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Proactive oil highlights: Centrica, Falcon, Green Dragon, Greka, Magnolia, Sound Energy and more...

Published: 10:30 30 Jul 2016 BST

Men shaking hands in front of oil pumps

The Middle East-focused Norwegian oiler DNO is proposing to put long-suffering investors in Gulf Keystone Petroleum Ltd (LON:GKP) out of their misery with a US$300mln cash and shares bid for the UK group.

The putative transaction follows very quickly on the heels of a debt for equity swap that effectively rescued London-listed GKP, but diluted existing holders out of sight.

Northcote Energy Limited (LON:NCT OTCMKTS:NRHCF)) expects to increase production from its Shoats Creek operation in Louisiana by 450% through a new gas sales deal.

The agreement, with Enerfin Field Services, runs for three years and will see the Lutcher Moore#14 well tied into new gas lines.

Only a few weeks after listing on the main board of the London Stock Exchange Upland Resources Limited (LON:UPL) was awarded its first license.

This was the 14th UK Onshore Oil & Gas Licensing Round held at the back end of 2015, and Upland picked up a Petroleum Exploration and Development License in the East Midlands to be held in joint venture with three other parties. Formal award is expected very soon.

Alaska-focused oil shale group 88 Energy Ltd (LON:88E) said permitting is well on track to be completed before the spud of the Icewine#2H well earmarked for the first quarter of 2017.

The well will be the second on 88 Energy's acreage in Alaska, which now stands at 210,250 acres net to the firm, after the first well showed "excellent" core results, according to the group.

Centrica (LON:CNA) predicted a hit from low oil prices for its exploration division in the second half and said it would cut 3,000 jobs this year.

The British Gas owner said commodity prices remained at low levels despite recent increases.

Sound Energy PLC (LON:SOU) is expanding its collaboration with oil service giant Schlumbergerfrom Morocco to Italy with the latter helping fund a potentially game-changing gas well.

The US firm has agreed to provide €7.5mln of drilling services for the Badile prospect in the country’s Piedmont Lombard Basin.

BP Plc (LON:BP.) reported lower profits due to falling oil and gas prices and the weakest refining margins for six years, but kept its dividend unchanged.

The oil giant posted second-quarter profit of US$720mln on an underlying replacement cost basis, versus US$532mln for the previous quarter and US$1.3bn for the second quarter of 2015.

Savannah Petroleum PLC’s (LON:SAVP) rumoured partnership with India’s state backed oil firm ONGC would deliver “financial and political muscle” to the group’s venture in Niger’s Agadem basin, so says the company's broker Mirabaud.

Analyst Richard Savage in a note on Monday highlighted recent press reports from Niger - by the Tam Tam Info agency - which claimed ONGC had scheduled a visit to the capital Niamey this week to meet Oil Minister Foumakoye Gado.

Highlands Natural Resources Plc (LON:HNR) has struck a deal to add another new project to its portfolio, acquiring shale acreage in Colorado.

The proposed transaction sees the company secure 100% of a project starting, where it would initially drill as many as six horizontal wells targeting the Niobrara shale.

Falcon Oil & Gas Ltd (LON:FOG) told investors that drilling is now underway on the latest well in its Australian shale play, in the Beetaloo basin.

The Beetaloo W-1 was spudded on July 22 in a location 85 kilometres south of the previously drilled Kalala S-1, where it will test an unexplored area of the southern Beetaloo basin for shale and hybrid shale-sand plays in the Velkerri and Kyalla formations.

Magnolia Petroleum’s PLC’s (LON:MAGP) chief executive told shareholders he is confident the company can survive the current low price environment 'and thrive'.

Steven Snead also bemoaned the market’s current valuation of the US onshore oil and gas group.

Oilex Ltd (LON:OEX) reaffirmed its commitment to unlocking the multi TCF in-place tight gas potential at its onshore Cambay Block project in India.

In its quarterly results highlights for the June, the resources exploration group said it was close to executing a detailed strategy to take the Cambay project forward.

LGO Energy (LON:LGO) has completed a third workover this year at the Goudron Field in Trinidad. 

Well GY-673 is still cleaning up and is currently producing oil with an API gravity of 36 degree at rate of 30 barrels per day.

Royal Dutch Shell 's (LON:RDSB) second quarter earnings came in well below market forecasts as weaker oil prices and lower refining margins bit hard. 

Net earnings in the three months to June tumbled 72% from the same period a year to US$1.045bn compared to market expectations of around US$2.16bn.

Christian William Ahlefeldt-Laurvig, non-executive director of Europa Oil & Gas (Holdings) PLC (LON:EOG) has bumped up his shareholding in the company.

He purchased 9.5mln shares at 4p a pop, taking his holding up to 35mln shares, equivalent to around 14.3% of the company’s issued share capital.

Range Resources Ltd (LON:RRL) repeated its production target of 2,500 bopd from Trinidad by the end of 2017, although it reported reduced output in the three months to end June.

The period saw 40,527 barrels produced - 19% lower than the previous quarter, due to the previously announced scaling back of its workover programme due to costs.

Savannah Petroleum PLC (LON:SAVP) revealed that the collection of 3D seismic data is about to start on its R3 licence area in south east Niger.

One of its subsidiaries has signed off for the work under a previous framework contract for seismic services with surveying specialist BGP Niger SARL.

Victoria Oil & Gas plc (LON:VOG) has been repaid 40% of its exploration expenditure on the Logbaba gas field in Cameroon from revenues generated from gas sales.

Reimbursement of its spending was part a deal agreed with partner RSM two years ago and going forward revenues will now be split on a pro-rata 60/40 basis in Victoria's favour.

Greka Drilling Ltd (LON:GDL) expects to drill as many wells in India as China this year as activity slowed in the first half.

The unconventional oil and gas drilling specialist saw the number of metres drilled reduce by 52% as oil prices struggled, with 12,458m drilled compared to 26,367m a year ago.

Green Dragon Gas (LON:GDG) has reported a production boost on the wells its operates in China thanks to new compression equipment.

The China-based unconventional gas group said sales from its GSS field rose at their peak by 18% compared to the end of 2015 to 6mln cubic feet per day.

Frontera Resources Corporation (LON:FRR) claims it is not liable for a US$30mln debt left by one of its wholly-owned subsidiaries that recently went into administration.

Frontera Resources Holdings LLC filed for Chapter 7 liquidation last Thursday (21 July) with approximately US$30mln of 10% convertible notes due to be redeemed on 1 August.

SDX Energy Inc (LON:SDX, CVE:SDX) closed  the second tranche of its recent funding, issuing new shares priced at 18p each (current price: 20.25p).

The exploration and production company announced the funding deals, to raise a total of £7.6mln (US$11mln), back in May to coincide with its admission to London’s AIM market.

 

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