Brent=$87.98(September) WTI=$80.04(October,Brent-7.94) Nymex gas=$6.92(October)
NBP =346p(October,Nymex+31.58) TTF=€188.800(November,Nymex+47.28) JKM=$39.105(November,Nymex+32.18)
Today 18:00 Jadestone Energy PLC (JSE)
Total Voting Rights
https://www.investegate.co.uk/jadestone ... 00063488B/at 30 September 2022, its capital consisted of 457,561,896 ordinary shares of £0.001 each, and each with voting rights. The Company does not hold any ordinary shares in treasury.
Today 17:55 Shell plc (SHEL)
Voting Rights and Capital
https://www.investegate.co.uk/shell-plc ... 5543H8512/Shell plc's capital as at September 30, 2022, consists of 7,167,963,138 ordinary shares of €0.07 each. Shell plc holds no shares in Treasury.
Today 17:07 Pharos Energy PLC (PHAR)
Total Voting Rights
https://www.investegate.co.uk/pharos-en ... 07284273B/As at 30 September 2022, the Company's issued share capital consisted of 444,976,681 ordinary shares of £0.05. The Company holds 9,122,268 shares in Treasury.
Today 16:47 PressureTechnologies (PRES)
Holding(s) in Company
https://www.investegate.co.uk/pressuret ... 47354231B/On 29-Sep-2022, Miton UK MicroCap Trust plc (Exeter UK) reduced from 3.940% to 2.286%.
Today 16:36 Prospex Energy PLC (PXEN)
Price Monitoring Extension
https://www.investegate.co.uk/prospex-e ... 36274202B/https://uk.finance.yahoo.com/quote/PXEN.L/chartOn the day it's jumped +16.9% with a spike to +20%. Over the last 2 weeks it's been in the usual range.
Today 15:49 Pennpetro Energy PLC (PPP)
Result of AGM
https://www.investegate.co.uk/pennpetro ... 49484125B/ at its Annual General Meeting held earlier today, all resolutions were unanimously passed.
The Group plans to release its Operational Update, including an update on projects in Texas and Tunisia, a week of 5 October 2022.
Today 15:01 Serica Energy PLC (SQZ)
Total Voting Rights
https://www.investegate.co.uk/serica-en ... 01204052B/the Company provides the following information relating to voting rights as at 30 September 2022:
Today 14:58 WOOD GROUP (JOHN) PLC (WG.)
Director/PDMR Shareholding
https://www.investegate.co.uk/wood-grou ... 5800P4D5B/AZAD HESSAMODINI AWARD OF CONDITIONAL SHARES UNDER THE TERMS OF THE JOHN WOOD GROUP PLC LONG-TERM PLAN (“LTP”) NOT SUBJECT TO PERFORMANCE CONDITIONS.
50% OF THE TOTAL AWARD NOTED BELOW VESTS NO EARLIER THAN 28 SEPTEMBER 2024 WITH THE REMAINING 50% VESTING NO EARLIER THAN 28 SEPTEMBER 2026
Today 14:14 Capricorn Energy PLC (CNE)
Total Voting Rights
https://www.investegate.co.uk/capricorn ... 14483981B/the total number of shares in the capital of the Company as at 30 September 2022 was as follows:
Today 14:00 Prospex Energy PLC (PXEN)
Price Monitoring Extension
https://www.investegate.co.uk/prospex-e ... 00473968B/https://uk.finance.yahoo.com/quote/PXEN.L/chartOn the day it's jumped +16.9% with a spike to +20%. Over the last 2 weeks it's been in the usual range.
Today 13:28 S.N.G.N. Romgaz S.A. (SNGR)
Election of BoD Chairman and Advisory Committees
https://www.investegate.co.uk/s.n.g.n.- ... 28463919B/decided to elect Mr. Dan Dragos Dragan as Chairman of the Board of Directors.
Today 13:07 BP PLC (BP.)
Director/PDMR Shareholding
https://www.investegate.co.uk/bp-plc--b ... 07353889B/Non-exec buys £103k
Today 12:43 Deltic Energy PLC (DELT)
Result of General Meeting and Total Voting Rights
https://www.investegate.co.uk/deltic-en ... 43373864B/All resolutions put to shareholders at the meeting were successfully passed.
Today 12:30 Seplat Energy PLC (SEPL)
Refinancing of Revolving Credit Facility
https://www.investegate.co.uk/seplat-en ... 30073757B/it has successfully refinanced its existing US$350million revolving credit facility due December 2023 with a new three-year US$350million revolving credit facility due June 2025 (the "RCF"). The RCF includes an automatic maturity extension until December 2026 once a refinancing of the existing US$650million bond due April 2026 is implemented. The RCF is scheduled to reduce from July 2024, with such date automatically extended to July 2025 once the refinancing of the existing US$650million bond due April 2026 is implemented. The RCF carries initial interest of 6% over the base rate (SOFR plus applicable credit adjustment spread) with the margin reducing to 5% after production flowing through the Amukpe-to-Escravos pipeline is stabilized at an average working interest production of at least 15,000 bpd over a 45 consecutive day period. The pricing is in line with the existing RCF pricing
Today 11:00 Barryroe Offshore (BEY, formerly Providence)
Half-year Report
https://www.investegate.co.uk/barryroe- ... 00073497B/Our successful summer fundraising confirmed the strength of our shareholder base and support for the company's strategy. We await the long anticipated regulatory consent for the Lease Undertaking, which will unlock our plans and commitments for the essential appraisal prior to development of the Barryroe Field...
