LGO Energy (LON:LGO) told investors that first half revenues more than doubled to £6.6mln as production in Trinidad increased significantly. Oil sales during the six months, to June 30, amounted to 208,209 barrels net to LGO, which represents a 200% improvement from the comparative period of 2014.
The six month production performance include three of the latest wells from the 2015 programme at the Goudron field, and in the second half so far four more new wells have been brought online.
88 Energy (LON:88E) said it is confident of securing the final two permits for its first Alaskan onshore well after passing a significant milestone.
The authorities of America’s most northerly state signed off the lease plan of operations for the drilling of Icewine-1 – meaning it has now entered the exploration phase. 88 Energy now only needs to get formal approval for its oil discharge prevention and contingency plan and a permit to drill, with application for the latter expected to be submitted later today.
Mosman Oil & Gas (LON:MSMN) shares gained more than a fifth on Tuesday as it moved STEP closer to acquisition with a royalty agreement worth NZ$4mln.
The company recently agreed to acquire STEP - the South Taranaki Energy Project - for NZ$10mln (£4.2mln). Today, it has agreed to sell 2% of future production revenue from STEP to Ridge Royalty Corp in return for an upfront fee of NZ$4mln (£1.68mln).
President Energy (LON:PPE) has been given permission to pursue unconventional hydrocarbons within its existing Puesto Guardian project area in Argentina. The company this morning revealed it had been given a new concession covering both conventional and unconventional hydrocarbons for exploration and production over a 35 year term.
Victoria Oil & Gas (LON:VOG) has won the title of small cap ‘Energy Company of the Year’ after its work in Cameroon was recognised by business magazine Petroleum Economist. AIM-listed VOG has been one of a handful of firms to successfully monetise gas in sub-Sahara Africa by developing the Logbaba gas field in Douala, Cameroon.
Government backing and the support from partner RSM of Denver has helped with progress and through its subsidiary - Gaz du Cameroon - Victoria is now delivering gas to customers in the private sector and to grid power suppliers.
Gulf Keystone Petroleum (LON:GKP) told investors it has US$73mln of cash, following the start of regular oil payments from the Kurdistan Regional Government (KRG) earlier this month.
It comes as GKP revealed operations at the Shaikan oil field had reached a major milestone, surpassing 15mln barrels of commercial production. Currently, GKP said that daily production from Shaikan was averaging 40,000 barrels.
Nostrum Oil & Gas (LON:NOG) has publicly urged the board of Tethys Petroleum (TSE:TPL LON:TPL) to accept its takeover offer after talks stalled. The proposal is worth C$0.147 per Tethys share, plus a further US$15mln in additional interim loan funding.
Nostrum said while discussions have been constructive, the expectations of Tethys’ board, in particular over the terms of the interim funding, are unrealistic given its current financial circumstances.
As a result, Nostrum and Tethys have been unable to reach agreement on the terms of the proposed transaction.
New World Oil & Gas (LON:NEW) has relinquished its assets in Denmark amid low crude prices and uncertainty over the AIM quoted firm’s future direction. It has given up stakes in both the Danica Jutland and Danica Resources projects after failing to secure farm-in partnerships.
This comes after rebel shareholders, owning 11% and represented by the lobby group NWOGaction, on Friday proposed “a radical departure” from the current business into medical technology.