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Scorpion Offshore Ltd. to be listed on the SMB List of Oslo Børs
The Board of Oslo Børs resolved to admit shares in Scorpion Offshore Ltd. to listing on the SMB List of Oslo Børs.
The Board agreed to exempt the company from the requirement that a listed company must have existed for at least three years and have operated the major part of its activity for at least three years, cf. Section 2-1 of the Stock Exchange Regulations. This exemption was granted because analysis of the company is very largely dependent on factors that are available to the market in other ways, and the market therefore has access to sufficient information to reach an informed opinion on the company.
Based on an overall evaluation, Oslo Børs has concluded that an exemption from the requirement for the company to have existed and operated the major part of its activity for at least three years is in the interests of investors and the public.
Admission to listing is conditional on the company publishing a prospectus prior to the first day of listing that has been approved by Oslo Børs, and enter into a primary listing agreement with Oslo Børs pursuant to Oslo Børs Circular No. 5/2001.
The Board authorised the President of Oslo Børs to fix the date of the first day of listing, which is to be no later than 30 January 2006.
About Scorpion Offshore
Scorpion Offshore is a Houston-based company that has placed orders for the construction of four ”ultra premium” jackup drilling rigs. The rigs are being constructed at the Keppel AmFELS yard in Brownsville, Texas. The first rig is due to be delivered in Q2 2007, and the entire fleet will be delivered by the close of Q2 2008. The new building program is fully financed. The company has an integrated organisation with long experience of the drilling industry and the construction, marketing and operation of large jackup rigs.
Petrobank Energy and Resources Ltd. to be listed on the SMB List of Oslo Børs
The Board of Oslo Børs resolved to admit shares in Petrobank Energy and Resources Ltd. to listing on the SMB List of Oslo Børs.
The Board stipulated that prior to the first day of listing the company must satisfy the requirements for the number of holders of one round lot or more of the company's shares set out in Oslo Børs Circular No. 5/2001, and the company must publish a prospectus that has been approved by Oslo Børs. Since the company has a primary listing on another stock exchange, it will be required to enter into a secondary listing agreement with Oslo Børs pursuant to Oslo Børs Circular No. 5/2001.
The Board authorised the President of Oslo Børs to fix the date of the first day of listing, which is to be no later than 30 January 2006.
About Petrobank
Petrobank Energy and Resources Ltd. (www.petrobank.com) is a Calgary, Canada based oil and natural gas exploration and production company listed on the Toronto Stock Exchange (TSX: PBG). The Company operates through three business units. The Canadian Unit combines conventional oil and gas operations with coalbed methane opportunities. The Latin American Unit produces oil through two Incremental Production Contracts and is one of the largest exploration landholders in Colombia. The Heavy Oil Unit owns Canadian oil sands leases with an estimated 1.3 billion barrels of bitumen-in-place and is constructing the WHITESANDS pilot project to field-demonstrate Petrobank's patented THAI™ heavy oil recovery process.
Aker Drilling to be listed on the SMB List of Oslo Børs
The Board of Oslo Børs resolved to admit shares in Aker Drilling ASA to listing on the SMB List of Oslo Børs.
The Board agreed to exempt the company from the requirement that a listed company must have operated the major part of its activity for at least three years, cf. Section 2-1 of the Stock Exchange Regulations. This exemption was granted because analysis of the company is very largely dependent on factors that are available to the market in other ways, and the market therefore has access to sufficient information to reach an informed opinion on the company.
Based on an overall evaluation, Oslo Børs has concluded that an exemption from the requirement for the company to have operated the major part of its activity for at least three years is in the interests of investors and the public.
Admission to listing is conditional on the company publishing a prospectus prior to the first day of listing that has been approved by Oslo Børs, and entering into an agreement with Oslo Børs in respect of management companies, cf. Section 2-6 of the Stock Exchange Regulations.
The Board authorised the President of Oslo Børs to fix the date of the first day of listing, which is to be no later than 30 January 2006.
Trefoil Ltd. to be listed on the SMB List of Oslo Børs
The Board of Oslo Børs resolved to admit shares in Trefoil Limited to listing on the SMB List of Oslo Børs.
Admission to listing is conditional on the company publishing a prospectus prior to the first day of listing that has been approved by Oslo Børs, and enter into a primary listing agreement with Oslo Børs pursuant to Oslo Børs Circular No. 5/2001.
The Board authorised the President of Oslo Børs to fix the date of the first day of listing, which is to be no later than 30 January 2006.
About Trefoil
Trefoil Limited (Trefoil) focuses on the acquisition, exploitation and development of oil and gas properties in Argentina through its 100% owned subsidiary Petrolera el Trébol S.A. The company’s management team and board of directors have extensive experience and knowledge within this industry. During the last four years, Trefoil has experienced a rapid increase in production, which currently delivers annualised revenues of approximately USD 19 million and field margins of approximately 75%.
Violation charge for Kaupthing ASA
The Board of Oslo Børs resolved to impose a violation charge of NOK 500,000 on Kaupthing ASA, cf. Norex Member Rules (NMR) 4.11.9 and Section 25-8 of the Stock Exchange Regulations, for repeated breaches of NMR 4.6.1 and Section 13-3, second paragraph, of the Stock Exchange Regulations.
The matter in question relates to the repeated input of orders for various listed shares over a relatively short time where the prices for the orders differed significantly from the market prices at the time (keying errors). A number of these incidents led to trades being carried out at divergent prices that were not fair market prices. These incidents caused significant disturbance to trading in the shares in question, and in two cases Oslo Børs had to apply a temporary halt to automatic matching as well as cancelling trades for sizeable amounts.
Oslo Børs sent Kaupthing a written warning at an early stage of the period, but the violations did not end. The company was also encouraged to consider to make changes in their systems to reduce the risk for making these kind of mistakes. Oslo Børs had an understanding that such changes were made, but later it became clear that the company did not perform the changes until further violations had occured.
This decision can be appealed to the Stock Exchange Appeals Committee. Any appeal must be submitted within two weeks.
