Sparkling interims as one might expect from Harbour and PetroTal, Hunting's were more a case of "not great but things are looking up" (great use of the 7:01 trading update to distract from meh results at 7:00, good work by the PRs there), IOG did not impress the market with news of more problems at Blythe and Elgood, Angus are still struggling a bit with Saltfleetby but are hoping they have turned the corner and will have sorted things within a week. Eco's rig is en route to South Africa but won't get there for another month. Falcon - more jam tomorrow, hoping to shoot some seismic and drill two wells this year. Zephyr add neighbouring acreage which will allow longer laterals to already-planned wells.
Brent=$101.70(August) WTI=$95.17(September,Brent-6.53) Nymex gas=$9.39(August)
NBP =588p(August,Nymex+60.27) TTF=€313.360(September,Nymex+82.36) JKM=$66.255(October,Nymex+56.86)
Today 11:07 'Surgutneftegas' PJSC (SGGD)
Statement of a significant fact on income paid on the issuer’s securities
https://www.investegate.co.uk/--39-surg ... 0721EKOHA/Amount of income paid on one issuer’s security:
- per ordinary share: RUB 0.80;
- per preference share: RUB 4.73.
Today 11:00 Angus Energy PLC (ANGS)
Price Monitoring Extension
https://www.investegate.co.uk/angus-ene ... 00382425X/https://uk.finance.yahoo.com/quote/ANGS.L/chartOn the day it's jumped +18.8% with a spike to +32%. Over the last 2 weeks it's been in the usual range.
Today 09:43 Angus Energy PLC (ANGS)
Commissioning Update at Saltfleetby
https://www.investegate.co.uk/angus-ene ... 43172257X/now introduced and processed well head gas throughout the combined extraction and condensate processing facility.
Well B2 has alone been delivering at an equivalent rate of 5 million standard cubic feet per day, surpassing the Company's internal expectations, although we expect deliverability to normalise with time. The Company will introduce the stream from the A4 well shortly.
The stream has been passed through the whole process plant including condensate stabilisation and storage tanks as well as gas analysis. Specification gas has been achieved in short tests to date as has an export pressure of approximately 60 barg sufficient for entry into the national transmission system, or "grid"
The Company will make nominations for gas sales when it is satisfied of stable flow, uninterrupted by electronic trips, for an extended period of time being not less than 8 hours continuous flow which we strongly believe will occur before the end of August thereby meeting the current deadline under the Company's revised hedge arrangements as notified on 29 July 2022.
Today 07:03 United Oil & Gas PLC (UOG)
Board Change
https://www.investegate.co.uk/united-oi ... 03221287X/United Oil & Gas Plc announces that Tom Hickey has notified the Board of his intention to step down as independent Non-Executive Director (NED)...following his appointment as Finance Director of Kenmare Resources Plc announced today. Tom will step down from the Board on 23 September 2022 prior to taking up the Kenmare role.
Today 07:01 Hunting PLC (HTG)
Trading Update
https://www.investegate.co.uk/hunting-p ... 01051380X/The Group is pleased to announce that strong progress continues to be made in building its forward sales order book, which provides further visibility on revenue and earnings for the balance of 2022 and into 2023.
The Board notes that Hunting's sales order book now exceeds c.$400 million which represents a near doubling since 31 December 2021,
Today 07:01 Jadestone Energy PLC (JSE)
Transaction in Own Shares
https://www.investegate.co.uk/jadestone ... 01051555X/it has purchased the following number of ordinary shares of £0.001 each in the capital of the Company ("Ordinary Shares") through Stifel Nicolaus Europe Limited ("Stifel") . The repurchased shares will be cancelled.
