OGV Energy week 26 oil, gas and energy review

Union Jack Oil PLC has struck a deal to acquire additional interests in the Biscathorpe project so that its stake increases to 30%. The company is acquiring 3% of Biscathorpe in a deal with Egdon Resources Ltd, and, separately it will pick up another 3% in a deal with Montrose Industries.

Bahamas Petroleum Company PLC told investors that all the administrative formalities in the set-up of its Bahamian mutual fund have now been completed. As a result, some 35.33mln shares in the company will now be issued to BPC Investment Fund Limited.

Gulf Keystone Petroleum Ltd chief executive Jón Ferrier has decided to retire from the Company upon appointment of a successor. The Kurdistan based oil producer said it will now launch a formal, externally facilitated, search process.

Cluff Natural Resources PLC’s planned name change to Deltic Energy Plc has now completed, with share trading now underway under the new moniker. The change was proposed earlier this year, rubberstamped at the AGM, on June 6, and it has now been effected by Companies House.

San Leon Energy PLC told investors it is in a strong position as the current environment presents challenges and also opportunities. The AIM-quoted, Nigeria focussed oil firm had US$36.5mln of cash as at June 19.

88 Energy Ltd has extended the deadline before closing its takeover offer for Alaska exploration peer XCD Energy, to 7pm (Sydney time) on July 13 2020.

Mosman Oil & Gas’s trading update today underlines management’s focus on maximising production while retaining a prudent approach to capital discipline, said SP Angel. “Against a challenging sector backdrop, Mosman has successfully monetised one of its projects.

Petrofac Limited warned its engineering and construction division was significantly hit by the weak oil market. As a result, revenues for the half-year to June 30 are expected to tank by 70% to US$1.6bn compared to last year.

United Oil & Gas PLC has confirmed production growth in the Abu Sennan asset in Egypt, which yielded 13,900 barrels oil equivalent per day (boepd) in the first half of June. That gives 3,060 boepd net to United and marks an improvement of 69% compared to April’s output.

SDX Energy Plc highlighted its positivity in Egypt and Morocco following analysis of recent well results. In particular, the Sobhi discovery in South Disouq is now expected to maintain plateau production of 50mln cubic feet per day for a further 18 to 24 months, taking it to mid-2023.

Canadian Overseas Petroleum Ltd has raised £700,000 of new capital with a share placing with three investors. The cash injection, priced at 0.3p each, will be used to cover working capital and allow the company to focus on the OPL 226 asset in Nigeria.

i3 Energy Plc has exercised its option to acquire producing assets in Canada, picking up all of the issued and outstanding common shares of Toscana Energy Income Corporation (TEIC). The acquired assets produced an average of 1,065 barrels of oil equivalent per day (hoped) net to generate C$5.5mln of field netback.

Plexus Holdings PLC chief executive Ben Van Bilderbeek has hailed the “resilience” of the company’s licensing business model as the firm said it expects to report a narrower year on year loss for its 2020 financial year despite disruption to the oil and gas markets during the coronavirus pandemic.