RNS Number : 3911C
Union Jack Oil PLC
17 June 2019
17 June 2019
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement
Union Jack Oil plc
("Union Jack" or the "Company")
Successful Result at West Newton A-2 Appraisal Well
Union Jack Oil plc (AIM: UJO), a UK focused on-shore hydrocarbon production, development and exploration company is pleased to announce positive preliminary results in respect of the recently drilled West Newton A-2 conventional appraisal well, located within PEDL 183 and operated by Rathlin Energy (UK) Limited. Union Jack holds a 16.665% interest in this licence containing the West Newton A-1 discovery well and West Newton A-2 appraisal well.
Highlights
· Substantial hydrocarbon accumulation within a net 65 metre interval encountered in the primary target, the Kirkham Abbey formation
· Significant liquids component identified from core and logging data
· Extended well test planned for Q3 2019
· Planning permission in place for an extended well test
· Potentially transformational well result for Union Jack
David Bramhill, Executive Chairman of Union Jack, commented:
"The initial results of the West Newton A-2 appraisal well exceed our expectations. The most important aspect of this drilling exercise is that the operation was undertaken in a safe and competent manner by the operator.
"We rank the West Newton project very highly and look forward to the results of testing during Q3 2019".
"These encouraging results suggest to us that the West Newton project has the potential to achieve our goal of transforming Union Jack from a junior exploration and production company into a self-sustaining mid-tier hydrocarbon producer".
Drilling and Results Summary
The West Newton A-2 well was spudded on 26 April 2019 and on 9 June 2019 reached a total depth (TD) of 2061 metres. 28 metres of core has been successfully extracted from the primary target, the Kirkham Abbey formation and all planned logging operations have been completed.
A net 65 metre hydrocarbon saturated interval has been encountered from within the Kirkham Abbey formation indicating a substantial hydrocarbon accumulation, including a significant liquids component.
Drilling operations have now concluded, and production casing has been run in preparation for testing of this extended interval, for which planning consent has been received. The proposed extended well test will establish flow rates and will help determine the future drilling and development programme at the West Newton project. Testing is expected to commence in Q3 2019.
The initial petrophysical data obtained from the West Newton A-2 well correlates positively with the results from the West Newton A-1 conventional discovery well. Prior to the drilling of the West Newton A-2 well, a Competent Person`s Report compiled by Deloitte, had a Best Estimate Contingent Resource of 189 Bcf of gas equivalent. Volume expectations will initially be updated following further core and log analysis, then again following the extended well test.
The well also encountered hydrocarbon shows within the deeper Cadeby formation, a secondary target. The intersection is consistent with the West Newton A-1 well from which an oil saturated core was recovered. This is highly encouraging, and the formation is planned to be intersected in the future from the West Newton-B well location, where optimal reservoir development is expected, and planning permission is already in place.
Competent Person's Statement
In accordance with the "AIM Rules - Note for Mining and Oil and Gas Companies", the information contained within the announcement has been reviewed and signed off by Graham Bull, Non-Executive Director, who has over 46 years of international oil and gas industry exploration experience.
Mon, 13th May 2019 07:00
RNS Number : 7366Y
Union Jack Oil PLC
13 May 2019
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement
13 May 2019
Union Jack Oil plc
("Union Jack" or the "Company")
Final Results for the Year Ended 31 December 2018
Union Jack Oil plc (AIM: UJO), a UK focused onshore hydrocarbon production, development and exploration company, is pleased to announce its audited results for the year ended 31 December 2018.
Operational Highlights
· Portfolio expanded with further selected asset value-accretive transactions in Wressle and Biscathorpe
· A 16.665% acquisition in PEDL183 containing the West Newton A-1 gas discovery with a Contingent Resource of 189 bcfe
· Increased proven reserves and level of resources
· The current drilling of the West Newton A-2 appraisal well
Financial Highlights
· Current cash balance in excess of £2.5 million, as at 1 May 2019
· Fully funded for all current drilling and testing requirements
· Production revenue increased by over 250%
· Company remains debt free
David Bramhill, Executive Chairman, commented,
"Union Jack's strategy remains consistent with the objective of the Board to build a successful and sustainable UK-focused, onshore hydrocarbon production and development business.
