Shell offers a significant premium for Cove

Shell has offered to acquire Cove Energy Plc, a British oil and gas explorer, for approximately $1.6 billion within one and a half months after Cove Energy was put up for sale. Shell subsidiary Shell Bidco has offered £1.95 per (US$3.08) Cove share, valuing the company at £992.4 million (~US$1.57 billion). After accounting for Cove’s working capital surplus of $172.8 million, the deal value comes to ~$1.4 billion.  Continue reading here..

CAMAC Energy to acquire three blocks in Kenya

CAMAC Energy Inc has entered into a Heads of Agreement with the Kenyan Ministry of Energy for the award of three exploration blocks: 11A, L1B, and L16. CAMAC will be the operator with 90% interest in the blocks. The Government of Kenya will be carried at 10% through declaration of commerciality and may thereafter elect to participate up to 10%. Continue reading here..

Otto Energy acquires 50% interest in two Tanzania PSAs

Otto Energy Ltd has agreed to acquire 50% WI in two onshore Production Sharing Agreements (PSAs), Kilosa-Kilombero and Pangani, in Tanzania from Swala Oil & Gas (Tanzania) Ltd. Continue reading here..

Egdon Resources farms out 12.5% interest in onshore UK licence

Egdon Resources Plc has farmed out 12.5% interest in Petroleum Exploration and Development Licence 201 located in Nottinghamshire and Leicestershire, UK to Terrain Energy Ltd and Corfe Energy Ltd. Terrain and Corfe will each pay 12.5% of the cost of the planned Burton on the Wolds-1 exploration well to earn 6.25% interest. The transaction is subject to necessary approvals. Continue reading here..

Dragon Oil explores possible offer for Bowleven

Dragon Oil Plc, an oil explorer focused on Turkmenistan, has confirmed in a statement that it is in the preliminary stages of exploring a possible offer for Bowleven Plc, a company with a Market Cap of £348 million with operations focused in Cameroon and Gabon. Continue reading here..

Crescent Point Energy expands Bakken presence

PetroBakken Energy Ltd has agreed to sell certain non-core Southeast Saskatchewan assets to Crescent Point Energy Corp for C$427 million (US$428.341 million) in cash. The assets are located in the water flood area of the Viewfield Bakken light oil resource play. Continue reading here..

ConocoPhillips-Perenco deal analysis

ConocoPhillips has entered into an agreement with Perenco to sell its Vietnam business unit for $1.29 billion. The transaction is anticipated to close in H1-2012. HSBC Securities (USA) Inc has acted as an advisor to ConocoPhillips. Continue reading here..