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.
Concho Resources said its has priced an upsized public offering of more than seven million shares of its common stock for total gross proceeds of $712million. The company said underwriters have an option of 30 days to purchase up to an additional 1,115,000 shares of common stock from the firm. Analysts have backed the move as a sensible way for it to benefit from its strong equity price.
BlackPearl Resources has reduced its 2015 capital spending programmed from $80million to $31million. The company said it had made the decision in response to the “continued deterioration” in crude oil prices. Last year it announced plans to spend $280million and had set a 2015 capital budget of $80million.