"Marked progress was made in the year under review and in the post balance sheet period, in particular, our acquisition of an interest in PEDL183 containing the West Newton A-1 gas discovery, where the West Newton A-2 appraisal well is currently underway, and our increased interest to 27.5% in the Wressle-1 discovery.
"My confidence in respect of Union Jack's future, since its incorporation, is at its optimum.
"The Company's future remains bright."
RNS Number : 2605X
Exillon Energy Plc
29 April 2019
Exillon Energy plc
March Production Report
29 April 2019 - Exillon Energy plc ("Exillon Energy", the "Company" or the "Group") (EXI.LN), a London Premium listed oil producer with assets in two oil-rich regions of Russia, Timan-Pechora ("Exillon TP") and West Siberia ("Exillon WS"), is pleased to announce unaudited production data for the month of March 2019 ("the Period").
· Our average daily production[1] was 11,772 bbl/day during the period.
· Average daily production for Exillon TP was 2,372 bbl/day, and for Exillon WS it was 8,956 bbl/day and for NPEC it was 444 bbl/day during the period.
· Our peak daily production[2] was 12,094 bbl/day during the period.
RNS Number : 3245X
Jadestone Energy Inc.
29 April 2019
Jadestone Energy Inc.
Jadestone Energy Announces Heads of Agreement for Vietnam Gas Sales
April 29, 2019-Singapore: Jadestone Energy Inc. (AIM:JSE, TSXV:JSE) ("Jadestone" or the "Company"), an independent oil and gas production company focused on the Asia Pacific region, is pleased to announce that two of its wholly-owned subsidiaries have signed a Heads of Agreement ("HOA") with Petrovietnam, relating to gas sales from the Nam Du and U Minh gas fields (Jadestone 70%1 working interest, and operator) in block 46/07 and block 51, respectively, offshore Southwest Vietnam.
The HOA covers all discovered resources from the Nam Du and U Minh fields, and establishes a mutually agreeable framework for gas sales, priced at the wellhead, and delivered to a tie-in point at a nearby existing pipeline. The agreed daily contract quantity ("DCQ") is established as 80 mmcf/d, targeting a minimum plateau period of 55 months. In addition to the DCQ, the HOA specifies certain take-or-pay provisions, in addition to a pricing formula in principle, all of which will be finalised in the ultimate gas sales and purchase agreement ("GSPA").
The parties intend to negotiate an initial wellhead price, in accordance with the agreed pricing formula, following the availability of updated cost data for the development, expected post summer 2019. The spirit of the HOA captures a negotiated price outcome that will be competitive, while providing Jadestone with an appropriate full cycle investment return. The parties are targeting GSPA signing and field development sanction before the end of 2019.
Paul Blakeley, President and CEO commented:
"Signing a Heads of Agreement with Petrovietnam marks a significant milestone in our commercial negotiations, as we look to develop the Nam Du and U Minh gas fields. With key terms now broadly agreed, we can now press forward with the project activities that should lead to a development decision being taken later this year. This will realise a significant portion of the long-term value of the Company's Southwest Vietnam Assets, delivering growth towards our target of 30,000boepd by 2023, as well as significant cash flow and value, with first gas anticipated in late 2021."
The Nam Du and U Minh fields contain 2C resources of 171.3 bscf of gas (119.9 bscf net to Jadestone, based on a 70% working interest1) and 1.6 mm bbls of liquids (1.1 mm bbls net to Jadestone), evaluated by ERCE as of December 2017. As specified in the outline development plan, approved in May 2018, the Company intends to commercialise the fields as a stand-alone development, utilising existing infrastructure which provides feedstock for a 1.5GW onshore power complex, and an adjacent 800,000 tonne/year fertiliser plant.