· Loss for the period of €2.345 million versus a profit of €1.628 million in 2021. The figure to 30 June 2022 included a net non-cash expense in relation to warrants of €1.293 million, versus a net non-cash gain of €3.155 million in 2021.
· At 30 June 2022, total cash and cash equivalents were €2.188 million versus €3.645 million at 30 June 2021.
· The Company had no bank or bond debt as at 30 June 2022.
· In June 2022, the Company raised gross proceeds of $1.8 million ...
a core area "base case" of 81.2 MMstb of Gross 2C oil resources that can be accessed through an initial two-phase development project, initially addressing just one reservoir in the central core segments of the Field. The CPR, which remains consistent with the 2013 whole field assessment, confirmed a Net Present Value (NPV) of $401m to Barryroe Offshore Energy's interest in this initial project only, based on a 10% discount factor and a $70 Brent oil price. The initial development project is predicated on the outcome of appraisal drilling to confirm the reservoir and hydrocarbon phase characteristics in the key Basal Wealden A Sands and the lateral extent of the shallower C Sands, with up to 400 bcf of gas resource in place. The initial project will advance the potential for further development of other Barryroe reservoirs, including those holding its discovered and prospective in place gas resources in excess of 1 tcf.
Today 11:00 Prospex Energy PLC (PXEN)
Price Monitoring Extension
https://www.investegate.co.uk/prospex-e ... 00333618B/https://uk.finance.yahoo.com/quote/PXEN.L/chartOn the day it's jumped +16.9% with a spike to +20%. Over the last 2 weeks it's been in the usual range.
Today 11:00 Angus Energy PLC (ANGS)
Price Monitoring Extension
https://www.investegate.co.uk/angus-ene ... 00533621B/https://uk.finance.yahoo.com/quote/ANGS.L/chartOn the day it's up +6.7% with a spike to +20%. Over the last 2 weeks it's been in the usual range.
Today 09:40 Angus Energy PLC (ANGS)
Saltfleetby Flow Rates and Operations Update
https://www.investegate.co.uk/angus-ene ... 40073377B/· Total sales of 1.2 million Therms achieved during September up to the end of the gas day of 29th exceeding obligations under the hedge for that month.
· Flow rate to be ramped up to 6mmscfd (million standard cubic feet per day) in October.
· 2nd compressor to be delivered in December, allowing an increase up to 12mmscfd by January 2023.
· Side Track spudding in October.
Today 09:25 Capricorn Energy PLC (CNE)
Holding(s) in Company
https://www.investegate.co.uk/capricorn ... 25123351B/On 26-Sep-2022, The Goldman Sachs Group, Inc. increased from 13.256% to 13.474%.
Today 09:23 Oil and Gas Devt Co (OGDC)
Notice of 25th Annual General Meeting
https://www.investegate.co.uk/oil-and-g ... 23553338B/please find a copy of the Notice of Twenty Fifth Annual General Meeting to be held on October 25, 2022 for circulation amongst your members.
http://www.rns-pdf.londonstockexchange. ... 2-9-30.pdfToday 09:00 Prospex Energy PLC (PXEN)
Price Monitoring Extension
https://www.investegate.co.uk/prospex-e ... 00343324B/https://uk.finance.yahoo.com/quote/PXEN.L/chartOn the day it's jumped +16.9% with a spike to +20%. Over the last 2 weeks it's been in the usual range.
Today 07:12 Southern Energy Corp (SOUC)
Director/PDMR Shareholding
https://www.investegate.co.uk/southern- ... 12493149B/Bruce Beynon buys C$30k
Today 07:01 Synergia Energy Ltd (SYN)
Date of AGM & Director Nominations Closing Date
https://www.investegate.co.uk/synergia- ... 01031579B/the Annual General Meeting ( AGM ) of the Company will be held on Wednesday, 23 November 2022.
Today 07:01 Challenger Energy (CEG)
Interim Results for the 6 months ended 30/06/2022
https://www.investegate.co.uk/challenge ... 01032518B/Sales up 16%, leading to a small gross profit but a $6m operating loss, offset by haircuts of past drilling bills. Payables still exceed cash+receivables although $4.6m is owed by a subsidiary for a dormant licence that is expected to be wound up.
Today 07:00 Challenger Energy (CEG)
Annual Report for the year ended 31 Dec 21 Part 1/2
https://www.investegate.co.uk/challenge ... 00162568B/https://www.investegate.co.uk/challenge ... 00232574B/The Company's AGM will be held on 29 November 2021 at 34 North Quay, Douglas, Isle of Man IM1 4LB.
As a result of the timing delay for this Annual Report, its release coincides with the timing for release of the half-year results for the period January-June 2022, and much of the restructuring activity (which I elaborate on below), although commenced in the second half of 2021, only saw significant outcomes for the Group during the first half of 2022. Therefore, even though strictly speaking this Annual Report relates to the period January to December 2021, I will refer in my report more generally, to the period from the start of 2021 until the middle of 2022.
