Angus Energy jumps 36% to 1.7p on progress at the Saltfleetby gas field
Shares in Angus Energy (ANGS) climbed sharply after it said that it had introduced and processed well head gas throughout the combined extraction and condensate processing facility at its Saltfleetby project in Lincolnshire. It said that the B2 well alone had achieved a rate of 5m cubic feet per day, ahead of expectations but likely to normalise over time, and that the A4 well stream would be introduced shortly. Angus said that tests had shown export pressure was enough to allow it to be entered into the national grid system, and that nominations for gas sales would be made as soon as ac continuous stable flow of 8 hours had been achieved.
PetroTal shares climb 15.5% to 47.5p as net income triples
Peru-based oil and gas producer PetroTal (PTAL) jumped after it reported a seventh straight quarter of production growth, which took output to a record 14,467 barrels of oil per day (bopd) over the quarter, with production reaching a new production record of 25,218 bopd on 1 July. Along with higher crude prices, that helped the company triple crude oil revenues in the first six months of 2022, to $211.2m, generating net operating income of $162.8m, up from $49.6m a year earlier. Despite higher capex, the company ended the quarter with $77m in cash.
President and Chief Executive Officer Manuel Pablo Zuniga-Pflucker commented: “Though we have experienced recent production constraints from short term sales bottlenecks, unconstrained production run rates are over 20,000 bopd which we successfully tested in our facilities. The outlook for PetroTal's low sulfur oil remains incredibly robust with recent strong export demand realized.”
Amigo Holdings slips 23.2% to 4.2p on shrinking loan book
Guarantor loans provider Amigo (AMGO) slumped as it reported a 63% drop in its loan book to £105.9m, from £288.7m a year earlier. That in turn reduced first quarter revenues by 68% to £10.4m, and pre-tax profits by 85% to £2.2m. The slowdown was the result of an FCA-mandated pause in lending in 2020 after a deluge of customer complaints, but the company is now looking to initiate lending again with a £35m pilot until a capital raise allows it to resume full lending, which must be achieved by 26 February 2023.
Gary Jennison, Chief Executive Officer commented: "We continue to engage positively with the FCA around our return to lending. This is the next step in our recovery, ahead of a proposed capital raise and would enable a new start for the business having taken on board the learnings from the past. Our new lending proposition, under the RewardRate brand, aims to offer a more affordable, responsible, and flexible option to underserved customers who currently have very few choices.”
IOG shares slide 21.6% to 30.8p after it lowers production guidance
IOG (IOG), the Net Zero UK gas and infrastructure operator, announces its unaudited results for the six months ended 30 June 2022 showing revenues and profit. It generated revenue of £30.2m and a post-tax profit of £11.4m after successfully bringing its Blythe and Elgood fields on stream in March and benefitting from rising gas prices. However, its shares slid on lower production guidance for its Southwark gas field in the North Sea – it now expects second half production of 30 million to 50 million standard cubic feet per day, down from previous guidance of 45 million to 60 million, reflecting “a range of planned and unplanned downtime scenarios”.
Andrew Hockey, CEO of IOG, remained confident in the company’s prospects, commenting: “The current energy crisis amply demonstrates the importance of low carbon intensity domestic gas production in delivering secure, affordable, and sustainable energy supply. Our high-margin Phase 1 gas production can help to meet this challenge and enable further investment in our next phases of growth.”