Xcite Energy's (LON:XEL) shares soared after holders of the $135 million senior secured bonds have approved the amendments to the bond agreement dated 27 June 2014.
The maturity date of the bonds has been extended until the earlier of:
a) 31 October 2016
b) the date the Bond Trustee (acting on the instructions of the Bondholders) declares the Bonds to be immediately due and payable.
Further, the bondholders have approved a deferral of fixed rate interest which would otherwise be due on 30 September 2016 to 31 October 2016. The proposed resolution obtained 100% of the votes, and the proposal was adopted according to the voting requirements of the bond Agreement.
* * *
Independent Resources (LON:IRG) has confirmed it has received £160,000 cash as per the loan agreement with Brandon Hill Capital. The Company also announced that having reached an agreement with TransGlobe Petroleum International Inc concerning the early repayment of the US$2.5 million loan note, as outlined in the announcement on 28 September 2016, it has paid US$100,000 to TransGlobe for full and final settlement. This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
* * *
Tullow Oil (LON:TLW) has received confirmation from its Lead Insurers that they accept there is a recoverable claim with respect to the group's corporate policy for Business Interruption insurance following damage to the Jubilee turret bearing earlier this year.
This follows Tullow's announcement on 23 September 2016 that Hull & Machinery cover for Jubilee has also been confirmed.
The Business Interruption policy, which is procured for Tullow's interest in its major producing assets, covers loss of revenues as a result of production outages.
Cover includes production losses at the Jubilee Field associated with the failure of the bearing and the downtime associated with the work programme to re-establish normal operations.
Tullow will continue to work closely with the loss adjusters and insurers to establish an efficient payments schedule as remedial work continues. Tullow will provide an update on the progress of this project in its next Trading Statement on 9 November 2016.
* * *
San Leon (LON:SLE) has posted an H1 pre-tax loss of €6.2m, from a loss of €8.3m.
"San Leon is well-positioned to generate significant cash flow through three Nigerian revenue streams (loan principal and interest repayment on $173m, dividends from San Leon's indirect shareholding in OML 18, and from the provision of various workover, drilling and facilities services)," it said.
"The Nigerian asset is world-class, we have a strong deal structure for San Leon, and we are partnering with proven and successful businesses.
"Operational activity in non-core assets has been minimized in order to preserve capital, in accordance with the Company stated strategy."
* * *
Gulf Keystone (LON:GKP) has confirmed that a gross payment of $15.0 million has been received from the Kurdistan Regional Government for Shaikan crude oil export sales in July.
Gulf Keystone says that it and the KRG's ministry of natural resources continue to work towards agreeing the final form of the May, June, and July 2016 invoices in parallel with the negotiation and finalisation of the second amendment to the Shaikan production sharing contract as per the bilateral agreement between the company and the MNR announced on 17 March.
Following receipt of the payment, the Company's current cash position is $79.6 million.
* * *
Serica Energy (LON:SQZ)) has booked a much wider H1 pretax loss of $3.9m, from a year-ago loss of $639,000. The result was impacted by a field shut-in.
Chairman Tony Craven Walker commented:
"Though the blockage in the Erskine condensate offtake route impacted first half income, the field is now back onstream and underlying reservoir performance continues to offer strong encouragement.
"Our net reserves, which have increased over 50% to 4.2 million boe as of 1 January 2016 according to NSAI estimates, will now hopefully be producing in a stronger oil price environment than at the start of the year.
"We also welcome the plans of Shell, the new Lomond facility operator, to target further cost reductions and improve offtake route reliability."
* * *
Nighthawk Energy's (LON:HAWK) revenues first half fell to US$9.4 million (1H15: US$16.0 million) due to low oil prices.
Normalised EBITDA for 1H16 was US$3.1 million or US$12.40 per barrel (1H15: US$6.6 million or US$18.73 per barrel).
No non-cash impairment charges recognised in exceptional administrative expenses (1H15: US$8.8 million). Prior year period related to decisions to write off, plug and abandon four wells and to impair partially nine non-core wells on account of reduced expectations for reserves recovery and lower oil prices.
* * *
Xtract Resources (LON:XTR) said the conditional sale agreement to dispose of its 100% interest in the Manica gold project for $17.5m has lapsed due to certain conditions precedent not being met.
The proposed deal -- with Nexus Capital Ltd and Mineral Technologies International Ltd -- would thus not be effected, Xtract said.
The company confirmed its discussions with MTI, regarding revisions to the existing joint venture agreement between the parties, to mine the alluvial gold deposit at Manica, were progressing well.
It anticipated a satisfactory conclusion for both parties could be announced soon.
Separately, Xtract posted a pre-tax loss of £5.2m, from a year-earlier loss of £810,000.
The results included a £2.3m impairment of an intangible, from nil in the comparative period.
(LON:AUR) Aurum Mining PLC share price was 0p at 1.85p
(LON:BOR) Borders Southern Petroleum PLC share price was 0p at 1.85p
(LON:CHAR) Chariot Oil Gas Ltd share price was -0.52p at 9.48p
(LON:ENQ) EnQuest Plc share price was -0.62p at 27.13p
(LON:GKP) Gulf Keystone Petroleum share price was -0.03p at 2.17p
(LON:GPX) Gulfsands Petroleum PLC share price was 0p at 3p
(LON:INDI) Indus Gas Ltd share price was +0.5p at 498p
(LON:IRG) Independent Resources PLC share price was +0.01p at 0.1p
(LON:PET) Petrel Resources PLC share price was -0.13p at 6.5p
(LON:RKH) Rockhopper Exploration PLC share price was +0.25p at 27.75p
(LON:RPT) Regal Petroleum PLC share price was +0.01p at 3.54p
(LON:SLE) San Leon Energy PLC share price was +1.51p at 46.88p
(LON:SQZ) Serica Energy PLC share price was -0.62p at 14.13p
(LON:TLW) Tullow Oil PLC share price was +13.35p at 253.45p
(LON:XEL) Xcite Energy Ltd share price was +1p at 2.2p