Providence Resources PLC (LON:PVR) is coming back into focus for investors, according to Cantor Fitzgerald, with analyst Sam Wahab highlighting that it had transformed its balance sheet.
The company, which released interim results this morning, brought in £53mln (US$73.8mln) of new capital this summer and Wahab reckons it could be a precursor to long-awaited deal news for Providence.
Bringing in a larger industry partner for the massive Lancaster oil field is probably the least attractive financing option available to Hurricane Energy PLC (LON:HUR) following its new breakthrough well success.
That’s the view of Dr Dougie Youngson, oil companies analyst at broker finnCap, who reckons the US$400mln needed for the project is not an insurmountable amount of money for Hurricane’s management to secure without giving away project equity.
Rose Petroleum PLC (LON:ROSE) has “a three pronged attack”, according to chief executive Matt Idiens.
First, there’s the potential for cash generation in the short term from the company’s Mexican gold interests.
Then, there’s the more medium term potential of the Paradox oil project in Utah.
And finally, there’s the more speculative upside of a recent move into Cuban gypsum, in a deal that’s yet to be finalised but which could give the company a commanding position across an economy that’s just opening up to free-market capitalism.
Like a full tanker, Premier Oil PLC (LON:PMO) shares have been changing direction slowly but surely. Chart guru Zak Mir sees what he describes as a “fast money” indicator and he is targeting 100p in the next three-to-six months.
Premier Oil’s debt talks have been a focal point for the bears in recent months, while new oil discovery and more stable oil prices have helped the bull case.
Xcite Energy Plc’s (LON:XEL) debt-for-equity restructuring is at risk of failing as it is understood that large numbers of retail investors plan to reject the deal.
The North Sea oil field developer, which is almost entirely owned by retail shareholders, revealed yesterday its negotiations with bondholders would result in 98.5% of the company being handed over to the lenders.
Sound Energy PLC (LON:SOU) provided photographic evidence that work may be about to get underway on a potentially needle-moving well in Italy.
It showed that ground-works at Badile, within the Piedmont Lombard Basin, in the north of the country.
Hitting rewind just a few weeks puts into stark context the shock results from Independent Oil & Gas’s (LON:IOG) Skipper appraisal well.
Unfortunately for investors comments from chief executive Mark Routh in August - that “initial observations strongly suggest we have a better oil viscosity than the CPR estimates” – couldn’t be more different from this morning’s.
IGas Energy Plc (LON:IGAS) told investors it believes a “consensual resolution” to debt negotiations is likely following constructive discussions with its new largest secured bondholder.
It explained that its point of view is based on the understanding that the bondholders would face a potentially significant loss of value if such an agreement can’t be reached.
Highlands Natural Resources Plc (LON:HNR) has extended its technology licensing arrangement with Schlumberger.
The oil field services giant will now continue to trial and evaluate the DT Ultravert system until September 16 2017.
Independent Oil and Gas Plc (LON:IOG) is being forced to rethink its plans for the Skipper field as initial results from a pivotal appraisal well are incompatible with the group’s pre-drill view of the project.
New well results reveal the oil at Skipper to be heavy, 11° API, and significantly more viscous than previously expected.
Shares in oil majors rose on Thursday as global investors cheered a surprise production cut by Opec, but analysts warned it may never happen.
BP plc (LON:BP.) lifted 4.2% to 450.6p and Royal Dutch Shell Plc (LON:RDSA) gained 5.6% to 1906.5p as the Middle East oil cartel agreed a preliminary deal to cut output for the first time in eight years.
Planning is due to start this year for Jersey Oil & Gas PLC’s (LON:JOG) first North Sea exploration well in partnership with Statoil, so that drilling can potentially take place in 2017.
Jersey Oil & Gas agreed the deal to bring in the Norwegian oil major into the North Sea exploration venture in August and the AIM-quoted junior says work is currently focussed on obtaining the customary regulatory approvals to complete the farm-out.
It is a time of “renewed optimism” for Providence Resources PLC (LON:PVR), says chief executive Tony O’Reilly, who in this morning’s interim results highlighted the company’s solid balance sheet and significantly enhanced financial strength.
