Shortdata
HLH

Bio

  • Private Investor predominately in oil stocks.

    Currently holding positions in:

    Petrofac,International Consolidated Airlines,Tullow Oil.

Companies

  • Petrofac
  • International Consolidated Airlines
  • Tullow Oil

Forum Activity

  • Posts: 261
  • Thanks Received: 2
  • Thanks Sent: 6
  • Followers: 3
  • Following: 3

Joined

  • September 1, 2017
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261 Share Chat Posts

BP PLC » BP To Invest USD200 Million In Lightsource

BP To Invest USD200 Million In Solar Energy Firm Lightsource

LONDON (Alliance News) - Oil major BP PLC on Friday said it will invest USD200 million in European solar development company Lightsource Renewable Energy Holdings Ltd to take a 43% stake in the business over three years.

Lightsource will rebrand as Lightsource BP as part of the strategic partnership, with BP's investment used mostly to fund Lightsource's worldwide growth pipeline. BP will have two seats on Lightsource's board of directors.

Lightsource BP will target the growing demand for large-scale solar projects worldwide with a focus on grid-connected plants and corporate power purchase agreements signed with private companies, BP said.

Additionally, it will continue to develop and deliver Lightsource's 6 gigawatt growth pipeline, largely focused in the US, India, Europe and the Middle East.

"BP has been committed to advancing lower-carbon energy for over 20 years and we're excited to be coming back to solar, but in a new and very different way. While our history in the solar industry was centred on manufacturing panels, Lightsource BP will instead grow value through developing and managing major solar projects around the world. I am confident that the combination of Lightsource's expertise and experience with BP's relationships and resources will propel this innovative business to even more rapid growth," said BP Group Chief Executive Bob Dudley.

Shares in BP were up 0.3% at 505.5 pence Friday.

December 15, 2017

Pantheon Resources » Pantheon Resources Plans Up To Six Wells

Pantheon Resources Plans Up To Six Wells For Drilling In 2018

LONDON (Alliance News) - Pantheon Resources PLC said in a statement ahead of its annual general meeting Friday that it plans to drill up to six wells across its Polk and Tyler County acreage in the US next year, although it is still formulating its drilling programme for 2018.

At its VOBM No. 4 well in Tyler County, it confirmed that three separate hydrocarbon bearing Wilcox zones were encountered during drilling, analogous to the Tyler County Jazz Field wells.

Commissioning of its Kinder Morgan gas processing facility at Polk County is progressing "as planned", with production to be ramped-up from the VOBM No 1 and VOBM No 3 wells gradually.

"Production from the VOBM No. 2H well is due to come on stream shortly after clean-up of the VOBM No. 1 and VOBM No. 3 wells. Production is currently in line with that stated in prior announcements," said Chief Executive Officer Jay Cheatham in the statement.

"The first well of the 2018 campaign will be a vertical well targeting the Eagle Ford sandstone, the VOBM No. 5 well, in the West Double A Wells Field Prospect in Polk County. This well will be a development well offsetting the VOBM No. 1 well," Cheatham said.

"A Unit Petroleum rig is expected to spud the VOBM No. 5 well in early January 2018; the company anticipates funding its drilling programme from existing cash resources and cashflow from production," said Cheatham.

Shares in Pantheon were down 3.3% at 58.00 pence Friday.

December 15, 2017

HALOSOURCE INC. » HaloSource Directors Take Part In Placing

LONDON (Alliance News) - The following is a summary of director dealings reported in London on Friday.
----------
HaloSource Inc said it has raised GBP2.8 million from a discounted share placing and subscription agreement.

The clean water technology company has issued 225.0 million shares at 1.25 pence per share, a 9% discount to the mid-market closing price of 1.38 pence on Thursday.

The company expects to issue 166.9 million new common shares pursuant to the placing and 58.1 million under a subscription agreement. Proceeds will be used by the company for additional working capital purposes and to fund commercialisation of the company's lead reduction technology and continue the growth of its drinking water business.

HaloSource directors Kent Johnson, James Thompson, Alan Matthews, Craig Crowell and Massoud Entekhabi have each acquire shares in the share issue.

Johnson bought 2.1 million shares and now owns 1.0% interest. Thompson bought 2.1 million shares and now owns 1.0% interest.

Matthews bought 598,908 shares and now owns 0.3% stake. Crowell acquired 299,448 shares and now owns 0.1% interest. Entekhabi bought 299,448 shares.

Shares in HaloSource closed down 9.1% at 1.25 pence.

December 15, 2017

PETROFAC LTD » Petrofac Trading update

RNS Number : 3011Z
Petrofac Limited
14 December 2017

14 December 2017

PETROFAC LIMITED
TRADING UPDATE

Petrofac issues the following pre-close trading update ahead of the announcement of its full year results for the year ending 31 December 2017 on 1 March 2018.

