Genel Energy PLC (LON:GENL) told investors that it continues to seek a viable commercial way forward for the Bina Bawi project’s oil and gas resources.
In a statement, the company said it received documentation, including a new draft production sharing contract (PSC), from the Kurdistan Regional Government (KRG) in mid-April following a commercial understanding reached in September.
It added that the documentation requires further negotiation, and, whilst these talks are ongoing, the KRG has said it will not serve notice to terminate the existing PSC.
Genel said it continues to minimise spending at Bina Bawi until tangible progress is made.
On Monday, 88 Energy Limited (LON:88E) (ASX:88E) launched an all-paper takeover bid for XCD Energy, with a view to creating a consolidated Alaska-focused exploration company.
XCD holds some 195,373 acres on the North Slope in Project Peregrine which would add to 88 Energy’s 480,000 acres which span across the Project Icewine and Yukon licences. The XCD assets are described as “attractive and complimentary”.
88 Energy’s unsolicited bid is worth A$7.5mln and it already has the backing of major XCD shareholders accounting for 18.5% of the equity and 6.8% of the options.
Falcon Oil & Gas Ltd (LON:FOG), on Wednesday, highlighted its strong financial position as it released its results for the twelve months ended December 31, 2019.
The exploration company noted that it had US$13.1mln of cash at the end of 2019 and it was debt-free. Its position was further strengthened recently by a new additional farm-out transaction with Beetaloo partner Origin Energy, which secured funding cover for an expanded phase of work.
In the financial results, Falcon emphasised its continued focus on strict cost management. It also noted that general and administrative expenses decreased 7% year-on-year, to US$1.78mln.
Aminex PLC (LON:AEX) chair John Bell told investors, in the company’s full-year results, that he remained positive about the future despite a frustrating 2019 waiting for regulatory clearance and more recently the challenges of the coronavirus (COVID-19) pandemic.
Significantly, as announced on Monday, the company secured an extension to its licence for the Ruvuma gas project after it was approved by the Tanzanian authorities for one additional year. Importantly, that extension was one of the last remaining conditions required for Aminex to complete a farm-out transaction with ARA Petroleum.
Together the partners will advance Ruvuma’s Ntorya discovery towards development with a programme of work including at least on one well.
Block Energy PLC (LON:BLOE), on Friday, told investors that the company is prepared for an extended period of low prices, and its fundamentals remain strong, as it reported results for the 18 months to December 31, 2019, after the market close on Thursday.
“We are accelerating the exploitation of gas resources in West Rustavi and are planning the increase of oil production and exploitation of gas resources in the blocks being acquired from Schlumberger,” Block Energy chairman Philip Dimmock said in the results statement. “We are confident the market will recognise our inherent value and re-rating potential.”
Block Energy ended December with US$6.49mln of cash,
Canadian Overseas Petroleum Limited (LON:COPL) (CSE:XOP) has entered into a £2mln equity-based funding facility with Yorkville and Riverfort. It sees the company issue new shares, priced at 0.07p each, with an initial upfront placing of £750,000.
This will be followed by an ‘equity sharing agreement’ with Riverfort whereby eight monthly subscriptions will provide a total of £300,000. Subsequently potential extensions to the agreement can unlock further tranches of funds.
The funding is significant for COPL because, as the company highlighted, it can give confidence to other investors that it will be able to execute its business plan.
North America focussed Rose Petroleum PLC (LON:ROSE) told investors it has agreed to defer completion of the acquisition of an interest in the McCoy lease in Colorado.
The company now has until December 31, 2020, to asses market conditions before making an investment decision. The group said the extension was agreed without any additional financial costs.
Rose also announced that it has implemented a further cost cutting programme in order to maintain financial flexibility during the coronavirus pandemic which includes significant reductions in the cash compensation for directors and the executive management team.
Bahamas Petroleum Company PLC (LON:BPC) said it has received confirmation that its fund has been approved for listing on the Bahamas International Stock Exchange (BISX).
It has been set up to enable Bahamas investors to participate in the company’s exploration programme, with shares in the company issued to the fund via subscription.
The Central Bank of the Bahamas (CBB) has also now approved the process by which Bahamas Petroleum will receive subscription funds, expected to take place shortly after the CBB has finished vetting the investors. Thereafter, the company will receive around US$900,000 - which is presently in the fund’s account.
i3 Energy Plc (LON:I3E) told investors that it was not able to enter into a reserves based lending facility of alternative funding facility by April 30, the extended deadline set by noteholders back in November.
Nonetheless, it said that it remains in talks with all noteholders to waive this condition. The group added that it will update the market once these discussions have concluded.