Proactive weekly oil and gas news summary, including oil price, Mosman Oil & Gas, Genel Energy and 88 Energy

Crude price talk was again in focus, but there was a smattering of corporate news from the sector too. Yesterday, heavyweight Goldman said it believes Brent crude will average below US$50 a barrel in 2016 and said it could go as low as US$20 a barrel. Heavy OPEC output and Iran’s potential to start selling millions of barrels next year are two factors behind the call. In company news, producer Genel Energy (LON:GENL) has received a second payment in as many days from Kurdistan for oil exported by pipeline to Turkey, it revealed last week. DNO, the operator of the Tawke field in Iraq, received a gross payment US$30mln, of which Genel's share was US$8mln. Taken with the Taq Taq export payment announced yesterday, Genel's total September 2015 export payment is US$24.5mln, it said. It was the first tranche of payments released from the semi-autonomous region of Iraq. 88 Energy (LON:88E) shares advanced on Thursday as investors look forward to the start of drilling next month at Project Icewine, on Alaska’s North Slope. The company this morning revealed that a rig team has now been signed and the programme is on track to kick-off in October. The upcoming Icewine #1 exploration well will be drilled by the ‘winterised’ Kuukpik Rig 5. The end of the week saw a futhering of the saga surrounding the future of New World Oil & Gas (LON:NEW) as rebel investors proposed a team to take the company in a different direction. The rebels, represented by lobby group NWOGaction, are backing the nomination of three directors to the board at the company's forthcoming annual meeting. They said one of the candidates, Adam Reynolds, had identified a project and team to take the company into medical technology. Reynolds and the other two candidates, Nick Mustoe and Mark Collingbourne, have been involved in medical companies Optibiotix Health (LON:OPTI) and Premaitha Health (LON:NIPT). In other news, Mosman Oil & Gas (LON:MSMN) shares surged around 40% yesterday morning (Friday) and the firm said it knew of no reason why apart from its recently announced acquisition. Earlier this month, the group said it had signed an agreement for the acquisition of a stake in producing assets, known as the South Taranaki Energy Project (STEP), in New Zealand for NZ$10mln which equates to about £4.2mln. An agreement was also reached that will see WRDLS Ltd, a private company, take at least 30% of the project. Mosman intends to finance its share of up to a 70% interest through a combination of existing cash, sale of a royalty on future production, debt, equity, and convertible securities. Elsewhere, Hurricane Energy (LON:HUR) told investors that the Lancaster discovery can now officially be described as an oil field. The company said that UK regulator The Oil and Gas Authority had agreed a request for a field determination – and it had subsequently been recognised as Oil Field Number 572. It represents the first step in progressing Lancaster and the submission of a field development plan for the oil field’s early production system.