· Trading in line with expectations

· US$5.2 billion in new order intake year to date

· Net debt is forecast to be around US$850 million at 31 December 2017 in line with expectations

Ayman Asfari, Petrofac's Group Chief Executive, commented:

"Overall trading remains in line with expectations, underpinned by high levels of project activity, good project execution and strong financial discipline.

"We have seen a recovery in new order intake in 2017, securing US$5.2 billion in new awards in the year to date in both existing and new markets. Tendering activity remains high, we continue to maintain our bidding discipline in competitive markets and we have a healthy order backlog.

"Our portfolio is in good shape, and we remain focused on project delivery and maintaining our cost competitiveness through operational excellence. This - together with measures we are taking to strengthen our balance sheet - positions us well."

Engineering & Construction

We have delivered good progress across our portfolio of lump-sum engineering and construction projects. On our upstream projects, we have handed over the Khazzan central processing facility in Oman. We have also commissioned the In Salah southern fields development, introduced gas into the Reggane North Development plant and are ready for the introduction of gas into the Alrar gas plant, all in Algeria. Several other projects are now in the pre-commissioning or commissioning phase. On our downstream projects, the Sohar refinery in Oman is in commercial operation, the Petro Rabigh and Jazan south tank farm projects in Saudi Arabia are in the commissioning phase, and pre-commissioning activities have started on the KNPC Clean Fuels Project in Kuwait.

We have secured US$4.1 billion of new order intake in the year to date and continue to see a high level of tendering activity in our core markets.

Engineering & Production Services

Continued good performance in our international O&M contracts and EPCm projects has largely offset lower activity, utilisation and order intake in the UK North Sea. We have secured awards and extensions worth approximately US$1.1 billion in the year to date, predominantly in the UK, Iraq and Kuwait, as well as our first project in Turkey. We have also signed a long-term framework agreement with PDO Oman, which will add to backlog as projects are sanctioned.

We have maintained our focus on improving operational efficiency and utilisation, while positioning ourselves for a recovery in market conditions and growth in new markets.

Integrated Energy Services (IES)

EBITDA for the full year is expected to be at the bottom end of our US$80 million to US$100 million guidance range, reflecting licence entry in September and lower production from the Greater Stella Area development. Production on Block PM304 in Malaysia and the Chergui gas plant in Tunisia is in line with expectations. Investment in Mexico remains low pending migration of our Production Enhancement Contracts. The sale of our interest in the Pánuco Production Enhancement Contract to Schlumberger completed in August 2017.

Financial position

Backlog(1), excluding IES, stood at US$10.3 billion at 30 November 2017, reflecting a recovery in new order intake offset by progress on our existing portfolio of projects:

30 November 2017

31 December 2016

US$ billion

US$ billion

Engineering & Construction

7.5

8.2

Engineering & Production Services

2.8

3.5

Total

10.3

11.7

Recent UK tax law changes(2) will result in a non-recurring deferred tax charge being included within 2017 full year business performance results. As previously disclosed, the tax charge for the period would have been US$22 million higher if the new loss relief rules had applied at 30 June 2017.

Net debt is expected to be around US$850 million at 31 December 2017, reflecting strong working capital management and financial discipline. Group capital expenditure is expected to be lower than previous guidance at around US$175 million.

We continue to pursue a range of measures to deliver a sustainable reduction in net debt and strengthen our balance sheet. These include a relentless focus on operational excellence, reducing capital investment, rebasing our dividend and continuing to divest non-core assets.

Notes

(1) The Group is no longer recognising backlog in respect of the IES division (previously, backlog was recognised in relation to IES service contracts i.e. projects where we did not have entitlement to reserves). Backlog at 30 November 2017 includes US$1.0 billion for Petrofac's share of the Duqm refinery project in Oman. The project will commence upon receipt of the full notice to proceed from the client.

(2) Changes to UK carry forward tax loss relief rules were substantively enacted in October 2017, which will result in a non-recurring deferred tax charge being included within 2017 full year business performance results. As previously disclosed in the 2016 Annual Report (p144) and 30 June 2017 Half Year Report (p24), the recognised deferred tax asset at that date would have been US$22 million lower and the tax charge for the period would have been US$22 million higher if the new loss relief rules had applied at 31 December 2016 (or 30 June 2017).

December 14, 2017

PETROFAC LTD » Petrofac Board changes

RNS Number : 2997Z
Petrofac Limited
14 December 2017

Press Release

14 December 2017

BOARD CHANGES

Petrofac Ltd ("Petrofac" or "the Company") today announces that its Chairman Rijnhard van Tets has notified the Board of his intention to step down from the Board at the May 2018 Annual General Meeting after an 11-year tenure. He will be succeeded upon his departure by current Senior Independent Director René Médori.

