Proactive weekly Oil & Gas highlights: DGOC, Genel, Tlou, Europa, Union Jack, Echo, Columbus Energy Resources, US Oil & Gas
Diversified Gas & Oil PLC (LON:DGOC) on Friday confirmed it is advancing its planned promotion onto the premium segment of the London Stock Exchange next month.
In a statement, the company told investors that its shares will make the switch from AIM soon, with the re-admission date set for May 18.
DGOC said its new listing will potentially improve liquidity and the valuation of its shares, and, noted that a larger number of institutional investors that regularly trade main market shares.
Moreover, it said the move will lift its profile in the UK and internationally, and will help it attract new investors.
Genel Energy PLC (LON:GENL) told investors it received payment from the Kurdistan Regional Government (KRG) for oil sales made in March 2020. It said the Taq Taq field partners received US$4.6mln gross, which equates to about US$2.5mln net to Genel, meanwhile, the Tawke partners received US$34.6mln which is US$8.5mln net.
The payments are in line with recent proposals by the KRG regarding international oil companies operating in the Iraqi region.
Those proposals comprised a commitment to settle monthly invoices by the fifteenth day of the following month, though, at the same time, outstanding payments for invoices from November 2019 to February 2020 will be deferred for at least nine months.
On Thursday, Tlou Energy Ltd (LON:TLOU) said it can constructively advance project finance efforts whilst on-the-ground access in Botswana is restricted amidst the coronavirus (COVID-19) pandemic. In a quarterly update, the company said that “discussions with potential project finance partners progressed during the quarter with the company evaluating debt or equity funding or a mix of both."
It added: “Tlou's objective is to source the lowest cost of capital with the least risk going forward.”
As it draws up plans for the coal bed methane (CBM) fuelled gas-to-power project, the group said it aims to secure funds required for the electrical transmission lines over the next few months, allowing work to start during the second half of 2020.
Europa Oil & Gas (Holdings) Plc (LON:EOG) boss Simon Oddie explained that the pending start-up of the Wressle field will transform the companys production and revenue profile.
“Together with measures we have taken to reduce our already low cost base and, following the repositioning of our portfolio towards gas, we believe Europa will be well placed to withstand a sustained period of oil price volatility and weakness,” Oddie, Europas chairman and interim chief executive said in a statement accompanying the oiler's interim results.
Elsewhere in the UK onshore sector, Union Jack Oil PLC (LON:UJO) has told investors that its partner Rathlin Energy is safely advancing site operations at the West Newton B (WNB) property, in preparation for a future well programme.
The company said Rathlin is conducting this work in compliance with the landowner and regulatory agreements, and consistent with government guidance during the coronavirus (COVID-19) pandemic. It is also being done under planning permissions granted back in 2015.
This initial work involves the completion of the access track and site along with activities that are pre-operational conditions of our Environment Agency and East Riding of Yorkshire Council (ERYC) permissions.
In Argentina, Echo Energy PLC (LON:ECHO) revealed it is adapting its production operation in Argentina to focus on gas, and, at the same time, it is taking steps to cut costs. The mRead More – Source