IS - People & Companies - November 5, 2019AIM-listed ADM Energy Plc appointed Peter Francis as non-executive chairman of the board and Manuel Lamboley nonexecutive director. Following these Oct. 21 appointments, Richard Carter moved from interim non-executive chairman to COO, and Stefan Olivier stepped down from the board, leaving the company with immediate effect. Australia’s Armour Energy Ltd. appointed Richard Fenton as interim CEO on Oct. 24 to replace Roger Cressey, who tendered his resignation July 29 but remained in his...
Nov 05, 2019
People & Companies - August 16, 2018 Aker BP named Evy Glørstad Clark
SVP of exploration effective Aug. 1. She
succeeds Gro Gunleiksrud Haatvedt, who
resigned to become head of exploration at
Neptune Energy. Clark has been with Aker
BP and its predecessor det Norske since 2011. Oil and gas marine services provider
Bourbon Corp. appointed Thierry Hochoa
as CFO effective Aug. 6, after having
served as director of the financial structure
project for three standalone companies
that are part of the Bourbon umbrella....
Aug 16, 2018
Tullow swings back from loss with $53.9MM profit in H1Tullow Oil PLC reported a profit of $53.9 million for the first half of 2018, swinging back from a net loss of $347.7 million for the same period a year ago. The company generated 15% more revenue YOY at $905 million. Pre-tax profit of $150.5 million compared with a net loss a year ago of $558 million on better pricing even though its aggregate working interest production rate fell 4% to 79,100 bo/d during the period.Tullow reported free cash flow of $401 million while net debt dropped to $3.0...
Aug 16, 2018
What the Analysts are Saying About International Capital - June 15, 2018Kosmos Energy (NYSE: KOS; $8.11 – June 11; Strong Buy)Kosmos holds 24% of the Jubilee project and 17% of the TEN project; Tullow is operator of both. Kosmos holds 33% in Block 42 and 50% in Block 45, and is exploration operator of both. Both blocks target Upper Cretaceous stratigraphic prospects and are on trend with the discoveries made across the border in Guyana. The results of the first prospect, Anapai-1, are expected in 3Q18. —Raymond JamesChevron shows strong return, but...
Jun 15, 2018
People & Companies - May 09, 2018Abu Dhabi National Oil Co. hired
Philippe Khoury, formerly of HSBC, to
run the company’s new oil
and refined products trading
business. The unit will be part
of Adnoc’s Marketing, Sales
and Trading Directorate. CNOOC Ltd. announced the
election of Wang Dongjin as a nonexecutive,
replacing Wu
Guangqi, who retired from the
board. Wang was concurrently
appointed President of PetroChina
after serving as its Vice Chairman
for four years. Diversified Gas & Oil PLC hired
Michael W....
May 09, 2018
Tullow will refi $650MM with 2025 notesTullow Oil PLC announced that it
intends to offer $650 million in aggregate
principal amount of senior notes due
2025. The company will use net proceeds
along with cash on hand to redeem in
full the $650 million principal amount
in 6% senior notes that come due in
2020. The notes S&P upgraded Tullow’s
credit rating to B+ from B and declared
it positive on Credit Watch. According to
Global Capital, initial price thoughts on
the new debt are in the low 7%...
Mar 16, 2018
Tullow refinances $2.5 billion RBL, cuts back revolver by 25%Tullow Oil PLC completed the refinancing of its $2.5 billion reserves-based lending facility on Nov. 28 after launching the loan in early October. The new credit facilities are split between a commercial bank facility of $2.4 billion and an IFC facility of $100 million. They’re revolving with a three-year grace period and final maturity of November 2024.The facility was over-subscribed, according to the company, which also decided to reduce the commitments of its revolving corporate...
Dec 07, 2017
Tullow brings 2017 capex down to $300 millionAfrica-focused Tullow Oil PLC lowered its capital spending guidance for the year, saying that it would spend $300 million by year-end. It would also generate free cash flow of about $400 million. The company reported that net debt had fallen to $3.6 billion by the end of October.CEO Paul McDade said that market conditions showed some early signs of improving, placing Tullow in a position to benefit both from targeted investment in its diverse, low-cost portfolio and the...