Mr van Tets joined the Board in 2007, serving as a Non-executive Director prior to being appointed Chairman in 2014. Mr Médori, who joined as a Non-executive Director in 2012, has recently relinquished his executive role as Finance Director of Anglo American plc.

Mr van Tets said: "After a long tenure I have made the decision to step down at next year's AGM. I would like to thank my fellow Board members for their support, and the Executive Directors for their continued commitment to the business during the past 11 years.

"I am delighted that the Board has been able to appoint an internal candidate of René's calibre. His wide international experience and understanding of multi-national businesses, well-established governance knowledge, and understanding of the regulatory landscape, provides an important level of continuity."

Mr Médori said: "On behalf of the Board I would like to thank Rijnhard for his strong leadership and commitment to Petrofac. His experience through this time has been invaluable. I am delighted to be taking up the role of Chairman next year and excited about the prospect of working with the management team to take the business forward."

The appointment of a new Senior Independent Director will be announced in due course.

Committee changes

As a result of the above-noted changes, further changes to Nominations, Remuneration and Audit committees will be advised in due course.

There are no additional disclosures in respect of paragraph 9.6.13 (1) to (6) of the FCA Listing Rules.

December 14, 2017

PETROFAC LTD » Petrofac Board changes

RNS Number : 3340Z
Petrofac Limited
14 December 2017

Press Release

14 December 2017

BOARD CHANGES

Petrofac Ltd ("Petrofac" or "the Company") today announces that it has appointed Sara Akbar as a Non-executive Director with effect from 1 January 2018.

Mrs Akbar, who holds a BSc in Chemical Engineering from Kuwait University has more than 30 years' experience in the oil and gas industry. She is founder of and until recently the Chief Executive Officer of Kuwait Energy KSC, which she set up in 2005 to exploit the opportunity for an independent Engineering and Production company in the MENA and Eurasia regions. Prior to that Ms Akbar was New Business Development Manager for Kuwait Foreign Petroleum Exploration Company, and served in various positions in the oil and gas industry in Kuwait and internationally from 1981 to 1999.

As previously announced, Non-executive Director Thomas Thune Andersen will step down from the Board after a seven-year tenure, also effective 1 January 2018.

Petrofac's Chairman Rijnhard van Tets said: "We are delighted to welcome Sara to the Board. She is very well known in the industry both in Kuwait and internationally, and her unique insight into the Middle East, along with her significant operating experience in the region, is a very complementary fit to our existing Board. My fellow Non-executive Directors and I look forward to working with Sara.

"I would also like to record the Board's appreciation to Thomas for his contribution over the past seven years, including his Chairmanship of the Remuneration Committee and membership of the Nominations and Audit committees. We have benefited enormously from his depth of industry knowledge and the level of commitment and support he has given during his tenure."

Ms Akbar said: "I look forward to bringing my detailed knowledge of the MENA region to the Board table to support Petrofac's continued successful execution of its strategy in the region and beyond."

Thomas Thune Andersen said: "I would like to record my thanks to Rijnhard and the Board, and Ayman and the executive team, and wish them success in continuing to deliver Petrofac's strategy."

Committee changes

As a result of the above-noted changes, with effect from 1 January 2018, Matthias Bichsel will become Chairman of the Remuneration Committee. Further changes to Nominations, Remuneration and Audit committees will be advised in due course.

There are no additional disclosures in respect of paragraph 9.6.13 (1) to (6) of the FCA Listing Rules.

December 14, 2017

Sound Energy » SOU Eastern Morocco: 2D Seismic and MT Update

RNS Number : 2979Z
Sound Energy PLC
14 December 2017

14 December 2017

Sound Energy PLC

("Sound Energy" or the "Company")

Eastern Morocco: 2D Seismic and Magno-Telluric Update

Sound Energy is pleased to confirm that, further to the announcement on 20 November 2017, it has now completed the first phase of the 2D seismic and magneto-telluric (MT) acquisition in Eastern Morocco.

The Company is delighted to report the successful completion of the first phase of this four-phase programme, which includes 8 2D seismic lines (341line kilometres in total) over the 'A' Structure located 25km north-west of TE-5 Horst. The seismic data density and integrity is of the high quality expected and already clearly highlights the 'A' structure. The 'A' structure is expected to be the first target for the Company's rapidly approaching three well exploration programme. The MT has proven to have exceptionally high signal to noise ratio and will provide another independent measure of basin geometry and subsurface rock properties to complement the 2D seismic and the newly acquired airborne FTG gravity gradiometry and magnetic datasets which completed in November.

The 2D seismic and MT data collected has now been despatched to the WesternGeco processing centres for fast-track processing and evaluation. We expect to receive processed results in January to support the first CPR currently scheduled for completion during Q1 2018. This is in addition to the Reserves Certification which is expected imminently.

