Corcel plc said that initial drilling and testing had been suspended of its onshore TO-13 well in Angola following “inconclusive results”. POTENTIAL “After several weeks of well testing and engineering efforts the well has produced minimal levels of water and oil to date,” added the company. Operator Sonangol will turn its focus to geological and geophysical […]
Tag: oil and gas
Block issues bonus-incentive share options
Block Energy plc has awarded bonuses of 22,607,850 nil cost options, of which 20,945,032 are to directors or persons discharging managerial responsibilities, over ordinary shares of 0.25p each. AWARDS The awards, under the company’s performance-related bonus scheme for senior executives, are made in February for the previous year. The awards can be in cash, shares […]
Baron Oil chairman buys 30m shares
Baron Oil plc independent non-executive chairman Gerry Aherne has bought 30 million ordinary shares of 0.025 pence each in the company, at a price of 0.0676 pence per share. Mr Aherne’s total beneficial shareholding of 30m shares represents approximately 0.12% of the company’s current voting rights. The £20,280 purchase took place on 28 May.
Baron Oil to change company name
Baron Oil plc plans to change its name to Sunda Energy plc, reinforcing its “unambiguous” focus on southeast Asian energy markets. DEMAND The company’s project is the offshore Timor-Leste TL-SO-19-16 production sharing contract, where the Chuditch-2 appraisal well is due to be drilled. Baron said it was concentrating on potential Chuditch drill funding partners and […]
United settles outstanding $840,000 debt
United Oil & Gas plc said it had settled the final outstanding sum of $839,200 with its debt provider. JAMAICA The company has also completed the necessary paperwork to withdraw fully from Egypt. Chief executive Brian Larkin added: “We’re delighted to have reached a settlement agreement with our debt provider and express our gratitude for […]
Orcadian signs non-binding farm-in for Earlham
Orcadian Energy plc has signed a non-binding heads of agreement for a farm-in on its southern North Sea licence containing the Earlham discovery. LOAN The deal also covers a potential redevelopment project to blow down the decommissioned Orwell gas field. The licence holds Earlham with a P50 contingent resource of 114 bcf sales gas, the […]