This was a quieter week in the small-cap oil sector.
() sold its entire 18.3% stake in () to a number of institutional investors and one private investor in a placing.
Some 114.5mln shares in United were sold at a price of 2.66p apiece.
The shares were issued originally as consideration in United’s acquisition of Rockhopper’s Egypt subsidiary. Now, Rockhopper no longer owns any shares in the company.
(LON:FOG, ) confirmed its strong financial position as it released interim results for the six months ended June 30. It ended the period with US$11.8mln of cash and it was debt free.
() on Friday told investors it has further extended the deadline to complete its farm-out deal with ARA Petroleum to September 30 from August 28. The company continues to await government approval for the transaction.
() announced that the drilling of the Stanley-4, in Texas, is anticipated to start as soon as possible. The company said that the drill rig is now on-site.
Nigeria-focussed () raised £672,500 with the funds set to be used to support its deal to acquire an additional stake in the OML 113 asset in Nigeria. It will allow the company to satisfy the £500,000 cash payment in the agreed acquisition from EER, giving the company an additional 2.25% interest in OML 113 taking its stake to 5%, while the ‘profit interest’ increases to 9.2% from 5%.
() has sealed its proposed partnership with Plc () in the Resolution and Endeavour gas discoveries, off the North Yorkshire coast. It followed UK regulatory approval for the transfer of a 70% interest in both assets to Shell, leaving Egdon with 30%.
Shell is covering 85% of the costs in an upcoming 3D seismic programme, to survey both Resolution and Endeavour, which is slated to take place before the end of May 2021.