IOG plc said its financial position remained “challenging” with falling gas prices and production while the date nears for €100m bond interest repayments. BLYTHE The company is also in talks “on near-term liquidity and longer-term capital structure solutions” with holders of its senior secured bond as the waiver date of 29 September nears to repay […]
Day: 11 November 2024
Orcadian secures further six months to repay $1m loan
Orcadian Energy plc has agreed a six-month extension to repay a £1 million loan to Shell International Trading and Shipping Company Ltd. OPTIONS The North Sea oil and gas company’s deadline for the third extension is now 13 March 2024. Orcadian, which currently holds £92,000 cash and a monthly burn rate of less than £20,000, […]
CAML begins exploration in Kazakhstan
Central Asia Metals plc has created a “solid platform for growth” from its cash holding of $50.6 million from copper-lead-zinc operations in Kazakhstan and North Macedonia. FINANCES In its half-year results, the company said it had started early-stage exploration in Kazakhstan with Terra Exploration and in 2023 expects to complete the Kounrad solar power plant. Group […]
EnQuest appoints Karina Litvack as NED-senior independent director
EnQuest plc has appointed Karina Litvack as a non-executive director (NED) and senior independent director from 15 September 2023. She will also chair the remuneration and social responsibility committee. Ms Litvack’s career has focused on climate transition and business resilience. She was founding chairman of the Climate Governance Initiative, a collaboration with the World Economic […]
Tullow narrows guidance ahead of ‘harvesting mode’
Tullow Oil plc said it was preparing to reap from its investments as its six-month profits halved and full-year guidance narrowed. FINANCES The group posted revenue of $777m (H1 2022: $859m) from falling oil prices despite an increase in sale to 56,900 boepd (53,500 boepd). Pre-tax profit from continuing activities decreased to $217m ($561m) The […]
‘Substantial’ copper-in-soil anomaly defined at Mukai
Tertiary Minerals plc has defined a substantial copper-in-soil anomaly from soil samples at the Mukai copper earn-in project in northwest Zambia. HIGH GRADE Analysis using a portable XRF instrument in the field of 526 soil samples showed the “large high-grade” anomaly with values in excess of a 160ppm copper across 1,300m by 400m. Peak soil […]