Solo Oil (LON:SOLO) has raised £2m through the issue of 1.11bn shares at 0.18p each in a company-sponsored placement to a single institutional investor, being Epsilon Pty.
The Placing Shares will when issued represent 15.9 per cent. of the enlarged issued share capital.
The proceeds of the placing will be used to fund the Company's share of the Ntorya-2 well in Tanzania and settle all outstanding amounts due to YA Global Master SPV, Ltd under an Equity Swap Agreement which has now been terminated.
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Hydrodec Group's (LON:HYR) revenues from continuing operations increased 148% to US$8.1 million in the six months to the end of June, reflecting the full commissioning of the Canton plant at the end of last year.
The Group sold 16.8 million litres during the period, an increase of 217% on the corresponding period in 2015 which had included 3.6 million litres of traded oil whilst the US business was being recommissioned.
Of the volumes sold in the period, 40% represented transformer oil and 60% was base oil, with margins steadily improving since the beginning of the year.
- H1 2016 gross unit margins in continuing business higher than H1 2015 despite lower product sales prices and challenging market conditions
- Key focus on reduction of corporate costs in continuing operations, falling from US$2.1 million (H1 2015) to US$1.5 million
- Group EBITDA from continuing operations improved from US$3.4 million loss (H1 2015) to US$1.1 million loss - expectation of move to positive EBITDA in H2
- Overall loss for the period (including discontinued operations) down from US$8.4 million (H1 2015) to US$5.3 million
- Operating cash outflow (before working capital movements) reduced to US$2.0 million (H1 2015: US$5.8 million)
Chief executive Chris Ellis said: "I am pleased to be able to report significant progress in moving Hydrodec towards profitability and re-establishing its position in the transformer oil market in our key operating arenas as we have moved Canton into full operations and improved efficiency in Australia.
"Whilst market conditions and margins, particularly in the US, remain challenging, both operations are generating positive EBITDA and the focus now for the rest of this year is to improve margins and profitability as well as taking advantage of any opportunities the current market may yet present to grow the business within both our existing platforms and in new markets."
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PetroNeft (LON:PTR) has confirmed that all resolutions proposed at the annual general meeting today were passed.
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Circle Oil (LON:COP) has completed gas pipeline repairs in Morocco.
Circle says that previously announced, an earth movement near to the town of Kenitra in northern Morocco resulted in the temporary closure of an Office National des Hydrocarbures et des Mines owned and operated gas pipeline spur.
This pipeline spur was used to transport approximately 30% of the gas produced in the Sebou field, which is owned by Circle Oil Maroc (which operates the field with a working interest of 75%) and ONHYM (with a working interest of 25%).
The pipeline was closed while a repair was designed and implemented.
The repair was carried out by Circle without incident, on schedule and slightly under budget.
Production was restarted through the repaired pipeline yesterday.
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Volga Gas (LON:VGAS) says average group production for August 2016was 7,081 barrels of oil equivalent per day (11.5% higher than July).
This was the highest monthly production rate achieved in 2016 and comprised 26.9 mmcfd of gas, 1,546 bpd of condensate and 1,050 bpd of oil.
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Tullow Oil (LON:TLW) has confirmed a gas discovery on the Cara prospect in licence 636 in the Norwegian North Sea.
Tullow said the well was drilled to a total depth of 2,702 metres in 349 metres of water, 6 kilometres northeast of the Gjoa field.
The well encountered a gas column of 51 metres and an oil column of 60 metres with the operator estimating between 25 million barrels of oil equivalent (boe) and 70 million boe have been discovered. E
xtensive data acquisition was undertaken including wireline logging and three successful core runs and a successful production test. The partners will now evaluate the possibility of linking this discovery to existing infrastructure at the nearby Gjoa field.
ENGIE E&P Norge AS is the operator of licence 636 with a 30% stake. The other partners are Tullow Oil Norge AS (20%), Idemitsu Petroleum Norge (30%) and Wellesley Petroleum AS (20%).
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