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15 Mar 20
Ascent Resources announces fundraising update
Ascent Resources announced an update to the fundraising announced on 14 February 2020. The Company has so far successfully settled and allotted GBP500,000 of the GBP800,000 funds originally intended by way of the announced placing and expects to receive funds for a further GBP200,000 by 6 April 2020. The total raise is therefore now expected to be GBP700,000.
15 Mar 20
Saudi Arabia: Saudi Aramco reports strong 2019 results despite difficult macro environment
The Saudi Arabian Oil Company (Saudi Aramco) has announced its full-year 2019 financial results, delivering strong profits and dividends despite a lower price environment and challenging margins in refining and chemicals.
15 Mar 20
Longboat Energy sees increasing number of North Sea opportunities following recent world and oil market events
Longboat Energy, established by the former management team of Faroe Petroleum to build a significant North Sea-focused E&P business, believes that if the recent fall in the oil price is sustained it will provide an increasing number of material and attractive opportunities for the Company to build a significant North Sea-focused E&P business.
15 Mar 20
Norway: Equinor granted drilling permit for well 34/7-E-4 AH in PL 089
The Norwegian Petroleum Directorate has granted Equinor a drilling permit for wildcat well 34/7-E-4 AH in production licence PL 089. The well will be drilled just southwest of the Snorre field.
13 Mar 20
UK: Independent Oil and Gas provides project and corporate update
Independent Oil and Gas, the development and production company focused on becoming a substantial UK gas producer, whilst noting the current market volatility, has provided an update on its Core Project and wider portfolio development activities.
13 Mar 20
Cameroon: Tower Resources announces Cameroon Reserves Report update
Tower Resources has received an updated independent Reserves Report from Oilfield International covering its Thali production sharing contract, offshore Cameroon. The 2020 Reserves Report reflects updated prices and costs reflecting the changes in the market over the last 16 months.
13 Mar 20
UK: Cluff Natural Resources provides update following oil price volatility
Cluff Natural Resources, the AIM quoted natural resources investing company with a high impact exploration and appraisal portfolio focused on the Southern and Central North Sea, notes recent share price volatility and confirms that, irrespective of market uncertainty related to commodity price weakness and Covid-19, the Company's operations and planned work programmes remain on-track and day-to-day operations are unaffected.
13 Mar 20
UK: UKOG's Horse Hill field granted long-term production consent by OGA
AIM-listed UK Oil & Gas (UKOG) has announced that the Oil and Gas Authority has approved the Horse Hill Field Development Plan and consented to the start of long-term production from the field.
13 Mar 20
Valeura Energy announces Q4 2019 financial and operating results, Y/E 2019 reserves
Valeura Energy, the upstream natural gas company focused on the Thrace Basin of Turkey, has reported its financial and operating results for the three month period ended December 31, 2019 and the year ended December 31, 2019, and year-end 2019 reserves.
13 Mar 20
Premier Oil announces trading update
Following the announcement of Premier’s 2019 Full Year Results last week, the Group has provided a trading update in light of the current market volatility.
13 Mar 20
Reabold Resources provides update on market volatility
Reabold Resources, the AIM investing company which focuses on investments in pre-cash flow upstream oil and gas projects, has provided an update on its operations with respect to current volatile market conditions relating to COVID-19.
13 Mar 20
Norway: NPD reports improved execution of development projects
A review of 66 projects on the Norwegian continental shelf in 2007-18 reveals that most have kept their cost within the estimates given in their plan for development and operation.
13 Mar 20
Bahamas Petroleum provides update on the timing of the Perseverance-1 well - farmout discussions continue
Bahamas Petroleum Company has provided an update in relation to the timing for the drilling of Perseverance-1, its first exploration well in The Bahamas. As a result of the rapidly unfolding impact Covid-19 is having on operations, the commencement of drilling is now anticipated to be in late May/early June 2020. Farm-in discussions continue to advance.
