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Synairgen plc Clarification Regarding COVID-19 Trial
21/07/2020 7:00am
UK Regulatory (RNS & others)

Synairgen (LSE:SNG)
Intraday Stock Chart

Tuesday 21 July 2020
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TIDMSNG

RNS Number : 5520T

Synairgen plc

21 July 2020

Synairgen plc

('Synairgen' or the 'Company')

Clarification regarding trial of SNG001 in hospitalised COVID-19 patients

Southampton, UK - 21 July 2020: Synairgen plc (LSE: SNG), the respiratory drug discovery and development company which originated from research at the University of Southampton, issues clarification with respect to yesterday's announcement

-- The trial of SNG001 in hospitalised COVID-19 patients is a Phase II trial (as clearly stated in the announcements of 18 and 25 March). A Phase II trial is designed to test the efficacy of a drug and takes place before the drug is approved or able to be marketed.

-- The protocol was approved by both MHRA and HRA (as detailed in announcement of 18 March) and further details can be found in respect of the full study on the Company's website https://www.synairgen.com/investors/presentations

-- As per the announcement of yesterday, the Company will be working with the regulators and other key groups to progress this potential COVID-19 treatment as rapidly as possible. As with any drug undergoing clinical trials, Synairgen will require regulatory approval before SNG001 can be marketed on a commercial basis.

The Company will provide additional updates in due course and will continue with further analysis of the data from the trial.

Premier Oil PLC Trading and Operations update
15/07/2020 7:00am
UK Regulatory (RNS & others)

Premier Oil (LSE:PMO)
Intraday Stock Chart

Wednesday 15 July 2020
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TIDMPMO

RNS Number : 0088T

Premier Oil PLC

15 July 2020

Premier Oil plc

("Premier" or "the Group" or "the Company")

Trading and Operations update

15 July 2020

Premier today provides an update on recent operational activities and guidance in respect of its half year financial results to 30 June 2020.

-- Production averaged 67.3 kboepd to the end of June; 2020 guidance of 65-70 kboepd (before any contribution from the proposed acquired BP assets) reiterated

-- Solan P3 successfully drilled and due on-stream in September; forecast to add c.10 kbopd to Group production rates in Q4

-- Tolmount: final onshore commissioning of topsides underway prior to August sailaway; on track to meet previously revised Q2 2021 first gas date, adding 20-25 kboepd (net, Premier 50 per cent)

-- Forecast 2020 total capex ($340 million), opex ($12/boe) and lease costs ($6/boe), reflecting $240 million of savings and deferrals secured

-- Amended BP acquisitions approved by creditors, subject to agreed refinancing terms and equity funding; adds 17 kboepd (net) from targeted completion date of 30 September

-- Discussions with a subset of Premier's creditors regarding a long term extension to the Group's credit maturities underway; aim to agree terms which can be recommended to the full lender group by the end of July

-- Net debt reduced to $1.97 billion as at the end of June (31 December 2019: $1.99 billion), financial covenants waived through to end September; forecast free cash flow positive for full year 2020 at current forward curve

Tony Durrant, Chief Executive, commented:

"The continued underlying performance of our core assets along with the decisive action we have taken to reduce our expenditure during the first half has resulted in our net debt remaining broadly flat despite significantly weaker commodity prices during the period. This, together with the expected agreement on the amendments to our credit facilities and the completion of the value-accretive BP acquisitions, positions us well to benefit from a recovering oil price."

2nd bit
Optional second complimentary period of a further 2 years and 6 months: A further single exploration well with Triassic objective.

The amended work programme commitments under the Permit are now as follows:

-- Initial period of 4 years and 4 months from 31 August 2017 (the "Initial Period"): FTG-aerogradiometry and 600 kilometres of 2D seismic and 1 exploration well with Triassic objective (to be scheduled in 2021).

-- Optional first complimentary period of a further 2 years and 6 months (from 31 December 2021): if the results of the drilling of the exploration well drilled in the Initial Period are likely to constitute a commercially exploitable discovery, the Company will acquire 150 km2 of 3D seismic or its equivalent in 2D seismic data. If the results of the exploration well drilled in the Initial Period are not likely to constitute a commercially exploitable discovery, the Company will undertake further geological and geophysical studies but will not be required to acquire this additional seismic.

-- Optional Second complimentary period of a final 2 years and 6 months: A further single exploration well with Triassic objective.

The effective date of the Permit remains the same. The Company clarifies that the commitment to acquire FTG-aerogradiometry and 600 kilometres of 2D seismic has already been fulfilled and approved as such by ONHYM. The Company holds an operated 47.5% interest in the Permit, with the remainder held by joint venture partners Schlumberger with a 27.5% share and ONHYM with a 25% share.

Mohammed Seghiri, Sound Energy's COO, commented:

"Despite the challenges caused by the COVID-19 restrictions, I am delighted to have re-aligned our committed exploration work programme at the Anoual Exploration Permit in Eastern Morocco so it dovetails more efficiently with the proposed phasing of our Phase 1 Development Plan at the Tendrara Production Concession in a manner that underscores both our confidence in the potential of the basin as a future significant gas producing province and our ability to deploy capital judiciously across the portfolio."

