United Oil & Gas plc’s swung to a post-tax loss of $20.4 million while profits halved during a “transitional” 2023. OPPORTUNITIES The company’s “challenging” year was marked by aborted talks on selling its 22% interest in Abu Sennan onshore Egypt, leading to an $3.8m default notice and withdrawal from the licence. United also exited central […]
Month: September 2024
Karelian encouraged by Irish licences’ potential
Karelian Diamond Resources plc said that potential for nickel, copper and platinum group elements had been confirmed on its Northern Ireland licences. SIMILARITIES The company added that the confirmation, in a report by Dr Larry Hulbert, followed the October 2023 discovery of indicator minerals for the metals during stream sediment sampling. The report noted similarities […]
Beacon to cut costs under Erfelden poor show
Beacon Energy plc subsidiary plans to cut costs and open talks with its creditors as the Schwarzbach 2(3.) sidetrack well continues to perform below expectations in the Erfelden field, Hessen. CHALLENGES In early June, the electrical submersible pump (ESP) was producing intermittently with an apparent initial poor response from the reservoir. The company today said […]
UKOG issues further 248m shares to reduce loan
UK Oil & Gas plc has repaid a further £50,000 of its £2m loan by issuing 247,524,752 equity shares to RiverFort Global Opportunities PCC Ltd and YA II PN Ltd. The outstanding balance of the 2023 loan stands at £210,000. Following admission, UKOG’s total voting rights will be 4,834,122,740 ordinary shares.
Ascent appoints Edouard Etienvre as NED
Ascent Resources plc has appointed Edouard Etienvre to the board as an independent non-executive director. Mr Etienvre is a finance and commercial executive with more than 18 years’ experience in the oil and gas sector. He initially worked in the banking sector (reserve-based lending) and recently with private and public E&P companies, commodities trading houses, […]
New drill-ground conditions slow Konkola West
Tertiary Minerals plc said that a new drill rig and variable ground conditions had made progress a little slower than expected at its Konkola West copper project in Zambia. Operator Kobold Metals Company began drilling the first hole KWDD001 during April and reached a depth of 1,023 metres by 21 May. The hole has now […]