During the balance of 2021 we analysed this data, and concluded that The Bahamas might yet offer long-term potential. In simple terms, Perseverance-1 only tested one part of one structure, but there are at least four other locations and multiple structures that were upgraded following the Perseverance-1 outcome, and which therefore in the future could merit further analysis and testing. Data from Perseverance-1 also provides encouraging support for the possibility of a deeper, sizeable Jurassic oil play....
we have since seen steady improvement with production rates improving during the first half of 2022 and ranging between 375 - 400 barrels of oil produced per day towards the end of 2H2022. Given current oil prices, and with the in-country cost structure we now have in place, this means we have achieved our first goal: a baseline level of production that can sustain the business in Trinidad ...
we expect to be able to resume activity in Suriname during 2023, and between now and then, we are working on developing potential partnering opportunities for this asset. Further updates will be provided in due course....
it was only on 25 May 2022 that all procedural matters were completed and the [Uruguay] licence formally executed. As a result, our initial four-year exploration period only commenced on 25 August 2022.... the successful Namibian wells have de-risked the potential presence of a high-quality, oil-prone source rock and charge on the western sides of the South Atlantic margin. The Uruguayan basin has thus become, almost overnight, an emerging industry "hotspot". For AREA OFF-1 in particular, the chance of eventual success has increased significantly, with multiple leads and prospects and a resource potential in excess of 1 billion barrels...our early entry, first-mover strategy for Uruguay is different to previous ventures, in that we are going to seek a partner very early in the asset life cycle, so that the Group does not bear all of the financial risk. We have already seen strong interest in potential partnering arrangements from multiple parties, and we will update shareholders as matters develop.
One of the Group companies, CEG Inniss-Trinity Trinidad Limited (formerly known as FRAM Exploration (Trinidad) Ltd), has been named as a defendant in an ongoing matter in the High Court of Trinidad and Tobago in place since 2019, and still ongoing at 31 December 2021. The Group's exposure, in the event of an unsuccessful defence of the claim, is estimated to be in the region of $0.7m to $0.9m, referable to the sums claimed, interest and legal costs.
Today 07:00 Aminex PLC (AEX)
2022 Half-Yearly Financial Report
https://www.investegate.co.uk/aminex-pl ... 00152535B/· Successful placing in April 2022 raised US$4.2 million (£3.3 million) before expenses, to fund the Company to expected receipt of revenue projected for end of 2024
· Loss for the period of US$1.27 million (30 June 2021: loss of US$1.59 million), a decrease of 20% on the same period last year
· Ruvuma 3D seismic full acquisition of data expected to be completed by 8 October 2022, with processing and interpretation continuing into early 2023
· Spudding of Chikumbi-1 remains on schedule for November 2022
· KNDL 3D seismic acquisition programme expected to be completed before year end
Today 07:00 Enwell Energy PLC (ENW)
2022 INTERIM RESULTS
https://www.investegate.co.uk/enwell-en ... 00162599B/●Aggregate average daily production of 3,026 boepd (calculated on the days when the Group's fields were actually in production) (1H 2021: 4,917 boepd)
●SV-31 development well successfully completed and brought on production in May 2022
●Revenue of $77.2 million (1H 2021: $41.1 million), up 88% as a result of significantly higher gas prices offset by lower production volumes
●Gross profit of $51.5 million (1H 2021: $21.6 million), up 138%
●Operating profit of $48.9 million (1H 2021: $18.1 million), up 170%
●Cash generated from operations of $12.5 million (1H 2021: $19.2 million), down 35%
●Net profit of $32.4 million (1H 2021: $13.8 million), up 135%
●Cash, cash equivalents of $77.4 million as at 30 June 2022, and of $76.2 million as at 28 September 2022 (31 December 2021: $92.5 million)
●Average realised gas, condensate and LPG prices in Ukraine were much higher, particularly gas prices, at $1,165/Mm3 (UAH33,524/Mm3), $103/bbl and $165/bbl respectively (1H 2021: $249/Mm3 (UAH6,897/Mm3) gas, $74/bbl condensate and $66/bbl LPG)
The Russian invasion of Ukraine in February 2022 has had a significant impact on all aspects of life in Ukraine, including the Group's business and operations, with all field operations being suspended from 24 February to 15 March 2022, after which production operations and some field activities resumed at the MEX-GOL and SV fields, and subsequently on the SC licence area. At the VAS field all operations have remained suspended since the invasion, but a resumption of production operations is planned in October 2022.
Principal Risks and How We Manage Them
Military conflict in Ukraine
Today 07:00 Block Energy PLC (BLOE)
Half-year Report
https://www.investegate.co.uk/block-ene ... 00152551B/o Total production of 93.3 Mboe, comprising 64.9 Mbbls of oil and 28.4 Mboe of gas (1H 2021: 87.0 Mboe, comprising 55.5 Mbbls of oil and 31.5 Mboe of gas).
o Average daily production of 515 boepd (1H 2021: 481 boed).
· Oil sales of 45.6 Mbbls (1H 2021: 41.9 Mbbls), with revenue of $4.16 million (1H 2021: $2.33 million), representing a weighted average price of $91 per barrel (1H 2021: $56 per barrel).
