On Friday, Erin Energy Corp (NYSEMKT:ERN)’s shares inclined 12.86% to $4.74.
Erin Energy Corp (ERN) declared it has commenced production from the Oyo-7 well (“Oyo-7”) located in OML 120 offshore Nigeria. Erin Energy is the operator of the Oyo field and has a 100% interest in the block.
Oyo-7 was drilled to a total depth of about 8,000 feet (2,438 meters) and was successfully accomplished horizontally in the Pliocene formation. The well is located in about 1,000 feet (300 meters) of water and is producing into the Floating Production Storage and Offloading vessel, Armada Perdana. Oyo-7 is predictable to produce about 7,000 barrels of oil per day following optimization of choke size.
Erin Energy Corporation operates as an independent oil and gas exploration and production company focused on energy resources in Africa. Its asset portfolio comprises of nine licenses covering an area of 43,000 square kilometers, counting production and exploration properties offshore Nigeria; and exploration licenses offshore Ghana, Kenya, and Gambia, in addition to onshore Kenya. The company was formerly known as CAMAC Energy Inc. and changed its name to Erin Energy Corporation in April 2015. The company was founded in 2005 and is headquartered in Houston, Texas.
Praxair, Inc. (NYSE:PX)’s shares dropped -0.64% to $123.00.
Praxair, Inc. (PX) declared it will build a new air separation unit (ASU) supporting its Detroit, Michigan, area pipeline system to meet the growing demand for industrial gases from customers in the region in addition to rare gas customers worldwide. This expansion coincides with renewals of multiple existing pipeline customer agreements. The project will comprise the installation of state-of-the-art operating equipment and systems.
The new 1,650 tons per day plant will start operations in 2017 and will supply existing pipeline customers with improved efficiency and continued reliability. The plant will also produce liquid oxygen, nitrogen, argon and rare gases for use by hospitals, food processors, and industrial companies supplying the automobile industry.
Praxair, Inc. produces, sells, and distributes atmospheric, process, and specialty gases, in addition to surface coatings in North America, Europe, South America, and Asia. The company offers atmospheric gases, such as oxygen, nitrogen, argon, and rare gases; and process gases comprising carbon dioxide, helium, hydrogen, electronic gases, specialty gases, and acetylene.
At the end of Friday’s trade, Knowles Corp (NYSE:KN)‘s shares surged 1.04% to $19.46.
Knowles Corp (KN) declared that it has extended the expiration of its formerly declared offer to acquire each outstanding share of common stock of Audience, Inc. to 12:00 midnight (one minute after 11:59 p.m.), Eastern Time, on June 30, 2015. In order to facilitate a third quarter closing and to avoid the practical difficulties associated with concluding the acquisition prior to the end of the second quarter, Knowles raised the cash portion of the offer consideration to $2.51 per share and extended the offer by ten business days, the minimum extension required by SEC regulations, in anticipation of a closing on July 1, 2015.
Under the revised terms of the offer, Knowles is offering to acquire each outstanding share of common stock of Audience for consideration comprising of $2.51 in cash, without interest, and a number of shares of Knowles common stock equal to the amount obtained by dividing $2.50 by the volume weighted average of the sale prices for Knowles common stock as stated on the NYSE for each of the 10 successive trading days ending on and counting the second trading day prior to the final expiration date of the offer (subject to the adjustment procedures and collar as described in the prospectus/offer to exchange and the related letter of transmittal). All other terms and conditions of the offer remain unchanged.
Knowles Corporation designs, manufactures, and sells products and components to the mobile communications, consumer electronics, medical technology, and telecommunications infrastructure, military, aerospace, and industrial markets worldwide. The company operates in two segments, Mobile Consumer Electronics and Specialty Components. The Mobile Consumer Electronics segment designs and manufactures acoustic products, including microphones, speakers, receivers, and integrated modules for the handset, tablet, and other consumer electronic markets.
MagneGas Corporation (NASDAQ:MNGA), ended its Friday’s trading session with -0.41% loss, and closed at $1.22.
MagneGas Corporation (MNGA) declared that its customer in Kazakhstan, Astana TechCom (‘Astana”) has successfully initiated operation and production of MagneGas fuel. The fuel produced will be marketed for metal cutting and used by a local university for research.
Astana purchased a Plasma Arc Flow gasification system in 2014, custom built to produce fuel for metal cutting and demonstration of the MagneGas Technology to local energy industries, medical facilities and universities. Astana intends to market the systems and fuel to local customers. All equipment sales will be custom built and sourced from MagneGas in the U.S. and shipped to Kazakhstan as ordered.
MagneGas Corporation, an alternative energy company, creates and produces hydrogen based alternative fuel through the gasification of carbon-rich liquids in the United States and internationally. The company produces and distributes gas bottled in cylinders to the metalworking market as an alternative to acetylene. It offers MagneGas, a fuel that primarily comprises hydrogen; and Plasma Arc Flow refineries that produce gas. The company also sells and licenses the plasma arc technology for the processing of liquid waste.
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