Whilst all the focus is on BP's results - making an estimated $3bn from gas trading - it's been a busy end-of-quarter day elsewhere. Always a good sign when companies are sufficiently on top of things to update on the first day of the new quarter.
Bowleven are screwed - running out of cash whilst Etinde is in limbo until Perenco have bought out a partner. Currently down a third, sesnible thing would surely be for Perenco to buy them for buttons?
Aminex have also received a kicking (down 30% at one point, although now about 15%) for Chikumbi-1 being delayed to March, even though susbequent production will be advanced by a year to ~15 months time and Ruvuma 3D now completed fieldwork.
Arrow continue to make good steady progress, with production starting at East Pepper and more wells to come, now up to 2,530 boepd. COPL also making progress, recent markets have disrupted their efforts to refinance their debt but they've been approached by a potential farminee for their deep discovery.
Challenger continue to limp along, barely breaking even in Trinidad after weather disruptions.
Westmount don't have much to say - yet to come up with anything solid from their various holdings in Guyana but one imagines there will be consolidation there, got a tiny stake in Eco who are about to drill Gazania in South Africa.
Wildcat results suggest they're also looking at Chad and Sierra Leone as well as Sudan.
Jadestone finally complete their NW Shelf acqiusition from BP ($20m plus $41m to abandonment fund for 2,366bopd) - good work having an effective date of January 2020! However both the San Leon and Tomco deals have missed their October deadlines - looks like San Leon has been delayed to get a better finance deal, whereas the Tomco one seems a mess, it keeps dragging on.
Brent=$94.72(November) WTI=$88.4(November,Brent-6.32) Nymex gas=$6.19(November)
NBP =299p(November,Nymex+28.35) TTF=€122.500(December,Nymex+29.52) JKM=$27.535(December,Nymex+21.34)
Today 12:13 Petrel Resources PLC (PET)
Holding(s) in Company
https://www.investegate.co.uk/petrel-re ... 13329348E/On 30-Oct-2022, Monecor (London) Ltd Trading as ETX Capital increased from 0% to 7.53%.
Today 11:18 S.N.G.N. Romgaz S.A. (SNGR)
Request supplementing OGSM Agenda Nov17(18),2022
https://www.investegate.co.uk/s.n.g.n.- ... 18279183E/the Romanian State as shareholder of S.N.G.N. ROMGAZ S.A. (owning 70.0071% of the share capital), represented by the Ministry of Energy, for two new items to be included on the Agenda of the Ordinary General Meeting of Shareholders convened on November 17 (18), 2022.
Today 11:00 Aminex PLC (AEX)
Price Monitoring Extension
https://www.investegate.co.uk/aminex-pl ... 00449143E/https://uk.finance.yahoo.com/quote/AEX.L/chartOn the day it's dropped -15.4% having touched -31%. Over the last 2 weeks it's down -19.3% having touched -34%.
Today 09:50 Oil and Gas Devt Co (OGDC)
Appointment of director
https://www.investegate.co.uk/oil-and-g ... 50279004E/Mr. Sajid Mehmood Qazi, Additional Secretary Ministry of Energy (Petroleum Division) has been appointed on the Board of Directors of the Company w.e.f. November 01, 2022 in place of Mr. Muhammad Haroon-ur-Rafique, former Additional Secretary Ministry of Energy (Petroleum Division).
Today 09:00 Aminex PLC (AEX)
Price Monitoring Extension
https://www.investegate.co.uk/aminex-pl ... 00398809E/https://uk.finance.yahoo.com/quote/AEX.L/chartOn the day it's dropped -15.4% having touched -31%. Over the last 2 weeks it's down -19.3% having touched -34%.
Today 09:00 TomCo Energy PLC (TOM)
Price Monitoring Extension
https://www.investegate.co.uk/tomco-ene ... 00188806E/https://uk.finance.yahoo.com/quote/TOM.L/chartOn the day it's dropped -10.9% having touched -20%. Over the last 2 weeks it's up +16.8%.
