Premier Oil PLC (LON:PMO), on Thursday, upgraded full year production after setting a new company record in the first half of 2017.
The oiler confirmed average output volumes of 82,100 barrels oil equivalent per day for the six months ended June 30, up 34.5% on the same period of last year. It now lifts the top end of its guidance for the full year to 75,000 to 80,000 boepd, up from 75,000 boepd.
"Premier continues to deliver excellent operational performance, which will drive free cash flow and the reduction of net debt,” said Tony Durrant, Premier Oil chief executive in a statement.
He added: “Following the successful completion of our refinancing, we are ahead of plans to restore financial strength while progressing a number of exciting projects for future growth."
SDX results boosted by Circle Oil assets
SDX Energy PLC (LON:SDX) revealed, on Friday, a first half boosted by the acquisition of the Circle Oil assets with net revenues transformed.
The company, in results for the six months ended June 30, reported revenue of US$18mln compared with US$4.6mln in the same period of 2016. Netback on oil production amounted to US$13mln, versus US$2.3mln, and SDX’s net cash generation amounted to US$11.1mln compared to US$0.8mln last year.
"We continued to make strong operational progress across our North African portfolio in the second quarter and we are also pleased to see the positive impact that the Circle acquisition is having on our business with improving Netbacks and a strong cash and working capital position as at the end of H1 2017,” said Paul Welch, SDX Energy chief executive.
SDX ended the first half with US$27.6mln of cash and equivalents.
Eco Atlantic making progress offshore Guyana and looking at new opportunities
Also on Friday, explorer Eco Atlantic Oil & Gas Ltd (LON:ECO, CVE:EOG) told investors that the explorer has started to look for new opportunities.
Holzman, in the explorer’s first quarter results, highlighted the company has been able to engage in seeking new potential assets and explore new transactions due to its strong balance sheet.
The explorer, which listed in London earlier this year is, meanwhile, advancing its exploration project offshore Guyana where it is partnered by Tullow Oil and is neighboured by ExxonMobil’s very large Liza, Snoek, and Payara discoveries where the US major sees between 2.25 bn and 2.75 bn barrels of recoverable oil resources.
At the moment, Eco and Tullow are at the seismic exploration stage of their project, albeit the venture is about two years ahead of schedule. The expanded seismic programme covering some 2,550 square kilometres is now nearing completion in the Orinduik Block.
Genel Energy inks new Kurdistan oil payments deal
Kurdistan focussed Genel Energy PLC (LON:GENL), on Thursday, said it had signed a new deal with the Kurdistan Regional Government which is expected to improve payments for crude produced from the Taq Taq and Tawke fields.
The London-listed oil firm has agreed to cancel and waive its rights to outstanding receivables for past oil sales, in return it gets an additional share of revenue on current and future production (over a five year period until July 2022).
Genel, in a statement, detailed the agreement. It highlighted that the company will receive a further 4.5% of gross revenues from the Tawke field, in addition to the proceeds it receives for current oil sales.
88 Energy investors wait a little longer
88 Energy Ltd (LON:88E,ASX:88E) has told investors that flow testing operations on the Icewine-2 appraisal well are due to start in Alaska next week.
The company noted that this schedule represents a one week delay, caused by fine tuning of the testing procedure. It also said that additional technical analysis is ongoing and will be communicated to investors when complete.
Funding boost for HNR
Highlands Natural Resources Plc (LON:HNR) saw its shares jump today on new it has struck a new third party funding deal to support its new drilling at the East Denver project in the Niobara shale, Colorado.
A number of the precise details were not disclosed, nonetheless HNR told investors that the new arrangement was with a “leading oilfield services company, with global operations and listed on the New York Stock Exchange”.
Sitting alongside the company’s recently agreed funding deal with Raisa the new arrangement will fund upcoming drilling. According to HNR, the new arrangement covers the drilling and well completion costs for a minimum of four wells and a maximum of 24 wells – some pro-rata back costs are also included in the deal.
HNR said it will retain a 70% interest in the wells, though it will be responsible for funding 51.25% of the costs.