Seismic parameter testing is continuing in the Anoual permit to further optimise imaging after which the Western Geco crew will commence phase two of the programme across a region eastward of the TE-5 Horst. Survey efficiency continues to improve and is aligned to our expectations. The crew are currently acquiring our tenth 2D seismic line and have completed a total of 445 line kilometres out of the approximately 2800 line kilometres programmed.

This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

December 14, 2017

FAROE PETROLEUM PLC » FPM Recommencement of Tambar

RNS Number : 1586Z
Faroe Petroleum PLC
13 December 2017

13th December 2017

Faroe Petroleum plc

("Faroe", "Faroe Petroleum" or the "Company")

Recommencement of production and Infill Programme at the Tambar Field, Norway

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway, the UK and Atlantic Margin, reports that production from the Tambar field in Norway (Faroe 45%) has recommenced, following the tragic accident on the Maersk Interceptor drilling rig on Thursday, 7 December 2017.

The Tambar infill and gas lift installation programme has also recommenced. A full investigation into the accident on the Maersk Interceptor is being undertaken by the authorities and the Tambar operator (AkerBP).

With the resumption of all activities at Tambar, Faroe's production guidance for the year remains unchanged at 13,000 to 15,000 boepd.

December 13, 2017

CARILLION PLC » CLLN Update on UK healthcare facilities business

RNS Number : 1898Z
Carillion PLC
13 December 2017

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR IMMEDIATE RELEASE

13th December 2017

Carillion plc ("Carillion" or the "Group")

Update on proposed disposal of UK healthcare facilities management business

On 24th October 2017, Carillion announced that it had signed heads of terms with Serco Group plc ("Serco") for the disposal of a large part of its UK healthcare facilities management business (the "Disposal"). Further to this, the Board of Carillion today announces that it has entered into a definitive Business Purchase Agreement (the "BPA") with Serco.

Highlights

· A portfolio of UK healthcare facilities management contracts and associated ancillary contracts and assets (the "FM Arrangements") which relate to fifteen sites will be transferred to Serco on a phased basis pursuant to the Disposal

· As the Disposal is a Class 1 transaction for Carillion under the UK Listing Rules, the Disposal is conditional upon the approval of Carillion's shareholders. The transfers of the FM Arrangements are also conditional on, among other things, receipt of all required third party consents

· An agreed proportion of the total consideration of approximately £47.7 million (subject to a limited working capital adjustment, and a limited adjustment in the event that the FM Arrangements are transferred ahead of or behind an assumed schedule) will be payable in instalments on the transfer of each FM arrangement to Serco, with the aim of receiving the bulk of the proceeds in the second and third quarters of 2018

· After taking account of fees, costs and taxes, the net Disposal proceeds are expected to be £41.4 million and, when received, will be applied in prepayment and cancellation of an equivalent amount of the Group's £140 million committed credit facilities (the "New Money Facilities") announced on 24th October 2017

· The Disposal forms part of the Group's £300 million non-core disposals target announced as part of its strategic review in order to reduce net debt and refocus the Group on its core strengths and markets

Keith Cochrane, Carillion's Interim Chief Executive, said:

"I am pleased we have been able to successfully conclude this transaction which will contribute to our efforts to reduce net debt."

Lazard & Co., Limited is acting as lead financial adviser and sponsor to Carillion in relation to the Disposal.

December 13, 2017

SAVANNAH RESOURCES PLC » SAV Outstanding Lithium identified at Mina do Barr

RNS Number : 1552Z
Savannah Resources PLC
13 December 2017

Savannah Resources Plc / Index: AIM / Epic: SAV / Sector: Mining

13 December 2017

Savannah Resources Plc

Outstanding Lithium Results identified at the Mina do Barroso Lithium Project, Portugal Zone of continuous lithium mineralisation over 100m in width intersected

Savannah Resources plc (AIM: SAV) ('Savannah' or 'the Company'), the AIM quoted resource development company, is pleased to announce new and outstanding results from the ongoing reverse circulation ('RC') drill programme at the Mina do Barroso Lithium Project ('Mina do Barroso' or the 'Project') located in Portugal (Figure 1). The drill programme, which is aiming to generate a JORC - 2012 compliant Mineral Resource Estimate, has returned significant intersections of lithium mineralisation. To view the press release with the illustrative maps and diagrams please use the following link: http://www.rns-pdf.londonstockexchange.com/rns/1552Z_-2017-12-12.pdf

HIGHLIGHTS:

· Total of 66 holes for 5,558m completed to date as part of the ongoing RC drill programme

· Drill results from three deposits being targeted confirm the outstanding potential of Mina do Barroso - Savannah believes these intercepts represent some of the best lithium spodumene intersections ever reported for a European deposit

· Grandao:

o Mineralised zone over 100m intersected: results from recent drilling has recorded the broadest and most significant results for the project to date. Key results include:

§ 109m at 1.04% Li₂O from surface (uncut), including 52m at 1.32% Li₂O in 17GRARC17