1Jadestone’s working interest will increase to 100%, following registration of Petrovietnam’s relinquishment of its 30% working interest in block 46/07 and block 51
- Ends -
RNS Number : 3193X
Nostra Terra Oil & Gas Company PLC
29 April 2019
Nostra Terra Oil and Gas Company plc
("Nostra Terra" or the "Company")
First Horizontal Well at Mesquite
Nostra Terra (AIM:NTOG), the oil and gas exploration and production company with a portfolio of assets in the USA and Egypt, is pleased to announce plans to drill the Company's first horizontal well at its Mesquite Asset in the Permian Basin, Texas ("Mesquite").
Proposed new lease agreement & plans to drill
Nostra Terra is pleased to announce that it is in advanced discussions with regards to a new 160-acre lease opportunity (the "New Lease") in the Mesquite Target Area (the "Target Area"). The Target Area currently covers over 30,000 acres, of which the Company has secured 2,184 gross acres (1,984 net acres to Nostra Terra).
The New Lease, presents Nostra Terra with an immediate opportunity to drill a half-mile horizontal well to prove up and increase the Company's overall Proven (1P) and Probable (2P) oil reserves at Mesquite. The New Lease is standalone, near, but not adjacent to, the existing acreage. Accordingly, the Company expects to be able to bring in partners on the New Lease whilst still maintaining a 100% interest in the existing Mesquite Asset
Nostra Terra intends to fund drilling of the proposed horizontal well using existing cash resources and through selling off a percentage working interest in the New Lease to certain oil and gas investors. Nostra Terra has already received expressions of interest from potential industry partners concerning the New Lease.
Next steps
Following completion of the placing announced on 27 February 2019, Nostra Terra engaged a landman to begin title work and to secure new leases for the Company in the Target Area.
The Company had previously identified the potential of the New Lease and has subsequently entered into discussions with the current mineral owners. These discussions are nearing conclusion and once complete Nostra Terra will apply for a permit to drill the first horizontal well.
Following permitting, Nostra Terra plans to secure a rig and prepare the pad, followed by drilling and completion operations. Subject to execution of the lease agreement, these activities are expected to take place in the coming weeks and months.
Matt Lofgran, Chief Executive Officer of Nostra Terra, commented:
"This new lease presents an excellent strategic opportunity for Nostra Terra. We see such large potential in the area and plan to increase our footprint, including retaining a larger interest in the Mesquite Asset. We will be able to drill our first horizontal well at Mesquite, with the aim of proving reserves for additional horizontal drilling. We intend do this while retaining full ownership of the acreage we have already secured.
Much more importantly, we will also preserve our first mover advantage in the wider Mesquite target area. The first horizontal well could deliver substantial cash flow to the Company whilst significantly strengthening our position in any future farm out discussions for Mesquite."
Competent Person Disclosure
John Stafford, a Director at Nostra Terra with over 35 years' relevant experience in the oil industry, has reviewed this announcement for the purposes of the current Guidance Note for Mining, Oil and Gas Companies issued by the London Stock Exchange in June 2009. Mr. Stafford is a Fellow of the Geological Society and a member of the Petroleum Exploration Society of Great Britain.
RNS Number : 3222X
Empyrean Energy PLC
29 April 2019
This announcement contains inside information
Empyrean Energy PLC / Index: AIM / Epic: EME / Sector: Oil & Gas
Empyrean Energy PLC ("Empyrean" or the "Company")
Mako Gas Field appraisal and exploration drilling programme
29 April 2019
Empyrean Energy Plc ("Empyrean"), the oil and gas development company with interests in China, Indonesia and the United States, is pleased to advise that Empyrean, Conrad Petroleum, and Coro Energy Plc (the "Partners") have agreed the upcoming drilling programme in the Duyung Production Sharing Contract ("PSC") in the West Natuna basin, offshore Indonesia which contains the Mako gas field. The campaign will comprise two wells, one exploration well designed to test the Tambak prospect beneath the central area of the Mako gas field, and one appraisal well designed to appraise the intra-Muda sandstone reservoir in the southern area of the Mako field. The drilling campaign is anticipated to start in the 4th quarter of 2019, with each well taking approximately 33 days to drill and test. The gross cost of the programme is expected to be approximately US$17 MM to the Partners on a fully tested basis, including rig mobilisation and de-mobilisation. As part of the deal to acquire its 15% interest in the PSC, Coro Energy Plc will be contributing US$10.5 MM to the total cost of the drilling campaign with the balance to be covered by the Partners pro rata to their respective interests. Empyrean has an 8.5% interest in the PSC.