Nov 16, 2017
Africa Oil announces two Kenya discoveriesAfrica Oil Corp. made two discoveries in Kenya after drilling the Amosing 7 appraisal well, demobilizing the PR Marriott Rig-46 and concluding its 2017 exploration and appraisal drilling campaign.In January 2017, the Erut-1 well resulted in a discovery proving that oil has migrated to the northern limit of the South Lokichar basin in Kenya. The second discovery was made in May, at Emekuya-1, demonstrating oil charge across an extensive part of the Greater Etom structure.The...
Nov 15, 2017
Analyst Takes - October 24, 2017Chevron (NYSE: CVX, $119.14 – Oct 12, buy)
A potential impairment could affect Q3 earnings. CVX is scrapping plans to explore
the Great Bight, choosing to prioritize more commercially viable gas prospects in North
West Australia. The company acquired the EPP44 & EPP45 deep water exploration
blocks (100% stake) in 2013 and committed to a four-well program, which
should have kicked off in Q4’17. CVX will reportedly focus on its recently
acquired acreage in the North West: blocks...
Oct 24, 2017
People & Companies - July 12, 2017¦ Canada-based Africa Energy Corp. appointed Garrett Soden president and CEO. Soden previously served as CFO of Etrion Corp., CFO of PetroFalcon, and CEO of RusForest. He also served as an equity research analyst and Lehman Brothers and financial analyst at Salomon Brother. Africa Energy holds a participating 90% WI in block 2B offshore South Africa and is currently building an exploration portfolio across Africa. ¦ AGL Energy Ltd. appointed Graeme Hunt as chairman, succeeding the...
Jul 12, 2017
IS - News Briefs - July 01, 2019Neptune Energy plans to drill
two exploration wells on the Norwegian
Continental Shelf later the year, local
media reported: Sigrun East in the Gudrun
area and Echino South in the Fram area. It
also plans four additional wells after YE19:
Grind in 1Q20, Dugong in mid-2020 and
Hamlet and Eirik in 2021. The company
has contracted the West Phoenix and
Deepsea Yantai to drill the wells. UK-based private equity firm
Petroleum Equity is seeking buyers
for Alpha Petroleum Resources, its
North...
Jul 01, 2019
IS - News Briefs - September 20, 2018UK Oil & Gas plc has completed a
reperforation and optimization program
at its onshore UK Horse Hill 1 discovery
well, a program which targeted 114 feet
of oil pay and added 14
feet of new pay. Flow and
pressure data indicating
a sustainable production rate of 362
bo/d, a test which “strongly indicates”
the Portland reservoir vertical well
is commercially viable, the company
said. UK Oil & Gas plc has a 47%
stake in the PEDL137 license, which
includes the HH-1 well. Privately...
Sep 20, 2018
IS - People Briefs - September 20, 2018Bill Stubbs, non executive director
of Armour Energy Ltd. has named Karl
Schlobohm as his alternate director
for the period from Sept. 5-Nov.
17. Schlobohm has been Armour
Energy’s company secretary since
its inception as a subsidiary of DGR
Global in 2009. Chariot Oil & Gas named Chris
Zeal as independent non-executive
director, effective immediately. Zeal
has more than 30 years of experience
providing advice to board rooms in a range
of industries. He has been retained by
British...
Sep 20, 2018
People Briefs - May 03, 2018Abu Dhabi National Oil Co. hired
Philippe Khoury, formerly of HSBC, to
run the company’s new oil and refined
products trading business. The unit will
be part of Adnoc’s Marketing, Sales and
Trading Directorate.Baron Oil Plc appointed Andrew Yeo
as an independent Non-Executive Director
effective April 27.
His 10 years of
experience in the oil industry include a
role as CFO of Wessex Exploration PLC. Concordia Maritime AB named
Carl-Johan Hagman as Chairman of the
Board of...
May 03, 2018