Today 08:00 Stock Exch Notice ()
Cancellation - China Petroleum & Chemical Corp
https://www.investegate.co.uk/stock-exc ... 00017838E/At the request of the company the following securities have been cancelled from admission to trading on London Stock Exchange with effect from the time and date of this notice.
Today 07:30 Bowleven plc (BLVN)
Full Year Results
https://www.investegate.co.uk/bowleven- ... 30068227E/[Etinde effectively on hold until the spring whilst New Age's sale to Perenco completes.]
§ The loss for the financial year was $2.5 million.
§ Bowleven closed the year with $1.3 million of cash and a financial investment of $2.2 million giving a total value of available funds of $3.5 million. Cash balance at 30 October 2022 was $0.5 million....
the Directors' cash flow forecasts and projections indicate a material risk that Bowleven will fully utilise its existing cash resources by the end of 2023. This gives rise to material uncertainty regarding the going concern status of the Bowleven group.
§ The Board is currently discussing and investigating various options, including debt and equity issues, as well as hybrid debt instruments to raise additional funding during early 2023.[down 33%]
Today 07:27 BP PLC (BP.)
Share Repurchases
https://www.investegate.co.uk/bp-plc--b ... 27118760E/it is to commence a share buyback programme to repurchase ordinary shares in the capital of the Company...The maximum amount allocated to the Programme is around $2.5 billion for a period up to and including 3 February 2023.
Today 07:23 Aminex PLC (AEX)
Ruvuma Operations Update
https://www.investegate.co.uk/aminex-pl ... 23008758E/Aminex has been informed of a delay to the spud date of the forthcoming Chikumbi-1 ("CH-1") well by the operator, ARA Petroleum Tanzania Limited ("APT"). Due to ongoing negotiations with the Tanzanian authorities and contractors, Aminex has been advised that the expected spud date for CH-1 has now slipped to March 2023 due to rig availability....
APT and the Tanzania Petroleum Development Corporation ("TPDC") are in advanced negotiations to accelerate gas production from the Ntorya gasfield. The proposal, following the successful drilling of CH-1, is to utilise the newly drilled well and the existing suspended gas producers, Ntorya-1 ("NT-1") and Ntorya-2 ("NT-2"). This is expected to lead to gas production and receipt of production revenues in early 2024, almost 12 months earlier than originally envisaged....
· The Ruvuma 3D seismic acquisition programme, the largest 3D survey to have been conducted to date in onshore East Africa, completed on 9 October 2022 and the processing and interpretation of data will continue into 2023.
Today 07:11 Pharos Energy PLC (PHAR)
Transaction in Own Shares
https://www.investegate.co.uk/pharos-en ... 11268754E/They bought back 9,213 shares at 26.5p = £2,441
Today 07:06 Wildcat Petroleum (WCAT)
Annual Financial Report
https://www.investegate.co.uk/wildcat-p ... 06378742E/· Cash balance of £153,701 (30 June 2021: £358,560)
· Loss before taxation of £305,744 (30 June 2021: Loss of £459,646)
· Fundraising of £250,000 before expenses
· Signed MOU with the Sudanese Oil Ministry to advance the development and commercial exploitation of hydrocarbon assets in Sudan
In early May 2022, the Company undertook a six-month Reconnaissance Desk Study offshore Sierra Leone and delivered the Report to the Petroleum Directorate by the 6 month deadline in early October 2022. There is now a Bid Round over the offshore area - Closing in January 2023. The PDSL have recently confirmed acceptance of our confidential report and the fact that we can apply (as a partner) in the Round.
During the year the Company's focus moved from Angola/Namibia and more towards South Sudan, Chad and in particular Sudan.
in September of this year, Dr Omar attended the Oil and Power conference in Juba and discussed opportunities in [Chad] directly with the oil minister on behalf of Wildcat....
The Directors collectively have an interest of over 69% in the Company and therefore have a vested interest in ensuring the Company's first acquisition is the right one.
Today 07:00 BP PLC (BP.)
3Q22 SEA Part 1 of 1
https://www.investegate.co.uk/bp-plc--b ... 00078138E/Underlying replacement cost profit was $8.2 billion, compared with $8.5 billion for the previous quarter. Compared to the second quarter, the result was impacted by weaker refining margins, an average oil trading result and lower liquids realizations, partly offset by an exceptional gas marketing and trading result and higher gas realizations.
