Xcite Energy (LON:XEL) has drawn down on its standby equity distribution agreement with YA Global Master SPV in the amount of £5 million. This draw down has been undertaken at a price of £3.38 (C$5.40) per share and will result in the issue of 1.48 million ordinary shares to Yorkville.
Global Petroleum (LON:GBP) reported that Texon Petroleum Ltd (ASX:TXN) has advised that the latest Leighton Olmos well, Peeler #2, which is the eighth well targeting the Olmos reservoir in which Global has a 15% working interest, has reached its total depth of 2,774 metres.
The Olmos in Peeler #2 has similar reservoir characteristics to the Olmos in the previous Leighton wells. Oil and gas shows were also encountered in shallower Wilcox reservoirs.
It is now planned to run production casing in the well after which the Olmos will be fracture stimulated in March and then the well will be connected for oil and gas production.
Cove Energy (LON:COV) noted the announcement made by its co-venture partner Pancontinental Oil & Gas.
Pancontinental said that a consortium, which includes the company and Cove Energy, has been offered new licences over blocks 10A and 10B offshore Kenya.
Pancontinental, Cove Energy and two co-applicants Premier Oil (LON:PMO) and BG Group (LON:BG) are now in negotiations for the award of oil and gas exploration and production licences over the blocks.
Titanium Resources (LON:TXR) announced a cash placing by Mirabaud Securities, of 113,660,925 new ordinary shares at a price of 10 pence per share to raise approximately £11.4 million before expenses.
“The funds raised in this placing will enable us to repay a significant portion of our debts, providing us with improved financial flexibility,” said chief executive John Sisay.
Playtech (LON:PTEC) noted the announcement made by William Hill (LON:WMH) about securing an interim injunction against Playtech and said that its interests in the joint venture remain unaffected by the move.
Travis Perkins (LON:TPK) said that group revenue rose 8% to £3.15 billion in 2010, up 5% on a like-for-like basis. Adjusted profit before tax rallied 20% to £217 million.