Today 07:00 Harbour Energy PLC (HBR)
Half-year results for the six months to 30.06.2022
https://www.investegate.co.uk/harbour-e ... 00041556X/§ Production of 211 kboepd, a 40 per cent increase on H1 2021
§ Unit operating costs of $14.2/boe, a 5 per cent decrease on H1 2021
§ Improved safety performance with Total Recordable Injury Rate of 0.7 (H1 2021: 1.6)
§ Tolmount project start-up, boosting UK domestic natural gas supplies by over 5 per cent
§ Investment decisions taken on two UK projects - Talbot development and Leverett appraisal
§ Material gas discovery at the Timpan prospect in the Andaman Sea (Indonesia)
§ EBITDAX of $2.0 billion
§ Profit after tax of $984 million including a pre-tax $360 million foreign exchange gain (relating to unrealised UK gas hedging losses) and income tax expense of $506 million
§ Earnings per share of $1.1
§ Total capex of $391 million, predominantly in the UK
§ Free cash flow of $1.4 billion after tax, pre-distributions
§ Net debt (excluding unamortised fees) and leverage reduced to $1.1 billion and 0.3x respectively
§ Successful RBL redetermination: liquidity of $2.2 billion, greater hedging flexibility going forward
§ Maiden dividend of $98 million paid in May; $100 million interim dividend declared
§ $200 million share buyback initiated in June and today increased to $300 million
§ Production guidance narrowed to 200-210 kboepd (195-210 kboepd previously)
§ Forecast unit opex expected towards the lower end of $15-16/boe guidance
§ Total capex reduced to $1.2 billion ($1.3 billion previously), primarily due to the delayed arrival of two drilling rigs in the UK
§ Forecast free cash flow1 for the full year 2022 increased to $1.8-2.0 billion (after c. $500 million of UK tax payments, before dividends and share buybacks); forecast to be net debt free in 2023 unchanged
Post period end in July the Energy Profits Levy (EPL) was enacted in the UK and applies an additional tax on profits earned from production of UK oil and gas from 26 May 2022. At an average Brent price of $100/bbl and UK natural gas price of 200p/therm for the full year 2022, we expect our 2022 UK EPL liability to be of the order of $300 million, with c. $170 million expected to be paid in December 2022 and the balance in January 2023.
On 26 May 2022, the UK Government announced the introduction of an Energy Profits Levy ('EPL') on the profits earned from the production of oil and gas in the UK with effect from that date. The EPL enabling legislation, the Energy (Oil and Gas) Profits Levy Act 2022, was substantively enacted on 11 July 2022. The EPL is charged at the rate of 25 per cent on taxable profits in addition to ring fence corporation tax of 30 per cent and the Supplementary Charge of 10 per cent.
As the legislation was not substantively enacted as at 30 June 2022, the tax charge in the half-year results does not include the impact of EPL for the period which will instead be reflected in the second half of 2022. If the EPL had been considered in the interim period, an additional current tax liability of an estimated $48 million would be expected to arise from business performance in the period 26 May 2022 to 30 June 2022. The EPL tax is a temporary measure and as enacted will cease to apply on 31 December 2025.
