Union Jack Oil (UJO.L) said the spudding for the Crossroads well in Oklahoma, US, will be delayed slightly to the end of April, according to operator Reach Oil and Gas.
The British oil and gas company said Thursday that the delay was due to rig maintenance requirements. Union Jack Oil holds a 43% stake in the project and has funded its share of drilling costs.
Dolphin Drilling (DDRIL.OL) increased its share offering to $62.5 million from the target range of $50 million to $55 million, citing strong investor demand.Directors of the offshore drilling contractor allocated 236 million shares at 2.50 Norwegian kroner apiece upon completion of the offering, according to a Wednesday release.Net proceeds from the offering will be used to repay the $7.5 million bridge loan secured as part of amendments to existing credit facilities. Funds will also be directed to preparations of the Borgland Dolphin semi-submersible drilling rig for a contract with Spanish energy group Repsol (REP.MC), working capital, and general corporate expenditures.Arctic Securities, DNB Bank's DNB Carnegie, and Fearnley Securities are the joint bookrunners of the offering.
Dolphin Drilling (DDRIL.OL) plans to raise the Norwegian kroner-equivalent of $50 million to $55 million via a private placement of new shares.The offshore drilling contractor said Wednesday the subscription price will be set at a fixed amount of 2.50 kroner per share.Net proceeds from the issuance will be used to repay the company's $7.5 million bridge loan and finance reactivation costs for the Borgland Dolphin semi-submersible drilling rig for the contract with Spanish energy group Repsol (REP.MC), among other things, as well as for general corporate needs.