There was the usual mix of project updates and results statements.
Anglo African Oil & Gas PLC (LON:AAOG) has highlighted new third party analysis of the Tilapia oil field’s Djeno horizon, with a report revealing “very encouraging” findings to the company.
Nutech, which is described as a ‘specialist analysis firm’, was engaged by the company and AAOG told investors that its report supports the view that the Djeno is a high quality reservoir.
AAOG meanwhile also updated on production from the Tilapia field’s TLP-103C well which has continued to flow oil to surface under its own pressure with minimal water content.
United Oil & Gas PLC (LON:UOG) shares rose on Wednesday following news the firm has landed four new licences in the central North Sea via the UK’s 31st offshore licensing round.
The company, in a statement, told investors that it has been awarded a total of 500 square kilometres across the four blocks. It is positioned in a “highly prospective” area close to the Marigold and Yeoman discoveries, and, the Piper, MacCulloch and Claymore oil fields.
The acreage comprises multiple plays and a number of low-risk prospects, including the Zeta target which has been estimated in excess of 90mln barrels and is in proximity to the Crown discovery.
Hurricane Energy PLC (LON:HUR) announced this week that the UK oiler has now achieved ‘first oil’ at the Lancaster oil field, as the start-up programme began with a phase of production testing. The opening of the Early Production System (EPS) began with a 72-hour test in which a production rate of 20,000 barrels of oil per day (bopd) was achieved.
In the actual start of the EPS the company intends to gradually ramp up facilities over a six month period. Initially, Hurricane anticipates facilities availability of 45% in the first three months before increasing to 65%. The production rate is expected to average between 9,000 to 13,000 bopd during this phase.
SDX Energy PLC (LON:SDX) has been tipped to rise more than 70% as it advances to deliver the South Disouq field in Egypt later this year. Analysts at Peel Hunt initiated its coverage of the North African oil and gas firm with a ‘buy’ recommendation and a 38p price target, versus the current price of 20.55p. It comes after weakness in the share price following the departure of former chief executive Paul Welch alongside the company’s first quarter results in May.
The shares have dropped back more than 25% in recent weeks and, according to Peel Hunt, the company could see fresh impetus via merger and acquisitions – either as an acquirer or potentially a target.
The company is continuing its efforts to land longer-term financing. The new deal will see H2P accelerate its final payment of US$150,000 to Cabot. The payment represents a transfer of outstanding work commitments owed to the company.
H2P also agreed to accept Cabot shares (918,630 shares priced at 10p each) in return for US$116,666 due under a previous agreement.
Earlier, Cabot described 2018 as a year of necessary transition – including and following the appointment of Scott Aitken as chief executive last June.
“Despite growing average annual production in Canada by 71% to 703 bopd, enabling a 154% increase in revenues, the board uncovered significant unbudgeted cost overruns,” Aitken said in a statement accompanying the firm’s full-year 2018 results.
He added: “Since joining as CEO in June 2018, I made it a priority to comprehensively upgrade the company’s financial planning, reporting and controls processes.
“The board is currently in advanced discussions to secure both short-term funding from its shareholder H2P and has also engaged a specialist financial advisory firm to source Canada asset-level debt financing to ensure that Cabot Energy is fully funded to commence its 2019 summer work programme and support the growth of the business.
Tower Resources PLC (LON:TRP) said 2019 will be a crucial year for the company in many ways. The company, in its financial results statement, highlighted that it is realising plans for the Thali license in Cameroon which could transform the group, meanwhile, it said that assets in Namibia and South Africa are attracting lots of industry attention.
Presently, the company continues to adjust its near term strategy to focus on lower risk exploration and development within proven basins (like the Thali project, for example).
Victoria Oil & Gas PLC (LON:VOG) signed a settlement agreement to resolve all outstanding obligations to Weatherfords for the La-107 and La-108 well programmes at the Logbaba field.
The company has agreed to pay Weatherfords Services and Rental Ltd US$1.4mln as full and final payment, to extinguish outstanding debt. “In accordance with the settlement, the parties have signed and filed with the relevant court consent orders for the statutory demand to be set aside, which is now only a matter of process at court,” the group said.
Providence Resources PLC (LON:PVR) updated investors on its farm-out transaction for the Barryroe field, as it has amended the deal terms to incorporate additional costs.
The company, in a statement, said that an additional US$24mln has been allocated in the agreement to fund Providence subsidiary EXOLA for the well-site survey operations, preparations for a drill programme and other project costs. The changes also reflect the ‘augmented scope of operator-related costs associated with the drilling programme’, Providence added.
Providence earlier in the week said that a proposed well site survey for the Dunquin South exploration prospect won’t go ahead in the 2019 work programme. The company and its partners in the Frontier Exploration Licence 3/04 made a decision to defer the survey.
It said, in a statement, that further updates on the revised scheduling will be provided as and when appropriate.
Author Jamie Ashcroft
Source Link 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.
All information is provided on an as-is basis. Where we allow Bloggers to publish articles on our platform please note these are not our opinions or views and we have no affiliation with the companies mentioned