[up 12%]
Today 07:00 PetroTal Corp. (PTAL)
Q2 2022 Financial and Operating Results
https://www.investegate.co.uk/petrotal- ... 00041984X/· Achieved record quarterly production of 14,467 barrels of oil per day ("bopd") and quarterly sales of 14,616 bopd, up 25% and down 5%, respectively, from Q1 2022, representing the Company's seventh straight quarter of production growth, with unencumbered sales for the majority of the quarter;
· Completed well 11H on June 30, 2022, which produced over 300,000 barrels of oil over its first 30 full days on production, has paid out its capital investment, and averaged over 9,000 bopd from August 1 to 22, 2022;
· Achieved a new daily Company production record of 25,218 bopd on July 1, 2022 with production briefly reaching 26,000 bopd, representing the maximum capacity at the newly expanded Central Processing Facility ("CPF-2");
· Sold approximately 86% of sales through the Brazilian route with the remaining 14% sold to the Iquitos Refinery while the Northern Peruvian Oil Pipeline ("ONP") was offline, successfully redirecting 456,000 barrels from the ONP to the Brazilian market;
· Significantly reduced transportation costs through significantly reduced diluent blending requirements to Brazil, contributing to record low transportation costs of $3.4 million ($2.54/bbl);
· Generated record net operating income ("NOI") and EBITDA(a) of $98.6 million and $93.4 million, respectively, both up three and a half fold from Q2 2021 levels and almost double from Q1 2022;
· Generated record free cash flow(a) of $69.4 million before changes in non-cash working capital and debt service, accumulating over $100 million, for the six months ended June 30, 2022;
· Invested approximately $24.0 million in capital expenditures ("Capex"), lower than revised guidance by $5 million, due to drilling delays from the March 2022 social protests. Approximately two thirds of Capex spent was for drilling and completion related investments with the remainder divided amongst smaller production operation projects;
· On April 1, 2022, the Company paid $20 million of principal to bondholders through the 101% call option mechanism set out in the bond agreement. As of June 30, 2022 and August 25, 2022, the Company is in compliance with all covenants; with $80 million of bond principal remaining; and,
· Exited the quarter with $77 million of total cash, including $13.5 million of restricted cash, and approximately ($79) million in net debt/(surplus)(1), a record level for the Company allowing for a future return of capital program in Q4 2022 or Q1 2023, with an extremely solid balance sheet profile.
Forecast 19,500bopd in Q4 after another two wells.
PetroTal will host an investor webcast on August 25, 2022 at 9:00 am CT (3:00 pm BST), following release of the Q2 2022 results. The Company has also provided an updated corporate presentation inclusive of the Q2 2022 results, on its website. PetroTal's 2021 AGM will be held virtually on September 15, 2022.
Today 07:00 Hunting PLC (HTG)
Unaudited results for the six months to 30/06/22
https://www.investegate.co.uk/hunting-p ... 00031424X/· Revenue $336.1m (H2 2021 - $277.2m; H1 2021 - $244.4m)
· Gross profit $75.8m (H2 2021 - $20.9m; H1 2021 - $44.0m)
· Profit from operations $1.7m (H2 2021 - $53.2m loss; H1 2021 - $26.5m loss)
· Diluted loss per share 2.4 cents (H2 2021 - 34.3 cents LPS; H1 2021 - 18.9 cents LPS)
· EBITDA $20.6m (H2 2021 - $6.7m; H1 2021 - $3.6m loss) **
· Adjusting items totalling $nil (H2 2021 - $41.1m; H1 2021 - $3.5m)
· Adjusted gross profit $75.8m (H2 2021 - $56.5m; H1 2021 - $44.1m)
· Adjusted profit from operations $1.7m (H2 2021 - $12.1m loss; H1 2021 - $23.0m loss)
· Adjusted diluted LPS per share 2.4 cents (H2 2021 - 11.0 cents LPS; H1 2021 - 16.1 cents LPS)
· Total cash and bank of $85.6m (31 December 2021 - $114.2m)***
· Net assets per share 517.4 cents (31 December 2021 - 528.4 cents)
· Interim dividend declared for H1 2022 of 4.5 cents per share (H1 2021 - 4.0 cents)
The Group's results demonstrate a strong improvement in revenue and earnings in the period, leading to Hunting returning to monthly pre-tax profitability during the second quarter. The second half of the year is expected to see further improvement in earnings, which is supported by our forward sales order book, which now exceeds the position seen in 2019, providing a positive outlook for the remainder of the year and into 2023.
[up 15%]
Today 07:00 IOG PLC (IOG)
Half-year Report
https://www.investegate.co.uk/iog-plc-- ... 00031466X/With high salinity fluids currently being received onshore, we are temporarily producing the Blythe and Elgood wells independently to establish the source of these fluids and optimise the operating plans. In view of this, we have revised our 2H 2022 guidance to a more conservative 30-50 mmscf/d.
