Proactive’s weekly oil & gas round-up: 88 Energy, Bahamas Petroleum, Diversified Gas & Oil..

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Proactive’s weekly oil & gas round-up: 88 Energy, Bahamas Petroleum, Diversified Gas & Oil..

Anglo-Aussie junior 88 Energy Limited (LON:88E ASX:88E) raised A$17mln that will be used in an oversubscribed placing to fund the evaluation of conventional and unconventional oil targets on Alaska’s North Slope.

The company had US$10.5mln in the bank at the end of last month, but has a busy work programme planned, including the imminent re-start of flow testing at the Icewine#2 well at an estimated cost of A$8.6mln (US$6.5mln).

Vivo Energy PLC (LON:VVO), the operator of Shell petrol stations across Africa, priced its IPO at 165p, valuing the group at just shy of £2bn.

The group is owned by commodities trading group Vitol and Helios Investment Partners. No new money was raised for the company, with the owners selling a 27.7% stake worth £548mln.

Union Jack Oil PLC’s (LON:UJO) financial results for 2017 reflect a year of “considerable progress”, according to executive chairman David Bramhill.

The onshore UK oiler has continued to grow its portfolio, both during and after the reporting period, and, Bramhill described himself as “enthusiastic” about the future.

Bahamas Petroleum Company PLC (LON:BPC) saw its shares leap 130% higher on Thursday after the firm announced that it has entered into a confidentiality and exclusivity agreement with an unnamed major international oil company which could lead to a possible “commercial transaction”.

The agreement will include a detailed technical evaluation of its licences in the Bahamas and a commercial framework for a potential transaction.

United Oil & Gas Plc (LON:UOG) has extended the deadline to complete its acquisition of a 10% stake in Corallian Energy’s interests in southern UK oil and gas assets to May 31.

Highlands Natural Resources Plc (LON:HNR) started a fourth well at the East Denver Niobrara shale oil and gas project. Drilling of surface casing on the six new wells that are being funded by True Oil is underway.

Rising production and higher oil prices drove first-quarter profits higher at BP PLC (LON:BP.)

The FTSE 100-listed firm produced some 3.7mln barrels of crude per day in the three-month period, up 6% from the comparative period of 2017. A major project – the Atoll field in Egypt – came online during the period.

Rose Petroleum PLC (LON:ROSE) has raised £1mln of new capital to support its plans in Utah’s Paradox basin.

Chariot Oil & Gas Limited’s (LON:CHAR) Rabat Deep exploration well, offshore Morocco, failed to find a hydrocarbon accumulation.

The well was drilled safely to a depth of 3,180 metres, it said, and while it didn’t encounter oil or gas it did penetrate a thick top seal and tight, fractured carbonates in the primary Jurassic target.

Diversified Gas & Oil plc (LON:DGOC) chief executive Rusty Hutson hailed the group’s results in the twelve months ended 31 December, adding the performance in the current financial year has “already delivered further material growth”.

Notably, he pointed to the recent completion of two transformative acquisitions which increase net production to around 28,000 barrels oil equivalent per day.

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