Beacon Energy plc subsidiary plans to cut costs and open talks with its creditors as the Schwarzbach 2(3.) sidetrack well continues to perform below expectations in the Erfelden field, Hessen. CHALLENGES In early June, the electrical submersible pump (ESP) was producing intermittently with an apparent initial poor response from the reservoir. The company today said […]
Author: editorial
UKOG issues further 248m shares to reduce loan
UK Oil & Gas plc has repaid a further £50,000 of its £2m loan by issuing 247,524,752 equity shares to RiverFort Global Opportunities PCC Ltd and YA II PN Ltd. The outstanding balance of the 2023 loan stands at £210,000. Following admission, UKOG’s total voting rights will be 4,834,122,740 ordinary shares.
Ascent appoints Edouard Etienvre as NED
Ascent Resources plc has appointed Edouard Etienvre to the board as an independent non-executive director. Mr Etienvre is a finance and commercial executive with more than 18 years’ experience in the oil and gas sector. He initially worked in the banking sector (reserve-based lending) and recently with private and public E&P companies, commodities trading houses, […]
New drill-ground conditions slow Konkola West
Tertiary Minerals plc said that a new drill rig and variable ground conditions had made progress a little slower than expected at its Konkola West copper project in Zambia. Operator Kobold Metals Company began drilling the first hole KWDD001 during April and reached a depth of 1,023 metres by 21 May. The hole has now […]
Rockhopper receives initial €19m over Ombrina Mare
Rockhopper Exploration plc said it had received €19 million of the €45m tranche I payment of the Ombrina Mare arbitration award. CASH BALANCE The balance of €26m goes to the original arbitration funder, while tranches II and III remain payable to Rockhopper upon a successful annulment outcome. The company’s legal representatives will receive success fees of […]
UKOG complies with Supreme Court ruling on Horse Hill
UK Oil & Gas plc will submit a new plan or amend its existing one for Horse Hill oil production after yesterday’s ruling that end-use burning emissions must be included in the application. PERPLEXING The legal challenge was brought by Sarah Finch on behalf of the Weald Action Group (Finch et al) to Surrey County […]