Tullow Oil (TLW) shares ticked up 3.05% to 52.72p with production ahead of expectations
In a trading statement released this morning, Tullow Oil told investors that it had made excellent operational and financial progress in 1H21. It said producing fields in West Africa are ‘performing well’ and that it has successfully started our drilling programme in Ghana.
Over the period, gross production at Tullow’s Jubilee field in Ghana was slightly ahead of expectations, averaging 70,600 bopd (net 25,100 bopd). Its TEN field saw gross production averaging 37,000 bopd (net 17,400 bopd) while combined FPSO uptime was over 98%.
“This strong operational performance, combined with continued capital discipline, improved market conditions and asset sales in Gabon and Equatorial Guinea, supported our transformational debt refinancing,” Rahul Dhir, CEO of Tullow Oil commented today.
Assuming $60/bbl for the remainder of the year, FY21 underlying operating cash flow is expected to be c.$0.6bn and pre-financing cash flow is expected to be c.$0.4bn. If oil price averages $70/bbl for the remainder of the year, these figures would increase by c.$50m.
Rurelec (RUR) shares soared 25.00% as it receives further $0.48m payment from JV
The Directors of Rurelec confirmed to investors this morning that the power plant producer has now received a further payment US $0.48 million from joint venture Patagonia Energy Limited (PEL) of which Rurelec is a majority owner, through repayment of some loan notes.
PEL has already made repayments of $4.3m on the Amended and Restated Loan Notes of which Rurelec has received $3.4m. The total amount owing to Rurelec is US $14.1million.
Phoenix Copper (PXC) shares jumped 14.71% as it intercepts sulphide-rich mineralisation
The US-focused exploration firm said sulphide-rich mineralisation has been intercepted below the Empire copper oxide open pit deposit in the Deep Sulphide core drilling programme.
Phoenix intercepted 12.6m of intense sulphide mineralisation in HQ-core hole KXD21-02, as part of its 4,500-metre, 2021 Deep Sulphide drilling programme for the Empire Mine in Idaho.
Commenting on the set of results, Ryan McDermott, Chief Executive of Phoenix Copper said: "These are exceptional results from the first drill hole, suggesting potentially elevated grades of copper, as well as the presence of gold, silver, zinc, lead and perhaps molybdenum by-products. It reinforces our geological model that the deeper Empire underground deposit represents a major ore system, which we are only just beginning to evaluate and understand.”
Samples of the core are now being logged and prepared for shipping to ALS labs in Nevada.
88 Energy (88E) shares ticked up 11.43% to 1.95p as it finds more hydrocarbons at Merlin-1
The Alaskan-focused explorer said additional phase one geochemical analysis of fluid extracts from Merlin-1 core samples again demonstrates the presence of hydrocarbons.
Out of the remaining thirteen of eighteen specifically selected trims from the Merlin-1 sidewall cores, five of these thirteen trims confirmed the presence of hydrocarbons. 88E had already confirmed the presence of hydrocarbons being confirmed in two of the first five trim results.
Phase Two of the geochemical analysis program on the side-wall core trims has commenced with results expected to be received in the next two to three weeks, with the analysis designed to confirm not only the presence of oil but also the nature of the source rock.
The Company is also expecting the preliminary results of the Volatiles Analysis Service (VAS) in the next couple of weeks, as well as analysis of gases collected in isotubes while drilling.
Cineworld (CINE) shares fell 6.04% to 64.08p as online viewings remain strong
Today, Cineworld’s share price dropped as low as 63p, its cheapest for five months. The fall follows rising scepticism that Britain’s cinemas will return to full capacity from 19 July 2021.
Entertainment stocks, particularly cinemas, are also feeling the pressure as subscriber numbers for online streaming platforms such as Netflix, Disney and Amazon increase.
According to Bloomberg, cinema stocks have failed to receive the boost it needed after Walt Disney Co.’s new movie “Black Widow” was almost as popular online as it was at the cinema.
‘As a result, the largest cinema chains fell. AMC Entertainment declined 7.8% last Monday, its sixth drop in seven trading days, despite announcing it had a pandemic attendance record.’
“The film may inform other studios that want to test a quicker release to streaming, especially as the pandemic continues to trouble parts of the world’ the publication wrote on Sunday.