Total holds the dividend, cuts debt
Total has reported adjusted net income of $848 million, with an organic cash breakeven below $25 per barrel.
Gabon
Gabon production cuts hit Maurel
Maurel et Prom’s production fell in the first nine months of 2020, although its acquisition of Angolan assets helped avoid too great a reduction.
BW Energy plans 2021 drilling
Improved oil prices buoyed BW Energy’s second quarter results, opening the way for the company to plan additional drilling in Gabon.
Panoro warms to Tunisian exploration
Panoro Energy has reported higher production in the first quarter but lower revenues, as a result of fewer liftings and lower prices.
No more spending for Vaalco this year
Vaalco Energy posted a net loss of $52.8 million for the first quarter of the year, driven by a non-cash charge of $59.1mn as a result of lower oil prices.
Drilling pushed back at Dussafu Marin
Additional drilling at Gabon’s Dussafu Marin licence has been deferred because of coronavirus, BW Energy has said, blaming international travel restrictions.
Tullow cuts capex further, secures RBL
Tullow Oil has secured its reserve-based lending (RBL) facility at $1.9 billion, giving it around $700 million of liquidity, while slashing its spending this year further from plans announced just two weeks ago.
Maurel halts Ezanga drilling
Maurel et Prom intends to hold its production roughly stable in 2020 as the company focuses on riding out the current storm.
Vaalco nears rig release
Gabon-focused Vaalco Energy has completed the South East Etame 4H well at 2,200 barrels per day of oil.
Vaalco touts low breakeven for 2020
US-based Vaalco Energy reported net income of $2.6 million for 2019 from production of 3,476 barrels per day in Gabon.
Vaalco drills Etame Marin appraisal
US-based Vaalco Energy has found oil at its South East Etame 4P appraisal well, on Gabon’s Etame Marin permit.
BW scales back IPO plans on coronavirus chill
Plans for an IPO for marginal field-developer BW Energy have been pushed back – and pricing scaled back – in light of financial volatility, blamed on the coronavirus in China.
Higher production drives Maurel’s income
Maurel et Prom’s income increased in 2019 as a result of increased production, while the sales price fell marginally.
BW Energy sets out IPO pricing
BW Energy expects to price shares in its IPO at 34.2-36.6 Norwegian krone ($3.74-4), valuing the company at $700-750 million.
Vaalco output rises on continued Gabonese success
Texas-based Vaalco Energy’s production in Gabon is more than 6,000 barrels per day of oil, up 73% from its 2019 average.
Second success for Vaalco in Gabon
Vaalco’s Etame 11H well in Gabon is producing at rates greater than had been expected before it was drilled, the Texas-based company said, boosting production.
Tullow’s Dussafu back-in dispute
Tullow Oil has exercised its back-in right for a 10% stake in Gabon’s Dussafu production-sharing contract (PSC), although the amount payable is under dispute.
Vaalco strikes Etame success in Gabon
Vaalco Energy has brought the Etame 9H well into production at a stabilised flow of 5,500 barrels per day, of which 1,500 bpd is net.
CNOOC signs up to Gabon work
China’s CNOOC Ltd has signed up to explore two blocks in Gabon, the 11th contract signed since the country brought in its new hydrocarbon code.
Despite loss, Vaalco tips better times ahead
Vaalco Energy has posted a loss for the third quarter, with realised oil prices slipping and production down.
Gabon dishes out exploration work
Gabon has signed a number of new exploration licences, while also extending production licences.
BW doubles up Gabonese production plans
BW Offshore plans to double production from the first phase of the Ruche development to 30,000 barrels per day.
Hibiscus sidetrack flowers for BW
BW Offshore’s work on the Hibiscus find suggests it may hold 40-50 million barrels, up from the initial estimate of 12mn barrels.
Carlyle backs Boru in Africa plunge
The Carlyle Group is backing a new sub-Saharan Africa focused company through a partnership with Aidan Heavy and Tom Hickey.
Vaalco sets out London IPO move
Vaalco Energy has set out formal plans to list on the London Stock Exchange’s main market. The listing should take place by September 30.