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Proactive weekly oil news – Sound Energy, Haydale Graphene, Victoria Oil & Gas…

Last updated: 16:15 18 Mar 2017 GMT, First published: 08:15 18 Mar 2017 GMT

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Sound Energy PLC (LON:SOU) has told investors it has observed gas shows in the target reservoir whilst drilling the TE-8 well.

Drilling continues, and the group said it cannot provide further information – logging data, for example – until those operations are complete.

In a statement, ahead of the company’s general meeting later today, it revealed: “The company is pleased to confirm the presence of a TAGI sand sequence, commencing at a measured depth of 2,643 metres, and the presence of gas shows in the TAGI sands.”

Elsewhere, Haydale Graphene Industries PLC’s (LON:HAYD) US subsidiary Advanced Composite Materials (ACM) has signed a four year deal to supply silicon carbide micro-fibre to a global industrial tool manufacturer. 

Worth a potential total of US$2.6mln over the initial four year term, Haydale expects annual revenue to average US$600,000.

The order followed a period stringent testing and will start delivery next quarter, it added.

In other news, Victoria Oil & Gas plc (LON:VOG) says it is still looking forward to developing the Bomono project with Bowleven Plc (LON:BLVN).

It was confirmed earlier today that most of Bowleven’s management team had been ousted by shareholder vote, with activist shareholder (with 22%) Crown Ocean Capital winning control of the Africa focussed energy group.

A deal between VOG and Bowleven - which sees the former taking 80% and developing the Bomono project in Cameroon - was struck just eight days before the boardroom cull and whilst Crown Ocean is on record with criticism of the Bomono arrangement, VOG is of the opinion that the deal will stick.

IGas Energy Plc (LON:IGAS) has revealed the extent of its proposed financial restructuring, with the debt-for-equity element expected to substantially reduce its debt.

The UK shale gas group told investors that it will reduce debt from US$122mln to a maximum of US$10mln by issuing new shares to its lenders.

At the same time, it is raising US$55mln of new equity in a share placing anchored by private equity group and cornerstone investor Kerogen Capital.

Existing shareholders will also be given the opportunity to buy new shares, via a US$5mln open offer.

And finally, London-listed, Trinidad-focused LGO Energy PLC (LON:LGO) has intercepted a 408 feet thick net reservoir at the Goudron Field.

It follows the drilling of the GY-682, its first development in the new campaign, which went down to a measured depth of 1,145 feet into the Mayaro Sandstone.

The best 273 feet of net pay will be put on production following the insertion of a pump into the hole. Initial and stabilised output has yet to be established.

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