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Proactive oil highlights: Andes Energia PLC Aminex plc Baron Oil Cadogan Petroleum Eland Oil & Gas PLC Gulf Keystone Petroleum Limited Nighthawk Energy Haydale Graphene Industries PLC Highlands Natural Resources Plc Hillcrest Petroleum Hornby Plc Hurrica

Published: 10:30 24 Sep 2016 BST

Barrels and crane

Sound Energy PLC (LON:SOU) has re-negotiated the headline acquisition terms for a 50% stake in the Sidi Moktar assets in Morocco, sealing a deal that could provide a £3mln boost to its coffers at last night’s share price.

To fulfil the agreement, inked in March, the company said it would hand over around 21.3mln shares to vendor PetroMaroc.

Haydale Graphene Industries (LON:HAYD) has made a strategic move into the US market through the acquisition of ACMC for up to US$7mln.

Based in South Carolina, ACMC specialises in the manufacture of high purity silicon carbide (SiC) whiskers, which are used to reinforce and toughen ceramics and polymers.

Aminex plc (LON:AEX) and Solo Oil PLC (LON:SOLO) checked off an important item off the checklist as they continue to count down to the new well for the Ntorya discovery.

A rig contract has now been signed. It is now anticipated that Carol-2 drilling rig, which is onsite at the Ntorya-1 well will now be moved the 1.6 kilometres southwest to the location of Ntorya-2 well.

Highlands Natural Resources Plc’s (LON:HRN) breakthrough drilling technology is conservatively worth triple the current market capitalisation of the whole firm, a senior director told Proactive Investors.

DT Ultravert is on test with the oil field services giant Schlumberger (NYSE:SLB) and potentially solves the problem of ‘bashing’.

Gulf Keystone Petroleum Limited’s (LON:GKP) lenders have overwhelmingly supported the troubled oil firm’s proposed restructuring.

As reported by Proactive Investors yesterday there has been a willingness among the debt holders to support Gulf Keystone’s management team.

Hurricane Energy Plc’s (LON:HUR) share price may be up nearly 300% in the year to date, but, broker Cantor Fitzgerald reckons today’s prices still represents a ‘compelling’ entry point for investors.

Analyst Sam Wahab says the most recent well result from the Lancaster field has reduced the risk to the investment case, and even after the recent rally the share still trades at a material discount to asset value.

At first investors were afraid. In fact they were petrified. But now it looks like Gulf Keystone Petroleum will survive but what about Xcite Energy?

Gulf Keystone Petroleum Limited’s (LON:GKP) act of escapology is more than just a glimmer of hope for London’s other indebted oil firms. It potentially offers a blueprint.

Aminex plc’s (LON:AEX) new phase of work in Tanzania aims to establish the kind of production that can sustain and ‘self-funding’ the group’s continuing expansion.

Such an aspiration is, as chief executive Jay Bhattacherjee describes, the “holy grail” for all exploration and production companies.

At first investors were afraid. In fact, they were petrified. But, now there’s growing optimism that Gulf Keystone Petroleum Limited (LON:GKP) can survive.

A pivotal bond and note holder vote takes place on Thursday, which, if passed, will clear a big hurdle in Gulf Keystone’s plan to alleviate $500mln of debt in exchange for new equity in the company.

Velocys Plc (LON:VLS) told investors that the construction phase of the ENVIA Energy GTL plant in Oklahoma City is now complete and early commissioning work is now underway.

The ENVIA plant is based around Velocys gas-to-liquid fuel technology, which enables the production of diesel, jet fuel, waxes and base oil from either natural or biomass gas.

Last month’s interims from Cadogan Petroleum PLC (LON:CAD) made for interesting reading. Despite a weaker oil price, the company was able to turn losses into profit, as a US$4.5 mln loss from the first half of 2015 turned into a US$2 mln profit for the six months to June 2016.

While it’s true that the post Brexit GBP devaluation had a major impact on the results for the first half of the year, it’s still probably no coincidence that chief executive Guido Michelotti took over at the helm in the summer of 2015 himself.

News that Schlumberger (NYSE:SLB) has begun trialling a new piece of kit has sent shares in London listed junior Highlands Natural Resources Plc (LON:HNR) soaring.

Schlumberger has begun testing a new down-hole technology, called DT Ultravert, which among a number of field services applications could be a solution to ‘bashing’ - a reservoir damaging problem seen in shale operations with high well density.

