United Oil & Gas plc is reviewing its cost structure as it awaits $620,000 in receivables from Egypt and talks suspend on the offshore Jamaica farm-out until the new year. EFFORTS Chief executive Brian Larkin met his counterpart of national oil company Egyptian General Petroleum Corporation (EGPC) regarding the outstanding payment from the Abu Sennan […]
Tag: cost cutting
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 […]
Tungsten West to raise up to £9m as cost cutting starts
Tungsten West plc has started “major” cost cutting alongside up to a £9 million fundraise to meet “contractual liabilities” and pay for “significant annual expenditure” at its Hemerdon tin-tungsten mine in Devon. NEW DEBT The company aims to raise a minimum of £5m and up to £6.95m through a placing, not underwritten, of convertible loan […]