UK Oil & Gas plc has further reduced its £2 million loan from 2023 with RiverFort Global Opportunities PCC Ltd and YA II PN Ltd. The company issued a further 238,095,238 equity shares to repay £50,000, leaving a balance of £260,000. Following admission, UKOG’s total voting rights will be 4,586,597,988 ordinary shares.
Tag: oil and gas
Orcadian secures £1.15m loan to repay Shell
Orcadian Energy plc has secured a two-year £1.15 million loan with an as yet unnamed industry partner to repay the outstanding £1m loan to Shell. The loan will settle from the completion payment due under a proposed farm-in or joint venture on Orcadian’s recently offered southern North Sea licence. Interest, of between 6% and 9%, […]
Star Energy to exit shale gas
Star Energy Group plc plans to exit its shale gas licences to save licence fee costs and focus more on its producing oil and gas assets in the East Midland and Weald Basins. RIGHT-SIZE Ahead of today’s general meeting, chief executive Ross Glover said that production maintained “strong momentum” in line with guidance of circa […]
Capricorn notes first oil from Sangomar
Capricorn Energy plc noted the start of production from the Sangomar field development, offshore Senegal. TERMS First production satisfies the first oil condition under the sale and purchase agreement with operator Woodside Energy plc, which initially targeted first oil in late 2023. Capricorn may be entitled to a contingent payment of either $25m or $50m […]
Deltic withdraws from Pensacola
Deltic Energy plc has withdrawn from the southern North Sea Pensacola discovery after being unable to find funding or a farm-in partner. INFRASTRUCTURE Operator Shell UK Ltd last week allowed more time to secure a solution for its 30% interest in licence P2252, but Deltic today said it was could not commit to an appraisal […]
Union Jack acquires 45% in Rogers EOR project
Union Jack Oil plc has acquired a 45% working interest in the Rogers enhanced oil recovery project and associated leases in Seminole County, Oklahoma, USA. PRODUCTION The purchase from current partner and operator Reach Oil & Gas Company Inc comprises two legacy production wells of Rogers and S&M and one injector well, Coker. Reach’s base […]