· Gas sales of 106.8 MMcf (1H 2021: 103.0 MMcf), with revenue of $429,000 (1H 2021: $328,000), representing a weighted average price of $4.02/Mcf (1H 2021: $3.18/Mcf).
· Negotiated with the existing buyer a gas sales price increase of over 30%.
· Profit for the period from continuing operations of $627,000 (1H 2021: loss of $2,051,000).
· Cash position of $1.4 million as at 30 June 2022 (30 June 2021: $5.5 million).
we also continue to pursue discussions for debt or debt-type financing to accelerate those projects.
Today 07:00 Petroneft Resources (PTR)
2022 Interim Results
https://www.investegate.co.uk/petroneft ... 00142512B/The abbreviated interim results can be viewed by clicking on the following link:
http://petroneft.com/investor-relations ... l-reports/Gross production stable at 1,942 bopd (H1 2021: 1,967 bopd) and a minor 1.35% increase quarter overquarter during the first 6 months of 2022, from Q1 2,061 bopd to Q2 2,089 bopd.
Consolidated revenue: US$3.72 M (H1 2021: US$2.5M), including Crude oil revenues of US$2.78 M (H1 2021: US$1,8
M) following the consolidation of Russian BD Holdings B.V. (Licence 67) in March 2021.
Consolidated gross profit: US$0.89M (H1 2021: US$0.647M) and consistent strength in the gross margin ratio driven by
continuous performance improvement in Russian BD Holdings BV’s operations.
Declining Consolidated loss for the period: US$1.5 M (H1 2021: US$2.2M),
Consolidated cash balance: US$0.33 M (31 December 2021: US$0.91M).
Gross Debt: US$5.27M (31 December 2021 US$6.61M)
Today 07:00 Hurricane Energy PLC (HUR)
Half-year Results
https://www.investegate.co.uk/hurricane ... 00172685B/· Cash production costs † of $35.4/bbl (H1 2021: $24.8/bbl) in line with expectations
· Generated $110.1 million of operating cash flow (H1 2021: $75.9 million), equivalent to $67.5/bbl (H1 2021: $37.9/bbl)
· Profit after tax for the period of $67.0 million (H1 2021: $42.8 million)
· Net free cash† of $126.9 million at 30 June 2022 (31 December 2021: $51.5 million) ( $76.6 million as at 31 August 2022 following repayment of the Convertible Bonds and the July lifting)
· Lancaster EPS production averaged 9,000 bopd for H1 2022 (H1 2021: 11,100 bopd) in line with expectations...As at 28 September 2022, production was c. 8,700 bopd with a water cut of 46%. The current production rate and water cut are impacted from the post shutdown flush production. We expect that production will settle at its pre-shutdown level of c. 8,300 bopd (and c. 48% water cut) and then continue its natural decline.
· Hurricane passed a key milestone with its repayment of the outstanding Convertible Bonds post-period end in July 2022, and is focused on building a positive long-term future for the benefit of all stakeholders
· Management will identify and pursue opportunities for the most effective capital allocation of its funds
we have expended considerable effort and some funds into maintaining the ability to deliver a new well in the Lancaster Field, termed P8...the NSTA is unable to provide comfort to the Company with regard to the likelihood of it being granted the necessary consents related to flaring for Hurricane to make further commitments to investment in Lancaster....
Focusing on the UKCS, the Company has and continues to evaluate a number of farm in opportunities, acquisitions and mergers....
barring any unforeseen issues, production from Lancaster will be towards the upper end of our production target of 7,500 - 8,600 bopd during 2022. On this basis, if the price of oil is up to $90/bbl for the remaining cargoes in 2022, we forecast our year end net free cash being up to $110 million....While water cut will continue to increase and pressure to decline, the field is expected to remain highly cash generative into 2024 at current commodity prices.
Today 07:00 Reabold Resources (RBD)
Unaudited HY Results for 6 months ended 30/06/22
https://www.investegate.co.uk/reabold-r ... 00142502B/o Conditional sale agreed post period end in September 2022[1]; total gross cash consideration for Corallian of £32 million in staged payments; Reabold's share of net proceeds c.£12.7 million
· Acquisition of remaining Corallian assets for £250,000 ...six North Sea licences acquired with attractive development and monetisation prospects
o Planning granted for drilling and production at Rathlin's West Newton A site, as well as a time extension to allow for further exploratory drilling at the West Newton B site...First horizontal appraisal well planned for 2023...CPR published in September 2022 confirms gross 2C unrisked technically recoverable resources of 197.6 bcf of sales gas, with an estimated 86% geological chance of success...
agreed to conditionally acquire the entire issued share capital of Simwell Resources Limited, which includes interests in four Southern North Sea licences...
· As at 30 June 2022, the company had no borrowings and cash and cash equivalents of £3.6 million
Today 07:00 Borders & Southern (BOR)
Half-year Report
https://www.investegate.co.uk/borders-- ... 00122384B/· Operating loss for the period was $857,000 (2021: $446,000)
· Cash balance on 30 June 2022 was $1.207 million (30 June 2021: $1.352)
The study is assessing a development that commences on Darwin East, with initial production of 25,000 to 30,000 barrels per day of condensate...