• Reported loss for the quarter was $2.2 billion, compared with a profit of $9.3 billion for the second quarter 2022. The reported result for the third quarter includes inventory holding losses net of tax of $2.2 billion and a charge for adjusting items* net of tax of $8.1 billion. This charge includes adverse fair value accounting effects* of $10.1 billion, primarily due to further increases in forward gas prices compared to the end of the second quarter, partly offset by $2.0 billion gain on sale relating to the formation of Azule Energy.
• The effective tax rate (ETR) on RC profit or loss* for the third quarter and nine months was 96% and -242% respectively, compared with -175% and 57% for the same periods in 2021. Excluding adjusting items, the underlying ETR* for the third quarter and nine months was 37% and 33% respectively, compared with 35% and 31% for the same periods a year ago. The higher underlying ETR for the third quarter and nine months reflects the UK Energy Profits Levy on North Sea profits and the absence of equity-accounted earnings from Rosneft, partly offset by changes in the geographical mix of profits. ETR on RC profit or loss and underlying ETR are non-GAAP measures.
• At the end of the third quarter, net debt* was $22.0 billion, compared with $22.8 billion at the end of the second quarter 2022 and $32.0 billion at the end of the third quarter 2021.
RC profit in gas & low carbon energy - 6,240m (3,080m Q2, 1,807m in 2021) whereas oil was down qoq.
• bp expects global gas prices to remain elevated and volatile during the fourth quarter due to a lack of supply to Europe with the outlook heavily dependent on Russian pipeline flows or other supply disruptions.
• bp expects industry refining margins to remain elevated in the fourth quarter due to sanctioning of Russian crude and product and energy prices are also expected to remain high.
• Reported production for the quarter was 981mboe/d, 10.4% higher than the same period in 2021. Underlying production* was 4.7% higher, mainly due to major project* start-ups in 2021, partly offset by base decline.
• Renewables pipeline* at the end of the quarter was 26.9GW (bp net). The renewables pipeline increased by 1.1GW during the quarter due to net increases in the solar pipeline. The renewables pipeline increased by 3.8GW for the nine months, primarily as a result of bp and its partner EnBW being awarded a lease option off the east coast of Scotland to develop an offshore wind project with a total generating capacity of around 2.9GW (1.45GW bp net) in the first quarter, and additions to the Lightsource bp pipeline.
bp average refining marker margin (RMM) ($/bbl) $35.5 ($45.5 in Q2)
Today 07:00 Westmount Energy Ld (WTE)
Final Results & Notice of AGM
https://www.investegate.co.uk/westmount ... 00098212E/ Annual General Meeting of Westmount Energy Limited will be held at No 2 The Forum, Grenville Street, St Helier, Jersey JE1 4HH, Channel Islands on 8 December 2022 at 11.00....
· Indirect exposure to the recently spudded Gazania-1 well, targeting 300 MMbbls light oil resource, in Block 2B, Orange Basin, South Africa
· Drilling interregnum with respect to the Canje and Kaieteur blocks, offshore Guyana, while environmental permitting is progressing with a view to potential new drilling programs on these blocks from 2023
Westmount's investment strategy has been to provide shareholders exposure to a portfolio of drilling outcomes in the Guyana-Suriname Basin, in blocks immediately adjacent to the prolific Stabroek Block. Since 2019, we have participated, indirectly via our investee companies, in six wells (Jethro-1, Joe-1, Tanager-1, Bulletwood-1, Jabillo-1 and Sapote-1), offshore Guyana, which have yielded three oil discoveries (Jethro, Joe and Tanager), but no standalone commercial success to date.
As of 30 June 2022 Westmount had a cash balance of £1.0M and is debt free.
