News blog

Wessex Exploration

  • BY: Andrew Hore |
  • POSTED: 27/10/2014 |

Wessex Exploration has completed the acquisition of Hague and London Oil BV (HALO). 

In May, Wessex fought off an attempt to take control of the business via a general meeting requisitioned by Milroy Capital. A few days before the meeting Wessex announced heads of agreement to acquire HALO and its assets in the Philippines.

Andrew Cochran, who will become chairman, and Bill Phelps, who ran Thailand-focused oil and gas company Coastal Energy until it was taken over for around 1.4bn in 2013, will join the board of Wessex. Cochran had been involved with Dominion Energy which was taken over in 2011.

HALO has $1m in cash and a 15% interest in the highly prospective Service Contract 54A in the Northwest Palawan Basin, offshore Philippines. The other investors are the operator NIDO Petroleum Ltd, which was recently acquired by Bangchak Petroleum, with 42.4%, Kairiki Energy (30.1%) and TG World (BV) Corp. (12.5%). There are already some initial discoveries and there is a further three years for additional appraisal and then a well would have to be drilled by 2018.

Wessex is paying 241m shares for HALO - equivalent to one-quarter of the enlarged share capital of Wessex.

Wessex will report figures for the year to June 2014 during November. 

© 2018 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

News Blog
All micro news

Quoted Micro 22 January 2018

AIM Journal has reached its century, and this edition includes PCF, Sumo and the blockchain boom, here.

Continue reading... | 22/01/2018

IXICO

Neuroscience-focused digital data analysis technology developer IXICO is increasing its revenues and this is cutting the reported loss.

Continue reading... | 22/01/2018

RTC Group

Staffing provider RTC Group says that trading is in line with expectations despite some exposure to Carillion.

Continue reading... | 22/01/2018

Distil

Spirits brands owner Distil says third quarter sales increased by 19%.

Continue reading... | 22/01/2018

All micro news

Browse by issue
All issues
Popular tags
All tags

betbrokers, financial, gold, health, leisure, media, mobile, resources, services, technology

AIM Micro feeds

Keep up to date with articles published at AIMMicro.com. Subscribe to AIM Micro RSS Feeds