Diversified Gas & Oil PLC, 88 Energy Ltd, Tullow Oil PLC, Mosman Oil and Gas Ltd,

Diversified Gas & Oil PLC (LON:DGOC) acquired a package of assets in Louisiana, marking its first deal in a newly identified ‘central’ regional focus area (RFA). The company is paying US$135mln for upstream assets and related facilities from Indigo Minerals LLC. The package, referred to as Cotton Valley, includes some 16,000 barrels oil equivalent per day (boepd) of production across 780 net operated wells.

It is host to around 50mln barrels of proved-developed-producing (PDP) reserves. And the company highlighted that the operations benefit from Gulf Coast pricing, which the company noted means higher realisations.

Significantly, the company believes that in the new RFA it can replicate its proven business model, which in the Appalachian region was driven by acquisitions.

Earlier this week, 88 Energy Ltd (LON:88E) told investors the findings of the analysis of sidewall cores, cuttings, mud gas and fluid samples from the Merlin-1 well are expected in the next two to ten weeks.

The company detailed a series of results scheduled over the period including core photography and geological descriptions in two to three weeks, along with isotope analysis of mud gas in up to four weeks and similarly VAS for cuttings in up to four weeks. Analysis results from oil samples are due in three to four weeks, core analysis in up to eight weeks and fluid analysis in up to ten weeks.

Tullow Oil PLC (LON:TLW) moved closer to a debt reset as it announced it is launching a US$1.8mln bond offer and has been given commitments for a US$600mln ‘super senior’ revolving credit facility.

The aim is to extend out maturities in its borrowing, using proceeds of the bond issue to repay reserves based lending and debt coming due later this year and in 2022. Presently, Tullow has US$300mln of bonds with a 6.625% coupon due in July 2021, and, US$650mln of senior notes with a 6.25% coupon due in 2022.

The new bonds will mature in 2026 whilst the revolving credit facility would expire in 2024.

Mosman Oil and Gas Ltd (LON:MSMN) said it has started the third quarter with “renewed vigour”.

The US focused oil junior, in its half year statement, said it is to focus on drilling activity and its position is boosted by its increased interest in the Greater Stanley project. Gross production amounted to 34,569 barrels of oil over the first half, which is 9,871 barrels net to Mosman.

In the six months ended December 31 the company generated some A$380,000 of revenue and made a gross profit of A$56,828. The company reported a A$700,000 net loss amid production challenges and the volatile oil prices.

ADM Energy PLC (LON:ADM) completed the acquisition of a controlling interest in a Risk Sharing Agreement for the development of the large-scale Barracuda Field, in OML 141 located in swamp and shallow water offshore Nigeria.

The company now owns a 51% interest in the K.O.N.H. UK Limited vehicle which in turn owns 70% of Barracuda. It will provide technical and financial support to the consortium and will receive favourable accelerated economic terms plus a 15% net profit interest in the field.

Canadian Overseas Petroleum Ltd (LON:COPL, TSE:XOP) described a remarkable year as it filed its full-year results. “The first half of the year was difficult, but was truly outstanding at year-end,” chief executive Arthur Millholland said in a statement. “The acquisition of Atomic Oil and Gas LLC which closed in March of this year was transformative for COPL.

“In 2020 we managed to recapitalize the company which allowed for the acquisition of Atomic and the associated equity and debt financings.”

Millholland added: “We look forward to the Q1 2021 reporting as it will be the first one to include the operating results of our Atomic group as well as an update on their operations.”

Jersey Oil and Gas PLC (LON:JOG) introduced a Carbon Policy that sets out its commitments relating to…