Island Oil & Gas looks to cut costs with redundancy programme
24 November 2009
Island Oil & Gas today launched a renewed effort to cut costs with plans for a company-wide redundancy programme and said it was continuing to monitor its financial position on an ongoing basis.
In July this year Island announced plans to restructure its operational base by selling its assets in the Celtic Sea and focusing on work in Morocco. At the time, its chairman, Bryan Benitz, agreed to lend the company £500,000 to tide the it over. However, the plans were put on hold at the end of October after the company received a takeover offer from fellow AIM-listed oil group, San Leon Energy.
San Leon put forward an indicative non-binding offer of 2.3 Island shares for every 1 new San Leon share, which valued Island’s stock at 10.0p and the company as a whole at £13.6 million. San Leon is the larger of the two companies, with a market cap of £85.8 million.
San Leon wants to combine the two companies with a view to building a strong Irish-based oil and gas exploration and development business. It already has extensive knowledge of some of Island's assets in Morroco as well as a good working knowledge of a majority of Island's Celtic Sea and Atlantic Margin assets.
|
Relevant Companies
For more company information click below:
Headlines
31 August 2010
30 August 2010
27 August 2010
20 August 2010
18 August 2010
13 August 2010
09 August 2010
06 August 2010
30 July 2010
29 July 2010
28 July 2010
27 July 2010
26 July 2010
23 July 2010
23 July 2010
22 July 2010
21 July 2010
19 July 2010
16 July 2010
12 July 2010
09 July 2010
08 July 2010
07 July 2010
06 July 2010
05 July 2010
02 July 2010
06 May 2010
13 April 2010
24 March 2010
23 March 2010
23 March 2010
23 March 2010
23 March 2010
23 March 2010
23 March 2010
23 March 2010
23 March 2010
22 March 2010
22 March 2010
22 March 2010
22 March 2010
22 March 2010
22 March 2010
22 March 2010
22 March 2010
22 March 2010
22 March 2010
22 March 2010
19 March 2010
19 March 2010
» See all News
Features
31 August 2010
28 July 2010
23 July 2010
13 April 2010
24 March 2010
22 March 2010
19 March 2010
19 March 2010
18 March 2010
16 March 2010
15 March 2010
12 March 2010
11 March 2010
08 March 2010
05 March 2010
05 March 2010
» See all Features
Round-Ups
27 August 2010
20 August 2010
13 August 2010
06 August 2010
30 July 2010
23 July 2010
16 July 2010
09 July 2010
02 July 2010
19 March 2010
19 March 2010
12 March 2010
12 March 2010
05 March 2010
05 March 2010
28 February 2010
Popular
31 August 2010
28 July 2010
27 August 2010
30 August 2010
04 December 2009
30 July 2010
18 August 2010
26 July 2010
01 February 2010
29 July 2010
07 July 2010
19 July 2010
25 November 2009
26 January 2010
08 July 2010
20 August 2010
|