(MENAFN- ProactiveInvestors) Big news from behemoth () hit the headlines Friday as it emerged the fines facing the oiler could be reduced after a US court ruled the spill was smaller than thought.
will now be fined a maximum of US$13.7bn under the Clean Water act.
It culminated a week dominated by the continuing crude price weakness and debate about the industry's future.
has announced hundreds of North Sea jobs and investors are beginning to see the tangible impact of collapsing crude prices.
Meanwhile in the smaller caps () is taking over ISDX-listed tiddler North American Petroleum in an all share deal that will help it grow its cash flow and production during the current period of weaker oil prices.
As a result of the takeover the Oklahoma and Louisiana-focused producer will double its stake in the Shoats Creek property to 70% while its working interest in the Zink Ranch operation will move to 85% from 55%.
Toronto-listed () has promoted Andrew Male as the company’s new chief executive and president.
Male has been a director of Maxim since 2011 and he replaces Arthur Brown who has given up the roles to concentrate on his duties as chairman.
Elsewhere Latin America-focused () laid out the case for its potential investment in Interoil Exploration and Production in a conference call on Thursday.
The company announced the agreed bid for the Norway-based but Latin America-focused company just before Christmas.
Andes will seek approval on January 20 from Interoil’s shareholders and bond holders for a set of proposals that will see Interoil issue 330mln new shares to Andes at a total cost of US$4.95mln and a restructuring of Interoil’s debt.
If the deal goes through Andes will assume control of a number of Colombian assets including the highly prospective LLA-47 exploration licence.
() this week revealed shareholder support for its ongoing expansion of the Goudron oil field in Trinidad.
The company has arranged a £1.57mln placing priced at 3p per share.
LGO’s production growth and strong share price performance belies the poor sentiment across the junior oil sector which has been hit by the sharp fall in crude prices.
() told investors that London-based chief executive John Hamilton and chief operating officer Dr Richard Hubbard are to step down.
The company said it intends to be more operationally focused following the discovery of significant hydrocarbons in Paraguay and in light of the lower oil price environment.
Chairman Peter Levine will now assume an executive role and commercial director Miles Biggins will take on the role of chief operating officer.
In drilling news () said drilling has begun for its next exploration well onshore Mozambique.
The east Africa-focused oil and gas junior has an 11.59% interest in the Andarko Petroleum operated well on the Rovuma Onshore Concession in the northern part of the country.
The latest well named Kifaru-1 is targeting similar reservoirs as those at Wentworth’s Mnazi Bay gas field in Tanzania.
() revealed 2014 production came in at the top-end of expectations at 22600 barrels oil equivalent per day (boepd) and said the impact of falling oil prices has been limited.
Chief executive Brian O’Cathain pointed out that most of Petroceltic’s production is sold either under fixed price contracts in Egypt or via ‘long time lag’ prices in Bulgaria.
Meanwhile () has shut-down operations at the Puka field in New Zealand.
The firm said it has been working hard over the last few weeks to resolve mechanical problems with the Puka 1 well whilst production continued from the Puka 2 well.
It has however now been concluded that the problem cannot be solved with the currently available equipment.
The oil price slump brings opportunity as well as challenges according to exploration and development focused ().
Mosman an acquisitive AIM quoted junior told investors that the drop in share prices and a lack of available capital across the sector can provide opportunities to acquire distressed assets and companies.
The company is currently looking to acquire and following a meeting with MEO’s management Mosman says it continues to believe the combination will create a “strong well-funded company".
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