Our two other key priorities this year are delivering Southwark first gas and progressing our Phase 2 plans. We also aim to open up further synergistic gas hubs with the two exciting appraisal wells at Goddard and Kelham. We look forward to the rest of 2022 and beyond with a firm focus on maximising shareholder value."
· Blythe and Elgood successfully brought onstream in mid-March 2022
o Gross aggregate production of 34.0 mmscf/d from First Gas to 30 June 2022, at 59% uptime
· Generating cash flow and profit from production operations
o Total revenue of £30.2 million (30 June 2021: £nil), split 94% gas and 6% condensate
o Opex of 13.7 p/therm for the period (1H 2021: N/A)
o EBITDAX of £25.9 million for the period (1H 2021: £0.1 million)
o Post-tax profit of £11.4 million (30 June 2021: £0.2 million)
o Unrestricted cash balance at period end of £12.3 million (31 December 2021: £31.3 million)
[down 18%]
Today 07:00 Eco (Atlantic) O&G (ECO)
Unaudited Results for 3 months ended 30 June 2022
https://www.investegate.co.uk/eco--atla ... 00031430X/· The Company had cash and cash equivalents of US$38,753,695, and no debt.
· The Company had total assets of US$79.8 million, total liabilities of US$5.9 million and total equity of US$73.9 million.
· Two successful equity fundraises raising combined gross proceeds of US$37.8 million to fund its ongoing workstreams, including the upcoming drilling of the Gazania-1 well on Block 2B, offshore South Africa, and further G&G work across the entire portfolio.
· Completion of acquisition of 100% of Azinam Group Limited ("Azinam"), including Azinam's entire offshore asset portfolio in Orange Basin South Africa and Namibia, in return for a 16.5% equity stake in the enlarged Group.
· Acquisition, subject to completion, of an additional 6.25% Participating Interest in Block 3B/4B, Orange Basin offshore South Africa, for a consideration of US$10 million.
· The rig is currently offshore Spain heading to Las Palmas for refuelling and expected to arrive at the drilling location by the end of September 2022, subject to weather conditions. The Gazania-1 prospect is targeting a 300 million barrels light oil resource.
Gil Holzman and Colin Kinley will provide a live presentation relating to Q1 Results and upcoming South Africa Exploration Activities via the Investor Meet Company platform on 20 September 2022 at 3:00pm BST.
Eco would like to invite current and potential shareholders to an early evening face-to-face presentation by management, followed by a Q&A session, on Monday, 19 September 2022. Drinks and refreshments will be served afterwards. The event will take place at The Brewery, 52 Chiswell Street, London EC1Y 4SD, at 5.30pm for a 6:00pm start.
Today 07:00 Falcon Oil & Gas Ltd. (FOG)
FALCON OIL & GAS LTD - Filing of Interim Financial Statements
https://www.investegate.co.uk/falcon-oi ... 0000H1575/Filing of Interim Financial Statements 25 August 2022 - Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) announces that it has filed its Interim Financial Statements for the three and six months ended 30 June 2022 and 2021 and the accompanying Management’s Discussion and Analysis (“MD&A”).
Strong financial position, debt free with cash of US$17.4 million at 30 June 2022 (31 December 2021: US$8.9 million).
Full set of docs at
https://www.sedar.com/DisplayCompanyDoc ... o=00006234Current plans for this year - 58km of 2D seismic over Amungee and then two wells.
Today 07:00 Zephyr Energy PLC (ZPHR)
Acquisition of additional Paradox acreage & update
https://www.investegate.co.uk/zephyr-en ... 00031474X/Zephyr has increased its land position adjacent to its operated White Sands Unit (the "WSU") through the targeted acquisition of 1,920 leased acres deemed by the Company to have immediate development potential.
o The acquired acreage is largely covered by Zephyr's existing 3D seismic, and directly borders the Zephyr lease on which the planned State 36-2 LNW-CC and 36-3 LN-C9 well pad is located.
