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Energy round-up: Wind turbine group Windar Photonics notches up good run of contract wins

Last updated: 08:15 31 Dec 2016 GMT, First published: 08:15 02 Jan 2017 GMT

Wind turbine

There was little of real excitement in the energy sector in the fore-shortened trading week after Christmas, with very few items of corporate news released before the New Year holidays.

Wind turbine specialist Windar Photonics PLC (LON:WPHO) was an exception though, coming up with new contract wins in every one of the three trading session.

After unveiling deals in India on both Wednesday and Thursday, Windar came up with seven more on Friday, including its first test project in Korea.

READ: Windar unveils seven more contract deals ...

The orders, for seven of its WindEYE™ LiDAR units, also included a repeat order from a Canadian IPP customer, which together with the Korean deal are both for immediate delivery.

On Thursday, the company announced it had won a public tender from the Indian National Institute of Wind Energy (NIWE), and the multi-beam LiDAR system, also for immediate delivery.

And on Wednesday, Windar revealed it had won another order from an Indian power generating firm for five of its wind sensor units, with an option for a further thirty-five.

Current bid target San Leon Energy PLC (LON:SLE) was also on the very short news roster on Friday, revealing that it has been encouraged by progress on the OML 18 onshore project in Nigeria, in which it has a stake.

The group – which last week confirmed that a Chinese investor was behind a possible £485mln bid approach – said the electric line operations at OML 18 have now acquired water saturation logs within a group of wells, and perforation of new producing intervals has commenced based upon that data.

Numerous wells have been identified that require re-entry in new zones using a service rig and San Leon expects to provide work-over rig, drilling rig and production facility construction services to the operator, Eroton Exploration and Production, starting in 2017.

San Leon has an initial 9.72% stake in the project, and is also set to receive interest payments, taken from cash flows, from the debt it helped provide to enable the acquisition of OML 18.

IGas talks "well progressed" ...

Elswhere, IGas Energy Plc (LON:IGAS) was a focus after it said it's "well progressed" with talks with a potential strategic investor, which could lead to a solution to its covenant breach issues.

A previously disclosed, the UK shale firm has recently met with certain bondholders and potential  investors to discuss a potential restructuring of the group and its finances.

However, it added the caveat that there could be no certainty that an agreement will be reached or that a transaction will be forthcoming.

Meanwhile,Trinity Exploration & Production PLC (LON:TRIN) got a lift as its shareholders approved their part in a US$15mln refinancing of the Trinidad oil company.

The move comes after creditors approved the financial overhaul earlier in the month.

Egypt-focused Circle Oil Plc (LON:COP) got a boost too from news it has had its debt repayment waiver reinstated and payments under its loan facility have now been deferred to January 26, 2017.

International Finance Corporation, a member of the World Bank Group and other syndicate members have agreed to re-instate the waiver until that date next year.

And Active Energy PLC (LON:AEG) announced it is drawing up plans for four more CoalSwitch plants after the building process got underway on its first in North America.

Nostra Terra reserves ...

On the drilling front, Nostra Terra Oil and Gas Company plc (LON:NTOG) which told investors that the recently acquired Pine Mills project, in Texas, has been judged to have 428,000 barrels of proved development reserves.

The complete reserves inventory – including proven undeveloped as well as probable and possible reserves – is still to be calculated, the company added.

Nonetheless, it says that the proved developed reserves have a value of US$2.65mln, which compares to an acquisition price of just over US$1mln (for Nostra’s 80% stake in Pine Mills).

Nostra plans to reactivate a schedule of existing wells through 2017, and if oil prices can ‘remain robust and build on recent gains’ the company intends to carry out a more extensive programme of new drilling activity.

Among the big boys, BP Plc (LON:BP) was active again following its deals in west Africa and Abu Dhabi last week, reportedly acquiring more than 500 petrol stations in Australia in a deal that will confirm it as one of the county’s biggest fuel sellers.

The FTSE 100 constituent was said to have agreed the US$1.3bn deal with Aussie retailer Woolworths, but confirmation was still awaited.

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