Oil giant Woodside Petroleum Ltd
(ASX:WPL) says it expects stronger production in the second half of 2009.
The company reported a 10 per cent increase in production to 40.1 million barrels of oil equivalent in the first half of 2009 compared to the first half of 2008.
Woodside says additional contributions from the Enfield Silver South block and the Corallina - 2 sidetrack - 2, plus a full second-half production from North West Shelf Train 5 and Vincent operation will boost its second half output result.
Consequently Woodside’s 2009 production target of 81 to 86 million barrels of oil equivalent is unchanged.
And in other news the Australian Financial Review reports that the company has also signed an agreement with the West Australian Government to accelerate plans for a liquefied natural gas precinct, north of Broome in W.A.
The paper says Woodside wants to treat gas from its Browse joint venture at the site. Woodside Petroleum’s 2008 net profit was $1.786 billion.
Grain industry services company GrainCorp Ltd (ASX:GNC) says it has agreed to acquire the world’s 4th largest commercial malt manufacturer United Malt Holdings group for US$757 million.
The acquisition will transform GrainCorp into an international agribusiness, with operations in Australia, the U.S., Canada and the U.K.
United Malt Holdings group is a global malt manufacturer supplying malt for use in production of beer and whisky to a number of the world’s largest brewers and distillers.
Chairman Don Taylor says the acquisition will strengthen GrainCorp’s core business and substantially increase the contribution to the company’s earnings from grain downstream processing.
GrainCorp also says it intends to declare a dividend for the financial year ended September 30 2009 of 15 cents a share, to be paid in mid-December. GrainCorp fell into the red in 2007 after profits the three years previous.
Iron ore miner and explorer Territory Resources Ltd (ASX:TTY) says it has reached an agreement with its financiers, the hedge book facility provider and Noble Resources Ltd, for the transfer of the company’s bank debt to Noble.
Settlement of transfer is expected to take place today.
Under the terms of the agreement Territory says Noble has agreed to purchase two short term loans currently worth $17.6 million that Territory owes to the bank, together with the banks interest in securities relating to those loans.
The loans are currently secured by a fixed and floating charge over Territory’s assets, a mortgage over its shares in key subsidiaries and a mining tenement over its Francis Creek mining leases.
They are also secured by a fixed and floating charge over the assets of its wholly owned subsidiary Territory Iron and a guarantee and indemnity from Territory Iron which guarantees the performance of Territory’s obligations to the bank and Noble.
Noble has also given the company an extension to the repayment date of its loans until 5pm on October 19 to allow discussions regarding a restructure of the ongoing Noble debt arrangements. Territory Resources has posted net losses over the last five years.
Singapore based Lion-Asia Resources has launched an off-market all cash takeover offer to acquire all the shares in Australian iron ore Junior Polaris Metals NL (ASX:POL).
Lion-Asia says its offer of 60 cents a share is superior to the offer for Polaris announced by Mineral Resources Ltd (ASX:MIN) on August 20.
Lion’s offer values Polaris at around $105.5 million.
Lion’s chairman says its offer for Polaris is compelling and represents a significant premium to the scrip bid made by Mineral Resources.
Lion is a joint venture company incorporated in Singapore by Singapore listed Lion Asiapac and Tan Sri William Cheng Heng Jem, chairman of Malaysia’s Lion Group.
Mr Cheng Heng Jem has a 25.5 per cent stake in Polaris. Looking back over the past five years Polaris is yet to post a net profit.
