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United Oil’s Larkin says taking over as operator in Jamaica is ‘extremely exciting development’

United Oil & Gas PLC‘s (LON:UOG) Brian Larkin speaks to Proactive London’s Andrew Scott after announcing they’ve received approval from the Jamaican Government to take forward the Walton Morant Licence, Jamaica, on a 100%-operated basis, with the initial exploration period extended for 18 months. He says they’re planning to complete a work programme to further de-risk the Colibri prospect and …

Horizonte Minerals well-funded to ride out coronavirus uncertainty

Horizonte Minerals PLC (LON:HZM)(TSE:HZM) remains well-funded to achieve its business goals, and has the financial stability to see out the ongoing uncertainty related to coronavirus, the company said in a statement on 17 March. The company continues activities related to the various workstreams required to advance the Araguaia nickel project in Brazil to the construction-ready phase. Horizonte will also continue to …

Petrofac upgraded to ‘buy’ as Goldman says Middle East capex “more robust” amid oil price war

Petrofac Limited (LON:PFC) has been upgraded to ‘buy’ from ‘neutral’ by analysts at Goldman Sachs, who said the oiler had higher exposure to capital expenditure (capex) from the Middle East, which was expected to be “more robust” in the face of the ongoing oil price war. While the bank cut its target price to 316p from 433p to reflect lower …

New money allows Amur Minerals Corp to proceed with discussions with strategic investors

Amur Minerals Corporation (LON:AMC) has secured a fixed-term loan note from Plena Global Opportunities. The loan note will provide Amur with up to £1.5mln and consists of three advances. The initial advance of £500,000 is likely to be received by the company on 13 March 2020. A second advance of £500,000 is available after three months and a final advance …

IAG shares rise as BA warns of job losses due to coronavirus

International Consolidated Airlines Group (LON:IAG) shares were higher after British Airways warned staff that many jobs would be lost as it grounded planes to try and survive the impact of coronavirus. Alex Cruz, the chief executive of the BA airline, told staff in a video that planes would be grounded in a way they had “never had to do before” …

Premier Oil shares rally as oiler plans to cut spending, eyes ‘neutral’ cashflow for 2020

Premier Oil PLC (LON:PMO) shares rallied strongly in Friday’s early deals after the oiler detailed measures responding to the recent collapse in crude prices. It noted that around 30% of 2020’s production is hedged at US$60, and, that 40% of oil production for the first half of 2020 is hedged at US$64 per barrel. The company said that it “retains …

Proactive Oil & Gas weekly highlights: Touchstone, 88 Energy, BPC, Union Jack, Cluff Natural Resources, Solo Oil …

Touchstone Exploration Inc (LON:TXP) this week released the latest impressive test results from the Cascadura-1ST1 well, in the Ortoire exploration block, which in aggregate has now delivered rates in excess of 10,000 barrels oil equivalent per day (boepd). Prior testing in February evaluated a lower section, of 162 feet, in the Herrera formation and measured flow rates of up to …

Today’s Oil and Gas Update – Premier Oil, Valeura Energy, Gran Tierra Energy and Tower Resources

Market Update: Friday 13 March 2020  Premier Oil (LON:PMO): FY20 guidance maintained at 70-75kboepd Valeura Energy (LON:VLU): Q4 results – 22% qoq production increase Gran Tierra Energy (LON:GTE): Capital reduction, focus on low cost barrels Tower Resources* (LON:TRP): Updated CPR, Contingent Resource NPV10 of US$119m at current oil prices Energy Prices          Brent Oil US$36.3/bbl vs US$34.1/bbl yesterday WTI Oil US$33.2bbl …

Horizonte Minerals has impressive valuations on Brazil projects

What Horizonte does Araguaia The Araguaia ferronickel project is in Para State, Brazil. Phase 1 will see the production of 14.5kt/year of nickel in ferronickel form, with the potential to increase that to 29kt/year through additional capex spending of US$199mln. The first production should be in 2022 with the mine scheduled to run for 28 years. Capital expenditure for phase …

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