As of 30 June 2022 Westmount continues to hold 7.2% of the issued common shares in JHI. [17.5% Canje block Guyana] - EOG tried to take over
Westmount continues to hold 5.3% of the issued share capital of CEC.[20% Kaieteur block, Guyana]
Westmount continues to hold 0.44% of [EOG, 15% Orinduik block Guyana, 50% Block 2B (Gazania) South Africa]
Westmount continues to hold 0.04% of [Ratio Petroleum, 25% of Kaieteur block]
0.4% Argos [PL001, Falklands]
There are likely to be more consolidation opportunities amongst the junior players within the Guyana-Suriname Basin, as exploration matures and in response to risk management demands of investor capital. In the meantime, we look forward to the outcome of the Gazania-1 well in South Africa.
Today 07:00 Arrow Exploration (AXL)
Operations Update
https://www.investegate.co.uk/arrow-exp ... 00088186E/ Following reporting of successful testing of the East Pepper well in September, the Company is now pleased to confirm the tie-in has been completed, and production began on October 25th
o Initial rate was 7.6 mmcf/d or approximately 1,260 boe/d
o The well has been choked back to produce at 6 mmcf/d or approximately 1,000 boe/d
o The workover program on RCS-1 and RCE-1 is progressing as expected and the Company anticipates reporting on production rates in the next few weeks once the wells have cleaned-up
o Operations remain on track for RCE-3 to spud in December, with RCE-4 operations to follow immediately after completion of RCE-3
o After drilling RCE-3, RCE-4 and the RC water disposal well, the same rig will be moved to the Carrizales Norte field
o Drilling at Carrizales 1 & 2 is anticipated to begin in Q1 2023
Corporate production as of October 27, 2022, is approximately 2,530 boe/d net.
Today 07:00 Canadian O'Seas Petr (COPL)
Operations and Corporate Objectives Update
https://www.investegate.co.uk/canadian- ... 00078129E/ The miscible flood at Barron Flats continues to exceed the Company's initial expectations thus resulting in a re-simulation of the field which is underway.
· Flaring gas has commenced at Barron Flats with production from restricted wells being brought up incrementally post approval of the flaring permit on October 11. Oil production increases are expected as the process proceeds.
· Six wells have currently been identified for recompletion in the Frontier 1 at Cole Creek offering a near term low-risk opportunity to materially increase oil production and reserves.
· Select US and International Banks have been approached to refinance the Company's Senior Credit Facility and fund the retirement of hedges currently in place.
· Due diligence is being conducted by a large oil company with respect to a possible Joint Venture on the Company's deep oil discovery.
Today 07:00 Challenger Energy (CEG)
Trinidad Q3 2022 Update
https://www.investegate.co.uk/challenge ... 00098739E/· Total gross oil production for Q3 2022 was 32,370 barrels, representing an approximately 5% decline on Q2 2022. The decline reflects the impact of especially adverse weather conditions causing grid and field level electrical failures...
· Gross realised average price per barrel sold in Q3 2022 was US$85.02, an approximately 13% decrease over Q2 2022. ...average net revenue to the Company of US$40.20 per barrel sold, an approximately 11% decrease on Q2 2022, largely as a consequence of a decline in oil price.
· The Company's business in Trinidad and Tobago operated on a break-even pre-tax operating profit basis in Q3 2022 (Q2 2022: US$0.2 million).
Today 07:00 Jadestone Energy PLC (JSE)
Completion of North West Shelf Project Acquisition
https://www.investegate.co.uk/jadestone ... 00068026E/ is pleased to announce the completion of the acquisition of a non-operated 16.67% working interest in the Cossack, Wanaea, Lambert, and Hermes ("CWLH") oil fields development (the "North West Shelf Oil Project"), offshore Western Australia, from BP Developments Australia...
The headline acquisition cost to Jadestone is US$20 million[1], as originally announced. Inclusive of agreed adjustments, which results from the accumulated economic benefits of the CWLH assets for the period from the effective date of 1 January 2020 to completion, Jadestone will receive from the Seller a cash amount of US$5.75 million. In line with the original acquisition announcement, Jadestone has paid an initial US$41 million into the North West Shelf Oil Project's Abandonment Trust Fund....
The acquired interest includes the Seller's entire 16.67% working interest in the CWLH oil fields, subsea infrastructure, Okha FPSO, and full abandonment liabilities estimated at US$82 million, and represents 10.4 mmbbls of acquired reserves and resources as of the effective date of 1 January 2020. According to the operator, production from the CWLH fields averaged 14,196 bopd for the three months ended September 2022, or 2,366 bopd net to Jadestone's acquired interest.
