(MENAFN- ProactiveInvestors) It was shorter week of trading thanks to the bank holiday Monday but AIM’s oil firms were as busy as ever.
IGas Energy () finished Friday off by announcing that chief executive Andrew Austin is to step down and leave the company.
The British oil and gas company this morning also unveiled a number of cost-cutting measures including a 25% reduction to headcount and the closure of the acquired offices in Stirling Scotland.
It comes after the group sold a majority interest in a number of assets and handed over operatorship to INEOS.
Earlier in the week () said it was considering the possibility of launching a rights issue due to increased interest in the group’s shares following a recent placing.
UK Oil and Gas () the firm behind the Horse Hill discovery near Gatwick had to distance itself again from comments made by its chairman David Lenigas.
Speaking to the press last Friday Lenigas repeated the claim that there could be 100bln barrels of oil in the south east of England.
() raised £2.8mln to allow it to pursue investment opportunities in Mexico’s energy sector.
Multiple projects are currently being evaluated in Mexico where the previously nationalised industry is now being opened up.
On Wednesday investors in ’s () learnt that its 25%-owned Tawke oilfield in the Kurdistan region of Iraq has doubled production capacity to 200000 barrels of oil per day (bopd).
The field’s operator DNO today told investors that the new development milestone has been reached in less than two years.
Chariot Oil & Gas () detailed further cost-savings including a 50% cut to director remuneration.
The explorer also announced that current chief financial officer (CFO) Mark Reid will step down from the board and leave the company.
US oil and gas junior () signed-up a rig for a two-well programme in East Texas.
Heads of terms were already in place with drilling firm though delays to the programme meant the signing of contracts was on hold.
() has now completed its Italian farm-out deal with Shell.
The Italian authorities have now approved the transfer of an 80% stake in the Cascina Alberto the company said.
At the end of the week Ngoako Ramatlhodi South Africa’s mineral resources minister has said that the country’s new shale gas regulations has now been finalised.
“The regulations will go before Cabinet at its next meeting in two weeks” he told reporters.
This will be positive news for AIM quote () an early mover with exposure to 7.5mln acres of the Karoo shale basin.
Karoo a semi-desert region in central and southern South Africa has been estimated to contain just shy of 400 trillion cubic feet of shale gas.
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