Panoro Energy has reported higher production in the first quarter but lower revenues, as a result of fewer liftings and lower prices.
Vaalco Energy posted a net loss of $52.8 million for the first quarter of the year, driven by a non-cash charge of $59.1mn as a result of lower oil prices.
Additional drilling at Gabon’s Dussafu Marin licence has been deferred because of coronavirus, BW Energy has said, blaming international travel restrictions.
Tullow Oil has secured its reserve-based lending (RBL) facility at $1.9 billion, giving it around $700 million of liquidity, while slashing its spending this year further from plans announced just two weeks ago.
Maurel et Prom intends to hold its production roughly stable in 2020 as the company focuses on riding out the current storm.
Gabon-focused Vaalco Energy has completed the South East Etame 4H well at 2,200 barrels per day of oil.
US-based Vaalco Energy reported net income of $2.6 million for 2019 from production of 3,476 barrels per day in Gabon.
US-based Vaalco Energy has found oil at its South East Etame 4P appraisal well, on Gabon’s Etame Marin permit.
Plans for an IPO for marginal field-developer BW Energy have been pushed back – and pricing scaled back – in light of financial volatility, blamed on the coronavirus in China.
Maurel et Prom’s income increased in 2019 as a result of increased production, while the sales price fell marginally.
BW Energy expects to price shares in its IPO at 34.2-36.6 Norwegian krone ($3.74-4), valuing the company at $700-750 million.
Texas-based Vaalco Energy’s production in Gabon is more than 6,000 barrels per day of oil, up 73% from its 2019 average.
Vaalco’s Etame 11H well in Gabon is producing at rates greater than had been expected before it was drilled, the Texas-based company said, boosting production.
Tullow Oil has exercised its back-in right for a 10% stake in Gabon’s Dussafu production-sharing contract (PSC), although the amount payable is under dispute.
Vaalco Energy has brought the Etame 9H well into production at a stabilised flow of 5,500 barrels per day, of which 1,500 bpd is net.
China’s CNOOC Ltd has signed up to explore two blocks in Gabon, the 11th contract signed since the country brought in its new hydrocarbon code.
Vaalco Energy has posted a loss for the third quarter, with realised oil prices slipping and production down.
Gabon has signed a number of new exploration licences, while also extending production licences.
BW Offshore plans to double production from the first phase of the Ruche development to 30,000 barrels per day.
BW Offshore’s work on the Hibiscus find suggests it may hold 40-50 million barrels, up from the initial estimate of 12mn barrels.
The Carlyle Group is backing a new sub-Saharan Africa focused company through a partnership with Aidan Heavy and Tom Hickey.
Vaalco Energy has set out formal plans to list on the London Stock Exchange’s main market. The listing should take place by September 30.
BW Energy is planning to reach a final investment decision (FID) on its Ruche development, in Gabon’s Dussafu licence, in the last quarter of the year. Further growth is expected to come from August’s Hibiscus discovery. The company continues to hold the Kudu gas project, in Namibia, but like many others before it, progress appears slow.
BW Offshore said today that the first development well had been completed at the Tortue field, within the Dussafu license, offshore Gabon.
Shell today completed its sale of Gabon onshore interests for $628million.