Top Stories Cairn Energy acquires 38% stake in 2 Irish oil blocks
Cairn Energy PLC (Cairn) has announce a farm-in as Operator to two licences offshore West of Ireland in the Porcupine Basin, which contains the undeveloped Spanish Point gas condensate and Burren oil discoveries, and six adjacent licensing option blocks. The acreage covers an area of 2,753km2 with more than 500km2 of 3D seismic and will provide locations for Cairns frontier drilling programme.
The two licences FEL 2/04 (which includes the Spanish Point and Burren discoveries) and FEL 4/08, together cover an area of 1,242km2 are currently operated by Chrysaor (60% Working Interest (WI)) with Providence Resources (32% WI) and SOSINA Exploration Ltd (8% WI). The six adjacent licensing option blocks, known as Licensing Option (LO) 11/2, cover an area of 1,511km2 and can be converted to a FEL from October 2013.
Cairn will acquire, subject to regulatory and partner approval, a 38% WI and Operatorship by paying a pro-rated share of back costs amounting to $4.1mn (as at 31 December, 2012) and 63.33% of future exploration and appraisal costs for up to two wells, subject to a cap. Costs in excess of the cap will be shared by the parties according to their equity interests. Based on Cairns estimate of the expected well cost, Cairn anticipates it will be contributing ~55% of the cost of each well.
Drilling of the first appraisal well on Spanish Point is targeted for Q2 2014. The partners also currently expect to propose a 3D seismic work programme on LO 11/2. A further well will be considered following the initial appraisal well.
Simon Thomson, Chief Executive, Cairn Energy PLC said"The addition of this prospective acreage off the west coast of Ireland in the Porcupine Basin brings further exploration and appraisal potential to Cairns frontier Atlantic Margin portfolio. Our operated, multi-well exploration programme, for which a rig has been secured, will start later this year in Morocco.Domestic News Wipro buys minority stake in Opera Solution
Wipro Limited announced that it has signed an agreement to enter into a strategic partnership and take a minority position in Opera Solutions, LLC, a leading global Big Data science company. Wipro will invest USD 30 Mn in the company, which is privately held and headquartered in Jersey City, NJ.
Big Data represents an unprecedented opportunity for business value creation but many enterprises do not have the right technology or the science to access its power. Opera Solutions supplies these critical capabilities in a form that allows organizations to rapidly turn raw Big Data into strategic advantage, profit, and productivity.
Opera Solutions has one of private industrys largest groups of scientists specializing in machine learning. The company applies its machine learning science to the worlds Big Data flows to extract predictive patterns, or Signals. It offers a range of solutions, delivered as a service, that turn these Signals into prescriptive best actions that significantly improve front-line productivity and bottom-line growth. Its solutions include its Consumer Signal Hub and related Signal Apps for marketers and SignalSensor, which extracts threat and other sentiment from the worlds flow of open source online data, as well as other solutions for financial services, capital markets, procurement professionals, and the healthcare industry.
This strategic partnership with Opera Solutions will help us further extend our leadership in the Big Data analytics space, as it combines Opera Solutions machine learning expertise, pre-discovered predictive Signals and algorithms with Wipros proven domain and technology expertise combined with Global Delivery Model to create industry-specific Big Data analytics solutions. It also enables our customers to maximize the ROI of Big Data analytics implementation through faster adoption, said K.R Sanjiv, Senior Vice President and Global Head, Analytics and Information Management, Wipro. Read moreHC approves JSW Steel-JSW Ispat merger
JSW Steel Ltd has announced that The Hon'ble High Court of Judicature at Bombay has sanctioned the Composite Scheme of Amalgamation and Arrangement amongst JSW ISPAT Steel Limited and JSW Building Systems Limited and JSW Steel Coated Products Limited and JSW Steel Limited and their respective shareholders and creditors on May 03, 2013.
The Order sanctioning the Scheme has been uploaded on the website of the Hon'ble High Court, Bombay on May 07, 2013.
The certified copy of the Order sanctioning the Scheme is awaited. The Scheme will become effective only upon receipt of the certified copy of the order of the High Court and on compliance with the requisite formalities.Oracle sells 5.3% stake in OFSS to meet regulatory norms
Oracle is planing to sell 5.3% stake in Oracle Financial Services Software to meet the regulatory requirements, according to reports.
Reports stated that Oracle will reduce its current 80.3% ownership stake in OFSS, to 75% in order to meet regulatory requirements.
According to the regulatory norms, all publicly listed companies on the Indian stock exchange are required to have a minimum public shareholding of 25% by June 2013.Global NewsMcAfee to acquire Stonesoft
McAfee announced the execution of a definitive agreement to initiate a conditional tender offer for the acquisition of Stonesoft Oyj, a leading innovator in next-generation network firewall products, for an aggregate equity value of approximately $389 mn in cash.
Stonesoft delivers software-based, dynamic, customer-driven, cyber security solutions to secure information flow and simplify security management. Stonesofts product portfolio of next-generation firewalls, evasion prevention systems, and SSL VPN solutions addresses businesses of all sizes. Through the pending acquisition of Stonesoft, McAfee expects to extend its leadership position in network security.
With the pending addition of Stonesofts products and services, McAfee is making a significant investment in next-generation firewall technology. These solutions anticipate emerging customer needs in a continually evolving threat landscape, said Michael DeCesare, McAfee President. Stonesoft is a leading innovator in this important market segment. We plan to integrate Stonesofts offerings with other McAfee products to realize the power of McAfees Security Connected strategy. Stonesoft products will benefit from the collective expertise of more than 7,200 McAfee employees. Leveraging McAfees cloud-based Global Threat Intelligence service will provide our combined customers with unparalleled security. Read moreING completes sale of Thai invst mgmt unit
ING said that it has completed the sale of its investment management business in Thailand to UOB Asset Management Ltd (UOBAM).
As announced on 20 November 2012, ING has received a total cash consideration of EUR 10 mn for the investment management business in Thailand, the company said in a press release on 3rd May.CD&R, Carlyle, BofA sell off remaining Hertz stake: Report
Hertz Global Holdings Inc reportedly said that private equity firms Clayton, Dubilier & Rice and Carlyle Group, as well as Bank of America Merrill Lynch, sold off their remaining shares in the car rental agency for $1.24 bn. CD&R, Carlyle and Bank of America Merrill Lynch sold 49.8 mn shares for $24.96 each, Hertz reported.Servion acquires JAMS UK
Servion, a specialist in the Customer Interaction Management (CIM) domain, announced that it has signed definitive acquisition agreements with JAMS UK and JAMS India. JAMS specializes in developing software products used in Contact Centers and comes with ready skill-sets that are complementary to Servions skill-sets in the CIM space. With the acquisition, JAMS becomes a fully owned subsidiary of Servion.
Speaking on the occasion, K. Balakrishnan, Managing Director and Chief Executive Officer of Servion said, The acquisition widens our footprint and network in UK a region that is becoming critical for us, given several large multi-million, multi-country deals we are currently working on. The acquisition also gives us a new development center in Pune, India.
The acquisition provides JA MS access to Servions deep skill-sets in the domain, large pool of highly experienced resources and its global footprint. I believe that this will provide significant value to existing customers and help drive the relationship to the next level he added.