Diversified Energy Company PLC (LSE:DEC, OTCQX:DECPF) was today boosted as its finance facilities got a favourable nod after its syndicate of fourteen banks reviewed the North American oil and gas firm’s borrowing base.
The borrowing base was retained at US$375mln though its facility which is described as a ‘sustainability-linked loan’.
Union Jack Oil PLC (AIM:UJO) looks more attractive in the wake of its peer and partner Egdon Resources PLC (AIM:EDR) receiving a takeover offer at a big premium, that’s according to Shore Capital.
Egdon yesterday announced it has received a cash offer to buy the company which valued the business at £26.6mln and was pitched at a 96% premium to the previous days price.
Diversified Energy Company PLC (LSE:DEC, OTCQX:DECPF) has completed its regularly scheduled semi-annual borrowing base redetermination for Spring 2023.
The company received 100% approval from its 14-bank lending syndicate of the facility's US$375mln (£300.8mln) borrowing base, which is structured as a sustainability-linked loan and aligned with the company's commitment to continuous ESG improvement.
Chariot Ltd (AIM:CHAR, OTC:OIGLF) Anchois gas project looks set to transform Morocco’s energy security dynamic at a time of long-term instability in European gas markets, Liberum Capital analyst Sam Wahab said in a note.
Liberum in a note began its coverage with a ‘buy’ recommendation with Wahab pitching a price target of 45p, suggesting substantial upside to the current price of 16.12p.
Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) new and oversubscribed US$22mln equity funding represents a “show of force” and could lead to a rerating of the explorer’s shares, that’s according to stockbroker WH Ireland.
In a statement this morning Pantheon confirmed it had closed the books on a brief and successful bookbuild process which initially sought to raise US$10.5mln - it will now issue 104.17mln new shares priced at 17p each through the placing.
Another one bites the dust. Egdon Resources PLC (AIM:EDR) became the latest in a long line of companies waving goodbye to the UK public market after agreeing to be taken over.
The deal values the AIM-listed UK onshore oil producer and explorer at £26.6mln, or a 96% premium to its valuation at the close of play on Tuesday.
Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) has confirmed it now expects to raise £22mln of new capital in a quick oversubscribed share placing and a subsequent retail offer.
The Alaska oil explorer revealed it was seeking to raise funds after Tuesday’s market close, launching an accelerated bookbuild targeting a minimum of US$10.5mln, and this morning reported that the book closed successfully.
Quadrise PLC (AIM:QED) has shared positive progress on several of its key projects aimed at driving a cleaner planet.
The company's industrial demonstration test in Morocco is set to begin this month, with the latest client production schedule finalised.
Canadian Overseas Petroleum Limited (LSE:COPL, CSE:XOP) (COPL) has revealed that it ended the first quarter of 2023 with a strong cash position of $10.7mln, significantly higher than the $4.0mln reported at the end of 2022.
Reporting its results for the three months ended 31 March 2023, the international oil and gas exploration, production, and development firm with operations in Wyoming, said it experienced a decrease in crude oil sales and petroleum revenue during the period, with average crude oil sales before royalties declining to 974 barrels per day (bbls/d), compared to 1,177 bbls/d in the previous quarter.
Tower Resources PLC (AIM:TRP) has raised £2.3mln through a placing and share subscription to support the company’s finances as its flagship Cameroon asset advances towards pivotal milestones.
The company, in a statement, said that it has this week received a letter from the Prime Minister of Cameroon advising that he has instructed the Minister of Mines, Industry and Technological Development to accelerate the licence extension process – which will in turn enable partnering efforts to conclude and allow the project to proceed.
Zephyr Energy PLC (AIM:ZPHR, OTCQB:ZPHRF) detailed the financial performance of its portfolio of well assets in the Williston Basin in North Dakota, with US$6.3mln of net revenue generated in its first quarter of 2023.
It marks a decline from US$7.4mln in the fourth quarter as a result of lower commodity prices and standard production decline.
Apollo Global Management (NYSE:APO), the private equity firm, seemed poised for two huge takeovers last month when both THG PLC (LSE:THG) and energy industry engineer Wood Group (John) PLC (LSE:WG.) revealed merger talks had taken place.
However, over the last week the firm, which manages more than US$90bln in assets, has closed the book on buyouts at both companies.
Africa Oil Corp (TSX:AOI) has maintained its 2023 management guidance as it released its financial results for the three months ended March 31, 2023, in which it also highlighted exciting exploration opportunities in Equatorial Guinea and the Orange Basin.
In the results statement, Africa Oil's president and CEO, Keith Hill spotlighted the progress of the Venus appraisal program and the company's increased shareholding in Impact Oil and Gas Ltd.
Orcadian Energy PLC (AIM:ORCA) shares fell around 16% in Monday’s early deals after the UK government denied an application to extend a North Sea licence (Licence P2320) which expired on 14 May.
As a result of the decision, certain asset divestment agreements will no longer proceed.
IOG PLC (AIM:IOG) shares jumped 30% higher after it told investors that a previously announced "well control event" in the Blythe H2 well has now been isolated without the need to drill a sidetrack well.
The company, in a statement, added that first gas from the Blythe H2 well is still expected to commence by the end of the second quarter.
Union Jack Oil PLC (AIM:UJO) executive chair David Bramhill described himself as confident that upcoming newsflow from the firm's portfolio will continue to support shareholder value.
Bramhill, in today’s final results statement covering the year ended 31 December 2022, highlighted that Union Jack is “in sound financial health with a robust balance sheet, continues to be free of debt and has significant cash reserves with no requirement to raise capital for its planned operations for at least the next 12 months”.
Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) has confirmed that the Carrizales Norte 1 (CN-1) well has successfully encountered some 148 feet of net oil pay across three zones.
The exploration company, in a statement, told investors that drilling had reached target depth in CN-1 in the Llanos basin, Colombia. It was drilled to a depth of 9,190 feet.