Weekly Oil and Gas Highlights, 28th September 2019

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

By Giulia Bottaro

ADES International Holding PLC (LON:ADES) half-yearly results boasted a 176% rise in revenue, to US$219.9mln, driven by a mix of organic and acquisition led growth.

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.

Jersey Oil and Gas PLC’s (LON:JOG) half-yearly results boast a strong cash position of £15.5mln and a positive outlook as chief executive Andrew Benitz hailed a “transformational” phase.

Enteq Upstream PLC (LON:NTQ) is a leading supplier of high-end systems and products for measurement while drilling applications in the oil & gas industry.

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.

Plexus Holdings Plc (LON:POS) announced on Tuesday the installation of the first jack-up exploration wellhead in its inaugural POS-GRIP rental contract with Gazprom.

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.

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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.

Investors in Alba Mineral Resources plc (LON:ALBA) are now counting-down to the start of new drilling at the Horse Hill oil project, where a drill rig arrived on Tuesday.

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.

Petrel Resources PLC (LON:PET) appointed Michel Fayad as a new non-executive director, with immediate effect, following a recent strategic funding.

Solo Oil PLC (LON:SOLO) boosted its senior management with the appointment of Romina Mele-Cornish as chief financial officer and Doug Rycroft as chief operating officer.

Aminex PLC (LON:AEX) said it has seen positive movements in Tanzania with the government actively resolving several long-standing issues with other operators in the country.

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.

Coal-bed methane project developer Curzon Energy PLC (LON:CZN) remains focused on finalising a transaction with Pared Energy to participate in the Texas Gas Project.

PowerHouse Energy Group PLC (LON:PHE) is heading in the right direction after recently joining the ranks of AIM’s revenue-earning firms.

Anglo African Oil & Gas PLC (LON:AAOG) told investors it is concentrating on signing a rig contract for sidetrack drilling at the Tilapia licence in the Republic of the Congo.

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.

United Oil & Gas PLC (LON:UOG) boss Brian Larkin highlighted a continuation of “pace and quality” in its activities as the AIM-quoted firm released financial results for the first six months of 2019.

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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.

Columbus Energy Resources PLC (LON:CERP) updated on its exploration programme on Trinidad’s South West Peninsula where it is preparing to drill the Saffron well.

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.

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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