It was a pretty quiet week for oil & gas sector news but a number of stories did stand out.
Diversified Gas & Oil PLC’s (LON:DGOC) was a Friday mover as the firm said integration of the large batch of oil and gas assets acquired from EQT in the Appalachian Region is on track.
The acquisition, in June, cost US$575mln and more than doubled production to around 60,000 barrels a day equivalent. At the time, DGOC estimated the purchase would have boosted 2017 earnings by 289% on a pro-forma basis.
In Friday’s update DGOC said current trading was in line with management forecasts and that results for 2018 will be line with market estimates.
The group also spelt out its decommissioning policies in the states where it mainly operates - Ohio, Pennsylvania, Virginia, West Virginia, Kentucky and Tennessee. Talks are underway with the Department of Environmental Protection in Pennsylvania over a decommissioning programme.
Elsewhere, Faroe Petroleum plc (LON:FPM) was active on Wednesday after its chief executive Graham Stewart described the company as “one of the most active and successful explorers in the sector”, in a mid-year operations update.
In April, Faroe made the Iris Hades discovery, which added some 42mln barrels oil equivalent of contingent resources, and, it has a committed drill schedule comprising six wells.
A fully-funded field development campaign is underway and on-schedule, with development drilling presently underway at the Oda field.
Serinus Energy PLC (LON:SENX) was in focus too as investors looked forward to the start-up of gas sales from the Moftinu gas project, in Romania, in the coming weeks.
In the company’s financial results statement on Friday, Serinus highlighted progress with the field development, which is presently awaiting the completion of the gas processing plant and said gas sales would commence by mid-August.
Meanwhile, Range Resources Ltd (LON:RRL) told investors on Monday that its well services subsidiary has landed a new contract.
Range Resources Drilling Services Limited (RRDSL) is now to provide turnkey services to Touchstone Exploration Inc (LON:TXP, TSE:TXP) for one initial well, which will be drilled using RRDSL’s rig 17 which has now been mobilised.
Cadogan Petroleum PLC (LON:CAD) got a boost on Tuesday from news its Ukrainian subsidiary, Cadogan Ukraine, has been granted ISO certification.
The oil & gas firm said Cadogan Ukraine had been certified as compliant with ISO 14001:2015, which establishes environmental management criteria, and ISO 45001:2018, which certifies health and safety management.
The group added that Cadogan is among the first oil & gas companies to be certified as compliant with the ISO 45001 standard, which came into effect in March 2018.