Victoria Oil & Gas plc (LON:VOG) hopes to resume gas supplies to Cameroon power group ENEO ‘within weeks’, executive chairman Kevin Foo told Proactive investors.
Sales to ENEO were halted in January after a gas supply deal ended and there was no agreement over its renewal, but Foo believes talks are now close to a resolution.
“We are in discussions and my own view is that ENEO power will come back in a couple of weeks
“We are really hopeful that can be back firing up 30MW and then the other 20MW very soon. It’s been a long seven months but we are really in the home straight.”
ENEO had been taking some 53% of the gas from VOG’s Logbaba field and its Cameroon-based subsidiary Gaz Du Cameroun has seen sales more than halve due to the hiatus.
Bahamas Petroleum Company Plc (LON:BPC)
Bahamas Petroleum told investors that it is opening up farm-out talks to additional third parties, as its exclusivity arrangement with an unnamed major international oil company will expire at the end of August.
The international oil firm would’ve had the option to extend the exclusivity by making a further US$250,000 payment to BPC, which to date received US$1mln as a result of the exclusivity deal.
BPC, with its advisor Macquarie Bank, is recommencing broader, asset-based discussions with third parties and non-asset based financing discussions already ongoing for the funding of its first exploration well.
Aminex plc (LON:AEX)
Aminex told investors that it is preparing for the drilling of the Chikumbi-1 (CH-1) well in Tanzania.
It will be a follow-up to the successful wells of the Ntorya project, with CH-1 located up-dip from both the Ntorya-1 and Ntorya-2 wells. The well is expected to delineate the Ntorya gas field in a significantly thicker section of the reservoir system and is also intended to evaluate a deeper exploration target.
Success is expected to lead to production into the existing Madimba gas processing plant, before being integrated into a wider field development. A tendering process is now underway to hire a rig for the CH-1 programme.
Premier Oil PLC (LON:PMO)
Premier Oil has announced the greenlight for the Tolmount gas field development project in the southern portion of the North Sea. Tolmount is slated to produce around 500bn cubic feet of gas ( 96mln barrels oil equivalent ) over its lifespan, with peak production rates anticipated at up to 300mln cubic feet per day (58,000 boepd).
It is planned as a minimal facilities development, with a platform exporting gas to shore via a new pipeline.
UK Oil & Gas PLC (LON:UKOG)
UKOG has increased its stake in the Horse Hill project, acquiring interests held by Gunsynd Plc and Primorus Investments. It adds a total additional stake of 7% in the Horse Hill Developments Ltd vehicle, which in turn owns 65% of the Horse Hill project.
As a result, UKOG’s interest in HHDL increases to 56.9% and the underlying interest in Horse Hill rises to 36.985%. The company is paying a total of £1.92mln, taking a 2% stake in HHDL from Gunsynd and 5% from Primorus. Some £425,000 is payable in cash, with the remainder covered by UKOG shares.