§ 71m at 1.06% Li₂O from 88m, including 57m at 1.2% Li₂O in 17GRARC19

§ 31m at 1.2% Li₂O from surface in 17GRARC12

§ 25m at 1.15% Li₂O from 36m in 17GRARC23

o New high-grade zone discovered: drill testing of a newly identified sub-vertical pegmatite body has been successful, identifying a new high-grade zone of mineralisation. Results from the first drill hole include:

§ 25m at 1.49% Li₂O from 32m including 14m at 2.1% Li₂O in 17GRARC20

o Drill programme extended - an additional 16 holes have been added to the drilling programme to help outline the full potential of the Grandao deposit

o Pegmatite and structural experts on site, to assist in developing the mineralisation model for these outstanding new results at Grandao

· Reservatorio:

o Deposit expanded - assay results confirm that the lithium mineralisation extends to over 400m strike length, with good down dip extensions of at least 100m. New assay results include:

§ 32m at 1.05% Li₂O from 78m in 17RESRC17

§ 15m at 1.19% Li₂O from 79m in 17RESRC16

o Maiden Mineral Resource Estimate for Reservatorio, expected by the end of 2017

· NOA - further drilling and results pending: drilling of a further 6 holes has confirmed the presence of lithium mineralisation over a 200m strike length together with good down dip extensions of at least 50m and pegmatite widths up to 15m

· Phase 2 of the metallurgical test work programme underway - samples taken from Grandao, Reservatorio and NOA being tested with results expected in early 2018

Savannah's CEO, David Archer said: "We believe these are outstanding results that represent some of the best lithium spodumene intersections ever reported for a European deposit. Additionally, they highlight the potential of the extensive pegmatite systems in the northern part of Portugal to host major deposits of lithium.

"The results from Grandao are particularly exciting as there are some exceptional widths and high-grades reported and the geometry of what we are seeing suggests that there is potential for a low stripping ratio, open-cut mine development. It is important to remember that all of the results are from deposit areas for which we have a granted mining lease.

"These results continue to underscore the potential of the Mina do Barroso Project to be a strategic upstream feature in the European lithium value chain. From an investment perspective, we see the Project as the closest European analogue to the very successful Australian hard-rock, open cut mine developments which produce highly sought-after lithium spodumene concentrates for international markets.

"Ongoing drilling and metallurgical test work will be used to support an early scoping study around a potential mine development."

December 13, 2017

PETROFAC LTD » Petrofac secures $160 million award from Basra Oil

Petrofac secures US$160 million award from Basra Oil Company​
Contract for Basra's Iraq Crude Oil export expansion project.

December 13, 2017

Hurricane Energy » HUR Operational Update and Analyst Visit

RNS Number : 9898Y
Hurricane Energy PLC
12 December 2017

12 December 2017

Hurricane Energy plc

("Hurricane" or the "Company")

Operational Update and Analyst Visit

Hurricane Energy plc, the UK based oil and gas company focused on hydrocarbon resources in naturally fractured basement reservoirs, is pleased to provide an operations update on activities related to the Early Production System on the Lancaster Field ("Lancaster EPS"), at Drydocks World, Dubai, ahead of an analyst visit this week.

The Aoka Mizu FPSO ("Aoka Mizu"), the facility for the Lancaster EPS, arrived in Dubai on 30 September 2017. Its repair, upgrade and life extension works are being carried out at the Drydocks World yard in Dubai. Fabrication of the buoy, to which the vessel's turret mooring system will connect, is taking place at the same yard.

An analyst site visit to these operations will take place on 12-13 December 2017, prior to which, the Company provides the following update:

· Internal turret removed from Aoka Mizu for upgrade

· First planned dry-docking completed on schedule, during which a number of works were undertaken, including: removal of a thruster for overhaul, outer hull surveys, replacement of a number of sea valves, and installation of new bilge keels

· Initial tank inspections and cleaning has taken place

· Buoy structure is taking shape, with major sections including the top cone preassembled and shell plating being attached to the cone module

· Buoy locking ring has arrived from fabricator and is being installed

· All critical components for the mooring are now undergoing fabrication and the first of the 12 chains has been completed

Dr Robert Trice, Chief Executive of Hurricane, commented:

"We are pleased to provide an update on operations in Dubai, which are critical components of the Lancaster EPS. Operations remain on schedule for planned first oil in H1 2019 and I look forward to showing analysts this progress."

December 12, 2017

PETROFAC LTD » PETROFAC AWARDED CONTRACT FOR KHAZZAN

RNS Number : 1290Z
Petrofac Limited
12 December 2017

Press Release

12 December 2017

PETROFAC AWARDED CONTRACT FOR KHAZZAN

PHASE 2 IN OMAN

Petrofac has been awarded a lump-sum contract worth approximately US$800 million by BP for the Phase 2 central processing facility (CPF) at the Khazzan Phase 2 (Ghazeer) gas development in the Sultanate of Oman. This follows the US$ 1.4 billion Phase 1 CPF Khazzan project, awarded to Petrofac in February 2014, which celebrated first gas on 22 September this year.