The Tambak prospect is an inverted anticlinal structure located beneath the main Mako gas field in the central area of the field. The prospect contains approximately 250 Bcf of prospective resources in the mid-case and is risked at a 45% chance of success. The well will be drilled to a total depth of approximately 1,370 metres true vertical depth sub-sea ("TVDSS"), with a testing suite planned for both the intra-Muda Mako reservoir level as well as the Lower Gabus prospective target horizons.
The second well in the programme, is an appraisal well which is designed to intersect the intra-Muda reservoir at approximately 380 metres TVDSS. A full evaluation suite including coring, wireline logging and open hole testing of the reservoir section is planned. The well will provide an important calibration point for the southern area of the field and is planned to demonstrate further contingent resource, which in turn will support the gas marketing efforts. An independent review by Gaffney Cline & Associates ascribed gross 2C resources of 276 Bcf (48.78 MMboe) of recoverable dry gas in the Mako field with gross 3C resources of 392 Bcf (69.3 MMboe) representing additional field upside.
Empyrean CEO, Tom Kelly commented "Empyrean looks forward to this exciting drilling programme that is designed to both appraise the existing Mako Gas Discovery as well as testing the deeper Tambak exploration prospect. This programme is a crucial step in the Plan of Development for Mako and paves the way for completion of gas sales negotiations as well as potentially increasing resources at Mako and possibly below the Mako discovery.
"This is an exciting period for the Company. In addition to the upcoming drilling campaign at Duyung, progress is being made across our asset base. At our 100% owned Block 29/11 in the Pearl River Mouth Basin offshore China, an independent review recently assigned a 1-in-3 chance of geological success and over a billion barrels of potential oil in-place on a P10 basis un-risked to the Jade and Topaz prospects. With such a diversified portfolio, I believe that we have a very solid foundation for growth and I look forward to providing further updates on our progress."
RNS Number : 3243X
i3 Energy PLC
29 April 2019
i3 Energy plc
("i3" or the "Company")
Funding Update
i3 Energy plc, an independent oil and gas company with assets and operations in the UK, provides the following update in relation to its announcement of 1st March 2019 regarding its intended entry into a Junior Facility with warrants.
The Company and the Junior Facility lenders continue to progress legally binding loan documentation. Subject to completion and upon drawdown, funds made available from the Junior Facility will be used to partially finance i3's 2019 drilling programme which remains on track to commence mid-summer.
Concurrently, i3 and its senior lenders are working towards agreement of a senior loan which would, upon a successful 2019 drilling campaign, provide adequate funding for i3's expected 2020 delivery of first oil from Liberator.
i3 will provide updates to the market at such time as the final junior and senior loan agreements are executed.
RNS Number : 3100X
Union Jack Oil PLC
29 April 2019
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement
29 April 2019
Union Jack Oil plc
("Union Jack" or the "Company")
Wressle Planning Enquiry Update
Union Jack Oil plc (AIM: UJO), a UK focused on-shore hydrocarbon production, development and exploration company notes the announcement made today by Egdon Resources plc ("Egdon"), in respect of the Wressle planning enquiry which has now been scheduled to commence on 5 November 2019. Union Jack holds a 27.5% interest in PEDLs 180/182 containing the Wressle oil discovery. Egdon included the following statements:
Egdon Resources plc (AIM: EDR) advises that the Planning Inspectorate has now set the start date of the planning inquiry to hear the Company's appeal against the refusal of planning consent for the development of the Wressle oil field by North Lincolnshire Council's Planning Committee on 28 November 2018. The public inquiry will commence on 5 November 2019 with the hearing expected to last up to six days at a venue which has yet to be confirmed. The Planning Inspector will be Mr. Phillip Ware.
