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asset

Oil & Gas

Providence Resources to sell Spanish Point stake

Providence Resources said it has begun a farm-out process to divest as much as 32% of its share in a licence off the west coast of Ireland. The company said the move was in relation to its Spanish Point licence in the north Porcupine basin. It includes Frontier Exploration Licence (FEL) 2/04 and 4/08 in which Providence holds a 58% equity interest and which are operated by Capricorn Ireland Limited.

Markets

Aggreko profits drop as it chief exec unveils new strategy

Aggreko has seen its pre-tax profits drop from £130million to £102million, affected by a number of factors including the slowdown in the North American oil and gas sector and civil war in Yemen. The power provider has created two separate business units which came into effect this month as it looks to adapt to market conditions. It said the move will include the “streamlining” of back-office processes and closing some depots.

Markets

Quantum Energy Partners and Linn Energy team-up in $1billion investment deal

Private equity firm Quantum Energy Partners will invest up to $1billion in a strategic acquisition alliance with Linn Energy LLC. A Letter of Intent (LOI) has been signed between the two companies which will see them find selected future oil and natural gas acquisitions and develop those acquired assets. Linn Energy said it would participate with a working interest of 15-50%.

Oil & Gas

Gulfsands Petroleum in talks to secure working capital

Gulfsands Petroleum is said to be in talks with its major shareholders to secure working capital. The company requires around $11million to settle a loan balance and would need access to around $15million of new capital to fund operational activities which are currently planned.