A look back at the main events in the oil and gas sector we reported on this week.
By Giulia Bottaro
The arrangement was first agreed in February with an initial five-year term and it will now run until 31 December 2028.
Tower Resources PLC (LON:TRP) has unveiled a financing which will see the extension and restructuring of its US$750,000 bridging loan facility of US$750,000 and gross proceeds of approximately £1,500,000 raised through a placing and subscription to provide it with working capital.
Alba Mineral Resources PLC’s (LON:ALBA) Horse Hill stablemate UK Oil & Gas PLC (LON:UKOG) revealed that drilling is now proceeding confidently after a coring programme has identified the “sweet spot” in the Portland reservoir.
The company, which itself was recently restructured, highlighted in a statement on Monday that a new agreement with joint venture partner Rockies Standard Oil Corporation (RSOC) allows Rose to focus on a potentially highly economic core acreage position of circa 12,920 acres.
The junior coal bed methane company said in a statement that the lenders agreed to capitalise the interest and fees associated with the notes into a new principal amount, of £216,553, and, that the new arrangement will see interest accrue at the same rate as before, 13%, but due for payment monthly.
88 Energy Ltd (LON:88E, ASX:88E) told investors it has executed a rig contract for the planned Charlie-1 appraisal well which has an envisaged February 2020 spud date.
TLOU Energy Limited’s (LON:TLOU) quarterly update highlighted “an excellent start” to flow testing at its Botswana coal bed methane wells.
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