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 company’s 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, Europa’s 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 moves come amidst the coronavirus (COVID-19) pandemic and weak oil prices, with an expectation of higher gas prices as the southern hemisphere moves into the autumn and winter.
The company noted that it has just extended an existing gas contract with a key customer for two further months, covering peak volumes of 4.77mln cubic feet of gas per day in June 2020, which secures an advantageous price of US$4.2 per mmbtu.
Columbus Energy Resources PLC (LON:CERP) revealed details of a number of cost-cutting measures aimed at cash and capital preservation amid the coronavirus (COVID-19) crisis.
In a statement, Columbus said its executive management won’t receive cash salaries for at least three months, while employee salaries will be reduced by 40% for at least three months, headcount will be reduced by 15% and the company will cease non-essential capital spending.
At the start of the week, US Oil & Gas PLC (USOP) said it hopes to drill a new well during the second quarter of 2020 at its project in Nevada. Permitting process has been ongoing, and, in a statement released on Friday, the company said that despite coronavirus impacts the indications at present are that US federal and state regulatory processes may not be slowed to a significant degree.
Coronavirus restrictions may, however, impact operational timelines that cannot be anticipated at this point, it added.