Dragon Oil (LON:DGO) confirmed it has upgraded its production growth expectations for the current year after achieving rates in excess of 100,000 barrels of oil per day (bopd) in June.
The oil company, which is currently the subject of a £1.7bn takeover offer, said that having previously expected 10% production growth in 2015 it now expected to see a 15% increase in output for the year.
An ‘exit rate’ of 100,000 bopd was targeted for 2015, but company today confirmed that gross production reached 100,658 bopd on June 9. The average production rate for the month of June was 98,890 bopd, and the average figure for the first six months of the year was 92,060 bopd.
Premier Oil (LON:PMO) told investors first half production averaged just over 60,000 barrels of oil equivalent per day (boepd). Having factored in the impact of anticipated maintenance during the second six months of the year Premier Oil repeated its full year guidance for production of 55,000 boepd.
"We have delivered a strong production performance in the first half,” said chief executive Tony Durrant.
Ophir Energy (LON:OPHR) has told investors that production volumes for the full year are on track to meet expectations.
In a trading update, ahead of reporting interim results in August, the oil and gas company said output averaged 14,600 barrels oil equivalent per day in the first half of the year. The majority of Ophir’s production came from the Bualuang field, in the Gulf of Thailand, which was acquired via Salamander Energy which was completed in April.
West Africa focused Azonto Petroleum (LON:AZO; ASX:APY) unveiled plans to dispose of its 35% stake in Vioco Petroleum and drilling equipment to Vitol E&P and cancel the group's AIM listing.
Vioco is the operator of the CI-202 block offshore the Ivory Coast, which houses the Gazelle field, and has an 87% participating interest. The other 65% of Vioco is held by Vitol, which will gain full ownership if it goes ahead.
David Lenigas is stepping down from his position as chairman of UK Oil & Gas (LON:UKOG) and will also leave the company’s board. Current chief executive Stephen Sanderson will become executive chairman and retain his existing duties as well.
Lenigas, a vocal exponent of UKOG and the Horse Hill oil discovery, will be retained as a consultant to the company and will now focus on other business interests.
"It is my policy to step down from the boards of companies once I believe that they have reached a state of maturity where they require sector-experienced executive management to take over,” Lenigas said in a statement.
Which brings us rather succinctly to LGO Energy (LON:LGO) – formerly Leni Gas & Oil - where chief executive Neil Ritson this week said the ongoing seven-well drilling programme is “progressing extremely well”, as the company revealed yet more positive results.
LGO told investors that the GY-675 well, the fourth of seven, has now reached target depth and has encountered 260 feet of net hydrocarbon pay in the well’s primary target, the C-Sand.
Elsewhere there was something of a flutter, albeit small, of funding on AIM.
Oilex (LON:OEX) unveiled plans to raise US$23mln (A$30mln) through the sale of new shares, the majority of which will be bought by Australian group Zeta Resources. Proceeds of the share sale will be used to fund a 'transformational' work programme over the course of 2015 and 2016, Oilex told investors.
Canadian Overseas Petroleum (LON:COPL, CVE:XOP), focused on offshore sub-Sahara, told investors it brought in around C$7.2mln from a previously announced funding.
With a £3.4mln funding plan announced on Monday Europa Oil & Gas (LON:EOG) is setting itself up for success, says chief executive Hugh Mackay. New shares were be issued at 6p each, a 20% discount to Friday’s closing price.
Mackay in an interview with Proactive Investors acknowledged criticism of the funding terms from some investors.
“To be honest, I don’t like the price either,” he said. “But, at the end of the day, we do need to raise the money. The market was only prepared to support 6p, which I’m not happy about, but we have to proceed with it.”
Investors can avoid dilution by subscribing for new shares of their own in an open offer.
Elsewhere, North Sea junior Independent Oil & Gas (LON:IOG) on Wednesday revealed a number of key details about a proposed funding deal. Through a £7.1mln placing a new partner could buy up to 29.9% of IOG
Negotiations are ongoing for the major financing, which would enable several oil field developments, and the company is now arranging a shareholder meeting to expand management authorities so that a deal can proceed quickly once final agreements are made.
IOG said in a statement it would be “extremely advantageous” to have shareholder authorities in place so it can conclude negotiations and receive funds by July 31.
Nostra Terra (LON:NTOG) has agreed a deal which sees it take on the Paw Paw project in Wyoming’s Big Horn basin. The AIM quoted company can acquire 100% of the interest in 2,440 net acres by paying for and drilling the first well. A cost of such a well is estimated at US$1.2mln.
Drilling operations are expected to get underway in the fourth quarter.
Northcote Energy (LON:NCT) and its Mexican partner Gaia Ecologica have secured a property for its first scalable environmental waste remediation facility. The 22 acre site, in the State of Tabasco, will recycle oil cuttings and provide oil field services to both onshore and offshore operations.
It is close to areas of considerable industry activity, close to the port and major oil fields and is expected to see higher levels of future drilling activity following the re-opening of Mexico’s oil and gas sector to foreign investment.
Randall Connally, Northcote’s managing director, described it as a “first exciting step” in building a substantial, revenue generative business in Mexico.