13 Mar 20
Husky Energy cuts 2020 spending by USD1 billion
Husky Energy is taking a series of actions to fortify its business in response to challenging global market conditions. The Company has announced a reduction in the 2020 capital program of USD900 million, representing a 33 percent reduction in upstream spending, and USD100 million in additional cost-saving measures.
13 Mar 20
UK: Repsol Sinopec to develop the Tain field in Block 13/23b in the Outer Moray Firth
Repsol Sinopec has announced plans to develop the Tain field in Block 13/23b in the Outer Moray Firth. Development will be via the Bleo Holm FPSO which currently serves the Blake and Ross fields.
12 Mar 20
USD20 oil not far off as OPEC+ is capable of unleashing 2.5 million extra bpd on the market
Oil prices could fall into the low USD20s for the global market to rebalance, as Rystad Energy expects an increase in global supplies in the next three months. OPEC+ countries are locked and loaded to add between 1.5 million and 2.5 million barrels per day (bpd), which we estimate is their realistic short-term capability.
12 Mar 20
Murphy Oil announces 35 percent capital expenditure reduction for 2020
Murphy Oil has revised its capital spending plans for 2020 given current market conditions and recent commodity price volatility. Murphy’s revised 2020 budget is approx. USD950 million. The reduction of approx. USD500 million equates to a nearly 35 percent revision from the midpoint of the previously announced corporate budget of USD1.4 billion to USD1.5 billion.
12 Mar 20
Georgia: EPI Group opens dataroom for companies interested in opportunities in Georgia
During APPEX 2020 in London, EPI Group together with Georgia Oil and Gas organised a Lunch & Learn to present one of the most exciting plays in onshore Europe. A data room at EPI Group’s office in Cobham will be open to all companies who wish to further view the available opportunities that Georgia has to offer starting on April 15th. The data room is free of charge.
12 Mar 20
Norway's production increases in December 2019
Norway's preliminary production figures for February 2020 show an average daily production of 2,106,000 barrels of oil, NGL and condensate, which is an increase of 129,000 barrels per day compared to January.
12 Mar 20
Jadestone Energy announces update on voluntary de-listing from the TSXV
Jadestone Energy, an independent oil and gas production company focused on the Asia Pacific region, has provided an update on its planned voluntary de-listing of its common shares from trading on the TSX Venture Exchange ('TSXV').
12 Mar 20
OFS firms brace for bankruptcies as price war could slash $250 billion off E&P budgets - Rystad Energy
The total capital and operational expenditure of exploration and production companies (E&Ps) is now likely to be cut by $100 billion in 2020 and another $150 billion in 2021 if oil prices remain at a $30 level, a Rystad Energy impact analysis revealed – a development that will heavily impact service company revenues, driving some out of the market.
12 Mar 20
Mosman Oil and Gas conducting full review of all operations
In response to recent economic events including the collapse of the global oil price and disruption in the capital markets resulting from a number of factors including the Covid-19 Pandemic, Mosman is in the process of conducting a full review of all operations, with the express objective of further reducing costs and protecting income and the Company's cash position.
12 Mar 20
France: Total to build the largest battery-based energy storage project in France
Total has launched a battery-based energy storage project in Mardyck, at the Flandres Center, in Dunkirk’s port district. With a storage capacity of 25 megawatt hours (MWh) and output of 25 MW of power, the new lithium-ion energy storage system will be the largest in France. It will be used to provide fast reserve services to support the stability of the French power grid.
12 Mar 20
Australia: Santos agrees to sell a 25 percent interest in Darwin LNG and Bayu-Undan to SK E&S
Santos has agreed to sell a 25 percent interest in Darwin LNG and Bayu-Undan to SK E&S for US$390 million with effect from 1 October 2019 with customary adjustments on completion.
12 Mar 20
Tullow Oil announces 2019 Full Year Results
Tullow Oil has announced its Full Year Results for the year ended 31 December 2019. The Company reports a loss after tax driven by exploration write-offs and impairments totalling c.$2.0 billion including revised Uganda write-off.
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