Deals this week: Parsley Energy, Energy Transfer Equity, SDX Energy

US-based oil and gas company Parsley Energy has announced the pricing for and upgraded the offering of 22 million class A shares from its previous 20 million shares.

The company intends to raise gross proceeds of $770m through the upgrade offering. Underwriters to the offering have a 30-day option to purchase 3.3 million shares.

The net proceeds are intended to be used to partly fund the acquisition of certain oil and gas interests in the Midland and Southern Delaware Basins, partly to fund its capital programme, and the remaining for future general corporate purposes and funding potential acquisitions.

The company has entered an agreement to acquire oil and gas assets located in the Reeves, Pecos, and Ward counties of the Southern Delaware Basin for $205m approximately in cash. Covering 6,600 gross (5,200 net) acres of land, the assets are estimated to produce roughly 1,100 barrels of oil equivalent a day (boed).

The assets to be acquired in Midland Basin are located in the counties of Upton, Reagan, Glasscock and Midland for $402m.

US-based midstream company Energy Transfer Equity has announced two private placement offerings to raise gross proceeds of $580m and $568m respectively.

The first placement includes approximately 32.22 million units, with the proceeds intended to be used to buy roughly 15.8 million newly issued common units representing limited partner interests in Energy Transfer Partners.

The second placement will be subscribed to by Energy Transfer Partners and is for 15.8 million units. The proceeds are intended to be used to repay existing debts and for general partnership purposes.

UK-based oil and gas company SDX Energy intends to acquire Circle Oil's Egyptian and Moroccan businesses, which consist of the Al Amir and Geyad permits, and the Sebou permit, Oulad N’Zala concession (ONZ) and Lalla Mimouna permits respectively.

Based in Ireland, Circle Oil is also an oil and gas exploration and production (E&P) company.

The acquisition will help SDX Energy expand its asset base globally.

US-based E&P company Krewe Energy has increased its working interest in the Coquille Bay oil field by becoming 100% owner and operator.

The field is located in Plaquemines Parish of Louisiana, US.

Drilling and rig services provider Nabors Industries has announced that it will raise $500m through the private placement of 0.75% exchangeable senior unsecured notes.

Interest on the notes are due 2024 and will be paid semi-annually on 15 January and July each year, as of July this year.

Initial purchasers are also given an option to purchase up to $75m.

The proceeds are intended to be used to repay the remaining unsecured term loan and other debts of the company, for general corporate purposes and to pay the cost of the capped call transaction entered, with respect to its parent company’s common shares.

Total subsidiary Total E&P Uganda has reached an agreement with Tullow Oil to acquire an additional 21.57% interest in Lake Albert oil project from the latter.

The purchase consideration for deal is $900m, which includes a cash payment of $200m and the remaining in deferred payment.

Total will pay $100m in cash upon completion of the transaction and the remaining $100m in two equal instalments at final investment decision and first oil production respectively.

Located in Uganda, the oil project is estimated to produce approximately 230,000 barrels a day with first production expected by the end of 2020.

Tullow's interest in the project will reduce to 11.76%, while Total will own 54.9% interest following the completion of the transaction.

US-based midstream company The Williams Companies has announced it will raise $1.8bn from a public offering of 65 million shares.

The shares are priced at $29 each, while underwriters to the offering have an option to purchase an additional 9.75m.

The net proceeds are intended to be used to purchase newly issued common units in the company’s subsidiary Williams Partners.