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Proactive weekly oil and gas highlights: Diversified Gas & Oil, Touchstone, Mosman, ADM Energy, Union Jack Oil ….

Diversified Gas & Oil PLC (LON:DGOC) was a standout this week as the group made its second acquisiti..

Diversified Gas & Oil PLC (LON:DGOC) was a standout this week as the group made its second acquisition in lockdown and raised US$85mln of new funds.

The latest deal, for what the group described as certain upstream and midstream assets from a US-listed oil and gas company, sees the London-listed firm pay US$125mln along with the US$110mln agreed in the separate Carbon Energy deal announced in early April.

On Tuesday, DGOC raised gross proceeds of US$85.8mln, selling 64.28mln new shares each priced at 108p, just a 1.6% discount to the average price a day before.

On Thursday, Touchstone Exploration Inc (LON:TXP) (TSE:TXP) chief executive Paul Baay told investors that he remains confident about the group's long-term strategy, especially its focus on gas which provides greater security amidst crude market volatility as the firm reported first-quarter results.

The AIM-quoted firm earlier this month inked a framework agreement for the sale of natural gas and gas liquids produced from the Ortoire block, onshore Trinidad. It followed breakthrough successes in the first two exploration wells drilled at Ortoire – Coho and Cascadura – and ahead of a third well, Chinook, which is planned for later in 2020.

Touchstone is presently projected to begin commercial production within Ortoire by October 2020.

Earlier in the week, micro-cap firm Mosman Oil And Gas Ltd (LON:MSMN) jumped on Monday following news of a farm-out deal for exploration permit (EP) 155 in the Amadeus basin, in Australias Northern Territory.

Westmarket Oil & Gas, a subsidiary of Georgina Energy PLC, has inked a deal to earn a 70% stake by investing in work programmes at the project. Mosman will retain 30% and the transaction allows for the AIM-quoted firm to be carried in an exploration well in return for a further 15% interest in the project.

ADM Energy PLC (LON:ADME) has agreed to pay a US$250,000 deposit, in cash and shares, for its previously announced acquisition of an additional 2.25% interest in the OML 113 asset in Nigeria.

"Keeping to our stated plan, we have completed the second stage of this agreement with EER, taking us another step closer to concluding the transaction and increasing our position in OML 113, which is a high-quality asset,” Osamede Okhomina, ADM chief executive said in a statement.

"Despite the wider, global macroeconomic issues, we believe the longer-term outlook remains very positive within our market. We are focused on continuing to execute our strategy and are well placed to do so having recently strengthened our financial position," he added.

In other news, Echo Energy PLC (LON:ECHO) successfully agreed amendmenRead More – Source




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