The Company's Production Licences and Discovery Area have an expiry date of 31 December 2022. In line with other Operators active in the Falkland Islands, we intend to request an extension to our Licences and Discovery Area. As part of the approval process, we recognise that we will need to demonstrate the Company's financial capability during the extension period. It is therefore likely additional funds will be sought before the end of the year.
Today 07:00 San Leon Energy PLC (SLE)
Unaudited Interim Results
https://www.investegate.co.uk/san-leon- ... 00142530B/· Cash and cash equivalents as at 30 June 2022 of US$0.3 million...As disclosed in the Company's AIM Admission Document published on 8 July 2022, a loan facility of US$50.0 million has been made available to the Company by MM Capital Holding for the purposes of funding its working capital requirements and financing the Further ELI Investments (otherwise known as the New Facility). The New Facility currently remains undrawn, at San Leon's election, as the Company is currently examining whether additional or alternative financing might be available on terms that may be better aligned with the Company's overall strategic and financing objectives, and San Leon is in discussions with several counterparties in this regard....In the six months ended 30 June 2022 US$0.3 million (six months to 30 June 2021: US$0.8 million) has been received by the Company in relation to payments due to San Leon under the MLPL Loan Notes. San Leon has agreed with MLPL, Midwestern and Martwestern to a Conditional Payment Waiver to 31 December 2022 to allow for the completion of the Proposed Transactions. As at 29 September 2022, the Conditional Payment Waiver relates to US$108.8 million, being a principal amount due of US$82.2 million and total accrued interest due of US$26.6 million, which will be payable 90 days after such expiry...
Eroton proposes to enter into new senior secured reserve-based lending facilities totaling US$750 million....which had been had already been extended to 30 September 2022, has now been extended to 31 October 2022...the Sahara OML 18 Acquisition Agreement (as defined in the Admission Document) to be entered into by all parties by 30 September 2022....has also been extended to 31 October 2022 by agreement with Midwestern....
· Oil delivered to the Bonny terminal for sales averaged approximately 1,130 barrels of oil per day ("bopd") in H1 2022 (6,600 bopd in H1 2021).
· Gas sales averaged 41.8 million standard cubic feet per day ("mmscf/d") in H1 2022 after downtime (17.8 mmscf/d in H1 2021).
· Production downtime of 17% in H1 2021 (3% downtime in H1 2021) was caused by third party terminal and gathering system issues...
· Pipeline losses by the Bonny Terminal operator have been markedly higher during this year (30 June 2022: 91%; 30 June 2021: 65%). The ACOES export Pipeline and FSO system are expected to reduce losses significantly when operational....
The full ACOES which will be utilised by Eroton, including the pipeline, is now expected to be operational in Q1 2023....
San Leon has reported a loss after tax from continuing operations of US$8.9 million for the six months to 30 June 2022 (six months to 30 June 2021: profit of US$8.1 million). The majority of this loss is attributable to the loss on equity investments
Today 07:00 Savannah Energy Plc (SAVE)
Half-year Report
https://www.investegate.co.uk/savannah- ... 00173103B/10% year-on-year increase reported for both Total Revenues 1 (to US$128.7m) and Adjusted EBITDA2 (to US$100.3m). Further, I am pleased to report that our growth trajectory has continued into H2, with average daily production to 26 September 2022 having increased by 55% to 34.8 Kboepd versus the H1 average of 22.5 Kboepd and 118% versus the 16.0 Kboepd level at the time of acquisition in November 2019. This H2-to-date growth reflects the impact of the three new gas sales contracts and the contract extension we have announced in 2022, with Accugas now supplying gas to approximately 24% of Nigeria's thermal power generation capacity as compared to approximately 10% at the time of the original acquisition. In the first half, we also announced agreements for the development of up to 750 MW of large-scale greenfield solar and wind projects in Niger and Chad, which have the potential to transform the electricity access rates in both countries.
Looking forward to the rest of 2022 and 2023, I remain confident in where we are as a business. We look forward to closing our Proposed Acquisitions of the Chad and Cameroon Assets in Q4 of this year. We expect to deliver on or exceed our financial guidance. We expect to announce further hydrocarbon acquisitions and to expand our Renewable Energy Division with several new large-scale greenfield opportunities currently under review and negotiation. We continue to work towards completing the refinancing of our Nigerian debt and to announce the development and exploration plans for our assets in Niger.
· Loss before tax of US$11.3m (H1 2021 profit before tax: US$7.7m);
· Net debt position as at 30 June 2022 of US$327.1m (Year-end 2021: US$370.0m) with Adjusted Leverage4 of 2.0x (Year-end 2021: 2.5x)
Savannah reiterates full year 2022 guidance as follows:
· Total Revenues1 greater than US$215.0m;
Today 07:00 Tower Resources PLC (TRP)
Interim Results to 30 June 2022
https://www.investegate.co.uk/tower-res ... 00162590B/The more active market for rigs and services has presented both benefits and challenges: a number of stacked rigs have been put back into service, but several of these have been pulled into other markets and others are still finalising work sequences, while lead times for services have increased. This means that we have yet to finalise our rig selection and timing for the NJOM-3 well, as we need to fit our single-well requirement in with other companies' multi-well plans. This may still result in a spud before year-end, but is more likely to be in the New Year...
