- Caza Oil & Gas's [LON:CAZA] shares slumped after it called a special meeting of shareholders to consider a proposal by Talara Opportunities V, LP, the majority shareholder of Caza, to take the company private at a cash price of US$0.00481 per share.

The proposed transaction consists of the consolidation of Caza's outstanding common shares on the basis of one post-consolidation common share for 560,000,000 pre-consolidation common shares.

Based on the consolidation terms, all shares held of record by parties other than Talara will become fractional shares that are acquired by the company by being rounded down and cancelled with the holders receiving US$0.00481 (less applicable withholdings, if any) for each pre-consolidation share held.

The price of US$0.00481 per share under the proposal is approximately 12% higher than the upper end of the fair market value range of the common shares determined in the independent valuation.

The consolidation is subject to shareholder approval at a meeting on 29 April must be approved by not less than two-thirds of the votes cast by shareholders at the meeting. Talara owns approximately 95% of the outstanding common shares and has informed Caza that it intends to vote in favour of the consolidation.

* * *

Aminex [LON:AEX] has executed a sale and purchase agreement for the disposal of a 3.825% interest in Kiliwani North Development Licence to Solo Oil for US$2.16 million.

Following full receipt of the consideration, Solo's interest will increase from its current 6.175% to a 10% interest in KNDL.

As announced on 11 February, the transaction represents the part exercise of its pre-existing option to acquire a further 6.175% interest.

The remaining entitlement under the option has now expired.

Under the terms of the agreement, Solo's interest will increase across three payment tranches to Aminex for a total cash consideration of US$2.16 million:

- Initial investment of US$566,802 for an additional 1% interest on signature of the SPA, increasing Solo's total interest from 6.175% to 7.175%

- A second investment of US$708,502 for a further 1.25% interest within 15 days of first US$ payment being received for gas from Kiliwani North-1 ("KN-1"). Solo's total interest will increase to 8.425%

- A third investment for the balance of US$892,712 for an additional and final 1.575% interest within 15 days of the commercial operations date being declared, taking Solo's total and final interest to 10%

If a tranche is missed, then that option is no longer exercisable. The tranches are separate and not inter-conditional. Should all three tranches close Aminex will have a 51.75% operated stake in Kiliwani North Development Licence.

* * *

Bahamas Petroleum [LON:BPC] says a number of measures relating to board/executive compensation and the company's option plan are to be implemented, as initially announced in the 2015 final results released on 21 March.

These measures are designed to better align the interests of board and senior management with shareholders, and to enable adequate time, through the preservation of cash reserves, for the executive team to deliver the investment required to commence an exploration well in the company's southern licences.

From 1 April, the following payment deferrals will take effect:

- 90% of chief executive Simon Potter's compensation will be deferred until a farm-out is successfully concluded, to be repaid at that time in a 50% equal mix of cash and shares

- 50% of board fees will be deferred until a farm-out is successfully concluded, to be repaid in shares at that time

The number of shares to be calculated remains on the same basis as the existing 20% fee deferral agreement for directors, which has been effective since 1 October 2014, namely that the number of ordinary shares accruing shall be calculated as the value of fees/salary forgone divided by the volume weighted average closing price of the company shares over each month.

These deferrals are designed to preserve cash, supporting the company's short term balance sheet while the company pursues a farm-out transaction.

In addition to representing a material and immediate fee sacrifice on the part of the Board and senior management, the deferrals will also provide a significant incentive to key members of the executive team to deliver a farm-out transaction in the shortest possible time-frame.

From today and in the subsequent weeks all existing options or share entitlements will be cancelled, surrendered or are expected to otherwise expire unexercised.

* * *

Solo [LON:SOLO] has now executed a Sale and Purchase Agreement (SPA) for the acquisition of a 3.825% interest in Kiliwani North Development Licence for a total cash consideration of USD2.16m.

* * *

JKX Oil & Gas [LON:JKX] has appointed Alan Bigman and Bernie Sucher as independent non-executive directors. Sucher is currently an independent member of the board of directors of both the Credit Bank of Moscow and Chairman of UFG Asset Management. Previous experience included being Country Head of Bank of America Merrill Lynch in Moscow.

For many years he was on the Boards of both the American Chamber of Commerce and the US-Russia Business Council. Bigman is currently a director of Sanchez Production Partners and co-founder and Director of Vista Tex Energy LLC in the United States. Previously, he served as Chief Financial Officer of LyondellBasell Industries, a leading global chemicals company, and held senior management positions at TNK-BP and SUAL.

* * *

San Leon Energy [LON:SLE] said the Mart Arrangement Agreement has now completed, effective March 24.

San Leon requires shareholder approval and other regulatory approvals to benefit from San Leon's shares in BidCo, which are pledged to the debt investor.

Completion of this part of the transaction is not expected per se to constitute a reverse takeover under the AIM Rules but the Company will make a further announcement in due course to confirm this.

At 3:50pm:

[LON:AEX] Aminex PLC share price was -0.13p at 1.18p

[LON:AUR] Aurum Mining PLC share price was 0p at 0.95p

[LON:BOR] Borders Southern Petroleum PLC share price was +0.01p at 1.65p

[LON:BPC] Bahamas Petroleum Company PLC share price was -0.16p at 1.86p

[LON:CAZA] Caza Oil Gas Inc share price was -0.25p at 0.33p

[LON:CHAR] Chariot Oil Gas Ltd share price was +0.03p at 6.58p

[LON:ENQ] EnQuest Plc share price was -0.37p at 23.63p

[LON:GKP] Gulf Keystone Petroleum share price was -0.42p at 6.76p

[LON:GPX] Gulfsands Petroleum PLC share price was +1.5p at 7.5p

[LON:INDI] Indus Gas Ltd share price was 0p at 127p

[LON:JKX] JKX Oil Gas PLC share price was -0.5p at 23.5p

[LON:PET] Petrel Resources PLC share price was 0p at 3.75p

[LON:RKH] Rockhopper Exploration PLC share price was -0.62p at 27.88p

[LON:RPT] Regal Petroleum PLC share price was 0p at 2.45p

[LON:SOLO] Solo Oil PLC share price was -0.02p at 0.29p

[LON:XEL] Xcite Energy Ltd share price was -0.37p at 13.63p

Story provided by