On Wednesday, VAALCO Energy, Inc. (NYSE:EGY)’s shares declined -1.28% to $1.56.
VAALCO Energy, Inc. (EGY) declared that the Southeast Etame 2-H well, the first development well drilled in the Southeast Etame Field, was brought online at the rate of about 3,400 barrels of oil per day (about 850 barrels per day net to VAALCO). The well was drilled to a measured depth of about 14,012 feet, targeting a new reservoir that was discovered by an exploration well drilled by VAALCO in 2010. It is producing from the Gamba formation which is the source of all other VAALCO production in the Etame Marin permit area but the first production from this new, formerly- unproduced field. The Etame 2-H well is not producing any formation water or hydrogen sulfide (H2S), has a flowing tubing pressure of 1,080 PSI, and is producing at the lowest setting on the ESP (electrical submersible pump). The combination of reservoir pressure that is at original conditions, productivity equivalent to or greater than other nearby Gamba development wells and the low setting being utilized on the ESP confirm the strength of this well. VAALCO plans to continue to produce the well at the current rate to monitor wellhead and downhole pressure and to optimize fluid throughput at the recently commissioned production facilities on the platform.
This is the first well drilled and placed on production at VAALCO’s new Southeast Etame/North Tchibala (SEENT) platform that is located in about 260 feet of water offshore Gabon. VAALCO is the operator of the Etame Marin permit area and owns a 28.1% working interest. The Transocean Constellation II jackup rig has been moved to a second slot on the same platform to drill the North Tchibala 1-H well that is targeting the Dentale formation in another formerly-unproduced field (North Tchibala), that was discovered and delineated by preceding wells but has not been placed on production.
VAALCO Energy, Inc., an independent energy company, acquires, explores for, develops, and produces crude oil and natural gas in the United States. The company owns producing properties and conducts exploration activities as an operator of consortiums internationally in Gabon and Angola, in addition to conducts exploration activities as a non-operator in Equatorial Guinea, West Africa.
Randgold Resources Ltd. (ADR) (NASDAQ:GOLD)’s shares gained 0.57% to $60.23.
The Kibali gold mine is well on track to achieve its production guidance of 600 000 ounces for this year and, while work still continues on the development of its underground operation and second hydropower plant, the business is running at its designed specifications, Randgold Resources (RRS) ( GOLD) chief executive Mark Bristow said here recently.
At his quarterly update for local media, Bristow also declared that Randgold had reached a ground-breaking protocol with the communities that surround the mine and local authorities, to deploy Kibali in the development of a new economic frontier in the underdeveloped north-east of the country.
Bristow said Randgold was steadily broadening the range of Congolese businesses providing goods and services to Kibali in order to promote the expansion of the local economy. Construction, ore hauling, transport and waste administration are all now handled by Congolese companies, and a collective of local women is feeding more than 2 000 workers daily from mobile kitchens. Kibali has also committed a sum of $1 million to support economic development in the region and as part of this launched a successful business administration training program for aspiring entrepreneurs in the area.
Randgold Resources Limited explores and develops gold deposits in Sub-Saharan Africa. It holds interests in the Morila gold mine, the Loulo gold mine, and the Gounkoto gold mine, which are located in Mali, Western Africa; Tongon mine located within the Nielle exploitation permit in the north of Côte dIvoire; Kibali mine located in the Democratic Republic of Congo; and the Massawa project located in Senegal.
At the end of Wednesday’s trade, Logitech International SA (USA) (NASDAQ:LOGI)‘s shares dipped -5.48% to $13.28.
Logitech International (LOGI) declared financial results for the first quarter of Fiscal Year 2016.
- Q1 sales were $470 million, down 2 percent contrast to Q1 of the preceding year. Q1 retail sales were $425 million and grew 7 percent in constant currency.
- Q1 GAAP operating income was $7 million. This comprises $13 million in restructuring costs. Q1 GAAP earnings per share (EPS) were $0.04, contrast to $0.12 in the same quarter a year ago.
- Q1 non-GAAP operating income was $31 million, with non-GAAP EPS of $0.16, contrast to $0.22 in the same quarter a year ago.
Financial Results Teleconference and Webcast
Logitech will hold a financial results teleconference to talk about the results for Q1 FY 2016 on Jul. 23, 2015 at 8:30 a.m. Eastern Daylight Time and 2:30 p.m. Central European Summer Time. A live webcast of the call will be accessible on the Logitech corporate website at http://ir.logitech.com.
Logitech International S.A., through its auxiliaries, develops and markets hardware and software products that enable or enhance digital navigation, music and video entertainment, gaming, social networking, and audio and video communication over the Internet and home-entertainment control worldwide.
GulfMark Offshore, Inc. (NYSE:GLF), ended its Wednesday’s trading session with -5.84% loss, and closed at $8.54.
GulfMark Offshore, Inc. (GLF) declared its results of operations for the three- and six-month periods ended June 30, 2015. Recent highlights comprise:
- Exceeded Expectations for Revenue and Operating Expense Reductions
- Direct Operating Expenses Reduced 23% Since the Same Quarter Last Year
- General and Administrative Expenses, Before Special Items, Reduced 23% Since the Same Quarter Last Year
- Recent Sale of 1997-Built North Sea Vessel for About 110% of Book Value
- Direct Operating Expenses Estimated to Decrease About 10% From Q2 to Q3 2015
- Remaining Capital Commitments are Less Than Cash on Hand
- Amended Revolving Credit Facilities and Reduced Debt Covenant Requirements. Total Liquidity was About $290 Million at July 22, 2015
For the second quarter ended June 30, 2015, revenue was $74.5 million, and net loss was $8.2 million, or $0.33 per diluted share. Comprised of in the results are workforce redundancy charges that total $0.06 per diluted share. Quarterly loss before this special item was $0.27 per diluted share.
GulfMark Offshore, Inc. provides offshore marine support and transportation services primarily to the companies involved in the offshore exploration and production of oil and natural gas. The company’s vessels offer various services supporting the construction, positioning, and ongoing operation of offshore oil and natural gas drilling rigs and platforms, and related infrastructure.
DISCLAIMER:
This article is published by www.wsnewspublishers.com. The Content included in this article is just for informational purposes only. All information used in this article is believed to be from reliable sources, but we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, or reliability with respect to this article.
All visitors are advised to conduct their own independent research into individual stocks before making a purchase decision.
Information contained in this article contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, counting statements regarding the predictable continual growth of the market for the corporation’s products, the corporation’s ability to fund its capital requirement in the near term and in the long term; pricing pressures; etc.
Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, aims, assumptions, or future events or performance may be forward looking statements. Forward-looking statements are based on expectations, estimates, and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements may be identified through the use of such words as expects, will, anticipates, estimates, believes, or by statements indicating certain actions may, could, should might occur.
