Maurel et Prom has secured a new bank loan under “very favourable terms” and is scaling up its dividend plans.
Maurel et Prom
Wentworth Resources has posted another strong set of results with revenues up 26% on higher production.
Oil workers, and others, have gone on strike in Gabon in protest at COVID-19 measures.
Maurel et Prom has reported production slipping 5% in the first nine months of the year, even while revenues increased 42%.
Maurel et Prom intends to restart drilling in Gabon, on its Ezanga permit, this summer in a bid to recover production losses.
AIM-listed Wentworth Resources’ production dipped in 2020, but revenue was largely flat and the company has upped its dividend.
Maurel et Prom’s production fell in the first nine months of 2020, although its acquisition of Angolan assets helped avoid too great a reduction.
Demand for Wentworth Resources’ gas in Tanzania will stay flat this year, with heavy rains driving hydropower generation, but things should pick up towards the end of 2020.
Maurel et Prom intends to hold its production roughly stable in 2020 as the company focuses on riding out the current storm.
Maurel et Prom’s income increased in 2019 as a result of increased production, while the sales price fell marginally.
Working in different locations presents various logistical problems for companies – a problem Progressive TSL aims to tackle.
Tanzania has struggled to pay its debts to local gas producers but there are signs this is changing, with Wentworth Resources and Orca Exploration posting strong quarterly results on improved collections and higher gas demand.