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Proactive oil and gas weekly highlights: BP, Tower Resources, Colombus Energy Resources

A look back at the main events in the oil and gas sector we reported on this week


BP PLC (LON:BP.) announced that chief executive Bob Dudley will retire following the company's 2019 full year results, stepping down on 4 February 2020 after nine years in the role and 40 years with the company.

Tower Resources PLC (LON:TRP) revealed it is advancing its partnering efforts, sharing key technical and commercial information with "a major international oil company".

Columbus Energy Resources PLC (LON:CERP) expanded into new territory, taking up a production sharing contract onshore Suriname.

Cadogan Petroleum Plc (LON:CAD) revealed a US$2.8mln deal to sell the Gazvydobuvannya legacy asset.

Nu-Oil and Gas PLC (LON:NU) revealed a restructuring amid a debt purchase by C4 Energy Ltd and a share placing.

Rose Petroleum PLC (LON:ROSE) chief executive Colin Harrington told investors he is excited about the next steps in the group’s transformation.

In the company’s interim results statement, for the six months ended 30 June, the company highlighted the changes to its management team over the summer and its revised focus on oil and natural gas opportunities in ‘the US Rocky Mountain region’.

Providence Resources PLC (LON:PVR) evidently lost patience with its proposed farm-out partner’s non-payment of an agreed loan advance.

The Irish junior oiler revealed that it would not grant an extension for the US$9mln payment - after previously rolling over several extensions in recent months – and will now kick off a ‘licence reversion’ process to take back a 40% stake in the Barryroe project from China's APEC.

i3 Energy Plc’s (LON:i3E) first half results highlighted “an incredibly active period”, according to chief executive, Majid Shafiq.

Victoria Oil & Gas PLC’s (LON:VOG) half yearly numbers revealed a substantial improvement, as expected, thanks to the restart of sales to its key customer, a neighbouring gas-fired power plant.

Columbus Energy Resources PLC (LON:CERP) told investors that its plan to drill the Saffron prospect has been approved by Trinidad’s Ministry of Energy and Energy Industries.

Echo Energy PLC (LON:ECHO) interim results statement highlighted a successful restructuring over what’s described as ‘a period of change’.

Petro Matad Limited (LON:MATD), the Mongolian oil explorer, started testing operations at the Heron-1 well in the north of Block XX, eastern Mongolia.

Mosman Oil and Gas Limited (LON:MSMN) told investors that the Stanley-3 well continues to produce.

Alba Mineral Resources plc (LON:ALBA) will be keenly watching progress at the Horse Hill oil project, onshore southern England, where drilling began for a horizontal well.

UK Oil & Gas PLC (LON:UKOG) told investors that drilling began for the HH-2/2z horizontal well at the Horse Hill project, which is located near Gatwick.

Block Energy PLC (LON:BLOE) continues to advance its well programme at the West Rustavi field, in the Republic of Georgia.

The company, in a statement, said that the well was brought online for production on 10 September and yielded some 2,428 barrels in September which equates to 115.6 barrels of oil per day.

Tower Resources PLC (LON:TRP) continues to work on an extension to a bridge loan facility, with agreements made with the majority of the facility’s lenders but two of the lenders still in discussions.

Coro Energy PLC (LON:CORO) said drilling of a well offshore Indonesia is underway.

G3 Exploration PLC (LON:G3E) is examining a US$250mln reserve-based loan (RBL) as an option to refinance its balance sheet.

Cadogan Petroleum Plc (LON:CAD) has received a request for a general meeting to remove two directors and appoint three others. 

One of TomCo Energy plc’s (LON:TOM) technology partners is confident that an optimal design for the company’s innovative oil recovery method is now nearer, amid new modelling following a recent field test.

Cabot Energy plc (LON:CAB) is hopeful the conclusion of its summer and winter drilling programmes will put the Canada-focused oiler back on a rising production profile.

Aminex PLC (LON:AEX) boasted of its ‘encouragement’ as the Tanzania-focused firm anticipates further progress for its gas development projects.

Quick facts: BP PLC

Price: 319.45 GBX

Market: LSE
Market Cap: £64.72 billion

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