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Follow Jamie on: Proactive Oil & Gas weekly highlights: Bahamas Petroleum, Providence Resources, ADM, Union Jack, 88 Energy, Deltic, Advance Energ, Mosman It was another active week in the small-cap oil and gas sector. Bahamas Petroleum Company PLC (LON:BPC) will convene an extraordinary general meeting and it revealed a number of material changes to the business including a £6.9mln capital raise, a new chief executive, and a rebrand to ‘Challenger Energy Group PLC’. Challenger Energy will in the near-term focus on cashflow and production whilst managing a cost cutting initiative to reduce its operational cost by at least 20% to 30%. Eytan Uliel, currently commercial director, will become the company’s new chief executive and Simon Potter is to transition to a non-executive director role, effective from May 20. ....
8 February 2021 | 10:01am StockMarketWire.com - Oil and gas company Bahamas Petroleum Company said it had ceased drilling activity and would abandon operations at its Perseverance-1 well in the Bahamas as volumes of oil encountered were not commercial. Whilst the well encountered oil, commercial volumes of oil had not been proven at the well location, the company said. Over the coming weeks, Bahamas Petroleum Company said it would undertake a detailed evaluation of all technical information gathered during drilling. The company said it would would review the appropriate way forward for future monetisation of its business in The Bahamas, in particular with a view to renewal of a farm-in process. ....
8 February 2021 | 12:06pm StockMarketWire.com - The FTSE 100 gathered momentum on Monday as investors looked to progress on a $1.9 trillion US stimulus package, with the index also supported by weakness in sterling. By midday the FTSE 100 was up 1.2% to 6,565.41. Index heavyweights BP and Royal Dutch Shell gained 2.7% to 254.25p and 1.3% to £12.97 respectively after Brent crude prices hit $60 a barrel for the first time since the onset of the pandemic. Credit reporting company Experian reversed 0.6% to £26.20, despite stating there was no evidence its systems had been compromised following media reports about data illegally offered for sale in Brazil. Experian said the data included photographs, social security numbers, vehicle registrations and social media login details, but stressed that its Brazilian unit Serasa did not collect or hold such data. ....