IOG plc has filed for administration following “extensive consideration” of its financial situation and the “underperformance” of its developed assets. ISSUES The company, which runs the Saturn Banks gas project in the southern North Sea, has also requested a suspension of trading in its ordinary shares on AIM from 2.10pm today. IOG had been in […]
Finance
Hummingbird secures $55m refinancing for Kouroussa
Hummingbird Resources plc has agreed to refinance a portion, totalling US$35 million, of its existing Coris Bank group loan and secured $20m new loans for its West African operations. SUPPORT The refinancing of existing Coris Bank loans will see loan repayments deferred from Q3 2023 to full year 2024. Funds will provide additional cash flow […]
Prospex issues 2.5m shares to clear CLNs
Prospex Energy plc received notices to convert a total £109,043.57 in the final two of a group of convertible loan notes into 2,565,732 new ordinary shares each of 0.1p in the company. The CLNs, issued in July 2022, are convertible at 4.25p per share. On admission, the company will have 329,272,881 ordinary shares in issue. “These […]
Oil-based fluids to boost West Newton flow rates
Reabold Resources plc said that the Environment Agency had approved the use of oil-based drilling fluids during drilling and testing the West Newton B-2 well. FUNDING The variation of the permit for the West Newton B well site allows joint venture partner and operator Rathlin Energy (UK) Ltd to use oil-based fluids within the Permian […]
Prospex issues 14m shares to settle £642,000 CLNs
Prospex Energy plc has issued just over 14 million new ordinary shares to settle £642,000 in convertible loan notes (CLNs) from last year. The company yesterday received notices to convert £453,562.27 in four CLNs in exchange for 10,672,055 new ordinary shares of 0.1p each in the company. The CLNs, issued in July 2022, are convertible […]
Kavango extends Botswana exploration footprint
Kavango Resources plc has created a single expanded exploration area in Botswana by adding a 90% interest in six further licences in the Kalahari copper belt (KCB). DOMAL STRUCTURES The licences are next to the company’s Karakubis and South Ghanzi blocks, collectively forming a contiguous exploration area next to the Namibian border. Kavango said it […]