Trinidad oil and gas firm LGO Energy PLC (LON:LGO) is set for a re-launch, with a new chief executive appointment and a name change.
Neil Ritson stepped down as chief executive and chairman and has been replaced by Leo Koot who joins as executive chairman effective immediately.
Koot’s appointment is described by LGO as a “significant moment”. He has extensive experience with senior positions in large oil and gas organisations – including president of Abu Dhabi National Energy Company (TAQA) and Managing Director of TAQA UK.
After stepping down at LGO, Ritson upgraded his chairmanship at Solo Oil PLC (LON:SOLO), where he will now be executive chairman, rather than non-executive.
Elsewhere, Hurricane Energy PLC (LON:HUR) boss Dr Robert Trice, in the UK offshore oiler’s financial results statement, told investors that the company continues to progress a range of financing discussions.
It separately noted the issue of equity warrants, potentially for 25mln new shares, to its ‘house’ broker Stifel - this could see a moderate injection of capital to the company in the near term and may also add some additional liquidity for the AIM market listed shares.
More significantly, however, the group is working to raise sufficient funds to take the large Lancaster oil field into production – via an early production system – which would deliver around 17,000 barrels of oil per day starting in 2019.
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.
Active told investors it believes both of these businesses represent the “two principal growth areas” going forward.
In other news, 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.
Edgeworth is estimated to have the potential for 251mln barrels, whereas Ervine could host some 302mln barrels.
And finally, Angus Energy Plc (LON:ANGS) shares jumped almost 25% on Thursday after it confirmed that it had submitted a required addendum to the field development plan for the Brockham oil field in the south of England.
The company noted that, in addition to the standard health and safety executive (HSE), the Oil & Gas Authority (OGA) approval would be the sole regulatory approval required to produce hydrocarbons from the Kimmeridge play at Brockham.