Sound Energy PLC Eastern Morocco Update: Anoual Exploration Permit
06/07/2020 7:00am
UK Regulatory (RNS & others)

Sound Energy (LSE:SOU)
Intraday Stock Chart

Monday 6 July 2020
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TIDMSOU

RNS Number : 0556S

Sound Energy PLC

06 July 2020

6 July 2020

Sound Energy plc

("Sound Energy" or the "Company")

Eastern Morocco Update: Anoual Exploration Permit

Sound Energy, the Moroccan focused upstream gas company, is pleased to announce that it has, together with its licence partners, successfully concluded a re-negotiation of the terms of its Anoual Exploration Permits (the "Permit') with Morocco's National Office of Hydrocarbons and Mines ("ONHYM") which aligns the work programme commitments on the Permit and the Company's continued pursuit to unlock the exploration potential of the Eastern Morocco basin, with the expected phasing of the Company's recently announced Tendrara Production Concession Phase 1 development plan.

The Permit, which became effective on 31 August 2017 and covers an area of some 8,873 square kilometres has a duration of 8 years and, as with all Moroccan exploration permits, is divided into 3 phases with each phase having pre-agreed work commitments. The original work commitments under the Permit were:

-- Initial period of 3 years expiring on 31 August 2020: FTG-aerogradiometry, 600 kilometres of 2D seismic and 150 square kilometres of 3D seismic.

-- Subsequent optional first complimentary period of 2 years and 6 months: 1 exploration well with Triassic objective.

-- Optional second complimentary period of a further 2 years and 6 months: A further single exploration well with Triassic objective.

The amended work programme commitments under the Permit are now as follows:

-- Initial period of 4 years and 4 months from 31 August 2017 (the "Initial Period"): FTG-aerogradiometry and 600 kilometres of 2D seismic and 1 exploration well with Triassic objective (to be scheduled in 2021).

-- Optional first complimentary period of a further 2 years and 6 months (from 31 December 2021): if the results of the drilling of the exploration well drilled in the Initial Period are likely to constitute a commercially exploitable discovery, the Company will acquire 150 km2 of 3D seismic or its equivalent in 2D seismic data. If the results of the exploration well drilled in the Initial Period are not likely to constitute a commercially exploitable discovery, the Company will undertake further geological and geophysical studies but will not be required to acquire this additional seismic.

-- Optional Second complimentary period of a final 2 years and 6 months: A further single exploration well with Triassic objective.

The effective date of the Permit remains the same. The Company clarifies that the commitment to acquire FTG-aerogradiometry and 600 kilometres of 2D seismic has already been fulfilled and approved as such by ONHYM. The Company holds an operat

Gulf Keystone Petroleum Ltd. Operational and Corporate Update
19/06/2020 7:00am
UK Regulatory (RNS & others)

Gulf Keystone Petroleum (LSE:GKP)
Intraday Stock Chart

Friday 19 June 2020
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TIDMGKP

RNS Number : 4386Q

Gulf Keystone Petroleum Ltd.

19 June 2020

19 June 2020

Gulf Keystone Petroleum Ltd. (LSE: GKP)

("Gulf Keystone", "GKP" or "the Company")

Operational and Corporate Update

Gulf Keystone Petroleum, a leading independent operator and producer in the Kurdistan Region of Iraq ("Kurdistan" or "Kurdistan Region"), is providing an operational and corporate update in advance of today's Annual General Meeting.

Jón Ferrier, Gulf Keystone's Chief Executive Officer, said:

"In response to the unprecedented COVID-19 pandemic and macroeconomic conditions, we took decisive actions to preserve liquidity and safeguard the long-term health of the business. We are now well placed to weather the current environment and are able to move quickly back to growth at the right time. Our cost reduction initiatives have been thorough, and I am grateful to our staff and contractors for their commitment and support. Whilst uncertainty around the timing of the end of the crisis persists, the partial oil price recovery gives us some grounds for optimism about the future and our return to delivering the significant untapped value in Shaikan."

Operational

Ø Maintaining strong focus on safety with zero LTIs recorded in 2020.

Ø In order to protect all personnel, the Company continues to actively manage its working practices in light of the COVID-19 pandemic observing all of the appropriate protection measures.

Ø Despite the challenges presented by COVID-19, production operations continue at c.36,000 bopd (gross). Average gross production for the year to date is 37,232 bopd.

Ø DQE's Rig 40 has been stacked on site at zero cost, which will aid the timely resumption of drilling activities, when appropriate.

Ø During this period of reduced activity, the Company continues to optimise its plans for a quick and effective restart of the 55,000 bopd expansion project.

Financial

Ø As a result of a continued rationalisation of the organisation, expenditures, and contract renegotiations, the Company remains on track to achieve its previously announced target of Opex and G&A savings in excess of 20% in 2020 compared to 2019. On a run-rate basis, we are targeting to achieve savings of c.30%.

o The Company is introducing 2020 guidance for Opex of $2.7 to $3.1 per barrel (vs $3.9 per barrel in 2019).

o The workforce is in the process of being reduced by c.40%, including over 60% of expatriates, due to the reduction in the work programme.

Ø Capex for 2020 remains in the range $40 - $48 million (net), a 50% reduction compared to 2019, of which $30 million (net) had been spent by the end of April 2020.

Ø Cash balance of $144 million as at 17 June 2020.

Ø Payments

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