Appalachian Basin-focused gas producer Diversified Gas & Oil plc (LON:DGOC) was a ficus this week after the firm said it had negotiated a new US$500mln debt facility at less than half the cost of its previous arrangement.
The five-year senior secured revolving credit facility has been led by Key Bank and will carry an interest rate of Libor + 2.5%-3.25% compared to the previous rate of Libor +8.5%.
In other news, Range Resources Ltd (LON:RRL) announced the appointment of Mr Lubing Liu as its new chief operating officer, effective March 1, while also updating investors on its operations in Trinidad.
Average net oil production amounted to 777 barrels of oil per day in January, representing 23% growth compared to the rate measured for the quarter ending December 31.
Also this week, Europa Oil & Gas PLC (LON:EOG) told investors that the UK Environment Agency had indicated in a draft decision advertisement that it is inclined to award a bespoke environmental permit for drilling and testing for the Holmwood exploration well.
There will now be a four week public consultation process, taking place between February 15 and March 15.
On the Waste-to-Energy front, specialist PowerHouse Energy Group Plc (LON:PHE) inked a new deal with Wrightbus Ltd, a company that builds innovative hydrogen powered buses.
The memorandum of understanding is expected to lead to a definitive deal for a venture with Powerhouse supplying its Distributed Modular Gasification (DMG) system and Wrightbus supplying hydrogen fuel powered buses.
In Northern Africa, SDX Energy Inc (LON:SDX, CVE:SDX) finished drilling the KSS-2 well at the Sebou project onshore Morocco, though analysis showed low gas saturation, indicating that the well was not commercial.
KSS-2 encountered 8 net metres of high quality reservoir. On prognosis, the company said it believed the well location had been isolated from the reservoir source rock as it was on the ‘upthrown’ side of a fault.
Further south in Botswana, Tlou Energy Limited (LON:TLOU) saw a huge increase in reserves at the Lesedi and Mamba coal bed methane projects.
Proved and probable reserves (2P) jumped 944% to 40.8 billion cubic feet (BCF) 3.9 from BCF, while the less certain 3P category rose by 63% to 426.6BCF from 261.1BCF.
The company said in a statement that the process of connecting to the regional electricity grid in Botswana is well advanced.
In its interim results covering the second half of 2017, managing director Tony Gilby said the period had been a very productive one for the company.
Meanwhile, in South America, Eco (Atlantic) Oil & Gas Ltd. (LON:ECO CVE:EOG) forwarded on the first batch of seismic data shot by Tullow Oil (LON:TLW) over the Orinduik field.
French giant Total has an option to take a 25% working interest in Orinduik from Eco for a payment of US$12.5mln.
At present, Eco has a 40% stake in the field, in the shallow waters offshore Guyana, while Tullow has 60%.
The company also announced that it had acquired minority interests in its Guyana subsidiary so that it is now wholly owned.
The acquisition cleaned up the group’s ownership structure in relation to its potentially high impact exploration venture with Tullow Oil.
In Australia, Falcon Oil & Gas Ltd (LON:FOG, CVE:FO) detailed new insights regarding the potential of its Beetaloo shales discoveries, coming from the analysis of project operator Origin Energy.
It comes as the two partners anticipate news of the Northern Territory’s review of fracking, which is under moratorium, when the authorities release a long awaited report next month.
In the US, Mosman Oil And Gas Ltd (LON:MSMN) told investors that a completed prefeasability study assessing a possible horizontal well project, at the Welch Permian Basin property in Texas, would have “attractive economics” at the current oil price.
The company said the wells would have anticipated oil flow rates of 60 to 120 barrels per day, based on data from nearby wells, and that a new reserves study due in April was underway.
In other US news, US Oil and Gas Plc (LON:USOP) updated its progress in Nevada, where it is preparing to drill two new wells in Hot Creek Valley.
In January this year, the company said it had been awarded permits to drill the Eblana-3 and Eblana-6 wells, while a proposed re-entry to the Eblana-1 well was still under review.
Meanwhile, in Europe, Columbus Energy Resources PLC (LON:CERP) updated on its interests in Spain, where operations are being closed down due to the expiry of the company’s concession.
The company said that dismantling operations were now complete and that the concession would be formally closed shortly.