Hot on the heels of its Moroccan success Sound Energy PLC (LON:SOU) is now gearing up for another potentially high impact wells, with civil works now underway for the Badile exploration well site in Northern Italy.

Sound Energy expects a rig to be mobilised to the Badile location during the fourth quarter of this year, and drilling is scheduled to begin before the end of 2016.

Highlands Natural Resources Plc (LON:HNR) told investors that Schlumberger-led operations have now begun for a test of the group’s DT Ultravert well enhancement technology.

Robert Price, Highlands chief executive, said: “We are making good progress on the testing and commercialisation of DT Ultravert having commenced this Parent Well Protection Campaign.”

Sound Energy (LON:SOU) said its latest well on the Tendrara licence in Morocco is now just 10 metres from the target reservoir.

So far drilling has gone down to 2,623 metres, the third and final casing point where the crew has started to set and cement a seven-inch liner into the TAGI shale formation.

Argentina-focused Andes Energia PLC (LON:AEN) said the business environment in the South American country was improving under the new government, which bodes well for the future.

Posting half year results to June 30, the oiler said foreign investment was starting to come into the oil sector, auguring well for the development of its 250,000 net acres at the Vaca Muerta shale. Shares in the firm gained almost 4% to 15.31p in early deals.

Highlands Natural Resources Plc (LON:HNR) has started drilling the first well at its Helios Two natural gas and helium prospect in southeast Montana.

Operations started on September 18, the group said, after a rapid permitting and approval process.

Chief executive Robert B. Price described it as a "significant milestone for Highlands".

LGO Energy PLC (LON:LGO) has raised £795,000 of new capital to support the company as it continues to grow operations through well work-overs at the Goudron field, in Trinidad.

The company added that it is also preparing to start drilling new wells.

Chief executive Neil Ritson described the raise as a prudent move.

Obtala Ltd (LON:OBT) is now solely focused on agriculture in Tanzania and forestry in Mozambique - as it sold off the last of its non-core ventures - the retail arm - for a mere US$100.

Chairman Miles Pelham said he hoped buyer Rystabelz will build LCS into a prosperous retail network after the group disposed of its 72.69% owned chain of Lifes' Comfort Solutions (LCS) retail outlets, via subsidiary African Home Stores (AHS).

AIM-listed Baron Oil PLC (LON:BOIL) is spreading its wings.

It will collaborate with Singapore-based SundaGas to find opportunities in south-east Asia.

Sunda was founded by Dr Andy Butler, former business development director of Mitra Energy and a ten-year veteran of Hess Corp.

Solo Oil PLC (LON:SOLO) chairman Neil Ritson has told investors he is delighted that the Ntorya project in Tanzania is now gaining momentum, following a project update from partner Aminex plc (LON:AEX).

AIM quoted Solo Oil has a 25% stake in the project where Aminex, the operator of the project, has now checked off an important item off the checklist as they continue to count down to the new well for the Ntorya discovery.

Hillcrest Petroleum Ltd (CVE:HRH, OTCQB:HLRTF) is to issue 1.2mln shares to pay back a $300,000 loan from a lender, as part of the previously announced Louisiana oil development deal.

As reported in August, the firm completed the deal, which sees it have the right to earn a 75% working interest (WI) in the 6,200 acres.

Matthew Idiens, chief executive of Rose Petroleum PLC (LON:ROSE), told investors the company is looking to the future with “confidence and optimism”.

Interim results, for the six months ended June 30, cover a period characterised by Idiens as one of “sustained progress” in which Rose focussed on rationalising its asset base and cost reduction.

Union Jack Oil PLC (LON:UJO) has raised £700,000 of new capital which is earmarked for the continued expansion of the group’s onshore UK portfolio.

The company told investors it is targeting the acquisition of interests in near term development and production opportunities.

Nigeria based producer Eland Oil & Gas PLC (LON:ELA) is expecting its cash generation to reach an “all-time high” in the near future.

The company’s operations, like others in the African country, have been impacted due to offline infrastructure – specifically in Eland’s case the Forcados terminal which has been down since mid-February.

Shares in Nighthawk Energy Plc (LON:HAWK) shot up in Tuesday’s early deals after it announced the settlement of litigation in the United States.

It settles all litigation and claims arising out of agreements with Running Foxes Petroleum and related issues with its partner American Patriot Oil and Gas Inc, Nighthawk said in a statement. It sees the three parties released from all past, current, and future claims.

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