It was a fairly busy week for the oilers, notably offshore.
Hurricane Energy Plc (LON:HUR) ended the week, launching a US$520mln fundraising, comprising a US$300mln share placing and US$220mln convertible bond.
The new capital will finance the UK offshore moves Hurricane closer to producing from the large, undeveloped Lancaster oil field, in the West of Shetland region.
"This fundraising facilitates the key to unlocking value on the company's wider portfolio: production and reservoir data that can only be acquired through long term production operation,” said Robert Trice, Hurricane's chief executive.
"Furthermore, the EPS is anticipated to generate returns at foreseeable oil prices."
The new funding process will cover capital expenditure for the proposed Early Production System project (due for final investment decision before the end of 2017) which is targeting start-up in the first half 2019 with initial output of around 17,000 barrels of oil per day.
Elsewhere, Providence Resources PLC (LON:PVR) confirmed that a 3D seismic exploration programme has been completed, offshore Ireland, over Frontier Exploration Licence 3/04 which includes the untested Dunquin South prospect.
The AIM-quoted, Irish oil and gas explorer owns a 26.84% stake in FEL 3/04 which is operated by Eni (owning 36.9%). Fellow partners also include Repsol (with 33.55%) and Sosina (with 2.68%).
It was part of a multi-client 3D seismic programme, contracted to offshore service provider CGC.
Providence is now preparing for high impact ‘double D’ well
And earlier this week, Providence told investors it was expecting the Stena IceMAX deep-water drillship to arrive in Ireland in early July.
With litigation affairs now behind it, Lansdowne Oil & Gas plc (LON:LOGP) said this week that the focus was now is to create value from its 20% interest in the Barryroe oilfield, off the coast of Ireland.
This is a significant resource, says the firm, with attractive costs of development and production.
"With the recovery of the oil price, farm-in activity within the industry has started to recover and the Barryroe Farm Out process is continuing," the company added.
"Having recently secured a facility of up to £350,000 with major shareholder Brandon Hill Capital, as announced on 29 June 2017, the company now has sufficient access to funding into 2018," it added.
Over to Cameroon, and Victoria Oil & Gas plc (LON:VOG) chief executive Ahmet Dik described as “very positive” the results from two new wells it is drilling at a site outside Cameroon’s second city, Douala.
La-107 and La-108, next to the existing operation on the Logbaba production site, found a combined 135 metres net gas pay, which exceeded expectations.
To put this latest data into context, the original producing well, La-105, found 54 metres of gas-bearing sands.
To the UK and the new planning application for the Wressle onshore oil field will be considered by North Lincolnshire County Council’s Planning Committee on Monday (July 3).
The current proposal has the backing of the local authority’s planning department.
Wressle, a significant onshore find, is operated by Egdon Resources Plc (LON:EDG), which owns 25% of the company.
The other major shareholders are Europa Oil & Gas (LON:EOG), which has 30%, Celtique Energie Petroleum, also with 30%, and Union Jack Oil & Gas, which holds 15% (LON:UJO).
In other news this week, Genel Energy PLC (LON:GENL) has announced the appointment of Esa Ikaheimonen as its new chief financial officer.
Ikaheimonen, who was most recently group chief financial officer at drill contractors Transocean and Seadrill, will join the company on July 3.
"I am delighted to welcome Esa to Genel,” said chief executive Murat Özgül. “His extensive industry, commercial, and financial experience will be invaluable to Genel and its growth ambitions, particularly the development of our significant gas assets in the Kurdistan Region of Iraq.
“I look forward to working closely with him to unlock value for all our stakeholders."
Concerns over the drive in India towards solar power are being overplayed in the share price of coal-fired power station operator OPG Power Ventures PLC (LON:OPG).
That’s the view of City broker Cantor Fitzgerald, which says concerns that India might follow the UK and Germany and push fossil fuel to the margins are overdone and the impact on OPG’s business will be minimal.
Recent solar deals in India have suggested a deteriorating price environment in the country, but Cantor says the average solar tariff level is rupees (R)4.18/kWh though three new projects at R3.3/kWh.
The broker has assumed prices of R4.4kWh for OPG, but it sells directly to industrial customers that pay a premium and that makes it very competitive compared to solar power even at those lower prices suggests the broker.