Helium One Global Ltd has raised £10 million via a “significantly oversubscribed” subscription and placing of 100m ordinary shares each at 10p, representing a 14.5% discount. Proceeds will be used to continue the fast-track development programme of the Rukwa project in Tanzania. The fundraise involved institutional and other investors while Helium One directors participated in the […]
Oil & Gas
Europa aims for balanced oil and gas portfolio
Europa Oil & Gas (Holdings) plc saw its operations continue to progress while the company minimised losses and controlled spending during the second half of 2020. In its interim report for six months ended 31 January 2021, the company recorded a fall in revenue to £0.5 million compared with the first half ended 31 July […]
United marks notable increase in reserves at Abu Sennan
United Oil & Gas plc has announced a material increase in oil and gas reserves from an independent evaluation of the Abu Sennan concession in Egypt. A report by Gaffney Cline & Associates showed a 24% increase in Abu Sennan gross 2P reserves to 16.8 MMboe (15% gas) from 13.5 MMboe at the beginning of 2020. […]
United reports Q1 increase in oil output at Abu Sennan
United Oil & Gas plc announced an increase in production during the first quarter of 2021 at Abu Sennan, Egypt. The company’s Q1 2021 net working interest production averaged 2,520 boepd (2,053 boepd oil and 467 boepd gas). The figure is slightly above the previously provided guidance for H1-21 of between 2,300 and 2,500 boepd […]
IOG starts drilling at Elgood
Independent Oil and Gas plc (IOG) said it had started Phase 1 drilling of five gas development wells in the UK Southern North Sea. Elgood well 48/22c-H1 is expected to take some three months to drill and complete ahead of first gas before the rig moves to Blythe during the early part of the third […]
IGas revenue fell while investments rose during 2020
IGas Energy plc’s revenue during 2020 nearly halved and debt doubled while the group increased investments and its reserves were upgraded. The group’s full year results ended 31 December 2020 showed revenues of £21.6 million (2019: £40.9m), with average production of 1,907 boepd (2019: 2,325 boepd). Net debt was reported at £12.2m (2019: £6.2m) and […]