Today 07:00 San Leon Energy PLC (SLE)
Further update on the proposed transactions
https://www.investegate.co.uk/san-leon- ... 00078137E/the condition relating to the New Eroton Debt Facilities being entered into, which had already been extended to 31 October 2022, has now been extended to 30 November 2022 by agreement with Midwestern....The Sahara OML 18 Acquisition Agreement is not expected to be entered into until after the New Eroton Debt Facilities have been entered into and the funds are available, and therefore this date has now been further extended to 30 November 2022 by agreement with Midwestern....
As previously announced by the Company on 30 September 2022, whilst a loan facility of US$50.0 million has been made available to the Company by MM Capital Holding Limited for the purposes of funding its working capital requirements and financing the Further ELI Investments (as set out in the Admission Document), the Company has been discussing alternative financing on terms that are better aligned with the Company's overall strategic and financing objectives. In this regard, progress has been made on securing alternative financing and the Board intends to finalise these discussions in the coming weeks with full loan documentation and drawdown of the funds thereafter.
Today 07:00 TomCo Energy PLC (TOM)
Further Extension of the Valkor Loan
https://www.investegate.co.uk/tomco-ene ... 00078139E/ the terms of the Valkor Loan have now been further varied to extend the repayment date for the remaining US$1,000,000 principal amount of the loan to on or before 30 November 2022.
Today 07:00 Diversified Energy (DEC)
Diversified Achieves OGMP Gold Standard Pathway
https://www.investegate.co.uk/diversifi ... 00098226E/ Oil & Gas Methane Partnership 2.0 (OGMP 2.0) awarded Diversified its Gold Standard Pathway, recognising the Company's commitment to reduce its methane emissions and provide measurement-based transparent reporting to the highest OGMP 2.0 standard available...Achieving the Gold Standard Pathway positions Diversified to offer Responsibly Sourced Gas (RSG), a differentiated commodity sought by utilities and Liquified Natural Gas (LNG) buyers for its independently verified low-methane attributes.
Today 07:00 Vaalco Energy Inc (EGY)
VAALCO ENERGY IMPLEMENTS SHARE BUYBACK PROGRAM
https://www.investegate.co.uk/vaalco-en ... 00088183E/its newly-expanded Board of Directors formally ratified and approved the share buyback program that was announced on August 8, 2022 in conjunction with the pending business combination with TransGlobe...The plan provides for an aggregate purchase of currently outstanding common stock up to $30 million over 20 months.
Today 07:00 Touchstone Explrtn. (TXP)
SHARE PURCHASE PLAN AND DIRECTOR / PDMR PURCHASES
https://www.investegate.co.uk/touchston ... 00098232E/Purchase of common shares by the Trustee of the Employee Share Purchase Plan
Today 07:00 Genel Energy PLC (GENL)
Change in Company Secretary
https://www.investegate.co.uk/genel-ene ... 0008EPAYL/Chandni Karania has been appointed as Company Secretary of the Company with effect from the 1 November 2022. Chandni has been Deputy Company Secretary since 2017.
Today 07:00 Egdon Resources PLC (EDR)
Total Voting Rights
https://www.investegate.co.uk/egdon-res ... 00088206E/at 31 October 2022 the total number of Ordinary shares of 1p of the Company in issue is 543,683,031.
Today 07:00 Southern Energy Corp (SOUC)
Total Voting Rights Update
https://www.investegate.co.uk/southern- ... 00098234E/As at 31 October 2022, Southern had 137,183,785 Common Shares in issue.