We received and agreed a non-binding term sheet for around US$7 million of debt financing from BGFI, the largest bank in Cameroon, in June, and BGFI tell us that they are still expecting to have their board's binding approval and draft documentation in September (today) or shortly after. In the meantime, we also received a non-binding term sheet for around US$10 million of debt financing from another bank, the Cameroon branch of one of the largest and oldest banks on the African continent, which we are presently reviewing....
In South Africa, we have watched closely the litigation in respect of Shell's proposed seismic survey....Our current view is that this should not prevent conducting of the intended survey over the deepwater lead in our Algoa-Gamtoos block...
In Namibia, we are in the process of completing the initial phase of basin modelling work on our PEL96 license, and will be sharing publicly what we can of that work in the coming weeks. The focus of this preliminary phase has been on ...the Dolphin Graben....we now feel that the Dolphin Graben warrants more detailed charge modelling work to understand the hydrocarbon generation and migration history in this area, because of the recent drilling success in the southern Namibian offshore...
The Group will need to complete its farm-out and/or another asset-level transaction within the coming months, or otherwise raise further funds, in order to meet its liabilities as they fall due, particularly with respect to the forthcoming drilling programme in Cameroon. ...the Directors are confident that they can raise sufficient finance in a timely manner and therefore believe that the application of going concern is both appropriate and correct.
[Loss $522k, $95k cash hence last month's placing]
Today 07:00 Echo Energy PLC (ECHO)
Half-year Report
https://www.investegate.co.uk/echo-ener ... 00132489B/· Revenue increase of 6% to US$6.2 million in H1 2022 (H1 2021: US$5.9 million)
· Secured new gas contracts for 2022-2023 significantly above the 2021 annual pricing
· Total net aggregate H1 2022 production of 261,290 boe, including 48,600 bbls of oil and condensate and 1,280 MMscf of gas
· Continued to prioritise production opportunities with swift payback, a key component of the Group's overarching growth strategy
· Agreement by the Santa Cruz Sur partners to a production and infrastructure enhancement plan to materially increase Santa Cruz Sur production by c.40% above average H1 2022 production levels
· Post period fundraising and conditional debt restructuring
Production over H1 2022 has continued to remain strong and reached an aggregate of 261,290 boe [1450boepd-ish] net to Echo during the period, including 48,600 bbls of oil and condensate and 1,280 MMscf of gas. Concurrently, net liquids production in Q2 2022 averaged 272 bopd, an increase over Q1 levels (Q1 2022: 265 bopd) despite the 35-day maintenance and upgrade programme on the Oceano field during the quarter.
Net gas production averaged 6.8 MMscf/d during Q2 2022 (Q1 2022: 7.4 MMscf/d), with Q2 2022 production again impacted as a result of the Oceano field production being brought temporarily offline.
The Group posted a Gross Loss of US $1.0 million for the six month period ended June 2020 compared to a profit of US $0.4 million for the comparable period in 2021. Growing production costs are attributable to general inflationary increases and additional expenditure required to get operations back to a more normal environment following the pandemic.
Total revenue for the period was US $6.2 million (H1 2020: US $ 5.9 million), and comprised of US $2.5 million of Oil sales and US $3.7 million of Gas sales.
Total comprehensive loss for the Group for the 6 month period ending 30 June 2022 was US $2.0 million (H1 2020: US $ 1.5 million)
The Company's cash balance as at 30 June 2022 was US $1.3 million, compared to $0.7 million balance as at 31 December 2021.
If achieved, the Enhancement Plan would increase total daily production from Santa Cruz Sur to around 2,000 boepd, net to Echo's 70% interest in Santa Cruz Sur.
[$27m of debt, $14.7m of which is being D4E'd, guess they need to do that in order for the capex to happen]
Today 07:00 Nostra Terra O&G Co (NTOG)
Interim Results for the period ended 30 June 2022
https://www.investegate.co.uk/nostra-te ... 00132455B/· 108% increase in Revenue for the period to $2,003,000 (30 June 2021: $963,000).
· 381% increase in Gross profit from operations for the period to $1,203,000 (30 June 2021: $250,000 profit).
· 34% increase in total production for the period to 20,383 barrels oil (30 June 2021: 15,211 barrels oil)
o Average production during first half at 112 bopd net to Nostra Terra (2021: 84 bopd)
· Sr. Lending Facility borrowing base increased by 43% from $2,350,000 to $3,350,000...
In a very tight rig market, workover jobs on five existing Pine Mills have been planned. Two of these wells are now complete and scheduled to be put online shortly, leaving three wells to be completed in the next reporting period. We anticipate that these workovers will lead to a further increase production from this prolific area.
Given the success in the field, resulting in a significant increase in production and combined with stronger commodity prices, we anticipate that our proven reserves will significantly increase. We are in the process of having those estimates prepared by a third-party engineering firm and will publish the results in due course.
[$3.1m net debt but $850k cashflow]
Today 07:00 Pennpetro Energy PLC (PPP)
Results for the 6 months ended 30 June 2022
https://www.investegate.co.uk/pennpetro ... 00112308B/The financial results for the six months ended 30 June 2022 show a loss after tax of US$205,000 (H1 2021: loss of US$420,000).
