Weekly Oil and Gas Highlights, 20th October 2019

A look back at the main events in the oil and gas sector we reported on this week.

By Giulia Bottaro

VAALCO Energy Inc (LON:EGY, NYSE:EGY) has made a positive start to its time in London, announcing a new oil discovery offshore Gabon.

Premier Oil PLC (LON:PMO) has revealed its success with the Tolmount East well which has confirmed an extension to the Greater Tolmount Area gas field.

Energean Oil & Gas PLC (LON:ENOG) has conditionally agreed to sell Edison Exploration and Production’s North Sea assets to Neptune Energy Group Holdings Limited.

Eland Oil & Gas PLC (LON:ELA) has struck a deal to sell the company to Nigeria’s Seplat Petroleum for £382mln in cash.

Diversified Gas & Oil PLC (LON:DGOC) has extended its definitive asset retirement agreement with the Commonwealth of Kentucky, adding a further five years to the term.

The arrangement was first agreed in February with an initial five-year term and it will now run until 31 December 2028.

Analysts in Barclays Plc‘s (LON:BARC) investment banking arm have claimed that BP PLC (LON:BP. should get more credit for its progress in non-petroleum business ventures.

IGas Energy Plc (LON:IGAS) told investors it is advancing an enhanced oil recovery venture to boost production from conventional reservoirs at the Welton project in the East Midlands.

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.

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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.

Trinity Exploration & Production PLC’s (LON:TRIN) third quarter production averaged 2,816 barrels of oil per day in the third quarter as the Trinidad oiler delivered new wells.

Rose Petroleum PLC (LON:ROSE) has revealed a restructuring of its Paradox basin venture which, according to management, is now “better positioned for development”.

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.

Curzon Energy PLC (LON:CZN) told investors it has agreed to refinance £200,000 of secured loan notes.

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.

Cairn Energy PLC (LON:CNE) has revealed that the Chimera ‘wildcat’ exploration well in the UK North Sea failed to find hydrocarbons.

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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Zenith Energy Ltd (LON:ZEN) has detailed further drilling plans as it awaits the mobilisation of a rig to its projects in Azerbaijan.

By Giulia Bottaro 

Source www.proactiveinvestors.co.uk
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