Key Developments: Centrica PLC (CPYYY.PK)
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Latest Key Developments (Source: Significant Developments)
Centrica Plc Announces Acquisition Of 25% Interest In Bowland Exploration Licence
Centrica plc announced that it has acquired a 25% interest in the Bowland exploration licence (PEDL165) in Lancashire from Cuadrilla Resources Ltd (Cuadrilla) and AJ Lucas for GBP40 million in cash. Centrica will also pay exploration and appraisal costs of up to GBP60 million. The Bowland licence is operated by Cuadrilla, and three exploration wells have been drilled to date. The data obtained from drilling these three wells has confirmed the shale formation thickness and the presence of natural gas. Full Article
Centrica Plc Announces Management Change
Centrica Plc announced that it has started a search for a new Chairman of its Board. The search will be led by the Senior Independent Director, Mary Francis CBE. After 10 very successful years as Centrica’s Chairman, Sir Roger will step down on or before the Centrica AGM in May 2014. A further announcement will be made in due course in respect of the precise timing of the change. Full Article
Centrica PLC In Talks To Buy Lancashire Shale Gas Stake-Reuters
Reuters reported that Centrica PLC is in talks to buy a stake in shale gas-driller Cuadrilla Resources' Bowland Shale licences in Lancashire, England, the Financial Times reported. Centrica and Cuadrilla were not immediately available for comment. Full Article
Centrica PLC Announces Disposal Of 50% Interest In 72mw Braes Of Doune Onshore Wind Farm In Stirlingshire
Centrica PLC announced that it has reached an agreement to sell its 50% interest in the 72MW Braes of Doune onshore wind farm in Stirlingshire, Scotland, for GBP59 million in cash. The stake has been acquired by the Hermes GPE Infrastructure Fund, which is managed by Hermes GPE LLP. Centrica will continue to receive 100% of the wind farm`s output under a power purchase agreement (PPA). The sale is in line with Centrica`s strategy to release capital from operational wind assets to enhance returns. Following completion of the transaction, Centrica will retain equity interests in four operational wind farms, and also retains interests in potential offshore wind farm projects at Race Bank and in the Round 3 Irish Sea Zone. Full Article
Centrica PLC And Qatar Petroleum International Ltd Make CAD1 Billion Natural Gas Asset Acquisition From Suncor Energy Inc And Establish New North American Upstream Partnership
Centrica PLC and Qatar Petroleum International Ltd announced that they have agreed to acquire jointly a package of producing conventional natural gas and crude oil assets and associated infrastructure located in the Western Canadian Sedimentary Basin from Suncor Energy for CAD1 billion (GBP650 million) in cash. The acquisition is the first investment under the Memorandum of Understanding (MoU) signed between the two parties in December 2011. The assets will be held in a newly established partnership between Centrica (60% share) and QPI (40% share), which will be operated by Centrica. The assets include proven and probable (2P) reserves estimated by the partners at 978 billion cubic feet equivalent (bcfe) (90% natural gas), with estimated 2013 production of approximately 250 million cubic feet equivalent per day (mmcfe/d), equal to 15 million barrels of oil equivalent (mmboe) per annum. Full Article
Centrica PLC Signs Long-Term North American LNG Export Contract With Cheniere Energy Partners, L.P
Centrica PLC announced that it has entered into an agreement with Cheniere Energy Partners, L.P, to purchase 91,250,000 mmbtu (89 billion cubic feet) of annual liquefied natural gas (LNG) volumes for export from the Sabine Pass liquefaction plant in Louisiana in the United States. This amounts to approximately 1.75 million metric tonnes per annum (mmtpa), and is the equivalent of the annual gas demand of around 1.8 million UK homes. The contract is for an initial 20 year period, with the option for a 10 year extension, and the target date for first commercial delivery is September 2018. Under the terms of the agreement, Centrica will purchase LNG on a ‘Free on Board’ (FOB) basis, giving it destination rights for the cargoes, for a purchase price indexed to the Henry Hub natural gas price plus a fixed component. Centrica will export gas from the fifth LNG train at Sabine Pass, on which preliminary engineering work has already begun. The contract is subject to a number of conditions precedent, including Cheniere receiving the necessary regulatory approvals, securing finance, making a final investment decision and issuing a notice to proceed with the fifth LNG train. Full Article
Centrica PLC Announces Share Repurchase Programme
Centrica PLC announced that on March 1, 2013, it purchased (through UBS Limited) 1,000,000 (one million) Centrica plc ordinary shares at an average price of GBP3.541116 per share. The highest price and the lowest price paid for these shares were GBP3.557 and GBP3.513 respectively. The purchased shares will be held as treasury shares. Following the above purchase, Centrica plc holds 2,000,000 ordinary shares in treasury and has 5,197,580,450 ordinary shares in issue (excluding treasury shares). Full Article
Centrica PLC Proposes Final Dividend
Centrica PLC announced that the Board of Director has proposed a final dividend of 11.78 pence per ordinary share (totalling GBP602 million) for the year ended December 31, 2012. The dividend will be submitted for formal approval at the Annual General Meeting to be held on May 13, 2013 and, subject to approval, will be paid on June 12, 2013 to those shareholders registered on April 26, 2013. Full Article
Centrica PLC Announces GBP500 Million Share Repurchase Programme
Centrica PLC announced GBP500 million share repurchase programme. The Group will launch a GBP500 million share repurchase programme, to return surplus capital to shareholders, which will be conducted over the next 12 months. Full Article
Atlantic Petroleum P/F's Subsidiary Acquires Stake in Licenses E1, E2, E4, and E5 Offshore Netherlands Shared with Centrica Plc
Atlantic Petroleum P/F announced that through its wholly owned subsidiary Volantis Netherlands BV, the Company is obtaining a six per cent interest in Licenses E1, E2, E4, and E5 offshore Netherlands shared with Centrica Plc. The licenses are operated by Centrica and lie adjacent to United Kingdom/Netherlands border in approximately 35 meters - 40 meters of water. The licenses are also adjacent to UKCS License P.1899, awarded in December 2012 to Atlantic Petroleum, Centrica and GdF Suez in the UKCS 26th Round and lie approximately 50 kilometers Northeast of the Cygnus Field. Full Article
UPDATE 2-Centrica investment boosts UK shale gas prospects
* To invest 60 mln stg and another 60 mln if results good
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