Today 07:00 Igas Energy PLC (IGAS)
Total Voting Rights
https://www.investegate.co.uk/igas-ener ... 00067934E/The total number of voting rights in IGas is 126,231,209 Ordinary Shares
Today 07:00 Rockhopper Exp plc (RKH)
Total Voting Rights
https://www.investegate.co.uk/rockhoppe ... 00067928E/it has issued a total of 1,861,244 Ordinary Shares of 1 pence each (the "Shares") pursuant to the exercise of warrants which were issued as part of the capital raising in June 2022.... as at 31 October 2022, the issued ordinary share capital of the Company consisted of 586,439,760 Ordinary Shares
Today 07:00 Jadestone Energy PLC (JSE)
Transaction in Own Shares
https://www.investegate.co.uk/jadestone ... 00088194E/They bought back 100,000 shares at 68p = £68,000
Today 07:00 Union Jack Oil PLC (UJO)
Transaction in Own Shares
https://www.investegate.co.uk/union-jac ... 00068077E/it has purchased a total of 100,000 of its ordinary shares [at 33p]
Yesterday 17:56 Shell plc (SHEL)
Voting Rights and Capital
https://www.investegate.co.uk/shell-plc ... 5623H4062/Shell plc's capital as at October 31, 2022, consists of 7,110,291,093 ordinary shares of €0.07 each. Shell plc holds no shares in Treasury.
Yesterday 17:49 Pharos Energy PLC (PHAR)
Total Voting Rights
https://www.investegate.co.uk/pharos-en ... 49398083E/the Company's issued share capital consisted of 444,149,364 ordinary shares of £0.05. The Company holds 9,122,268 shares in Treasury.
Yesterday 17:45 Shell plc (SHEL)
Transaction in Own Shares
https://www.investegate.co.uk/shell-plc ... 4541H4061/They bought back 997,953 shares at £24.065 = £24,015,839 and 1,000,000 shares at €27.983 = £24,092,917 for a total of £48,108,755
Yesterday 17:00 Jadestone Energy PLC (JSE)
Total Voting Rights
https://www.investegate.co.uk/jadestone ... 00067859E/its capital consisted of 454,599,916 ordinary shares of £0.001 each, and each with voting rights.
Yesterday 17:00 TotalEnergies SE (TTE)
Transaction in Own Shares
https://www.investegate.co.uk/totalener ... 0000Z4010/€79,999,951.78
Yesterday 17:00 Deltic Energy PLC (DELT)
Total Voting Rights
https://www.investegate.co.uk/deltic-en ... 00065157E/the Company's issued ordinary share capital as at the date of this announcement comprises 1,861,931,992 ordinary shares
Yesterday 17:00 Serica Energy PLC (SQZ)
Total Voting Rights
https://www.investegate.co.uk/serica-en ... 00017985E/ provides the following information relating to voting rights as at 31 October 2022:
Yesterday 15:00 Cadogan Petroleum Plc (CAD)
Notice of GM
https://www.investegate.co.uk/cadogan-p ... 0000PEFBC/intends to change its name to Cadogan Energy Solutions Plc. The directors believe that the change of name will more closely align the Company with its strategy to expand activities beyond the oil and gas sector to new forms of energy which have a reduced impact on the environment....The General Meeting will be held on 17th November 2022 at 11.00 a.m. at the offices of Shakespeare Martineau LLP, 60 Gracechurch Street, London, EC3V 0HR.
Yesterday 14:27 Trinity Exploration (TRIN)
Total Voting Rights
https://www.investegate.co.uk/trinity-e ... 27227797E/the total voting rights in the Company is 39,172,637.
Yesterday 14:00 United Oil & Gas PLC (UOG)
Price Monitoring Extension
https://www.investegate.co.uk/united-oi ... 00317764E/https://uk.finance.yahoo.com/quote/UOG.L/chartOn the day it's jumped +14.3% with a spike to +16%. Over the last 2 weeks it's been in the usual range.
Yesterday 13:40 TotalEnergies SE (TTE)
Brazil: TotalEnergies Announces Oil Discovery in the Sépia Area
https://www.investegate.co.uk/totalener ... 4000Z4004/announces an oil discovery by the Pedunculo well, located in the north-west of the Sépia oil field, approximately 250 km off the coast of Rio de Janeiro, Brazil....The well was drilled at a water depth of approximately 2,200 meters. The net thickness of the well’s oil column is one of the highest ever recorded in Brazil. Operations to characterize the reservoir and measure the extent of the discovery are ongoing.
