It was another active week for the small-cap oil and gas sector.
The payments comprised US$13.7mln for sales of crude from the Tawke field, plus US$8.2mln for the Tawke field override payment, along with US$1.9mln for the Taq Taq field and US$2.2mln is expected for Sarta field oil sales. It also received US$3.9mln of due receivables relating to prior oil sales.
The company this week released results for the third quarter, highlighting the business continued to “generate material positive cash flow” as it hiked its dividend 20%.
Providence Resources PLC (AIM:PVR, OTC:PVDRF) told investors the well site survey at the Barryroe field, offshore Ireland, is complete.
The programme comprised seabed, shallow geophysical and environmental surveys at the planned K Well drilling location.
Mosman Oil and Gas Ltd (AIM:MSMN) completed the drilling of the Stanley-5 well in east Texas, identifying several oil bearing sands. The company, in a statement, said the well will be completed for production and flow rates will be published as they become available.
Empyrean Energy PLC (AIM:EME) told investors it made “significant operational progress” towards spudding an exploration well on the Jade prospect, offshore China, with the appointment of CNOOC EnerTech as a contractor. The well is slated to begin in December.
San Leon Energy PLC (AIM:SLE, AQSE:SLE, OTC:SLGYF), the independent oil and gas company, has granted a further extension to the conditional payment waiver on some loan notes.
Challenger Energy Group PLC (AIM:CEG) saw its shares fall on Monday as interim financial results confirmed the explorer requires recapitalisation and is working to negotiate creditor settlements.
Eco Atlantic Oil and Gas Ltd chief operating officer Colin Kinley says the team is “very focussed” on selecting the next well target at the Orinduik project, as an associate’s well nearby made a non-commercial oil discovery.
Westmount Energy Limited (AIM:WTE, OTCQB:WMELF) has seen another discovery offshore Guyana, but like the two previous finds the Sapote-1 well also encountered non-commercial volumes.
Helium One Global Ltd (AIM:HE1, OTCQB:HLOGF) has launched phase 2 exploration at the Rukwa project in Tanzania, where a new 2D seismic data acquisition programme had now begun. Survey and line clearing crews have now mobilised, the company said in a statement.
Read More: Genel Energy PLC, Mosman Oil and Gas Ltd, Empyrean Energy Plc, Challenger Energy Group Plc