Oil giant BP PLC (LON:BP.) has revealed it expects final liabilities for the Deepwater Horizon rig blowout to be US$61bn, potentially drawing a line under the disaster six years ago.
BP said it could now reliably estimate all its remaining significant liabilities for the Macondo incident in the Gulf of Mexico in 2010, which led to the deaths of 11 workers, widespread pollution in the region and ensuing legal claims.
North Sea oil firm Faroe Petroleum Plc (LON:FPM) confirmed it has raised £62mln of new capital via an oversubscribed share placing to institutional investors.
Faroe is issuing 88.5mln new shares at a price of 70p each. The new shares represent some 24.8% of the group’s enlarged share capital, and the cash is earmarked to support the acquisition of new assets in the Norwegian North Sea.
Madalena Energy Inc (CVE:MNV) has confirmed the initial closing of a C$1.8mln funding, primarily to insiders, and the board has authorised the issue of C$10mln of convertible debentures.
It follows an announcement, on Tuesday, of a reorganisation of the group’s interests in the Coiron Amargo block in Argentina. The new arrangements secure the company’s ownership and control of a key asset, giving it 90% of one area, and at the same time it reduces its exposure to near-term work commitments.
Gulf Keystone Petroleum (LON:GKP) has revealed its long awaited debt restructuring deal, which will see half a billion dollars of debt converted into equity.
In London GKP shares slumped more than 45% in early deals, falling to as low as 2.36p, to value the existing equity at less than £25mln.
Independent Oil and Gas Plc (LON:IOG) has set a date for the start of drilling on the Skipper appraisal well in the North Sea.
Skipper is due to be spudded on July 22 (next Friday) and the drill programme is expected to take 22 days, meaning initial results will be anticipated by mid-August.
Providence Resources PLC (LON:PVR) has upgraded its estimates of the Newgrange exploration prospect, offshore Ireland, and told investors it could cost just US$22.5mln to add an extra well to an upcoming programme.
With the company raising over US$75mln there are plans in place for a well to test the very large Druid prospect (estimated at around 3bn barrels), but, Newgrange now presents a further high impact opportunity.
Lansdowne Oil & Gas Plc’s (LON:LOGP) stake in the undeveloped Barryroe oil field, in Ireland’s Celtic Sea, is worth considerably more than the market value of the group’s AIM quoted shares, according to broker Brandon Hill Capital.
The 20% stake in Barryroe is the company’s main asset.
Sound Energy PLC (LON:SOU) shares advanced more than 11% on Monday after results from a new well at the Tendrara project, onshore Morocco, were revealed to be above company expectations.
A significant stable flow of gas has been achieved from just 18% of the reservoir interval, and no stimulation has thus far been performed by Sound Energy.
There is more upside to come from OPG Power Ventures PLC (LON:OPG) after the India-focused energy group invested £45mln in solar projects, a broker reckons.
OPG said last week that it was investing the cash in four solar power schemes at various sites in the highly industrialised area of Karnataka.
Tomco Energy plc (LON:TOM) revealed a financing facility struck with Windsor Capital Partners in 2013 has been terminated by mutual consent.
Under the liquid facility Tomco issued Windsor with 100 million shares to Windsor, increasing the shares in issue by 6%, in exchange for a promissory note.
As it continues to seek other opportunities Mosman Oil & Gas Ltd (LON:MSMN) on Friday highlighted that initial exploration efforts will shortly begin for its new diamond venture.
Mosman, in May, agreed an investment in GEM International Resource which sees it taking a 20% stake in the company, and following meetings in GEM’s Hong Kong offices it is now looking forward to field work.
Northcote Energy Ltd (LON:NCT) has told investors that the latest developments at Shoats Creek are poised to deliver revenue growth and positive operational cash flow.
The 20% owned (15.08% net revenue interest) Lutcher Moore 20 well is now sustainably yielding 20 barrels of oil per day to Northcote, the company said. That equates to US$27,000 of gross revenue each month.
Providence Resources PLC (LON:PVR) confirmed it is raising US$70mln after it closed an open offer and secured shareholder approval for a much larger share placing.
The placing of 399.6mln shares, priced at 12p each, was approved at an extraordinary general meeting (EGM) Thursday.
Experienced resources and corporate finance executive Roger Kennedy has become a director at Victoria Oil & Gas plc (LON:VOG) with immediate effect.
Executive chairman Kevin Foo said the 53-year-old was an "outstanding individual with huge experience and passion for resources development across many sectors".
Andrew Simon is stepping down as chairman of Gulf Keystone Petroleum Limited (LON:GKP) with immediate effect, following the Kurdistan oil firm’s US$500mln debt conversion proposal.
Non-executive director Keith Lough will now take up role of chairman.
Trinity Exploration & Production PLC (LON:TRIN) has told investors it has been encouraged by progress made in its formal sale process and restructuring.
It comes after news on Monday that the group’s shares had been suspended from trading on AIM pending clarification of the group’s financial position.
Nostra Terra Oil and Gas Company plc (LON:NTOG) has raised £250,000 of new equity to help support the company as it seeks new acquisition opportunities.
The cash injection also helps put Nostra Terra in a stronger position of negotiation, it added.
Trinidad oil firm Trinity Exploration & Production PLC (LON:TRIN) has had its shares suspended pending clarification of the group’s financial position.
Trinity has had leeway over a US$13mln debt from its lender Citibank, which has been extending a moratorium on the debt repayment, however, the parties are now unable to agree terms for a further extension.
Premier Oil PLC (LON:PMO) advanced more than 5% in early deals after it told investors production for 2016 would be at the top of expectations at least.
The oil exploration and production group described production of 61,000 barrels of per day as ‘strong’ and said output for the full year is expected to be between 65,000 and 70,000 barrels oil equivalent per day.
Europa Oil & Gas (Holdings) Plc (LON:EOG) chief executive Hugh Mackay has highlighted that securing an exploration partner offshore Ireland is a short-term priority.
The company, which has already developed high impact drill targets, now has a significant portfolio of exploration acreage in Ireland’s increasingly high profile Atlantic Margin and it highlights that the Irish government has now provided new detail regarding recent licence awards.
Eland Oil & Gas PLC (LON:ELA) chief executive George Maxwell has highlighted that the company has made considerable progress so far in 2016.
In an operations update, for the six months to June 30, the Nigeria focussed oil firm noted progress with efforts to add extra export routes, as well as field programmes to improve existing facilities and successful testing of wells.