Bluebird instigates strategic review
London listed US onshore explorer Bluebird Energy has signalled plans for a strategic and operational review after its partner decided to sell one of the company’s four licence assets.
Bluebird said today that he partner Running Foxes Petroleum has decided to sell 60% of its 50% share in the Centurion project in Summer County in Kansas in the US mid-west.
In response to the move by Running Foxes, Bluebird stated today: “In the light of this decision by Running Foxes and further to the directors meeting with the management of Running Foxes, the directors have commenced a strategic and operational review of the Company’s US assets with a view to recommending proposals which they believe will represent the best course of action for shareholders.”
Along with ShaleGas Resources, Bluebird is focused on shale gas opportunities in Europe and in July the company raised ￡280,000 through a 22.799 million share placing to finance the company’s oil assets an the Centurion project.
Running Foxes announced last month it was selling 60% of its 50% equity in the Centurion project to an un-named third party. Centurion covers 14,000 acres in Sumner county, southern Kansas, and the target zones are Ordovician Simpson sandstones and Mississipian lime or chat zones.
Bluebird chairman is David Bramhill – who was previously with another US onshore explorer Nighthawk Energy which also partnered Running Foxes
– and chief executive Andy Yeo are also both non-executive directors of Wessex Exploration.