(MENAFN- ProactiveInvestors - UK) Magnolia Petroleum's PLC's (LON:MAGP) chief executive told shareholders he is confident the company can survive the current low price environment 'and thrive'.
Steven Snead also bemoaned the market's current valuation of the US onshore oil and gas group.
Providence Resources PLC(LON:PVR) confirmed it has now cleared the decks following its US$70mln funding.
The Irish oil firm told investors it has now repaid a US$20mln debt, together with interest, owed to Melody Business Finance. As a result, Melody will now release the security it held (a floating charge over the group's assets).
Solo Oil PLC(LON:SOLO) this morning sees more good news from the Horse Hill project, in the south of England, where a consult has now upgraded estimates for one of the reservoirs encountered by the Horse Hill 1 well.
Nutech has increased by 200% its calculated oil in place for the Upper Portland pay zone to 22.9mln barrels per square mile, up from 7.7mln.
Sound Energy PLC(LON:SOU) has told investors that gas flows from the Tendrara well are 'already highly commercial' and added that the well is above initial expectations.
The company, in a brief stock market statement, said it has now made contact with a significant portion of the well's net pay, and it is stabilising gas flows through a clean-up process.
Market crises, the oil sector's wobble, Grexit and now Brexit have all failed to hobble Plastics Capital, a business for all seasons (or cycles).
'None of those things has floored the business though we may have fired on three cylinders rather than four sometimes,' said Chairman Faisal Rahmatallah.
EnQuestPLC (LON:ENQ) could be set to sell a 20% share in the Kraken oil field development, in the North Sea, in a deal with Israeli energy group Delek Group.
It comes after EnQuest stepped in to take an extra 10.5% of the project for a nominal cost in February when former partner First Oil dropped out of the venture. Presently, EnQuest owns 70.5% of Kraken alongsideCairn EnergyPlc (LON:CNE), which has the other 29.5%.
Shares inHighlands Natural Resources Plc(LON:HNR) surged as it increased the footprint of its Helios Two natural gas and helium project as it continues talks with several parties over a joint venture on the Montana property.
It has bought an additional 15,623.59 acres for a cash total of US$53,734.16, it told investors.
Europa Oil & Gas Holdings Plc (LON:EOG) has revealed new estimates for several exploration targets, each seen between 300mln and 1bn barrels, in its recently acquired acreage.
Licensing Option 16/19 was awarded to Europa in Ireland's latest licencing round, and the highly prospective acreage is now being rolled into an ongoing farm-outprocessalongside an adjacent area.
An annual assessment has bolstered LGO Energy Plc's (LON:LGO) crude oil reserves for the Goudron field, in Trinidad, where the company is continuing a cost-effective development.
The review has been carried out byDeloitte, and it sees reserve and resource estimates rise.
UK Oil & Gas Investments PLC (LON:UKOG) has increased its stake in the Horse Hill onshore oil prospect in the south of England through the acquisition of Flowermay's entire 6% stake.
UKOG now owns 31.2% of the project, nicknamed the 'Gatwick Gusher', through a 48% stake in HHDL a consortium that has 65% interest in the two licences.
Oil and gas companyGulfsands Petroleum plc(LON:GPX) announced that executive chairman Alastair Beardsall will be retiring.
Executive duties will be assumed by John Bell, as Managing Director and Andrew Morris, as Finance Director.
In a statement ahead of today's shareholder meetingActive Energy Group PLC(LON:AEG) chief executive Richard Spinks told investors there is a firm foundation for the company to expand, grow market share and enhance its financial performance.
"We continue to make sound progress in building our business which now comprises of three standalone but highly complementary divisions,' Spinks says.
Independent Oil and Gas Plc (LON:IOG) expects drilling to start on the Skipper appraisal well on Friday (22 July).
The Transocean Sedco 704 semi-submersible drilling rig is now on contract, and it is being towed to the drilling location.
Active Energy Plc (LON:AEG) says it's increased its revenue potential in Ukraine as it struck a forestry deal with a regional government in the country.
The memorandum of understanding covers around 186,500 hectares of mature trees in northern Ukraine.
KrisEnergyLtd (SGX:SK3) told investors that a 3D seismic exploration programme has now got underway in the Gulf of Thailand.
The programme will span some 884 square kilometres in the G10/48 contract area, and operations are expected to last for 41 days.
Range Resources Ltd(LON:RRL) has told investors that drilling has now begun for the MD 251 development well in Trinidad.
It is to be a directional well, to test the Middle and Upper Cruse sands. It is a follow on from the MD 250 well which encountered the two reservoirs. Initial evaluation of the MD 250 results identified some 140 feet of net pay.
Sirius PetroleumPlc's (LON:SRSP) drilling plans have received the environmental green-light form the Nigerian authorities.
An environmental impact assessment survey for the Ororo area has been approved by the Nigerian Federal Ministry of Environment, the company announced.
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