·The Group's borrowings, which were non-current, at 30 June 2022 were US$4,257,000 (H1 2021: US$4,057,000).
·Farm-In Agreement signed with Upland Resources Limited for the onshore Tunisian Saouaf permit covering 4,004 square kilometers including 10 gas prospects and leads. Nobel Petroleum USA, Inc., the Company's wholly owned subsidiary to be appointed Operator.
·Substantive advances made on advancing Farm-In Agreement to 300 shallow gas prospects located East Texas identified from major Exxon dataset.
·Significant developments in the pursuit of Proprietary Intellectual Property green technologies
As explained, our emphasis has now moved to the development and drilling of COG#2-H, and our prior stated activity pertaining to the COG#1-H Austin Chalk oil operations, will be held pending post the drilling of COG#2-H well into production. Once the process of water removal from the lower reservoirs of COG#1-H is completed - an operation which we have decided to complete with the lower formation being cased-off and to re-enter and take hydrocarbon production from the upper Austin Chalk, from which we initially took oil.
Today 07:00 Scirocco Energy PLC (SCIR)
Interim Results
https://www.investegate.co.uk/scirocco- ... 00122414B/· Held cash at 30 June 2022 of £1.03 million....
the £1m authority taken at the 2020 AGM can be used to allot shares to Prolific on a continuing basis given there is sufficient headroom remaining thereunder. Any subsequent authorities requested (such as at the 2022 AGM), part of an assessment of risk about potential headroom, are not necessary given the share price and amount remaining under the 2020 authority suffices to allot shares to Prolific...
The Board is aware that not all shareholders supported the divestment of Ruvuma and that a minority continue to actively frustrate our efforts to make progress....While the Board will engage with all shareholders on a reasonable basis the direction of travel has been set..
During Q2 2022, following the major upgrade and futureproofing works, the [Greenan] plant has enjoyed consistent performance with 95% + operational efficiency and an average power sales price of £163 per mw/hr...
The EAG team engaged in discussions regarding up to seven merchant installations of the SEM equipment on third party AD plants. This is in addition to the planned nutrient recovery system at Greenan, which is expected to increase EBITDA for the entire Greenan complex to c. £1,500k per annum once operational.
[£772k profit, half previous but lots of one-offs in there as they transition. £1m cash but obviously Ruvuma to come]
Today 07:00 DG Innovate PLC (DGI)
Interim Results
https://www.investegate.co.uk/dg-innova ... 00152587B/•Testing of 250kW Pareta© high-performance electric vehicle drive underway with further cycle testing ongoing
•Collaborative commercial dialogue continues to gather momentum with key partners and launch customers
•Hard carbon anode material testing underway with positive initial results
the Group recorded a loss before tax of £6,227,231, of which 5,094,074 was an exceptional charge relating to the reverse takeover of DGI. There was negligible revenue in the period other than £344,831 of grant income.
[£1.7m cash]
Today 07:00 Hydrogen Utopia Intl (HUI)
Half-year Report
https://www.investegate.co.uk/hydrogen- ... 00182477B/· The period covers the first six months post IPO during which time the Company spent most time working on potential business opportunities, progressing its technology and expanding the executive team and the Company's network of consultants. This has culminated in the signing of a number of agreements post period as detailed below.
· Work continues on building a pipeline of [plastic waste to syngas] facilities in Europe, with the intention of establishing a first plant as soon as practicable. Planning discussions regarding the proposed site in Ireland are progressing and a further update will be provided as soon as possible. On the European Continent, our consultants, SWECO, are responding to a few further queries raised last month in relation to the environmental impact assessment application for the Konin site in Poland. In addition, there are a number of ongoing discussions elsewhere in Germany, the Netherlands and Poland in particular. [get payments of a few £100k for each site started]
· No revenue for the half year, in line with expectations, and losses of £583.9k (H1 2021: £335.5k).
· £3.2m cash at bank at 30 June 2022 (H1 2021: £309.9k).
Today 07:00 Deltic Energy PLC (DELT)
Result of Open Offer
https://www.investegate.co.uk/deltic-en ... 00162596B/it has received valid acceptances from Qualifying Shareholders in respect of 27,395,708 Open Offer Shares. All Qualifying Shareholders who have validly applied for Open Offer Shares will receive their full and excess entitlements. Accordingly, the Open Offer has conditionally raised total gross proceeds of approximately £0.96 million, with a total of £15.96 million having been conditionally raised via the Placing, Subscription and Open Offer.
Today 07:00 IOG PLC (IOG)
Production Update
https://www.investegate.co.uk/iog-plc-- ... 00172612B/an update on Saturn Banks production....Over 2H 2022 to date, average gross gas rates have been 28.6 mmscf/d, with average realised gas prices of 274 p/therm, resulting in higher revenues in both July and August than previous months. In September, saline liquids production has constrained average gas production to 21.8 mmscf/d, with latest rates of 32 mmscf/d as we work to restore higher flows....
in November the Perenco Bacton terminal is scheduled to undergo annual maintenance, during which Saturn Banks production is expected to be suspended for up to two weeks.
