A look back at the main events in the oil and gas sector we reported on this week.
By Giulia Bottaro
BP PLC (LON:BP.) announced that chief executive Bob Dudley will retire following the company’s 2019 full year results, stepping down on 4 February 2020 after nine years in the role and 40 years with the company.
Nu-Oil and Gas PLC (LON:NU) revealed a restructuring amid a debt purchase by C4 Energy Ltd and a share placing.
In the company’s interim results statement, for the six months ended 30 June, the company highlighted the changes to its management team over the summer and its revised focus on oil and natural gas opportunities in ‘the US Rocky Mountain region’.
The Irish junior oiler revealed that it would not grant an extension for the US$9mln payment – after previously rolling over several extensions in recent months – and will now kick off a ‘licence reversion’ process to take back a 40% stake in the Barryroe project from China’s APEC.
i3 Energy Plc (LON:i3E) first half results highlighted “an incredibly active period”, according to chief executive, Majid Shafiq.
Mosman Oil and Gas Limited (LON:MSMN) told investors that the Stanley-3 well continues to produce.
The company, in a statement, said that the well was brought online for production on 10 September and yielded some 2,428 barrels in September which equates to 115.6 barrels of oil per day.
Tower Resources PLC (LON:TRP) continues to work on an extension to a bridge loan facility, with agreements made with the majority of the facility’s lenders but two of the lenders still in discussions.
G3 Exploration PLC (LON:G3E) is examining a US$250mln reserve-based loan (RBL) as an option to refinance its balance sheet.
One of TomCo Energy plc’s (LON:TOM) technology partners is confident that an optimal design for the company’s innovative oil recovery method is now nearer, amid new modelling following a recent field test.
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