Mark Abbott, Managing Director of Egdon Resources plc, said:
"We look forward to a QC presenting our case for the planning merits of the Wressle development to an independent professional Planning Inspector away from the influence of local politics. We believe that we have a very strong case, supported by detailed evidence and agree with the conclusions of the Council's own professional planning officer, as reinforced by an expert third party review undertaken on behalf of the Council, who recommended our revised application for approval ahead of the November 2018 decision."
David Bramhill, Executive Chairman of Union Jack, commented:
"We are pleased that a date has now been set for the planning enquiry and we echo Egdon's sentiments that an independent professional Planning Inspector is best equipped to make a balanced decision with regard to the development of Wressle.
"Given the positive endorsement by the Council's own Planning Officer, which was reinforced by an expert third party review carried out by the Council, we believe our appeal and the case for approving the Wressle development are strong and we look forward to receiving a fair hearing."
RNS Number : 4117W
Block Energy PLC
17 April 2019
Block Energy Plc | Index: AIM | Epic: BLOE.L | Sector: Oil and Gas
Block Energy Plc ('the Company' or 'Block' ): West Rustavi 16aZ* well production at a stable rate consistent with 1,100 bbl/d test
17 April 2019
· Production from well 16aZ continues to validate test results
· Upgrade of production infrastructure to support exceptional production rates
· MOU for sales of associated gas with major Georgian private gas supplier
Block Energy Plc, the exploration and production company focused on the Republic of Georgia, is pleased to announce that well 16aZ ('the well' or '16aZ') at its West Rustavi field ('West Rustavi') continues to produce, as the limits of crude oil storage allow, at rates consistent with the average test flow rate of 1,100 bbl/d ('barrels per day') announced on 1 April 2019 (RNS: https://bit.ly/2YOpggq).
The rate of 1,100 bbl/d produced through an 1/4 inch choke significantly exceeded the Company's target rate of 325 bbl/d, triggering an immediate requirement to upgrade production infrastructure. While the Company addresses production capacity and offtake requirements, the diameter of the choke has been reduced as of 13 April 2019 from 1/4 inches (~6 millimetres) to 1/8 inch (at just over 3 millimetres, the smallest size possible), scaling back production from 1,100 bbl/d to a rate of around 700 bbl/d.
The analysis of bottom hole pressures measured during the production flow test and subsequent build-up shows that both the formation matrix and natural fractures are contributing to the well's production. The well's productivity index is measured as 8 bbl/d/psi.
Subject to contract, Block has now negotiated terms on additional storage facilities, and is also negotiating new oil sales contracts with local and international purchasers, which are showing strong interest in supporting Block's future development plans.
The Company also confirms that associated gas production from the well will be sold to Bago Ltd, one of the largest private gas suppliers and purchasers in Georgia. Block signed a Memorandum of Understanding ('MOU') last year for the offtake of West Rustavi's gas (RNS: https://bit.ly/2Y4Pj2n). Under the terms of the MOU, Bago will acquire the total amount of gas produced from West Rustavi, subject to a minimum of 1,000 m3 of gas per day, and will fully finance all gas infrastructure the field requires, including pipeline tie backs to local infrastructure and gas processing plant solutions.
Bago is sampling the associated gas being produced from the Middle Eocene this week and, subject to the contract, will immediately begin the process of acquiring the necessary permits to develop the site's gas export facilities. The agreement opens up an additional annualised revenue stream of around US$1.0m to the Company through the sale of the well's 14,000 m3/d of associated gas. Bago is expected to start purchasing the gas within eight weeks of signing of contracts.
Chief Executive Officer Paul Haywood said: 'We are very happy to confirm the exceptional test results announced at the beginning of the month. 16aZ continues to flow strongly, going from strength to strength with a steady increase in pressure as the well cleans up. With an average production rate of 700 bbl/d, the well is expected to deliver gross monthly free cash to the Company of US$1m at the current price of US$70/bbl for Brent crude oil (with an approximate two month well cost payout).
'We are also delighted that, with associated gas flowing from the well, the gas offtake agreement we entered into with Bago last year will now come into effect, offering the Company the ability to switch from flaring to swiftly commercialising its gas at little to no cost, potentially adding around US$1.0m of additional annual free cash to Company's cash receipts. We look forward to working closely and expanding our relationship with Bago, as we seek to unlock the field's contingent gas and oil resources.
