Indus Gas (LON:INDI) posts pre-tax profits of $22.6m for the six months to the end of September - up from $14.3m last time.
Revenues rose to $27.4m from $22.6m and operating profits of $22.3m were up from $16,8m a year ago.
The company has continued to make provision for a notional deferred tax liability of US$ 9.94m (US$ 7.79m interim 2015), in accordance with IFRS requirements.
The integrated field development plan in respect of about 2000 sq. kms outside of the 176 sq. kms SGL area is under examination by the directorate general of hydrocarbons.
A revised field development plan in respect of the SGL area for the enhancement of production to about 80 mmscfd has recently been submitted to management committee for approval.
The Company continues to realise US$5 per mmBtu in respect of its existing gas sales contract. Discussions for the second contract with GAIL and RRVUNL for the additional gas supplies to the 160 MW turbine at Ramgarh are expected to be finalised in first quarter of 2017.
The gas turbine has been procured by RRVUNL and the gas price needs to be mutually agreed. Discussions are also being held for finalising the gas pipeline to evacuate additional gas supply from the Non-SGL area of the block.
Chairman Peter Cockburn said: "Indus has made good progress in the period and continues to see consistent growth in revenue and profits. The revenues are now expected to increase substantially once the additional gas supplies commence."
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Premier Oil (LON:PMO) has received a monthly deferral in respect of the test of its financial covenants with the test for the 12 month period ending 31 December 2016 waived and replaced by a test for the 12 month period ending 31 January 2017.
Premier expects to continue to receive monthly deferrals until the refinancing of its financial facilities currently being negotiated has been agreed.
"Good progress is being made in finalising a long form term sheet in respect of the refinancing with the expectation that this will be circulated to all private lenders (Revolving Credit Facility, Term Loan, Schuldschein and US private placement notes) for credit approval in January," it said.
"Negotiations are now underway with the advisers to an ad hoc committee of the Group's convertible bondholders. Premier intends to provide a further update in its Trading Statement on 12 January 2017."
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Circle Oil (LON:COP) says its financial position remains under significant pressure and it expects its listing on AIM to be cancelled tomorrow (30 December).
An update says: "Further to the announcement of 30 September 2016, in which Circle Oil plc, the international oil and gas exploration, development and production company, announced that the most recent waiver in relation to the suspension of the December 2015 and June 2016 redetermination and any repayments due under its reserve based lending facility was due to expire, the Company is pleased to announce that International Finance Corporation ("IFC"), a member of the World Bank Group and other syndicate members have agreed to re-instate the waiver until 26 January 2017.
"In addition to the waiver noted above, in light of the current financial position of the Company, the IFC and other syndicate members have again agreed to defer interest payments due in July and November 2016 until 26 January 2017.
"IFC and a syndicate member have also agreed to provide additional stand-by funding to finance the Strategic Review process through to conclusion. The additional stand-by funding has been agreed pursuant to an interim funding deed between IFC, the Company and the Company's subsidiaries and shall be used for the purposes of the Strategic Review process. Any advances will be repayable by 31 January 2017.
"In the event the Company draws down on the facility any payments received from the Egyptian General Petroleum Corporation (EGPC) during the period to 31 January 2017 shall be applied to reduce the amount drawn. The effective interest rate for the standby funding is 15% per annum plus three-month LIBOR.
"The Company's financial position remains under significant pressure. As a result of the deferral of the IFC interest payment and the standby funding, the Company is in a position to discharge its financial obligations during the period of the waiver, pending resolution of the lender redemption notice received from Circle Link S.ar.L. The Company is continuing to discuss its position with Circle Link.
"The strategic review process remains ongoing. The directors continue to expect there will be no value attributed to Circle equity holders as a result of the strategic review process.
"As noted in the announcement of 30 September 2016, the company's shares were suspended from trading on the AIM market of the London Stock Exchange on 29 June 2016. In the event the suspension is not lifted, the company's listing on AIM will be cancelled after six months of suspension, as set out in the AIM Rules for Companies. The company therefore expect that its listing on AIM will be cancelled with effect from 30 December 2016."
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Frontera Resources Corporation (LON:FRR) has restructured the 10% notes issued by its wholly-owned subsidiary Frontera Resources Holdings on 1 August 2011.
This restructuring has been effected by exchanging the old notes which had maturity date of 1 August 2016, to new notes which have maturity date of 1 August 2020.
The new notes are issued by Frontera International Corporation, a fully-owned subsidiary of the company, and bear interest rate of 10%. if paid in cash or 12% if paid in-kind with additional notes at the company's election.
The new notes, which are not convertible into ordinary shares of the company, are secured and, in aggregate, have a face value of $30,063,276 and an effective date of 1 August 2016.
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The sector's biggest riser was Gulfsands Petroleum (LON:GPX) - up by more than 40.9% in late trading. The biggest faller was Range Resources (LON:RRL) - down by over 8.9%
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