A look back at the main events in the oil and gas sector we reported on this week.
By Giulia Bottaro
Hurricane Energy Plc (LON:HUR) announced on Tuesday the spudding of the Warwick West exploration well in the Greater Warwick portion of its Rona Ridge project.
Europa Oil & Gas Plc (LON:EOG) told investors it is seeking clarification of the situation through the offices of the Irish Offshore Operators’ Association following a speech by Leo Varadkar to the United Nations climate summit on Monday.
Taoiseach Varadkar told world leaders in New York of Ireland’s intention to phase out oil exploration licences in the future – a revelation that naturally spooked investors that have backed venture’s offshore Ireland.
Providence Resources PLC (LON:PVR) told investors that it is working closely with the Irish Offshore Operators’ Association (IOOA) to get clarity on the Irish government’s position on exploration following Taoiseach Leo Varadkar’s comments at the UN climate action summit.
The company issued on Wednesday a trading update for the half-year period to September 2019. The company reported that revenues are expected to be up +50% year-on-year, with adjusted EBITDA doubling for the period. These figures are ahead of previous management expectations.
Diversified Gas & Oil PLC (LON:DGOC) chief executive Rusty Hutson told investors on Friday that the company is eager to advance “an expeditious integration” of its recently acquired gas infrastructure assets.
In a stock market statement, the company highlighted the recent completion of two separate purchases of gas gathering systems in Pennsylvania and West Virginia for a total of around US$7.7mln.
Union Jack Oil PLC (LON:UJO) executive chair David Bramhill highlighted “significant progress” across its three key projects – West Newton, Biscathorpe and Wressle – as the onshore oiler released its half-yearly results.
Solo Oil PLC (LON:SOLO), which has a 25% stake in the oil and gas output from the Ruvuma project in Tanzania, hailed the news from the project’s Aminex as “clearly a positive update” for all partners on the project.
PowerHouse Energy Group PLC (LON:PHE) is heading in the right direction after recently joining the ranks of AIM’s revenue-earning firms.
Solo Oil PLC (LON:SOLO) executive chairman Alastair Ferguson highlighted “further significant steps” taken by the company towards its strategic goals, including rationalising its asset portfolio and strengthening its management team.
Enteq Upstream PLC (LON:NTQ) highlighted advances in China and a recent deal with Shell as the company flagged an expectation beating first half performance ahead of Wednesday’s AGM.
Chariot Oil & Gas Limited (LON:CHAR) chief executive Larry Bottomley, in the explorer’s half-yearly results statement, highlighted that it now has a balanced portfolio with “a commercially attractive production opportunity” alongside its “giant potential prospects”.
Block Energy PLC (LON:BLOE) updated investors on its activities at its flagship West Rustavi field, in the Republic of Georgia, where it is advancing to deliver a fully-funded multi-well work campaign.
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