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
Article originally published by proactive investors. Share Talk is not responsible for its content or accuracy and may not share the author’s views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest.
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