Proactive's weekly oil and gas highlights: Inspired Energy, TomCo Energy, Enteq Upstream, Royal Dutch Shell ...

Big news this week from the sector giants BP and Shell plus a smattering of fundraises

TomCo Energy plc -
Inspired Energy said orders had picked up

Inspired Energy PLC (LON:INSE) chairman Michael Fletcher told Tuesday’s annual general meeting that the group's order book increased to £61.1mln as of May 31, 2020, up from £60.1mln the month before.

TomCo Energy plc (LON:TOM) raised £1.5mln in a share placing to fund the advancement of its Greenfield Energy joint venture (JV) with Valkor. The AIM-listed oil shale exploration firm placed of 375mln new shares at a price of 0.4p each.

Enteq Upstream PLC (LON:NTQ) increased revenues by 7% in the year to March 31, 2020, despite the industry's problems in the US shale area. Sales in the twelve months rose to US$10.9mln (2019: US$10.2mln) with underlying profits 24% higher at US$3.1mln.

Mosman Oil and Gas Limited (LON:MSMN) raised £400,000 through a placing at 0.08p to help fund the drilling of the Falcon well at the Champion project in Texas. The junior has a farm-in agreement with Baja Oil and Gas where it has a 60% working interest but will pay 80% of the first well at an estimated total cost of US$700,000.

Tower Resources PLC (LON:TRP) further extended its loan facility of US$750,000 with Pegasus Petroleum. The group said the facility will now be due for repayment on or before August 15.

Curzon Energy PLC (LON:CZN) said negotiations over a potential reverse takeover by Sun Seven Stars Investment Group (SSSIG) are continuing.

Canadian Overseas Petroleum Limited (LON:COPL) completed a £1.2mln financing that the company said will cover its working capital costs and allow it to continue focusing on its OPL 226 project in Nigeria.

Aminex PLC (LON:AEX) said the longstop completion date for its Ruvuma farm-out agreement has been extended to July 14, 2020.  The junior said partner ARA Petroleum and itself continue to work closely with the Tanzania authorities to obtain government approval and complete the farm-out as soon as possible.

Rose Petroleum PLC (LON:ROSE), the Rocky Mountain-focused oil and gas company, is to change its name to Zephyr Energy, reflecting a fresh start for the company.

Royal Dutch Shell PLC (LON:RDSB) said it is to take between a US$20bn-US$27bn hit to its profits this year after it lowered its assumptions of future oil and gas prices. The move mirrors that of rival BP two weeks ago which said it would take an impairment charge of up to US$17.5bn after it also reduced its forecasts for future prices.

BP PLC (LON:BP.), meanwhile, agreed to sell its global petrochemicals business to INEOS for a total consideration of $5bn. It is the oil giant's second major disposal to INEOS, the vehicle of Jim Ratcliffe (reportedly Britain’s richest man), which bought BP's chemicals and refineries operations in a company-making deal in 2005.

ADM Energy PLC (LON:ADME) said it believes it has the foundation to expand its investment portfolio as oil majors continue to seek exit strategies in West Africa. Alongside the AIM-listed company’s results for the past calendar year, ADM's chief executive Osamede Okhomina said 2019 “was an important year to lay the foundation for our growth strategy”.

Echo Energy PLC (LON:ECHO) said it has agreed on extensions to sales contracts with two key gas customers in Argentina until December 17 at a significant premium to the current spot price.

Diversified Gas & Oil PLC (LON:DGOC) , the Appalachian-based oil and gas group revealed that the company's bank lending group, led by KeyBank National Association, has reaffirmed the existing $425mln borrowing base.

Solo Oil PLC (LON:SOLO) said it has arranged a US$5mln financing facility to meet its commitments on the Ntorya prospect in Tanzania while it negotiates the sale of its stake.

Canadian Overseas Petroleum Limited (LON:COPL) reported a loss of US$301,00 in the three months to March 31, 2020, and ended the period with cash resources of US$0.05mln. Since May, however, COPL's share price has risen nine-fold and it has refinanced itself through two placings to raise £1.2mln in addition to a US$2mln equity funding facility.

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