Canadian Overseas Petroleum shares rebounded 52% on Thursday morning, after falling even more on Wednesday following a warning it was struggling to meet upcoming senior credit facility covenants.
In a statement last night, the US-focused oil producer said it did “not currently have sufficient working capital for its present requirements,” and needed to raise extra funds by the end of March to continue trading.
88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF) told investors it wants to raise up to A$15mln (£8.1mln) as it prepares to start drilling an exploration well within its Project Phoenix area.
Trading in its shares has been halted as a placing is launched to drum up A$12mln before expenses by Cenkos and EurozHartleys in the UK and Australia respectively, with the full potential amount dependent on over-subscriptions.
Canadian Overseas Petroleum Ltd (COPL) has warned it needs to raise new funds by the end of March after disruption to its Wyoming and Barron Flats Shannon unit (BFSU) operations hit production at the start of 2023.
BFSU production only re-started on 30 January 2023 and COPL said a result of the interruption its US affiliate might not meet the upcoming covenants on to its senior credit facility unless new financing is secured.
Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) has provided an update on its operations and said it has set its 2023 capital budget at a total of US$32 million.
The company said the contracted 1,500 HP drilling rig has arrived at the multiwell pad at Rio Cravo Este (RCE).
Irish energy firm Barryroe Offshore Energy PLC (AIM:BEY) said it has appointed interim chief executive Alan Curran to the role permanently.
In addition, Colin Christie has been selected as the company's new chief financial officer after joining the business in November as a finance advisor.
Diversified Energy had a strong year in 2022 says broker SP Angel, with the estimated 8-9% annual decline rate arrested and progress on scale and operational synergies to protect and bolster the high cash operating margins.
The gas producer highlighted to investors in the second half of 2022 the potential for US$5bn of dividends from its portfolio.
Diversified Energy said gas production rose by 14% in 2022, with output at the end of the year running at 846mln cubic feet or the equivalent of 141,000 oil barrels daily.
Costs averaged US$1.73/Mcf (thousand cubic feet), US-based Diversified added, with 85% of production for 2023 hedged at US$3.63Mcf.
Adani Group has responded to activist investor Hindenburg Research’s explosive investigation into Gautam Adani’s Indian business empire which detailed a litany of accounting fraud, stock manipulation and money laundering allegations over a 33,000-page hit piece.
Hindenburg Research, a well-known New York short seller, carved US$50bn out of Adani Group’s market value when it laid the go-short case for Adani last week.
BP PLC (LSE:BP.) has cut its long-term oil demand forecasts as countries seek greater energy security following Russia’s invasion of Ukraine last year.
The oil giant suggested the war had boosted the global shift to cleaner, domestic sources of energy, forecasting daily demand for oil to be 93mln barrels a day in 2035, down 5% on last year’s estimate of 98mln, and slightly below 2019 demand, which sat just shy of 100mln barrels.
Caspian Sunrise PLC (AIM:CASP) shares started Monday strongly after the firm told investors that oil is flowing in its side-track to Deep Well 802, in western Kazakhstan, at a rate of between 700 and 900 barrels of oil per day (bopd).
The company, in a statement, noted that the side-track still had 100 metres left to drill nevertheless after encountering a strong flow of gas the well began producing oil, with the rates to date coming in ‘open hole’ conditions.
RA International Group PLC (AIM:RAI) saw its shares start some 23% higher in Monday’s early deals after it announced new contract awards worth around £10mln.
The remote site services contractor, in a statement, said it has been hired by the Foreign, Commonwealth and Development Office for construction and refurbishment services at the British High Commission in Botswana. It is a £3.3mln contract which is expected to be completed during 2023.
Mosman Oil and Gas Ltd (AIM:MSMN) has reported some 6,212 barrels oil equivalent (boe) of net production for the three months ended 31 December 2022.
The company, in a short statement, noted that higher production rates at the Greater Stanley operations were offset by reduction at the Winters and Arkoma projects.
Kinetiko Energy Ltd (ASX:KKO) is trading higher after delivering a record-breaking peak of 13 cubic metres per tonne from gas desorption testing at Majuba core well 271-23C near the Majuba Power Station in South Africa.
Meanwhile, core well 270-03C has been spudded and is the second to be drilled in the southern exploration right 270 as part of a three-well initial program in this block.