The project comprises the addition of a third gas train with a capacity for nominally handling 500 million standard cubic feet of gas per day (mmscfd), which will help drive increased total production capacity from the CPF to 1,500 mmscfd. The Engineering, Procurement, Construction and Commissioning (EPCC) scope of work also includes liquid and compression trains and associated infrastructure, as well as brownfield work associated with connecting the Phase 1 and 2 facilities.

Ayman Asfari, Petrofac Group Chief Executive commented: "Petrofac has executed a large number of projects for BP across many aspects of our business and we are delighted to be supporting them on the next phase of this pioneering project in Oman. We have a very strong record for project execution in Oman and as part of this have delivered significant in-country value. We look forward to continuing to demonstrate our commitment to a sustainable and long-term presence in the Sultanate through the safe and timely delivery of this project for BP."

Bernard Looney, Chief Executive Upstream at BP, said: "The successful start of production from Khazzan Phase 1 was a major milestone for BP in 2017. We are now building on this, deepening our partnership with the Sultanate of Oman, as we work towards development of the second phase and this award to Petrofac will continue the relationship that delivered Phase 1."

Elie Lahoud, Petrofac Senior Vice President, Operations said: "We are proud to have been part of the Khazzan journey since the outset of Phase 1. This new award comes shortly after the start of production from the Phase 1 CPF facilities in September. That achievement provides us with a proven delivery model that, coupled with the knowledge gained from the earlier project and the strong support from our contractors, positions us well to deliver a great project for BP and Oman."

BP Oman is lead partner in the Khazzan project with a 60% interest. Oman Oil Company Exploration & Production holds 40%

December 12, 2017

GENEL ENERGY PLC » GENL Update on Tawke PSC

RNS Number : 9273Y
Genel Energy PLC
11 December 2017

11 December 2017

Genel Energy plc

Update on Tawke PSC

Genel Energy plc ('Genel') notes that DNO ASA, as operator of the Tawke PSC, has today issued an update on licence activity:

Production from the Peshkabir field in the Tawke licence in the Kurdistan Region of Iraq has tripled to 15,000 bopd following completion of the Peshkabir-3 well testing, stimulation and clean-up program.

A total of 11 zones in a 1.2 kilometre horizontal section of Cretaceous and Jurassic reservoir in the Peshkabir-3 well were individually tested and flowed successfully, of which ten were oil zones and one a gas zone. The oil zones tested an average of 5,340 bopd per zone on a 64/64" choke, with the highest individual test rate of 7,200 bopd. A multi-zone combined production test totalled 12,500 bopd on a 128/64" choke from five zones.

Production from the previously drilled Peshkabir-2 well, in operation since May, together with that of the new Peshkabir-3 well, is currently processed through temporary test package facilities and trucked to DNO's adjacent Tawke field facilities for export.

As previously announced, the Tawke licence partners are proceeding with fast track plans to commission an early production facility by year-end and complete installation of pipeline connections early in 2018 to allow ramp up of output at the Peshkabir field.

Preparations are underway to drill the Peshkabir-4 well, which will also be designed to test the underlying Triassic reservoir.

DNO operates and has a 75 percent interest in the Tawke license, with Genel holding the remainder. The licence contains the Tawke and Peshkabir fields whose combined year-to-date production has averaged c.110,000 bopd.

December 11, 2017

ENQUEST PLC » EnQuest PLC - ENQ Directorate Change

RNS Number : 8940Y
EnQuest PLC
11 December 2017

ENQUEST PLC, 11 December 2017.
Directorate change

EnQuest PLC ('EnQuest') announces that Neil McCulloch is stepping down today as Chief Operating Officer and Executive Director of EnQuest PLC by mutual agreement.

EnQuest has appointed Faysal Hamza as Interim Head of North Sea and Bob Davenport as Managing Director, North Sea, reporting to Faysal. Prior to joining EnQuest, Bob successfully led Apache's North Sea operations. Faysal and Bob previously worked together to build EnQuest's successful business in Malaysia. John Penrose will replace Bob as Managing Director, Malaysia.

Jock Lennox, Chairman of EnQuest:
"The Board would like to thank Neil for his unstinting contribution to EnQuest during a challenging period for both the company and industry. We wish him well for the future."

