Serica Energy (LON:SQZ) said a strong second-half operational performance from the Erskine field, boosted by much improved commodity prices and favourable exchange rate movements, has helped the company after the six-month Erskine shut-in earlier in the year.
"The underlying resilience of Serica's balance sheet has allowed the Company to absorb the period of no income resulting from the shut-in and to enter 2017 in a strong position to take advantage of new opportunities to grow its asset base," said chair Tony Craven Walker.
Serica has provided a year-end operations update as follows:
UK NORTH SEA ERSKINE FIELD
- Strong production since late August field restart averaging 3,150 boepd net to Serica, ahead of guidance
- December production average over 3,800 boepd net to Serica at improved commodity prices
- Lomond offtake facilities achieved uptime in excess of 80% since end August restart and averaged 95% in December
- New Lomond operator continues to drive costs down and improve reliability
- Serica working with other hub partners to maximise economic recovery from the area
- Development plan for Columbus targeted for 2017
- Improved facilities performance increasing confidence in Lomond as potential off-take route
- Preparations in progress for Rowallan drilling in 2018. Long-lead items planned for 2017
- Costs of Rowallan and Doyle wells carried by third parties
- Expected extension of Namibian licence will afford more time to conclude a farm-out
- Renewed industry interest in Ireland
- Cash balance of US$16.6 million as at 31 December expected to increase to over US$20 million after receipt of December net sales
- Cash resources enhanced by strong production and much improved commodity prices
- No borrowings or material capital commitments
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Northern Petroleum (LON:NOP) said its open offer -- at 3.5p a share on the basis of one open offer share for every seven existing shares -- was oversubscribed. It has thus raised aggregate gross proceeds of £752,500 via the offer.
Certain investors participating in the First Tranche Subscription agreed to subscribe for further Second Tranche Subscription Shares once the results of the Open Offer were known in order to maintain the same percentage equity interest in the Company after the completion of the Open Offer that they held before the Open Offer.
Accordingly, 12,630,000 and 7,970,000 New Ordinary Shares have been issued to High Power Petroleum LLC and Cavendish Asset Management Limited respectively in the Second Tranche Subscription at a price of 3.5 pence per share (being the same price as the Issue Price for the First Tranche Subscription and Open Offer), which has raised a further £721,000 (before expenses).
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LGO (LON:LGO) has announced a number of changes to the board of the company with immediate effect.
Chairman Steve Horton has retired from the board with immediate effect to pursue other interests after serving as a director of LGO for the past six years.
Chief executive Neil Ritson will assume the role of chairman in addition to his duties as CEO.
The company has also appointed Gordon B. Stein as a non-executive director with immediate effect. It is expected that he will become the chairman of the Company's Audit Committee and a member of the Company's Remuneration Committee.
Ritson said: "We would like to thank Steve for his contribution as a non-executive since 2011 and as chairman for the last two and a half years, and to wish him well with his various future endeavours. We would also like to welcome Gordon who brings a wealth of relevant experience as a former finance director and chief financial officer of various listed and private junior oil and gas companies."
"Having recently completed the refinancing of the business and settled with major creditors, and as we prepare for the start-up of low cost development drilling at the Goudron Field, we believe these Board changes will further help to position the Company for the future."
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Petro Matad (LON:MATD) said, further to its announcement on Dec. 15, 2016, the $5m to be paid by Shell following the approval by the Mongolian government of the reassignment of Interest in Blocks IV and V, has not been received yet.
"The Company had expected that following receipt of government approval, the previously prepared Protocols of Reassignment (tripartite agreement between Petroleum Authority of Mongolia, Shell, Petro Matad) would be rapidly signed, after which payment would be processed by Shell," it said.
"However, subsequent to the receipt of Mongolian Government approval, the Petroleum Authority of Mongolia proposed a change in wording of the Protocols of Reassignment," it said in a statement.
"While this is purely a technical matter it has caused a delay in receipt of the payment from Shell. The revised wording has been essentially agreed by all parties and the Company expects signing of the revised protocols will occur within the next few days.
"Payment by Shell is therefore expected to be received within two weeks.
"On a separate matter, the Company remains on track to issue the drilling tender by end January. Furthermore the farmout process continues and a physical dataroom has been opened in London and is being attended by a significant number of potential farm-in companies."
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Cairn (LON:CNE) has appointed Nicoletta Giadrossi as an independent non-executive director with effect from today Giadrossi will also become a member of the company's remuneration committee.
Chairman Ian Tyler said: "I am delighted to welcome Nicoletta Giadrossi to the Cairn Energy Board. Nicoletta brings a wealth of international senior management and oil and gas industry experience. Her appointment will bring additional breadth to our Board and provide a different perspective on our business."
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Frontera's (LON:FRR)wholly-owned subsidiary Frontera Resources International has signed a concession agreement with the government of Moldova for the exploration, production and development of hydrocarbon resources.
Frontera has the exclusive right to explore for, produce and develop hydrocarbon resources within an area comprising approximately 3 million acres situated in the southern portion of the country.
The overall term of the agreement is 50 years, including an initial exploration phase of up to ten years.
The agreement contains standard provisions relating to royalty, environmental protections and performance criteria. Frontera's exploration objectives in the country are to undertake extensive technical evaluation related to the onshore Dobrudga Basin.
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Roxi Petroleum (LON:RXP) said the recent drilling successes at 141 and potentially at 142 in the BNG Contract Area are further indications of the potential high value of the MJF structure.
"The need to repeat the perforation work at Deep Well A6 is frustrating but the board believe it is unlikely to have any material impact on the final outcome at the well, which we believe remains very encouraging," said executive chair Clive Carver.
Roxi has a 58.41% interest in the BNG Contract Area, which is located in the west of Kazakhstan 40 kilometres southeast of Tengiz on the edge of the Mangistau Oblast, covering an area of 1,702 square kilometres.
(LON:BOR) Borders Southern Petroleum PLC share price was +0.32p at 3.76p
(LON:CHAR) Chariot Oil Gas Ltd share price was +0.16p at 8.85p
(LON:CNE) Cairn Energy PLC share price was -1.85p at 239.15p
(LON:ENQ) EnQuest Plc share price was -1p at 52.25p
(LON:GKP) Gulf Keystone Petroleum share price was +1.13p at 139.13p
(LON:GPX) Gulfsands Petroleum PLC share price was +0.5p at 11.13p
(LON:INDI) Indus Gas Ltd share price was 0p at 395p
(LON:LGO) LGO Energy PLC share price was +0.01p at 0.11p
(LON:MATD) Petro Matad Ltd share price was +0.3p at 8.4p
(LON:NOP) Northern Petroleum PLC share price was +0.3p at 4.5p
(LON:PET) Petrel Resources PLC share price was +0.5p at 6.38p
(LON:RKH) Rockhopper Exploration PLC share price was +3.63p at 28.63p
(LON:RPT) Regal Petroleum PLC share price was +0.25p at 3.25p
(LON:SQZ) Serica Energy PLC share price was +2.63p at 18.75p