IGas (LON:IGAS) shares advanced around 7.5% on Thursday amid government plans which could fast-track planning decisions for shale gas and fracking projects.
New government measures will give local councils up to 16 weeks to either grant or deny fracking before Westminster steps in. The decision making would then be in the hands of the central government.
Rockhopper’s (LON:RKH) new acquisition and entry to Egypt looks a very good fit, according to analyst at Liberum.
Liberum analyst Andrew Whittock repeated a ‘buy’ recommendation and a 61p price target, and said: “Rockhopper will add to assets in its second core area at a low price, extend its exploration portfolio and generate sufficient cash flow to cover its G&A costs.” The deal adds production of 1,300 barrels oil equivalent per day, though Whittock highlights that the next big share price catalysts would still likely come from the Falklands where drilling is ongoing.
Lansdowne Oil & Gas (LON:LOGP) told investors that the Midleton exploration well, in the Celtic Sea, has found gas but not in large enough volumes be deemed a commercial discovery. The exploration well was operated and funded by partner Kinsale Energy, a unit of Malaysia’s national oil company, Petronas.
Tethys Petroleum (TSE:TPL, LON:TPL) shares advanced around 12% in London after it opened exclusive talks with Nostrum over a premium priced takeover.
The Kazakhstan oil and gas junior had previously snubbed an approach from Nostrum and instead favoured a proposed C$60mln recapitalisation which would have given Kazakh group AGR Energy a 36% stake.
Nostrum’s proposed offer price of 21.85 Canadian cents is, however, a 15% premium to the AGR share subscription.
KrisEnergy (SGX:SK3) chief executive Keith Cameron told investors ‘first oil’ production is expected from the Wassana field in the Gulf of Thailan imminently, as the company announced a first half profit of US$55.8mln.
Profits were boosted by a one-off sale of offshore equipment, meanwhile, the weaker crude oil price has taken a toll. Group oil production averaged 7,636 barrels oil equivalent per day in the first six months of the year, down about 4% compared to the same period of the prior year.
Oil sale prices were some 47% lower, at an average of US$57.46, compared to the first half of 2014 when the company received US$108.81.
Nigeria-focused oil group Mart Resources (CVE:MMT) increased production in its second quarter but not by enough to offset lower oil prices.
Mart's share of average daily oil produced and sold for the three months to June 30 from the Umusadege field was 5,785 barrels of oil per day (bopd) compared to 5,213bopd a year earlier but 8,785bopd in the previous three months.
Caza Oil & Gas (LON:CAZA, TSE:CAZA) chief executive Michael Ford declared himself “pleased overall” with the performance of the company’s producing properties.
He said, in today’s second quarter financial results statement, that drilling and service costs continue to “adjust downward” with falling commodity prices and that the company’s assets in the Bone Spring play can still deliver acceptable economic returns.
Independent Oil & Gas (LON:IOG) has extended the deadline for its proposed acquisition of the Skipper project as it seeks new funding arrangements. The company had previously aimed to close a major funding deal during August, however, that deal will no longer go ahead.
As the group actively pursues alternative funding the deadline for the Skipper deal has been set back to September 7.