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Oil Man Jim Company Oil & Gas Podcast & Blog, 29th March 2020
March 29, 2020
RockRose Energy (RRE) issued an operations update.  Cash at close of business on 25 March 2020 was £287 million, of which £248 million was unrestricted  Hurricane Energy (HUR) reconfirmed that it has a strong balance sheet, including $164.3 million of unrestricted cash at 18 March 2020 and is in a strong position to weather this current downturn.   Gulf Keystone Petroleum (GKP) announced an operational and corporate update, confirming that “at current production levels, the Company covers all operating, general and administrative costs and interest payments with a Brent price of around $35 per barrel.”   Bahamas Petroleum Company (BPC) has delayed drilling again.  Reality is it doesn’t have the cash and little chance of obtaining it via the convertible loan note route.   Lekoil (LEK) issued a slightly curious announcement that they’re “in the process of making the agreed payment of $2 million for OPL 310 in accordance with the agreement reached and announced by the Company on 21 January 2020.”