ADES International Holding PLC (LON:ADES) has revealed that bidding activity remains strong with a number of tenders expected to close in the next three months as the oil services group reported over a 30% jump in nine month revenues and said it is continuing to review acquisition opportunities.
In an operational update for the nine-month period ended 30 September 2017, the group - which has offshore and onshore oil and gas drilling and production services in the Middle East and Africa – said its revenues were approximately US$119mln, a 34% year-on-year increase while maintaining stable margins.
ADES – which started trading on the London Stock Exchange main market in May 2017 – also maintained its full year guidance with regards to revenue growth, normalised net profit and net profit margin.
Sound Energy PLC (LON:SOU) has unveiled a new estimate of the Sidi Moktar exploration project onshore Morocco.
The explorer told investors it sees the potential for up to 11.2 trillion cubic feet of gas within a portfolio of targets – consultant Echo Geoscience Management Ltd (EG) has detailed 28 leads in a variety of play types.
Diversified Gas & Oil PLC (LON:DGOC) has struck a deal to acquire 550 wells in central Ohio.
It is paying US$3.1mln for the portfolio which accounts for some 1.3mln cubic feet of gas or 220 barrels oil equivalent net production per day.
The company said the transaction is immediately accretive to operating cash flows, and is consistent with its previously stated acquisition criteria.
Victoria Oil & Gas PLC (LON:VOG) has completed drilling operations for the La-108 well at the Logbaba gas field in Cameroon, after electrical problems were rectified.
A production tree will soon be installed prior to testing and the production well’s start-up.
LEKOIL Limited (LON:LEK) has told investors that production from the Otakikpo field averaged 6,400 barrels of oil per day in October, and the rate is now about 7,600 bopd.
The company highlighted the ramp-up since production resumed at 5,000 bopd in February this year, and noted that it is advancing towards its first target of 10,000 bopd – before phase two of the project which targets further growth to 20,000 bopd.
Rose Petroleum PLC (LON:ROSE) has completed the sale of its processing mill in Mexico to Magellan Gold Corporation (OTCQB:MAGE).
Total consideration was US$1.5mln, of which US$1mln was in cash that has now been received, the company said.
Touchstone Exploration Inc (LON:TXP) has told investors that results from this year’s drill programme has continued to beat expectations.
The Trinidad-focussed oil junior detailed crude sales of 1,369 and 1,472 barrels per day for the months of September and October respectively. Production from four new wells contributed an average of 299 bopd in the two months.
Tlou Energy Limited (LON:TLOU) has told investors that its 2D seismic acquisition programme in Botswana has now been completed.
It is part of a campaign that aims to expand and enhance the current gas resources across Tlou’s coal bed methane asset portfolio. A key objective of the programme is identify possible drill sites for future field development wells, planned for 2018.
Highlands Natural Resources Plc (LON:HNR) has highlighted its progress over the six months to the end of September, noting milestones such as the successful drilling at the East Denver project and the ‘transformational’ financings that preceded the programme.
The Powell and Wildhorse wells at East Denver are yielding a combined production rate of 1,333 barrels oil equivalent per day, and HNR said volumes continue to rise.