Kistos PLC (AIM:KIST) saw its shares move on the front foot after the energy company revealed it had won an appeal in the Netherlands, reversing a prior decision by the Dutch government not to extend the span of the M10/M11 licence.
The AIM-quoted firm owns a 60% stake in the licence, located on the Netherlands North Sea Shelf, which will now run for a further five years.
Panoro Energy ASA (OTC:PESAF, OSL:PEN) said the DHIBM-5H production well at the first phase of the Hibiscus Ruche development offshore Gabon has successfully been drilled, completed and handed over to production operations.
Drilling at 116m of water, the well encountered good quality oil-saturated reservoir sands in the regionally prolific Gamba formation, the company said, and has been put onstream at a rate of approximately 6,000 barrels of oil per day (bopd), in line with expectations.
Lansdowne Oil & Gas (AIM:LOGP) shares were down 29% in Thursday morning’s deals as the micro-cap Irish oil firm announced up to £200,000 of equity funding.
It intends to sell two tranches of new shares with an initial £60,000 raise, 60mln shares at 0.1p, alongside a conditional £140,000 to be raised at the same price, subject to shareholder approval at an EGM slated for 9 August.
Shell PLC (LSE:SHEL, NYSE:SHEL) has the strongest balance sheet of all the European integrated oil majors and warrants a ‘buy’ recommendation, that’s according to analysts at Berenberg, with a price target of £28.50 which sees 100p of upside from the current market price of around £27.50.
“Shell released its second quarter update note on 4 July, pointing to a weaker quarter (as expected), which might be partially offset by working capital inflows,” Berenberg analyst Henry Tarr said in a note.
BP PLC (LSE:BP.) should still be generating sufficient free cash flow to keep rewarding shareholdings, according to analysts at Berenberg, nonetheless, the European bank sees greater potential elsewhere amidst tighter markets.
“Heading into the second quarter results, we expect a significant slowdown in results sequentially, driven by lower commodity prices, higher maintenance and turnarounds and lower trading results,” Berenberg analyst Henry Tarr said in a note.
United Oil & Gas PLC (AIM:UOG) shares plunged more than 25% lower as the company’s trading update, ahead of its interim results, highlighted numerous challenges including a squeeze on working capital.
Whilst the company maintains a productive and cash-generative operation in Egypt, it today noted increasing difficulty and cost in the repatriation of funds from its Egyptian operations.
Diversified Energy Company PLC (LSE:DEC, OTCQX:DECPF) (DEC) has announced a further divestment of assets, with the sale of a package of 22,000 net acres of undeveloped ground in Oklahoma, in a transaction worth US$16 million.
The deal, with an unnamed counterparty, demonstrates the company’s ability to realise upside from within its portfolio by monetising undeveloped and non-core acreage, and is well-aligned with its strategic focus on its operated and more advanced projects, DEC highlighted.
Mosman Oil and Gas Ltd (AIM:MSMN) told investors it has inked a non-binding heads of agreement which sets out a potential offtake for helium from its exploration block in the Amadeus Basin in central Australia.
The early-stage agreement is with Beijing Sinoscience Fullcyro Technology and Beltway Group.