Gulf starts at Sheikh Adi-2 25/05/2012
Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) has begun drilling at the Sheikh Adi-2 well in the Sheikh Adi block.
Finance deal for Maple Energy
Maple Energy has agreed a £17.5m equity funding facility from investment group Yorkville Advisors
Peru-focused Maple Energy has agreed a $30 million (£17.5 million) equity funding facility from US investment group Yorkville Advisors.
Based in the Peruvian capital Lima and quoted there and on AIM, Maple, with interests in oil production, refining and exploration and ethanol in the South American country, has obtained a ‘firm commitment’ from New Jersey-based Yorkville to subscribe for shares in tranches over the coming 30 months at Maple’s discretion. Under this ‘standby equity distribution agreement’, Yorkville, headed by president Mark Angelo, will pay a 5.4 per cent discount to Maple’s shares’ three lowest weighted average prices on the Lima exchange in the five trading days after Maple notifies Yorkville of a subscription request.
Yorkville, which has agreed not to use Maple shares acquired under this arrangement for short selling or hedging, will also not be required to subscribe for shares if doing so would take its Maple stake above 2.99 per cent. In addition, Yorkville has subscribed for 248,000 Maple shares at a drastically discounted price of one cent (0.6p) and is borrowing 820,000 Maple shares from Maple’s chief executive officer Rex Canon and executive director Carlos de la Guerra Sison.
Canon stresses the Yorkville facility is entirely discretionary and says it gives Maple ‘certainty and flexibility of funding’. Floated at 84p two years ago, the shares, which peaked at 330p, now trade at 77.5p, down 4p this morning.
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