On Friday, oil prices closed on a higher note, driven up by escalating tensions in the Middle East which overshadowed the International Energy Agency’s prediction of a slowdown in demand. Brent crude futures saw an increase of 61 cents, or 0.74%, closing at $83.47 per barrel.
Meanwhile, U.S. West Texas Intermediate crude ended the day at $79.19, up $1.16, or 1.49%. The March contract, which is set to expire on Tuesday, was overtaken by the April contract which climbed 87 cents to $78.46. Over the week, Brent experienced a gain of more than 1%, while the U.S. benchmark recorded an approximate 3% rise.
Mosman Oil and Gas Ltd (AIM: MSMN) reported a notable increase in production at its Stanley project in the USA, with daily oil output rising to 93 barrels, a substantial increase from the previous quarter’s 43 barrels per day. This improvement follows a series of equipment reconfigurations and upgrades, along with the installation of new machinery.
Baron Oil (AIM: BOIL), the AIM-quoted oil and gas exploration and appraisal company, is pleased to confirm, further to the announcements made on 15 February 2024, the result of its fundraiser at the Issue Price of 0.05 pence per share. The Company announces that it has raised aggregate gross proceeds of approximately £0.26 million under the WRAP Retail Offer. In total, the Placing and Subscription and the WRAP Retail Offer have raised gross proceeds of approximately £3.26 million for the Company, via the Placing and Subscription of 6,000,000,000 Placing and Subscription Shares and the 528,023,360 WRAP Retail Offer Shares.
Plexus Holdings PLC (AIM: POS) experienced a significant rise in its share value on Friday morning, following the announcement of a lucrative new contract in a burgeoning sector for the offshore oil and gas services company. The contract, worth over £1 million, involves supporting ‘plug & abandonment’ operations in the Dutch North Sea.
Tower Resources PLC (AIM: TRP) informed investors on 15 Feb 2024 of its agreement to settle its outstanding balance with Energy Exploration Capital Partners LLC (EECP). Additionally, the company is raising extra funds through a £600,000 share subscription, issuing approximately 3.33 billion new shares at 0.018p each, facilitated by Axis Capital Markets.
Diversified Energy Company PLC (LSE: DEC, NYSE: DEC) announced a new initiative for its shareholders as part of a US$43 million capital return program. Shareholders are given the option to either receive dividends or sell their shares back to the company through a tender offer. This capital return is equivalent to the total dividends paid in the third quarter.
Malcy’s Blog – Oil price, Zephyr, PetroTal, Europa, Deltic, Jadestone & finally
Europa Oil & Gas (Holdings) PLC (AIM: EOG) updated the market on the extension of its licence PEDL 343 in the East Midlands, which covers the Cloughton gas project. The extension prolongs the initial exploration term to July 2026 and the second exploration period to July 2028.
Quadrise PLC (AIM: QED) celebrated a new tripartite agreement involving Energy Group in a project to develop new green marine fuels. Euthenia, a conglomerate specializing in renewable energy, brings its expertise in transitioning to a low-carbon economy to the project.
Empyrean Energy PLC (AIM: EME) completed a funding round raising £700,000 before costs. The funds are expected to cover ongoing licensing and permit expenses for the company’s projects, including the Mako gas field in Indonesia and exploration areas offshore China.
Synergia Energy Limited (AIM: SYN) announced the successful conclusion of negotiations with Selan Exploration Technology Limited and the execution of a farm-out agreement regarding the Company’s Cambay Field Production Sharing Contract.
Roland Wessel, CEO of Synergia Energy Limited, commented “The farm out and joint venture with Selan marks a significant event for the Company insofar as it will facilitate the path to a full-field development of the substantial Cambay field reserves. Selan is a high-quality operator whose experienced management team have an intimate knowledge of the Cambay Basin and Indian oil and gas operations. We look forward to a collaborative and dynamic partnership with Selan who share the Company’s values regarding providing shareholder returns through production growth and operational and financial efficiency”.
Zephyr Energy PLC (AIM: ZPHR, OTCQB: ZPHRF) received state and federal approvals on 13 Feb 2024, greenlighting the “twinned” redrill of the State 36-2 well in Utah. The company is proceeding with a rig contract and will update the market on the timeline for the State 36-2R well’s spud upon contract award.
Union Jack Oil PLC (AIM: UJO) expanded its presence in Oklahoma with a new farm-in agreement with Reach Oil & Gas. The British firm is acquiring a 75% interest in the Wilzetta project, where a new well is planned.
Union Jack Oil’s American Dream aims to inject some excitement for AIM investors
David Bramhill, Executive Chairman of Union Jack, commented: “Further to the announcements made on 29 January 2024 and 6 February 2024 in respect of Union Jack’s transactions with Reach, I am pleased to be able to bring another two, highly prospective farm-in projects to the Company’s Oklahoma, USA, drilling and Mineral royalty portfolio.
“During late 2023 and early 2024, the Company assembled an initial balanced collection of value adding assets, comprising three cash yielding Mineral royalties, holding attractive upside potential, and a quality portfolio of near-term, exploration, drilling and seismic acquisition programmes that we believe have an excellent chance of success.
“We expect to see the first of our wells, being the Andrews-1 on the West Bowlegs Prospect, drilled in early Q2 2024 and we are pleased to see good progress already being made with the well location staked and site construction to commence shortly.
Baron Oil Plc (AIM: BOIL) provide an update on operational activities on the TL-SO-19-16 Production Sharing Contract (the “Chuditch PSC” or the “PSC”), offshore Democratic Republic of Timor-Leste. Baron’s wholly owned subsidiary, SundaGas Banda Unipessoal Lda. (“SundaGas”), has entered into contracts to conduct a survey (the “Site Survey”) at the planned drilling location for the Chuditch-2 appraisal well, which is illustrated in the Company’s presentation published on 11 October 2023. Site Survey operations are expected to be carried out at the location during February and early March 2024.
