(MENAFN- ProactiveInvestors) Again it was the crude price slump attracting most news headlines this week but in the company space here are some highlights.
() is set to shrug off the oil price ailments affecting many of its peers as the Nigeria-focused firm continues to benefit from the development of the Opuama field.
The AIM-quoted company this week secured a US$75mln reserves-based loan that will support the plans for Opuama.
Scrutiny over oil prices and uncertainty over payment schedules overshadowed what would have otherwise been a red letter day for Gulf Keystone Petroleum ().
The Kurdistan based oil producer told investors it had finally hit its target production rate of 40000 barrels a day on December 27 – in time to meet its promised year-end deadline.
It also revealed that production powered on from there to load 58000 barrels from the Shaikan Field in the semi-autonomous region of Iraq for export via Turkey.
GKP now has seven producing Shaikan wells with an eighth due to come on stream this month.
Toronto-listed Mart Resources (CVE:MMT) told investors that the UMU-13 well at the Umusadege field in Nigeria has flowed at a combined rate of 13309 barrels of oil per day.
UMU-12 as previously announced encountered 220 feet of gross oil pay in 11 intervals.
Now three separate tests have yielded a total of 13309 barrels per day.
A test in the XVIIb sand interval flowed at a rate of 4447 barrels per day while the XIX sand flowed 5120 barrels a day and the XXb interval tested at 3742 barrels per day.
() revealed an increasein the group’s oil and gas reserves.
The inventory has been updated to incorporate the latest drilling results forward oil pricing and other technical information. Four additional wells have been drilled since the last reserves statement which was in March.
Proved and probable (2P) reserves as of September 30 are now stated as 9.9mln barrels oil equivalent up 4% from 9.5mln barrels in the March assessment.
Meanwhile () has received a further US$6.4mln from RSM Production as part of the settlement of the Logbaba gas field dispute in Cameroon.
Following the payment RSM an affiliate of US firm Grynberg Petroleum has now met its share of costs up to 1 February 2014 said Victoria.
It billed RSM US$10.1mln in December as a final settlement demand following an independent determination by accountant .
Meanwhile () revealed it could be set for a US$28mln cash boost from a proposed sale of the Galaz Contract Area in Kazakhstan.
Chinese buyer Xinjiang Zhundong Petroleum Technology which is listed on the Shenzhen Stock Exchange has launched a US$100mln bid for the project which is 34.22% owned by Roxi.
Roxi confirmed in a stock market statement it has entered into a non-binding agreement with the Chinese suitor which grants exclusivity over a deal until January 31.
In other news () talked up this week the attractive economics of the North American projects it is invested in.
The company today told investors it has participated in 15 new wells that entered into production before the end of 2014.
() has received a US$15mln payment from the Egyptian authorities for past oil sales.
This has significantly reduced the outstanding debt owed to the company Circle told investors.
"We are delighted to have received this specialpayment which both for Circle and in the larger industry context should be seen as a very positive step” said chief executive Professor Chris Green.
“We thank the Egyptian government and look forward to continuing to further develop Circle's position in Egypt."
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