December 11, 2017

CENTRICA PLC » Centrica PLC - CNA Spirit Energy Launched

RNS Number : 8921Y
Centrica PLC
11 December 2017

11 December 2017
Centrica plc

("Centrica" or 'the Company')

SPIRIT ENERGY LAUNCHED FOLLOWING COMPLETION OF CENTRICA AND BAYERNGAS NORGE E&P JOINT VENTURE

Spirit Energy, the E&P joint venture which combines Centrica plc's E&P business with Bayerngas Norge AS, has begun trading as an independent oil and gas operator. Completion of the transaction - which was announced on 17 July, 2017 - follows receipt of all the required regulatory approvals and Spirit Energy now becomes a leading independent European E&P company.

Centrica plc owns 69% of Spirit Energy, with Bayerngas Norge's former shareholders, led by Stadtwerke München Group (SWM), owning 31%.

2017 production from the combined portfolios is expected to be around 50 million barrels of oil equivalent (mmboe) from 27 producing fields, and total 2016 year end 2P reserves and 2C resources were 625 mmboe. The company employs more than 700 people in the UK, Norway, Netherlands and Denmark.

The formation of Spirit Energy creates a strong and sustainable European E&P business, combining Centrica's cash-generative and relatively near-term production profile with Bayerngas Norge's more recently on-stream producing assets and development portfolio. The new company will be a robust, self-financing entity, and will invest in the range £400-£600 million per annum to deliver sustainable medium-term production of 45-55 mmboe. The transaction is expected to generate £100-£150 million net present value of synergies and the joint venture will have the opportunity to strengthen through further consolidation and joint ventures.

For Centrica, the creation of Spirit Energy completes the first phase of its planned portfolio transformation, as it continues to pursue delivery of longer-term returns and growth with a greater focus on its customer-facing businesses within clear strategic frameworks for both Consumer and Business divisions. The establishment of Spirit Energy also gives its shareholders greater strategic optionality including the potential to participate in further industry consolidation.

Spirit Energy's focus in 2018 will be to maximise efficiency from its producing assets, as well as progressing several key projects including the developments of Maria and Oda, appraisal drilling at the Fogelberg discovery and drilling on a number of exploration prospects. Spirit Energy will also partner with Wintershall in submitting a plan for development and operation for the Skarfjell development.

Iain Conn, Group Chief Executive of Centrica plc, said:

"I'm delighted that the Spirit Energy joint venture has completed, creating a more focused and sustainable European E&P business which will contribute to the resilience of Centrica while limiting the Group's E&P participation. With the creation of Spirit Energy we have now completed the first phase of our portfolio transformation as we reallocate resources towards our customer-facing businesses, leaving Centrica well-positioned to deliver longer-term returns and growth.

"As one of the largest independent E&P companies in North-West Europe, Spirit Energy will have the possibility to participate in further consolidation and joint ventures, and creates further optionality for Centrica's shareholders."

Florian Bieberbach, Chief Executive of Stadtwerke München Group, said:

"Combining our E&P business units will enable us to run our joint business more effectively and cost efficiently in the future. Future investments and risks will be spread broader in the more diversified and balanced portfolio. SWM Group is looking forward to the future cooperation with Centrica in the joint company Spirit Energy."

Chris Cox, Chief Executive of Spirit Energy, said:

"Teams across both Centrica's E&P business and Bayerngas Norge have been working hard over the last few months to combine the businesses and today that hard work is reflected in the launch of Spirit Energy.

"Now that both businesses have been brought together, these teams and complementary portfolios set us up to be a strong and sustainable E&P business, built for the long-term and committed to Europe."

Chris Cox will be joined on the Spirit Energy management team by Andrew le Poidevin as Chief Financial Officer and Gerry Harrison as Chief of Staff. Spirit Energy's board will be made up of Chris Cox, plus four appointees from Centrica and two from Stadtwerke München. It will be chaired by Centrica's Group Executive Director Mark Hanafin.

December 11, 2017

Premier Oil PLC » Premier Oil PLC Sale of interest in ETS pipeline

RNS Number : 8939Y
Premier Oil PLC
11 December 2017

PREMIER OIL PLC
("Premier")
Sale of interest in ETS pipeline
11 December 2017

Premier is pleased to announce that it has entered into a sale and purchase agreement ("SPA") to sell its entire equity interest in the Esmond Transportation System ("ETS") pipeline to CATS Management Limited (an Antin Infrastructure Partners portfolio company).

Under the terms of the SPA, Premier will receive cash consideration of up to £23.6 million ($31.6 million) for its entire 30 per cent interest in ETS. The consideration consists of an initial upfront payment of £21.0 million ($28.1 million) (subject to certain customary financial adjustments) payable on completion, plus a future potential payment of up to £2.6 million ($3.5 million) linked to the achievement of certain key milestones in respect of any future development of the Pegasus field. Disposal proceeds will be used to pay down Premier's existing debt.

The ETS pipeline was constructed in order to transport gas from Esmond Area fields to the Bacton gas terminal on the North Sea Coast in North Norfolk. The pipeline is currently operated by Perenco UK Limited as operator of the Trent and Tyne fields, and is used as the export route for the Cygnus gas field recently brought on stream by ENGIE.

