) from JGC Corporation, KBR and Chiyoda Corporation joint venture (JKC JV) for a contract valued at $A140 million.

The scope of work involves the design and construction of the Ichthys LNG Project Module Offloading Facility (MOF) near Darwin, Northern Territory. The MOF will be constructed as part of the INPEX-operated Ichthys LNG facility being developed in Darwin. It is a key facility that will be used to offload modules being supplied under other subcontracts to assemble the LNG liquefaction plant.

AusAmerican Mining signs financial agreement to develop La Paz Rare Earths Project, Arizona

Fortbridge — Thu, 02 Feb 2012 23:14:41 +0000

Australian‐American Mining Corporation Limited (ASX: AIW) has announced that it has recently signed a term sheet to raise new capital for the Company totaling up to $3,420,000.

The agreement breaks down into the following terms:

A placement of ordinary shares priced at market (5.8 cents);
A placement of unsecured convertible notes; and
A commitment to purchase ordinary shares for a 12 month period

The investment will be provided by The Australian Special Opportunity Fund, LP, an institutional investment fund managed by The Lind Partners LLC; a New York City based, alternative asset management company. The facility will provide a maximum of $3,420,000 of funding to the Company over 12 months.

The funds will enable the Company to continue the development of the La Paz Rare Earth Elements (“REE”) project located in Arizona as well as the other Company assets which include the White Picacho specialty metals (Li, Ta, Ni, Rb & Cs) project in Arizona, it’s various uranium projects and the San Marcos gold project, all located in mining friendly jurisdictions in the USA.

The Company also announces it has temporarily suspended its pursuit of a TSX‐V listing to focus in the immediate term on developing its assets.

For further information, please contact:

Jim Malone
Executive Chairman
+1 520 907 3657
jim.malone@ausamerican.com

Media/investor enquiries:

Fortbridge +61 2 9003 0477
Luke Dean +61 414 535 433
luke.dean@fortbridge.com

Buccaneer acquires interest in Cosmopolitan Project

Fortbridge — Thu, 02 Feb 2012 01:44:24 +0000

Buccaneer Energy Limited (ASX: BCC) has executed a Purchase and Sale Agreement for the acquisition of the two main productive leases in the former Cosmopolitan Unit (“Cosmo”) from Pioneer Natural Resources Alaska, Inc. (“Pioneer”). Cosmo is an undeveloped oil and gas field located in 50 feet of water in the Cook Inlet of Alaska and is in close proximity to the shoreline at Anchor Point on the Kenai Peninsula. Cosmo has regional proximity to Buccaneer’s other Alaskan assets and will utilise the capabilities of the Endeavour rig during the northern hemisphere winter.

Highlights:

Acquisition of a 25% Working Interest in the Cosmopolitan project in Alaska
Buccaneer will be Operator of the project
Development project with successful drilling completed
79% increase in Buccaneer’s Alaskan 2P Reserves, by 13.8 MMBOE to 31.1 MMBOE
Provides a winter drilling base in 2012 for Endeavour jack-up rig

For further information, please contact

Mr Dean Gallegos
Director
+61 416 220 007

Peninsula’s resource upgrade drilling returns exceptional results

Fortbridge — Thu, 02 Feb 2012 01:33:16 +0000

Peninsula Energy Limited (ASX: PEN) has announced that it has completed a further 108 exploration drill holes over January for a total of 101,540 feet at the Lance Projects. 61 holes encountered mineralisation, 19 holes encountered significant mineralisation and 12 holes reported multiple intersections of stacked uranium.

Highlights:

Significant Intercepts include: 15.5 ft @ 1,530ppm eU3O8 (GT 2.37) including 4 ft @ 5,160ppm eU3O8, 31 ft @ 485ppm eU3O8 (GT 1.50) including 5.5 ft @ 1,620 ppm eU3O8, 4 ft @ 1,965ppm eU3O8 (GT 0.79) including 2.5 ft @ 2,990 ppm eU3O8, 7.5 ft @ 730ppm eU3O8 (GT 0.55) including 3 ft @ 1,140 ppm eU3O8
Results include outstanding grades and thick intervals of uranium mineralisation
Drilling in the planned Kendrick production unit upgrades inferred resource and confirms mineralisation in both the Fox Hills and Lance Formations

Cue Energy’s gas project in Sampang, Indonesia takes off

Fortbridge — Wed, 01 Feb 2012 03:31:32 +0000

Cue Energy Resources Ltd (ASX: CUE) has congratulated Santos for successfully commencing gas operations at the Wortel Field in the Sampang PSC, in which CUE has a 15% stake.

The Sampang PSC is located south of Madura Island, offshore Indonesia. The PSC contains the Oyong Field, Wortel Field and Jeruk discoveries. The permit is operated by Santos (45%), with partners SPC (40%) and CUE.

For further details, please contact:

Andrew Knox
Chief Executive Officer
Cue Energy Resources Ltd
T: +61 3 9670 8668
E:mail@cuenrg.com.au

Media/investor enquiries:

Luke Dean
Fortbridge
T: +612 9003 0477
M: +61 414 535 433
E: luke.dean@fortbridge.com