'Finally, the Company's management is currently working on a detailed operational market update that will cover its planned oil and gas development. The update will include the scheduled spud date for the sidetracking of West Rustavi's well 38, a neighbour and analogue to well 16aZ, plans for the appraisal of the field's existing gas discoveries, the acquisition of a 3D seismic survey and, a revision of the CPR consequent to the performance of 16aZ.
'2019 promises to be an exciting time for Block Energy, and we look forward to updating the market as we continue to work hard to realise the great potential of our assets.'
Roger McMechan, Technical Director, has reviewed the reserve, resource and production information contained in this announcement. Mr McMechan has a BSc in Engineering from the University of Waterloo, Canada and is a Professional Engineer registered in Alberta.
This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation which came into effect on 3 July 2016.
**ENDS**
OIL FIELD services company Petrofac is facing a potential £400m lawsuit from angry investors, following a share price crash after one of its former executives pleaded guilty to bribery and corruption charges.
The former global head of sales at Petrofac, David Lufkin, pleaded guilty last Thursday to offering corrupt payments in an attempt to secure contracts in Saudi Arabia worth $3.7bn (£2.88bn) and in Iraq worth $730m.
The news sent Petrofac's share price plunging nearly 30 per cent, from 559p to 395p.
Litigation funder Innsworth said yesterday it was preparing to fund a lawsuit against Petrofac on behalf of a group of institutional shareholders, who claim they have suffered substantial losses because of Petrofac's actions.
Innsworth said it was working with listed law firm Keystone Law and was "well progressed" in its analysis of potential claims.
Petrofac declined to comment on the potential lawsuit.
Last week the company said: "Petrofac confirms that no charges have been brought against any group company or any other officers or employees.
"Although not charged, a number of Petrofac individuals and entities are alleged to have acted together with the individual concerned.
"No current board member of Petrofac Limited is alleged to have been involved."
Its chairman, Rene Medori, said Petrofac "has policies and procedures in place designed to ensure that we operate at the highest levels of compliance."
Petrofac's share price fell 1.4 per cent to 388p yesterday.
An introduction to 'Project Oil Kenya', the Tullow operated project to develop the significant oil discoveries made in the South Lokichar Basin. #projectoilkenya
https://youtu.be/CQ0xUchcwdc
RNS Number : 1406J
Union Jack Oil PLC
03 December 2018
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement
3 December 2018
Union Jack Oil plc
("Union Jack" or the "Company")
Completion of Farm-in to PEDL183 Containing the Significant West Newton Gas Discovery
The Directors of Union Jack Oil plc (AIM: UJO) are pleased to announce that the Company has received written consent from the Oil and Gas Authority, satisfied all conditions precedent, and has now completed the Farm-in with Rathlin Energy (UK) Limited for a 16.665% licence interest in PEDL183, containing the significant West Newton A-1 UK onshore gas discovery.
Farm-in Highlights
· Best Estimate Contingent Resources of 189 Bcf of gas equivalent or 31.5 million barrels of oil equivalent (gross) assigned to the West Newton A-1 discovery in a Competent Persons Report
· Drill-ready conventional appraisal well planned to be drilled in Q1 2019 and fully funded from existing cash resources
· Operator's NPV10% of US$247 million and 52.5% ROR for the gas discovery alone
· Attractive acquisition metrics of less than US$0.30 per barrel of oil equivalent for the gas discovery alone
· Considerable upside potential from the lower Cadeby Reef oil exploration target underlying the gas reservoir that will also be drilled, with Best Estimate Prospective Resources of 79.1 million boe (gross)
David Bramhill, Executive Chairman of Union Jack, commented:
"We are pleased to complete the Farm-in to PEDL183, containing the material West Newton gas discovery that represents a significant and compelling project for Union Jack.
"The drilling of the West Newton conventional appraisal well is currently planned for Q1 2019 and will follow the planned commencement of drilling of the conventional Biscathorpe-2 appraisal well on PEDL253 by year end 2018 in which Union Jack holds a meaningful 22% licence interest. Both wells are fully permitted and success at either would deliver a material onshore gas or oil development project respectively, with either being transformational for Union Jack.