The effective date of the sale is 1 January 2017. Completion remains subject to obtaining all normal and necessary third party consents and regulatory approvals including discharges and release of securities. Premier expects the sale to complete in 1H 2018.

Jefferies International Limited acted as financial advisor to Premier, together with Centrica plc and Perenco UK Limited who have also entered into separate SPAs, to sell their respective interests in the ETS pipeline to CATS Management Limited.

Tony Durrant, Chief Executive, commented:
"The sale of the ETS pipeline interest is another step in realising value from the E.ON UK portfolio acquired by Premier for $120 million in 2016. The ETS pipeline does not serve any fields owned by Premier and is therefore non-core to the group."

December 11, 2017

SDX ENERGY INC. » SDX Gas discovery at KSR-16 well, Morocco

RNS Number : 8644Y
SDX Energy Inc.
11 December 2017

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY SDX TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014 ("MAR"). ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

11 December 2017
SDX ENERGY INC.
("SDX" or the "Company")

Gas discovery at KSR-16 well, Morocco

SDX Energy Inc. (TSXV, AIM: SDX), the North Africa focused oil and gas company, is pleased to announce that a gas discovery has been made at its KSR-16 development well on the Sebou permit in Morocco (SDX 75% Working Interest).

The KSR-16 well was drilled to a total depth of 1,896 meters and encountered 14.2 meters of net conventional natural gas pay in the Hoot formation. The Company expects that the well will be connected to the existing infrastructure and placed on production within the next 30 days.

The drilling rig will now move to the ELQ-1 prospect on the Gharb Centre permit and drill the first commitment well on this recently acquired licence.

The recently completed KSR-15 well has been connected to the existing infrastructure and it is anticipated that test production will commence early next week.

Paul Welch, President and CEO of SDX, commented:

"We are pleased to have made another discovery during our ongoing nine well drilling campaign, with this well exceeding our pre-drill net pay estimates by more than 50%. Our drilling activity in Morocco is off to an excellent start and provides us with renewed confidence in the overall programme. The succession of above expectation well results allows us to accelerate our new customer acquisition activities and may result in us bringing forward the start of our forecast increased gas sales. I look forward to reporting on our progress in this regard and the test results of the KSR-16 well in due course."

December 11, 2017

FAROE PETROLEUM PLC » FPM Update on the incident at Tambar Field

RNS Number : 8013Y
Faroe Petroleum PLC
08 December 2017

8th December 2017

Faroe Petroleum plc
("Faroe", "Faroe Petroleum" or the "Company")

Update on the incident at Tambar Field

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway, the UK and Atlantic Margin, notes the further press release provided below by Aker BP, the operator, regarding the incident reported yesterday at the Tambar field in Norway (Faroe 45%).

Aker BP has confirmed that one person has died following the serious accident on the Maersk Interceptor drilling rig on the Tambar field on Thursday.

The Maersk Interceptor is currently drilling wells on the Tambar field for the Tambar Joint Venture. The deceased, a Norwegian citizen and an employee of Maersk Drilling, fell into the sea during maintenance work on the drilling rig.

Another person, also an employee of Maersk Drilling, was injured during the incident. His condition is not critical. The person has been transported to Stavanger University Hospital.

The report of a serious incident on Maersk Interceptor came at 12.10 on Thursday. How the incident occurred has not yet been clarified. An investigation is under way.

The well currently being drilled by the Maersk Interceptor is secure. Production on Tambar has been shut down temporarily. The emergency response organisation in Aker BP was immediately mobilised and is cooperating closely with Maersk Drilling, the Joint Rescue Coordination Centre (JRCC) and relevant Authorities to manage the situation.

Further updates will be provided as and when more information becomes available.

December 8, 2017

FAROE PETROLEUM PLC » FPM Incident at Tambar Field

RNS Number : 7375Y
Faroe Petroleum PLC
07 December 2017

7th December 2017

Faroe Petroleum plc
("Faroe", "Faroe Petroleum" or the "Company")

Incident at Tambar Field

Faroe Petroleum, the independent oil and gas company focusing principally on exploration, appraisal and production opportunities in Norway, the UK and Atlantic Margin, notes the press release provided below by Aker BP, the operator, regarding an incident at the Tambar field in Norway (Faroe 45%).

"Aker BP confirmed that a serious incident was reported today at the Tambar field. The incident occurred on the Maersk Interceptor rig which is currently drilling on the field. Two people employed by Maersk Drilling were injured in the incident and both injured individuals are being transferred to shore."

Aker BP have activated emergency preparedness procedures and are cooperating closely with the Joint Rescue Co-ordination Centre (JRCC) and relevant authorities.

A further update will be provided as and when more information becomes available.

December 7, 2017