Touchstone Exploration Inc (LON:TXP, TSE:TXP) confirmed its first-quarter results in-line with expectations as sales averaged 1,297 barrels per day and it advanced high-priority testing of wells in the Ortoire block.
Bringing the more prolific Ortoire wells to production has been the company’s focus, as it positions itself as a natural gas producer.
The wells were drilled in the fourth quarter of 2020 and in the first quarter of 2021 the company carried out production testing of the Chinook-1 and Cascadura Deep-1, along with preparations for new drilling. As announced recently, the Cascadura Deep well tested with a peak rate of 4,567 barrels oil equivalent per day.
Robert Riley will join the company as a non-executive director. The appointment of Riley comes as the company is putting its focus on production-led growth, primarily in Trinidad. He brings significant in-country experience as he was previously BP’s chief executive and chairman for Trinidad.
The company in April completed its acquisition of a 50% interest in Carnarvon Petroleum Timor, which owns the Buffalo, offshore Timor-Leste, which is presently estimated to host some 34.3mln barrels of contingent oil resources and previously produced around 21mln barrels of crude over five years.
A fresh field appraisal is now planned with the company’s US$20mln investment in Carnarvon providing funds to support the drilling of Buffalo-10.
Mosman Oil and Gas Ltd (LON:MSMN) was informed that its request to extend the deadline for the work commitments for the EP145 exploration acreage has been approved by the Northern Territory Government.
The extension means that work that was required to be complete by 21 August 2021 can now be completed with a new deadline of 21 August 2022, subsequent permit conditions have also been extended by a year.
The company, in a brief statement, said that the CPR will be conducted immediately following completion of the imminent well testing programme of the WNB-1Z and WNA-2 wells. It owns a 16.665% interest in PEDL183 where three wells have delivered successes, and, upcoming testing aims to unlock a development.
Hurricane Energy PLC (LON:HUR) announced a financial restructuring that features a debt-for-equity switch that will massively dilute the value of existing shareholdings.
A deal struck with a 69% majority of the group’s convertible bond holders will see some US$50mln of the total US$230mln debt swapped for new shares in the company. These refinancing shares will equate to 95% of the group’s fully diluted pro forma equity immediately following the restructuring.
The bondholders – and subsequently the majority owners of the company – agree to amend the terms for the remaining US$180mln of outstanding bonds to extend the maturity date out to December 2024.