"The completion of the West Newton Farm-in puts Union Jack in a stronger position to deliver growth in reserves, production and asset value while adhering to our principles of strict financial and technical disciplines.
"We look forward to keeping the market updated on the impending commencement of drilling of the high-impact appraisal wells at Biscathorpe-2 and at West Newton."
Restart of works to complete the site construction at Biscathorpe-2 with drilling expected to commence late in 2018.
RNS Number : 2659E
CAP-XX Limited
17 October 2018
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR).
17 October 2018
CAP-XX Limited
("CAP-XX" the "Company")
Audited results for the year ended 30 June 2018
CAP-XX Limited, a world leader in the design and manufacture of supercapacitors and energy management systems, is pleased to announce its audited results for the year ended 30 June 2018.
Key highlights
· Sales revenue of A$4.9 million (2017: A$4.1 million), EBITDA loss of A$1.6 million* (2017: A$1.2 million)
· Operational expenditure includes non-cash share-based payment provision expense of A$920K (2017: A$283K) due to the granting of Employee Share Options
· Royalty revenue of A$0.85 million (2016: A$0.66 million) up 29%
· Company announced the development of the industry's first 3 Volt prismatic supercapacitor, with commercial production on track for mid calendar year 2019
· Prismatic sales volumes up 31% on a year-on-year basis. Cylindrical cell supercapacitor revenue is increasing, with first quarter sales in FY19 exceeding the result for the FY18 full year
· Strong sales pipeline consistent with trading update announced in June 2018
· Cash reserves at year-end of A$1.9 million (2017: A$3.9 million)
· New non-exclusive license agreement with TDK Corporation of Japan for a family of CAP-XX patents signed post period end. The royalty paid by TDK will be in line with royalty rates paid by Murata and AVX
· Additional licensing deals remain under discussion and the Board anticipates some of these to successfully close before the end of the current financial year
* Excludes amortisation of employee share options
Anthony Kongats, CEO of CAP-XX said:
"We are delighted to have successfully concluded our negotiations with TDK and anticipate closing further license opportunities during the current financial year. With market interest in supercapacitors for a wide range of applications increasing, we are very encouraged by the widening of our licence portfolio and the increase in direct sales opportunities."
Electronic copies of CAP-XX's audited annual report and accounts for the year ended 30 June 2018 will shortly be available from the Company's website: www.cap-xx.com.
RNS Number : 2619E
i3 Energy PLC
17 October 2018
17 October 2018
i3 Energy plc
("i3" or the "Company")
i3 Energy Appoints A&D Advisor
i3 Energy plc, an independent oil and gas company with assets and operations in the UK, is pleased to announce that it has engaged an acquisitions and divestitures ("A&D") advisor, FirstEnergy Capital LLP ("GMP FirstEnergy"), to assist with a farmout of the Company's greater Liberator development and appraisal programme.
GMP FirstEnergy has been active in recent UK North Sea transactions and, upon the Company's assessment of numerous potential advisors, was determined to be the most capable party to assist with its JV initiative. It is intended that the process will conclude in advance of i3 receiving Liberator field development plan ("FDP") approval. i3 had previously granted a 90-day period of exclusivity to a potential joint venture partner during which time the farminee was expected to deliver on key assurances. While some of these remain outstanding, i3 stands ready to consider the potential farminee's proposal at such time as their structural issues have been resolved.
Concurrent with its farmout process, the Company will engage UK-based lenders to upsize the level of credit that may be available for its Liberator development. Indicative proposals had been received in November 2017 when Brent was circa $60/bbl and prior to i3's award of Block 13/23c in the UK's 30th Offshore Licensing Round, containing the western extension of the Liberator field, which added 22 MMBO of 2C Contingent Resources and 47 MMBO of mid-case Prospective Resources to i3's portfolio.
The Company continues to progress all requirements to achieve FDP approval in early 2019. An enlarged FDP will be presented to the OGA for consideration before the end of the year.
