Hurricane Energy Plc’s (LON:HUR) Lancaster field in the West of Shetland region, offshore Scotland, is now deemed to host more than half a billion barrels of oil.
A new competent persons report by RPS Energy has outlined a ‘best estimate’ for the field’s recoverable resources amounting to 523mln barrels, up 162% from the last CPR back in 2013.
Hurricane Energy Plc (LON:HUR) shares are “still incredibly cheap” according to oil and gas companies expert Malcolm Graham Wood, who says the company is sitting on a likely 2bn barrels of crude. This morning the company released the details of a new competent persons report by RPS Energy has outlined a ‘best estimate’ for the Lancaster field’s recoverable resources amounting to 523mln barrels, up 162% from the last CPR back in 2013.
Active Energy Group PLC (LON:AEG) is to sell off its WoodFibre operations in Ukraine as part of the new plan to refocus and reorganise its business which it unveiled today. The AIM-quoted firm said it is shaking up its structure in order to focus more on the global roll-out of its CoalSwitch fuel product as well as the development of a forestry management business.
Europa Oil & Gas (Holdings) Plc (LON:EOG) has detailed two additional new exploration prospects offshore Ireland that are estimated to have potential for 553mln barrels of oil. A new competent persons report (CPR), provided by ERC Equipoise, has confirmed two significant prospects – Ervine and Edgeworth – in the company’s wholly owned Licence Option (LO) 16/2 in the South Porcupine basin, in Ireland’s Atlantic Margin.
Eckoh PLC (LON:ECK) is on course to hit market forecasts this year thanks to a strong showing from its US operations. Revenue and margins at the secure payments specialist rose by over 20% for the fourth year in succession to March 2017 with the US seeing record sales and orders.
Faron Pharmaceuticals Ltd's (LON: FARN) has received another recommendation that its ongoing INTEREST trial for lead drug Traumakine can continue as planned with no changes. The independent data monitoring committee has now reviewed the trial data four times with the next scheduled review at 240 recruited patients and likely to be in the third quarter of 2017.
Sula Iron & Gold PLC (LON:SULA) has identified a potential new target at Ferensola in Sierra Leone through its latest drill programme. This "step out" drilled the underlying geological formation at the Kuwait artisanal mining area that lies to the west of the TZ2 (Eastern Target) anomaly.
Canadian Overseas Petroleum Limited (LON:COPL) in its first quarter statement told investors it has engaged two investment banks for a potential funding for the group’s plans in Nigeria. Paris based COFARCO SAS and London’s Zeus Capital have been tasked to raise funds for drilling on the OPL 226 asset, offshore Nigeria.
Anglo Asian Mining Plc (LON:AAZ) has completed the second phase of its drilling campaign at the Ugur gold deposit in Western Azerbaijan, where first production is planned for the fourth quarter of this year.
Anglo Asian’s 2017 production target remains in the range of 64,000 to 72,000 ounces of gold, but the source of this production will temporarily change as Ugur comes on stream: mining operations at the Gedabek open pit will simultaneously be scaled back till the end of the year to allow for a greater focus on existing stockpiles.
Wolf Minerals Limited (LON:WLFE) has appointed interim managing director Richard Lucas to its board with effect from today. Lucas was appointed on 7 April as part of the leadership transition and the need for a greater onsite executive team commitment to ensure the long term successful operation of the Drakelands mine.