B10 Exploration and Other Mining Support Services

Oil and gas on U-shape recovery, says AMEC

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Original article by Jenny Wiggins
The Australian Financial Review – Page: 23 : 10-Apr-15

AMEC Foster Wheeler CFO Ian McHoul expects difficult conditions in the oil and gas sector for another 1-2 years. He suggests that the eventual upturn in the sector is more likely to be U-shaped rather than V-shaped. The UK-based engineering group’s growing clean energy business is helping to offset falling demand for oil and gas industry services. The group is interested in Australian acquisitions

CORPORATES
AMEC FOSTER WHEELER PLC, WORLEYPARSONS LIMITED – ASX WOR, KBR INCORPORATED, FLUOR CORPORATION, AECOM, JACOBS ENGINEERING GROUP INCORPORATED, UBS HOLDINGS PTY LTD

Bradken told to engage suitors

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Original article by Amanda Saunders, Sarah Thompson, Anthony Macdonald
The Australian Financial Review – Page: 15 : 7-Apr-15

Shares in Bradken closed at $A2.29 on 2 April 2015. The stock peaked at $A2.35 in response to revelations that Pacific Equity Partners and Koch Industries had made a takeover offer pitched at $A2.50 per share. The former had previously joined forces with Bain Capital to offer $A5.10 per share for the mining services group. Bradken directors have spurned the latest offer, arguing that it is too low

CORPORATES
BRADKEN LIMITED – ASX BKN, PACIFIC EQUITY PARTNERS PTY LTD, KOCH INDUSTRIES INCORPORATED, BAIN CAPITAL LLC, BLACKROCK INVESTMENT MANAGEMENT (AUSTRALIA) LIMITED, LEGG MASON ASSET MANAGEMENT AUSTRALIA LIMITED

BHP: Eagle Ford can weather costs storms

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Original article by John Kehoe
The Australian Financial Review – Page: 18 : 9-Feb-15

BHP Billiton’s operations in the Eagle Ford region of Texas boast around 2,000 employees and contractors. The group recently revealed plans to shut down 10 of its onshore oil and gas rigs in the US, although this will only affect two of its Eagle Ford rigs. BHP’s David Banks says the group is now one of the fastest and lowest-cost oil drillers in the region, and it aims to become the fastest. Some of its oil wells are now being drilled in less than 10 days

CORPORATES
BHP BILLITON LIMITED – ASX BHP, EOG RESOURCES, AUSTRALIAN AMERICAN CHAMBER OF COMMERCE, BAKER AND HUGHES

Cauldron wins access to Forrest cattle run

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Original article by Andrew Burrell
The Australian – Page: 16 : 8-Jan-15

Western Australian (WA) Mines Minister Bill Marmion has approved a request by the Cauldron Energy company, headed by entrepreneur Tony Sage. It will now be able to conduct exploration drilling for uranium on the "Minderoo" cattle station. The WA Mining Warden’s Court recently sided with the land’s owner, Fortescue Metals Group chair Andrew Forrest, in blocking the access. Onslow Resources had previously gained permission, with some conditions attached, to extract mineral sands at "Minderoo"

CORPORATES
CAULDRON ENERGY LIMITED – ASX CXU, ONSLOW RESOURCES LIMITED, FORTESCUE METALS GROUP LIMITED – ASX FMG, MINDEROO PTY LTD, MINING WARDEN’S COURT (WESTERN AUSTRALIA), WESTERN AUSTRALIA. DEPT OF MINES AND PETROLEUM

Price crash may see BHP pull rigs

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Original article by Amanda Saunders
The Australian Financial Review – Page: 11 & 20 : 8-Jan-15

West Texas Intermediate crude oil was trading at $US48 per barrel on 7 January 2015. Paul Young of Deutsche Bank suggests that BHP Billiton could potentially reduce the number of drilling rigs it operates in the Permian Basin in the US until there is a sustained rebound in the oil price. Young adds that BHP could delay adding additional drilling rigs until the oil price rises to about $US80/barrel, which may not occur until around 2018

CORPORATES
BHP BILLITON LIMITED – ASX BHP, DEUTSCHE BANK AG

Refinancing allows Boart boss to focus on long term

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Original article by Paul Garvey
The Australian – Page: 18 : 8-Dec-14

Investors in Australian-listed mining services group Boart Longyear are set to vote on a refinancing deal worth as much as $US342m ($A410m) with US-based private equity firm Centerbridge in mid-December 2014. It will come as a relief to CEO Richard O’Brien, who has had to face a series of crises since being appointed on 1 April 2013. He still believes that a turnaround in the resources sector may not occur until possibly 2016, and urges shareholders to support the package deemed "not fair but reasonable" by consultant KPMG

CORPORATES
BOART LONGYEAR LIMITED – ASX BLY, CENTERBRIDGE PARTNERS LP, KPMG AUSTRALIA PTY LTD, CGI GLASS LEWIS PTY LTD, ISS PROXY AUSTRALIA

Miners forgo exploration

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Original article by Tess Ingram
The Australian Financial Review – Page: 13 : 8-Dec-14

MinEx Consulting MD Richard Schodde expects Australian resources group to continue reducing their expenditure on exploration programs in the near-term. Australian Bureau of Statistics data shows that mining companies spent just $A439.8m on exploration in the September 2014 quarter, compared with more than $A1bn in March 2012. Schodde notes that the decline in exploration will adversely affect government revenue

CORPORATES
MINEX CONSULTING PTY LTD, AUSTRALIAN BUREAU OF STATISTICS, BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, FORTESCUE METALS GROUP LIMITED – ASX FMG

Boart Longyear saved in Centerbridge deal

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Original article by Paul Garvey
The Australian – Page: 21 : 24-Oct-14

The US-based Centerbridge Partners private equity firm has announced that it will make as much as $US352m ($A401.8m) available to troubled mining services group Boart Longyear in a debt-to-equity deal. The Australian-­listed drilling company has suffered a share price decline of 93%-plus in a little over 1.5 years, and had recently created doubt over its ability to continue as a going concern. Centerbridge will lift its stake from 13% to between 41.6% and 70%, although its voting stock holding will be restricted to 49.9%

CORPORATES
BOART LONGYEAR LIMITED – ASX BLY, CENTERBRIDGE PARTNERS LP, BILLABONG INTERNATIONAL LIMITED – ASX BBG, OAKTREE CAPITAL MANAGEMENT LLC, UBS HOLDINGS PTY LTD

Former MD to repay company $500,000

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Original article by Paul Garvey
The Australian – Page: 20 : 23-Sep-14

The Federal Court of Australia has ordered the former MD of explorer MHM Metals to repay over $A500,000 to the company. It found that John Rogers had misappropriated company funds through the sale of a boat in 2008. The company also plans to pursue claims for $A5 million against one of Rogers’ private companies, with allegations of related party transactions and conflicts of interest

CORPORATES
MHM METALS LIMITED – ASX MHM, FEDERAL COURT OF AUSTRALIA, PROJECT DEVELOPMENT CORPORATION PTY LTD

Brambles invests $556m in UK firm

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Original article by Richard Gluyas
The Australian – Page: 26 : 10-Sep-14

Australian-listed logistics group Brambles has increased its presence in the UK with the acquisition of Ferguson Group for Stg320m ($A556m). Ferguson specialises in the supply of shipping containers to the offshore oil and gas sector, and boasted revenue of Stg56m and EBITDA of Stg30m in 2013. The acquisition will be funded entirely via debt

CORPORATES
BRAMBLES LIMITED – ASX BXB, FERGUSON GROUP LIMITED