On Friday, oil prices closed higher, marking an approximate 6% increase week-over-week. This surge was influenced by growing concerns over supply disruptions from the Middle East and tightened markets for refined products due to ongoing outages.
Brent crude futures saw a rise of 56 cents, or 0.7%, closing at $82.19 per barrel. Similarly, U.S. West Texas Intermediate crude futures experienced an increase of 62 cents or 0.8%, ending at $76.84 per barrel.
Westmount Energy Limited (AIM: WTE, OTCQB: WMELF) chairman Gerard Walsh expresses enthusiasm about the future following the announcement of a new offshore discovery in Namibia. Westmount, a small-cap company investing in the oil and gas industry, holds a minority stake in Africa Oil. Africa Oil has an economic interest in the discoveries made by TotalEnergies in Block 2913B.
Colin Harrington, the CEO of Zephyr Energy PLC (AIM: ZPHR, OTCQB: ZPHRF), informed investors about the accelerated efforts at the Paradox project. The aim is to begin drilling the State 36-2R well as promptly as possible. The junior oil and gas company also released a detailed update on its activities, highlighting its projects in the Paradox Basin, Utah, and the Williston Basin in North Dakota.
Shares of Tower Resources PLC (AIM: TRP) surged following the company’s announcement of an extension for the initial exploration phase of the Thali license, located offshore in Cameroon. This extension pushes the deadline for drilling a well to February 4, 2025, providing the company with additional time to secure funding and proceed with the drilling of the NJOM-3 well.
Touchstone Exploration Inc (AIM: TXP, TSX: TXP, OTC: PBEGF) shared positive news with its investors, reporting a strong start to the year. The company successfully drilled the Cascadura-2 well in Trinidad, expected to significantly boost production volumes. Reaching a depth of 7,132 feet, the drilling of Cascadura-2 was halted before its planned 8,300 feet target to preserve a valuable pay section after encountering a high-pressure gas zone.
Baron Oil Plc (AIM: BOIL) confirm that the Farm-Up Agreement between Baron’s wholly owned subsidiary SundaGas Banda Unipessoal, Lda. As part of the Farm-Up arrangements, TIMOR GAP will make a cash payment to SundaGas of c.US$1 million to cover back costs within 30 days.
SundaGas retains operatorship of the Chuditch PSC and holds a 60% working interest. TIMOR GAP has a 40% interest, made up of a working interest of 15%, plus its original 25% interest which is carried to first gas. Henceforth, TIMOR GAP will be responsible for paying 20% of all costs in relation to the PSC, including the drilling of the planned Chuditch-2 appraisal well.
Helium One Global (AIM: HE1), the primary helium explorer in Tanzania, announces that it has raised £4.7 million (approximately $5.92 million), before expenses, through a company-led placing of 313,333,333 new ordinary shares (the “Placing Shares”) at a price of 1.5p per share. The company-led placing provides the Company with sufficient working capital to progress its planning for the next stage of the work programme in Tanzania. The Placing has been undertaken with long-term supportive investors, with Peterhouse Capital (“Peterhouse”) acting as the placing agent. This placing enables the Company to determine the next stage of its work programme following the success of the Tai-3 and Itumbula West-1 exploration wells.
The Placing Price represents a discount of approximately thirty percent to the closing share price of 2.16p on 06 February 2024.
Chariot Ltd (AIM: CHAR, OTC: OIGLF) has successfully obtained approval for its environmental impact assessment (EIA) for the upcoming drilling campaign on the Loukos licence in onshore Morocco. This advancement edges the company closer to its goal of initiating drilling before the end of the first quarter.
Deltic Energy PLC (AIM: DELT) has finalized a new farm-out agreement for the forthcoming Selene exploration well in the North Sea. This arrangement significantly reduces, if not entirely eliminates, the financial burden of the project for the small-cap exploration company. Under this deal, Dana Petroleum will acquire a 25% stake and become a part of the venture led by Shell.
Union Jack Oil plc (AIM: UJO), a predominantly UK focused onshore hydrocarbon production, development and exploration company is pleased to announce, further to its announcement dated 29 January 2024, that the Company has signed a farm-in agreement with Reach Oil & Gas Company Inc (“Reach”), to acquire a 45% working interest in a well planned to be drilled during Q2 2024, to test the West Bowlegs Prospect (“West Bowlegs”) and in an area of associated interest, located in Seminole County, Oklahoma, USA.
David Bramhill, Executive Chairman, commented: “As indicated in the announcement dated 29 January 2024, I am delighted to be able to announce the execution of the agreement with Reach for our initial near-term drilling operation in Seminole County, Oklahoma.
“The Andrews-1 well has a high chance of success and if proven commercial could be in production within one month or sooner from spudding. Similar low-cost development wells nearby, typically produce initially at approximately 150 barrels of oil and over 200 thousand cubic feet of gas per day and can provide rapid pay-back within six months.
88 Energy Ltd (AIM: 88E, ASX: 88E, OTC: EEENF) has confirmed that its well testing operations in Alaska are proceeding as planned, following the acquisition of necessary permits. The company has started preparatory operations for the flow test, including the commissioning of the rig and the construction of the ice pad.
Predator Oil & Gas Holdings Plc (LSE: PRD), the Jersey based Oil and Gas Company with near-term operations focussed on Morocco and Trinidad, is pleased to announce that it has signed an extension to the Company’s 2022 rig contract for the use of the Star Valley Rig 101, which is currently available in Morocco.
The extension will facilitate, subject to regulatory approvals and consent, the drilling of the MOU-5 well to evaluate the 177km² Jurassic structural closure in a crestal location, the limit of which was penetrated in MOU-4 in 2023.
MOU-5 is expected to be drilled between 1 April to 31 May 2024 in order to avail of in-country well services that will remain following the completion of the Company’s rigless testing programme, which is currently underway, thereby reducing mobilisation costs for well equipment and services.
Helium One Global Ltd (AIM: HE1, OTCQB: HLOGF) CEO Lorna Blaisse announced that downhole well testing in the Rukwa Rift Basin in Tanzania has definitively confirmed the existence of a helium-producing region. The Itumbula West-1 well demonstrated a high helium flow rate to the surface, with concentrations up to 4.7%—almost nine thousand times higher than background levels. The presence of hydrogen was also recorded at a significant concentration of 2.2%, greatly exceeding background levels.