O’Reilly also put the spotlight on the Druid exploration project, where he says drilling is planned in the near term.
The undeveloped Barryroe field, meanwhile, remains ‘key’ to the Providence portfolio, according to O’Reilly.
Falcon Oil & Gas Ltd (LON:FOG, CVE:FO) has told investors that early gas flow rates from the horizontal Amungee NW-1H well, in Australia’s Beetaloo basin, are encouraging.
The flow regularly exceeded rates of one million cubic feet per day, and were consistently between 0.4 and 0.6 million cubic feet per day.
IGas Energy Plc (LON:IGAS) and French major Total have moved a step closer to realising plans to drill two shale gas well in Nottinghamshire.
The AIM quoted company has revealed that a planning officer has recommended that the Nottinghamshire County Council’s (NCC) planning and licensing committee grant planning consent for the well programme.
Xcite Energy Limited (LON:XEL) shareholders have learned they’ll be left with only 1.5% of the company once a debt for equity restructuring is pushed through.
The heavily indebted North Sea oil field developer told investors it is now concluding its negotiations with its lenders ahead of Friday’s deadline.
The self-proclaimed ‘King of Charts’ Zak Mir says the Pantheon Resources Plc (LON:PANR) share price must climb over the coming days if it wants to avoid a ‘death-cross’.
A death-cross – so called because of the shape it makes on a chart – is where the short-term moving average (MA) crosses below the long-term MA.
Worth next to nothing in the US, there seems to be ready demand for fracked gas here in the UK.
Predictably protestors were out in force to greet the first shipment to billionaire Jim Radcliffe’s Ineos refinery, at Grangemouth, on the banks of the River Forth, in Scotland.
The delivery of 27,500 cubic metres of gas from the giant ocean-going tanker is the first of many.
Europa Oil & Gas Plc (LON:EOG) chief executive Hugh Mackay has told Proactive Investors he is very excited about the Holmwood prospect, a Horse Hill lookalike in Southern England’s Weald basin.
Mackay’s comments come as the group has unlocked £600,000 from a divestment of a small stake in the Wressle field, another new onshore UK discovery. The cash is already earmarked for Holmwood, where drilling is planned for 2017.
Europa Oil & Gas Holdings Plc (LON:EOG) has agreed to sell a 3.34% interest in the Wressle field to Union Jack Oil PLC (LON:UJO) in a deal valuing the former’s original stake in the project at £6mln.
Union Jack Oil is paying £600,000 in cash for the 3.34% stake and as a result its total interest in Wressle, in North Lincolnshire, rises to 11.67% from 8.8%.
As Providence Resources PLC (LON:PVR) and Lansdowne Oil & Gas Plc (LON:LOGP) continue to seek a development partner for Barryroe, one City broker believes the farm-out process is set to accelerate.
Lansdowne, a 25% stake holder in the large as-yet undeveloped oil field, highlighted in its financial results statement that important hurdles have been cleared in recent months.
Oil & gas and mining stocks have spurted since ‘Brexit’, but housing stocks have crumbled, according to a report by broker Peel Hunt.
Chariot Oil & Gas Limited (LON:CHAR), President Energy PLC (LON:PPC) and Shanta Gold Limited (LON:SHG) were the three top shares respectively in the broker’s 40 best-performing stocks since the June vote.
Active Energy Group PLC (LON:AEG) is predicting a strong second-half with work underway to increase output at its wood processing operation near Odessa, in Ukraine, by a third to 4,000 tonnes per day.
It should reach that landmark in the fourth-quarter, the company said in its interim results statement.
The Wressle oil field in Lincolnshire has been confirmed as commercially viable by a new third party assessment.
Wressle is being fast-tracked to production following a successful exploration well which delivered excellent flow testing results last summer.
Gas utility Victoria Oil & Gas plc (LON:VOG) has swung strongly into the black as production from its Logbaba field in Cameroon almost doubled.
Daily gas production rose to an average 13.1 million cubic feet (mmscf) per day in the half year to June from 6.8mmscf a year ago.