Helium One Global Ltd (AIM: HE1, OTCQB: HLOGF) announced to its investors that the Itumbula West-1 well has been successfully drilled to its full depth of 961 meters. During this process, the well revealed significantly high helium levels, which were more than twenty times the usual background levels.
These notable gas indications were detected while drilling through various geological formations, including the Lake Beds Formation, the Red Sandstone Group, the Karoo Group, and the Basement targets.
Highlights
· Itumbula West-1 well successfully reached a total depth (“TD”) of 961m measured depth (“MD”) in Basement on 24th January 2024
· Elevated helium shows, over twenty times above background, have been consistently measured whilst drilling in the Lake Beds Formation, Red Sandstone Group, Karoo Group and Basement targets
· Helium shows increased in frequency and concentration across the encountered fault zones
· The well has also encountered elevated hydrogen shows, over two thousand times above background, in the Lake Beds Formation and sufficiently elevated in the Karoo Group and Basement
· Wireline operations will now be run for formation evaluation, followed by drill stem testing (“DST”) across the faulted zone and additional zones of interest following full petrophysical evaluation of wireline logs
Predator Oil & Gas Holdings Plc (LSE: PRD), the Jersey-based Oil and Gas Company with near-term operations focussed on Morocco and Trinidad, provided a corporate update.
As previously announced the Company’s proposed 2024 work programme of rigless well testing and discretionary appraisal and exploration drilling, subject to regulatory consent and approvals, is designed to incrementally add potential resources for scalable CNG development funded expeditiously through managing organic cash flow.
Announcement of the expected commencement of rigless testing on or about 29 January 2024 is the first step in the process focussed on evaluating specific sands within the broader Ma and TGB 2 intervals in MOU-1 and MOU-3. For guidance only gas flow rates in the range 1 to 3 mm cfgpd from each of these wells in a success case would potentially be sufficient to support a future CNG pilot development option.
Plexus Holdings PLC (AIM: POS) has acknowledged the receipt of US$5.2 million from its significant licensing agreement with the energy technology group SLB. The company, known for its well-head technology, highlighted this deal as a crucial milestone and a commercial endorsement for its unique POS-GRIP technology in a recent progress report
Further to the Company’s announcement on 18 December 2023, Baron Oil Plc (AIM: BOIL) is pleased to announce that the farm-up agreements between Baron’s wholly owned subsidiary SundaGas Banda Unipessoal, Lda.
(“SundaGas”) and TIMOR GAP Chuditch Unipessoal Lda (“TIMOR GAP”) concerning the TL-SO-19-16 Production Sharing Contract (the “Chuditch PSC” or the “PSC”), offshore Democratic Republic of Timor-Leste, have been signed.
The Farm-Up Agreements are now subject to a single condition precedent (“Condition Precedent”), that of approval of the Farm-Up by Timor-Leste’s National Petroleum Authority (Autoridade Nacional do Petróleo or “ANP”).
Diversified Energy Company PLC (LSE: DEC, NYSE: DEC) has responded to recent fluctuations in its stock price, attributing them to a report by a short seller. The company contends that this report, which it claims contains inaccuracies and misrepresents its financial and operational status, is designed to manipulate DEC’s share value for the short seller’s gain, according to its stock market announcement.
Genel Energy PLC (LSE: GENL, OTC: GEGYY) CEO Paul Weir, in a recent trading update, informed investors about the company’s strategic adjustments for enduring stability, particularly following the halt of exports via the Iraq-Turkey pipeline since last March. Ahead of its full-year results for 2023, the company reported a decrease in net production to 12,410 barrels of oil per day, a drop from 2022’s 30,150 bopd, primarily due to the pipeline’s closure.
UK Oil & Gas plc (London AIM: UKOG) announced that following the delivery of both PSI’s perforating and Aladdin Middle East’s (“AME”) swab testing equipment to site, Pinarova-1 testing operations have now recommenced.
PSI’s larger 7-inch perforation guns will be deployed following normal site rig up and necessary safety and environmental checks. UKOG’s site representative will monitor and quality control the full operational programme. Further updates will be issued in due course.
The new larger 7-inch perforating guns, capable of fully penetrating Pinarova’s 9⅝-inch casing, will be deployed over the Germik/Hoya section where strong oil odours at surface were recorded over a 12-hour period during drilling and mobile light 42˚ API oil was recovered from the mud pit (see RNS of 22nd September 2023). Geochemical analysis found the mud pit oil to be near identical to that found in the seismic shot hole oil seep, located around 1.5 km to the west.
Mosman Oil and Gas Limited (AIM: MSMN) has announced a minor yet strategic amendment to its partnership with Greenvale Gas in Australia. Updating its investors on the EP145 asset, the company noted that the amendment extends the termination right of the agreement from 31 January to 30 March 2024, in light of the ongoing approval process for the proposed transaction announced in October.
Union Jack Oil plc (AIM: UJO), is an onshore hydrocarbon production, development and exploration company, principally focused in the UK.
We invite investors to watch an interview with David Mirzai, Head of Energy Research at SP Angel Corporate Finance LLP, Union Jack’s Corporate Broker, which covers the Company’s latest announcements and growth potential.
Cloudbreak Discovery PLC (LSE: CDL, OTC: CDBDF) has realigned its portfolio after a pivotal year and the completion of settlement agreements with former directors and management in late 2023. In an update on its assets and ongoing projects, the company emphasized its strategic focus on near-term revenue, project adjustments, transitional finance, and project generation.
Eco (Atlantic) Oil & Gas Ltd (AIM: ECO, TSX-V: EOG) has informed investors that its subsidiary, Azinam Limited, has gained government approval for its farm-out deal with Africa Oil. This agreement involves transferring a 6.25% interest in the offshore South Africa Block 3B/4B asset to the Toronto-listed partner, following sanction from South African authorities.
Rockhopper Exploration plc (AIM: RKH), the oil and gas company with key interests in the North Falkland Basin (“NFB”).
The Sea Lion Field Development Plan (“FDP”), which has been optimised utilising the selected FPSO specifications, still comprises 23 wells drilled in two phases with a 16% increase in gross 2C resources from 269 MMbbls to 312 MMbbls out of overall 791 MMbbls certified discovered resources in the NFB. Against a background of continued industry cost inflation, gross capex required to first oil has been reduced from US$1.3 billion to US$1.2 billion with a capex of approximately US$8 per barrel and opex across life of field has been materially reduced to under US$17 per barrel, providing very robust economics and a lower risk project with a lower attractive break even under US$25 per barrel (compared to the US$27 previously reported).
Synergia Energy Limited announced the following update regarding the Cambay PSC Farm-Out.
Synergia held meetings in India last week with the potential joint venture partner (the “Farminee”). The primary objective was to agree a work program that will form an integral part of the farm out agreement. An ambitious work program was agreed between Synergia and the Farminee.
Progress has also been made on the farm out agreement and joint operating agreement and the Company and the Farminee are aiming to execute these agreements before the end of January 2024.