By adding the new acreage, the lateral for the proposed State 36-2 LNW-CC can be fully completed across a 10,000-foot lateral length, subject to final regulatory approval. This is expected to further enhance the well's forecast economics and estimated ultimate recovery.
Zephyr's technical team estimates that the acquisition adds over 4 million barrels of oil equivalent of additional 2C net Contingent Resources to Zephyr's Paradox Basin position
Today 07:00 Canadian O'Seas Petr (COPL)
Conversion of Bonds
https://www.investegate.co.uk/canadian- ... 00011219X/issued 1,999,000 common shares (the "Shares") pursuant to a conversion of $200,000 principal of each of the 2024 and 2025 Bonds.
Today 07:00 Canadian O'Seas Petr (COPL)
President and CEO Stock Purchase
https://www.investegate.co.uk/canadian- ... 00031476X/Arthur Millholland, President and CEO has advised the Company of the purchase of 1,000,000 shares of the Company through the facilities of the Canadian Stock Exchange ("CSE"), consisting of 100,000 shares purchased on August 23rd at $0.19/share and 900,000 shares purchased on August 24th at $0.185/share.
Today 07:00 Enwell Energy PLC (ENW)
Board Changes
https://www.investegate.co.uk/enwell-en ... 00041369X/With immediate effect, Mr Dmitry Sazonenko has stepped down as a Non-Executive Director of the Company, and Dr Gehrig Schultz has joined the Board as a Non-Executive Director of the Company.
Dr Schultz is a geophysicist with extensive experience in the global oil and gas industry. He commenced his career in South America, with management roles with Western Geophysical Inc. and Grant Geophysical Inc., before joining PGS Onshore Inc. to assist with the development of its geophysical business worldwide. He was then Chairman and Chief Executive Officer of Prospectiuni S.A. and Chairman of Tender Oil & Gas Limited, before founding Surus Geophysical B.V. to provide geophysical consulting services. He joined EPI Limited in 2018 as Chief Operating Officer of Geoscience, and currently leads the geoscience division.
Yesterday 18:25 Serica Energy PLC (SQZ)
BLOCK LISTING SIX MONTHLY RETURN
https://www.investegate.co.uk/serica-en ... 25191404X/Share Option Plan 2005
Today 07:00 Jadestone Energy PLC (JSE)
Block Listing Six Monthly Return
https://www.investegate.co.uk/jadestone ... 00041427X/today makes the following notification pursuant to Schedule Six of the AIM Rules for Companies regarding its existing block admission arrangements in respect of the Jadestone Energy Stock Option Plan, Jadestone Energy Stock Option Plan 2021 and Jadestone Energy Share Option Plan 2022.
Today 07:00 Pharos Energy PLC (PHAR)
Transaction in Own Shares
https://www.investegate.co.uk/pharos-en ... 00041483X/ it purchased the following number of ordinary shares of £0.05 each in the Company ("Ordinary Shares") through Peel Hunt LLP ("Peel Hunt"). The shares purchased will be cancelled.
Yesterday 18:16 BP PLC (BP.)
Transaction in Own Shares
https://www.investegate.co.uk/bp-plc--b ... 16321390X/They bought back 10,542,996 shares at 456.895p = £48,170,426.64
Yesterday 17:44 Shell plc (SHEL)
Transaction in Own Shares
https://www.investegate.co.uk/shell-plc ... 4404H1574/They bought back 2,321,667 shares
Yesterday 17:16 BP PLC (BP.)
Director/PDMR Shareholding
https://www.investegate.co.uk/bp-plc--b ... 16571329X/Purchase of ADSs by non-exec
Yesterday 15:51 i3 Energy PLC (I3E)
Holding(s) in Company
https://www.investegate.co.uk/i3-energy ... 51381226X/On 23-Aug-2022, Premier Miton Group plc reduced from 12.555% to 11.929%.