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Today's Oil and Gas Update: Exillon Energy and Independent Resources plc

Published: 04:15 06 Dec 2016 EST

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Headlines

In Brief:

Independent Resources (LON:IRG – 0.08p) – Debt Control put it on a Better Footing

Exillon Energy (LON:EXI – 121p) – Applaud the Transparency, But Where is it Going?

In Brief

Independent Resources (LON:IRG – 0.08p) – Debt Control put it on a Better Footing: Today’s announcement from the Company that it has restructured its debt is a step change as it now reduces one of the weightier pressures on the balance sheet. That it has been combined with additional cash resources means that IRG should be able to spend more time looking forwards than over its shoulder. One of the first places it should start is a root and branch review of its operation in East Ghazalat, where we suspect that the operator is over egging the cost pudding significantly, especially when you look at the simplicity of the operation, cost and number of barrels produced. Still, this is all to come for the management team, who are now free to be more aggressive in pursuit of value.

Exillon Energy (LON:EXI – 121p) – Applaud the Transparency, But Where is it Going?: The positive thing is the fact that the Company maintain clear communication with the market regarding its operations, which has been a hallmark of the start that David Sturt provided. Which is why it is all the more stark that there appears to be no wider plan for the Company, i.e., where is it going, what will it do, will it seek new fields to replace lost production and diversify its production base, or will it be run for dividends for the shareholders, etc. At the moment, the Company appears to be drifting, we just don’t know where to.

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