SDX Energy Inc (LON:SDX, CVE:SDX) chief executive Paul Welch has described the third quarter as “one of the best financial periods in the company's history”, whilst the quarterly statement confirmed higher production, revenue and earnings.
Net production averaged 3,889 barrels oil equivalent per day over the first nine months of 2018 - the North West Gemsa field yielded 2,471 boepd (4,944 gross), the Meseda field had 802 bpd (gross 4,207), while the Morocco operations achieved 615 boepd (820 gross).
By November 23, however, as a result of successful well programmes delivering new producers, the group’s output had grown to measure 4,156 boepd.
Faroe Petroleum plc (LON:FPM) shares shot up over 20% in Monday’s early deals as it became the subject of a premium priced takeover approach.
Oslo headquartered DNO has made a 152p per share cash offer to buy the Norway-and-UK-focused offshore oil firm.
DNO already holds some 28.22% of Faroe’s shares and the takeover offer values all of the AIM-quoted firm at £607.9mln. The offer price to shareholders is pitched at a 44% premium to Faroe’s share price prior to DNO’s first share acquisition earlier this year, in April.
On Friday, Eland Oil & Gas PLC (LON:ELA) confirmed the refinancing of its reserve-based lending facility. A new US$75mln facility has a five year maturity and it initially carries interest at LIBOR plus 7.5%.
The new RBL facility, provided by Standard Bank and Mauritius Commercial Bank, has the potential to be expanded up to a maximum of US$200mln, subject to incremental increases in reserves and production.
It presently has an initial borrowing base of US$103mln based on five existing wells (Opuama 1, 3, 7, 8, 9), the anticipated upside of the Opuama-10 and Opuama-11 wells will be included in the next borrowing base review.
Eland said it is also seeking to syndicate a further US$25 million to a third lender in the near-term.
The company presently has a US$30mln cash balance and US$27mln in undrawn debt facilities.
Earlier in the week, Eco confirmed the completion of its farm-out transaction with Total. The French oil major has now paid US$12.5mln to Eco, and, in return, it has received a 25% working interest in the Orinduik exploration project offshore Guyana.
It means the Orinduik project comprises Tullow Oil plc (LON:TLW) as an operator with a 60% stake, Total with 25% and Eco retaining 15%. Significantly, the transaction leaves Eco fully funded for its participation in the proposed 2019 drill programme at Orinduik, which lies in the exploration area adjacent to Exxon’s multi-billion barrel oil discoveries in the Liza area.
Europa Oil & Gas Holdings Plc (LON:EOG) has maintained positive in its support for the Wressle oil project, in Lincolnshire, despite yet another disappointment in efforts to secure planning permission to develop the field.
Late in Wednesday’s session, it was announced that Wressle project operator Egdon Resources had been frustrated again as the North Lincolnshire Council Planning Committee refused the new application for planning consent.
Egdon is operator with a 30% stake and it intends to submit an appeal against the decision without delay and it said it will begin preparing the appeal documentation once it receives the council committee refusal letter.
“The decision of the committee, whilst not entirely unexpected, is nonetheless disappointing given that the application had been recommended for approval by North Lincolnshire council’s own professional planning officer who had the benefit of a positive assessment by specialist independent technical consultants,” said Mark Abbott, Egdon Resources chief executive.
“We agree with the conclusion of the planning officer and the independent consultants and strongly believe the new application for the development of the Wressle oil field fully and comprehensively addresses the reasons for the refusal of the original planning applications and the subsequent appeals and therefore intend to appeal this decision without delay.”
Europa, which owns a 30% stake in Wressle, in its own statement backed Egdon.
Providence Resources PLC (LON:PVR) revealed that a planned offshore work programme for the Barryroe field has been delayed by a dispute between the Irish authorities and an environmental group.
The company, in a stock market statement, told investors that the Barryroe partners have decided voluntarily to not act on consents granted for a well site survey, which had been due to get underway before the end of 2018.
An Taisce, Ireland’s national trust, earlier this year issued legal proceedings against Ireland’s minister of communications, climate action and environment as well as the country’s attorney general.
It challenged the process by which the consent was granted to the oil companies, and, also raised other issues related to environmental assessment and compliance with EU law. The matter was heard in court on 20 November, but, was adjourned until 11 December.
After taking advice, the Barryroe partners decided to postpone the work, off the original timeline for the survey, and, instead they now intend to do the work in the second quarter of 2019. That would be followed by the start of well drilling in the third quarter.
Anglo African Oil & Gas plc (LON:AAOG) told investors that drilling has now resumed at the TLP-103C well site, at the Tilapia project in the Republic of the Congo, following necessary repairs to the contracted drill rig. The repair work followed an unscheduled inspection by AAOG staff. The temporary suspension of operations has now ended, with repaired and reconditioned parts now installed back onto the rig.
Drilling resumed at a depth of 660 metres which is above the well’s target horizons (R1/R2, Mengo and Djeno) and the company said it now expects the well will reach target depth by mid-December.