IGas Energy plc has repaid $4 million debt of its reserves-based loan leaving net debt of £8.2m. FLEXIBILITY The company holds $22m (£18.1m) of debt capacity and, as at 29 July 2022, cash balances were £2.4m. “Higher commodity prices continue to drive strong operating cash flow generation giving us financial flexibility,” said chief executive Stephen […]
Tag: extractive industries
Block notes 2P reserves of 1.07 MMbbl for West Rustavi / Krtsanisi oil field
Block Energy plc reported field gross 2P reserves of 1.07 MMbbls in a competent persons report (CPR) on part of the West Rustavi and Krtsanisi oil field in Georgia. PROJECT I Chief executive Paul Haywood said that the CPR had independently verified the company’s work and plans for the initial phase of Project I. The CPR, […]
Red Rock issues £623,000 of convertible notes
Red Rock Resources plc has issued £623,000 of convertible notes with accompanying warrants to high net worth investors. CONFIDENCE The company said that £367,000 of subscriptions for the notes were new subscriptions, and £256,000 were conversions of debt facilities. The notes were issued at par and are convertible into ordinary shares of £0.0001 in Red […]
Block starts Project II to deepen existing oil well in undrained reservoir
Block Energy plc plans to deepen an existing oil well in Block XIB as the company begins the second of its three-project strategy in Georgia. PROJECT II Project II involves the re-development of the Patardzeuli Middle Eocene reservoir. The company will drill well JSR-01DEEP by September using cash generated from operations. Project II will run […]
Moody’s raises ratings for Neptune Energy
Neptune Energy said that Moody’s Investors Service had upgraded Neptune Energy Group Midco Ltd to Ba2 from Ba3. The Moody’s also upgraded Neptune Energy Bondco plc’s existing $850 million senior notes due in 2025 to Ba3 from B1. The oil exploration and development company added that its outlook has changed to stable from positive.
Kavango concept report confirms economic viability of GRS in KSZ
Kavango Resources plc said that a concept report confirmed the economic viability of the iron oxide copper-gold (IOCG) target at the Great Red Spot (GRS) in the northern (Hukuntsi) section of the Kalahari Suture Zone KSZ), Botswana. IOCG SYSTEMS The exploration company added that the IOCG target exhibited similar geophysical signatures to the Olympic Dam […]