[Seems to come from a fault intercepted by a well, currently shifting 4 tankers per day of liquids as salinity limits disposal options but looking for a better solution]
Today 07:00 Coro Energy PLC (CORO)
Vietnam Solar Pilot: First Power Production
https://www.investegate.co.uk/coro-ener ... 00142500B/announces the successful completion of commissioning of the Vietnam rooftop solar pilot project. As a result, the 3-megawatt pilot project, consisting of over 4,500 solar panels and other ancillary components which has been installed across four factory roofs in Vietnam and covers a total area of 16,120 square metres (the "Project"), is now delivering electrical power which is being consumed on site by Phong Phu Corporation, one of Vietnam's premier textile manufacturers under a 25-year power purchase agreement and is expected, at current pricing levels, to produce net cash flows to the Group of approximately $0.3m per annum.
Today 07:00 Diversified Energy (DEC)
Further Details of Share Buyback Programme
https://www.investegate.co.uk/diversifi ... 00172628B/Diversified Energy Company PLC (LSE:DEC) announces further details regarding the parameters of the Share Buyback Programme (the "Programme") previously announced on 26 September 2022....
• The maximum number of Shares repurchased shall not exceed 85,004,655 Shares
• The total consideration of Shares repurchased under the Programme shall not exceed an aggregate market value of £108million
• The Programme will expire at the earlier date of the 01 June 2023 or the Company's 2023 Annual General Meeting of its Shareholders
Today 07:00 Synergia Energy Ltd (SYN)
Cambay Farm Out Process Initiated
https://www.investegate.co.uk/synergia- ... 00091784B/The Company has engaged a recognised oil and gas advisory firm to provide advisory services for the planned farm out of up to 50% of the Company's Cambay PSC. The advisory firm has extensive Indian oil and gas industry experience as well as an international reach. The identification of a partner on the Cambay PSC is key to the Company's strategy to embark on a full field development programme, which is targeted to commence in 2023.
Today 07:00 Canadian O'Seas Petr (COPL)
Investor Webinar
https://www.investegate.co.uk/canadian- ... 00192559B/CEO, Arthur Millholland, will be participating in the London South East investor webinar on Tuesday 4 October 2022 at 6pm (BST).
Today 07:00 Predator O&G Hldgs (PRD)
Admission of Shares
https://www.investegate.co.uk/predator- ... 00092068B/further to the Company's announcement of 26 September 2022 that it had received an exercise notice from Dr. Stephen Staley, a former director, in respect of share options issued to him pursuant to the Company's unapproved share option scheme, 1,001,370 Ordinary Shares of no par value were admitted
Today 07:00 Tower Resources PLC (TRP)
Total Voting Rights
https://www.investegate.co.uk/tower-res ... 00092017B/the total issued share capital of the Company consists of 3,554,437,955 ordinary shares of 0.001 pence each with voting rights.
Today 07:00 Jadestone Energy PLC (JSE)
Transaction in Own Shares
https://www.investegate.co.uk/jadestone ... 00122411B/it has purchased the following number of ordinary shares of £0.001 each in the capital of the Company ("Ordinary Shares") through Stifel Nicolaus Europe Limited ("Stifel") . The repurchased shares will be cancelled.
Today 07:00 Gran Tierra Energy (GTE)
Transaction in Own Shares
https://www.investegate.co.uk/gran-tier ... 00172616B/Bought back $4,119,601.58
Yesterday 17:45 Shell plc (SHEL)
Transaction in Own Shares
https://www.investegate.co.uk/shell-plc ... 4532H8195/They bought back 6,930,370 shares
Yesterday 17:34 Tullow Oil PLC (TLW)
Statement re: Capricorn merger
https://www.investegate.co.uk/tullow-oi ... 34502399B/ the Board of Tullow:
· has determined not to increase the value of Tullow's offer for Capricorn or to elect to implement its offer by way of a contractual offer;
· is entitled to serve notice to terminate the Co-operation Agreement between Tullow and Capricorn, which it intends to do;
· accepts that without the recommendation and cooperation of Capricorn the scheme of arrangement cannot practically be implemented and become effective.
· Forecast free cash flow for 2022 of c.$200 million is expected to deliver gearing of less than 1.5x at YE 2022;
Yesterday 17:32 Echo Energy PLC (ECHO)
Results of General Meeting
https://www.investegate.co.uk/echo-ener ... 32002403B/all resolutions were duly passed. [by >99%]
Yesterday 17:31 PressureTechnologies (PRES)
Holding(s) in Company
https://www.investegate.co.uk/pressuret ... 31062398B/On 28-Sep-2022, Premier Miton Group plc reduced from 9.989% to 4.589% [Miton UK MicroCap Trust notified sale of 0.8% previous day]
Yesterday 17:18 BP PLC (BP.)
Transaction in Own Shares
https://www.investegate.co.uk/bp-plc--b ... 18552369B/They bought back 13,081,159 shares at 432.095p = £56,523,005.75
Yesterday 17:07 Shell plc (SHEL)
Publication of Prospectus Supplement
https://www.investegate.co.uk/shell-plc ... 0703H8184/The following prospectus has been approved by the UK Financial Conduct Authority and is available for viewing:
Information Memorandum dated 26 September 2022 relating to the Multi-Currency Debt Securities Programme of Shell International Finance B.V. (as Issuer) and Shell plc (as Issuer and as Guarantor)
https://www.shell.com/investors/debt-in ... randum.pdf