Majid Shafiq, CEO, commented
"We are confident that GMP FirstEnergy is best placed to help us during our first concerted effort to market i3's development and appraisal programme of the greater Liberator area to potential joint venture partners and we are very pleased to be working with their team. Liberator has received strong interest to date and both i3 and our A&D advisor believe this farmout process to be well-timed within the current environment. We look forward to updating the market as we move forward."
ENDS
RNS Number : 2560E
Sound Energy PLC
17 October 2018
17 October 2018
Sound Energy plc
("Sound Energy" or the "Company")
Eastern Morocco : Commencement of Drilling at TE-9
Sound Energy, the Moroccan focused upstream gas company, is pleased to confirm that the drilling at TE-9, the first well of a planned three exploration well campaign in Eastern Morocco, is intended to commence later today.
The TE-9 well will test the A1 prospect in the Company's Greater Tendrara permit and is located approximately 19 kilometres to the northwest of the recently awarded Tendrara production concession.
The TE-9 main well bore will be drilled and logged to a true vertical depth of approximately 3,022 metres, is intended to drill both the TAGI as the primary target and the underlying Paleozoic as the secondary target and is expected to take between 35 to 45 days.
The Company looks forward to updating investors on achievement of each of two casing points (13 3/8" casing and 9 5/8" casing), the setting of a 7" liner (if required) and achievement of total depth. Investors will be able to observe live operations through the Company's webcam, available on the Company's website.
Further announcements will be made, as appropriate, in due course.
South Africa's Competition Tribunal on Thursday conditionally approved Glencore's proposed $973 million acquisition of Chevron Corps subsidiary in the country, all but scuppering a rival bid from China's Sinopec.
Chevron agreed last year to sell its 75 percent stake to state-owned Sinopec, before miner and commodities trader Glencore swooped in after reaching a deal with minority shareholders, who backed it and exercised preemptive rights on the sale.
The assets include a 110,000 barrel-per-day oil refinery in Cape Town, a lubricants plant in Durban as well as 845 service stations and other oil storage facilities. It also includes 220 convenience stores across South Africa and Botswana.
Glencore is providing funding to, and making its bid through, its Black Economic Empowerment partner Off The Shelf Investments (OTS), a minority shareholders' group, which already owns virtually all the remaining shares in Chevron SA.
South Africa's competition watchdog approved the bid in August, but the Competition Tribunal makes the final ruling on deals.
Sinopec's bid was also approved by the competition authorities but the Tribunal said Glencore-backed OTS had right of first refusal to close the transaction.
The conditions for the proposed merger included the preservation of jobs after the deal and the continuation of CSA retirees' medical aid subsidy among others, it said. (Reporting by Shashwat Awasthi in Bengaluru; Editing by Kirsten Donovan)
RNS Number : 7714Z
Anglo African Oil & Gas PLC
05 September 2018
Anglo African Oil & Gas PLC / Index: AIM / Epic: AAOG / Sector: Oil & Gas
ANGLO AFRICAN OIL & GAS PLC ('AAOG' or the 'Company')
Temporary suspension of drilling TLP-103 at Tilapia oil field
Anglo African Oil & Gas plc, an independent oil and gas developer, announces that the Company has been informed by its drilling contractor, SMP, that they have experienced a topside issue that has affected the rig. As a result, the Company has taken the decision to temporarily suspend drilling TLP-103 while a specialist review of the various solutions is undertaken. The Company is working to determine the optimum solution with a view to restricting any delay to a matter of weeks. A further announcement will be made in due course. In the meantime, the Company is putting in place contingencies which aim to recover the costs related to this and/or cover any cost overruns.
Vodafone UK has acquired 50 MHz of spectrum in the 3400 MHz band for mobile data services in Ofcom's auction for a total cost of £378.2 million (€433.4 million).*
Vodafone UK will use the 3400 MHz spectrum to deploy 5G services, enabling Gigabit speeds and lower latency to enhance applications including connected vehicles and robotics, industrial automated systems, and virtual and augmented reality.
The spectrum acquired has a twenty-year term and is convertible to perpetual licences thereafter.
Interim Results out tomorrow. Should see a nice push up in SP.