Malcy’s Flash Blog – Oil price, Diversified Energy, Chariot & United Oil & Gas

WTI $82.44 +16c, Brent $84.33 -53c, Diff -$1.89 -69c, NG $4.96 -42c, UKNG 218.43p +6.11p

By Malcolm Graham-Wood

A flash blog today as I’m in town and apologies that yesterday’s was late and abbreviated, an unexpected callout kept me away from my desk.

Diversified Energy Company

DEC today provide a Capital Markets Day Update and also announce a New Vice President of Investor Relations.

The Capital Markets Day will be on 17 November 2021 in Houston with an emphasis on outlining the Company’s ESG achievements and initiatives, an important area to currently present to the market.

The Company will present on a variety of topics including its ESG accomplishments and commitments, growth and financial strategies, and insights into its upstream, midstream and marketing operations. Diversified will host participating analysts and investors on a tour of select Central Region assets to showcase examples of its Smarter Asset Management and ESG operating initiatives.
Diversified’s Capital Markets Day will feature recent environmental achievements and new ESG initiatives,
including safety enhancements, asset integrity and replacement, emission reductions, production
optimisation and financial stability, as well as our industry-leading performance in retiring mature assets.

Very importantly, additional topics will include the expansion of the Company’s asset retirement program which includes the retirement of approximately 115 wells thus far in 2021. Investments in upstream and midstream emissions reductions efforts and the use of Leak Detection and Repair (“LDAR”) and other technologies to enhance performance improvement.
There will also be a review of the asset inspection program (averaging in excess of 100,000 well site visits per month) that informs the company’s  continuous review of asset operations. In addition there will be updates on, GHG emissions reduction projects various industry-accepted emissions reporting frameworks and the impacts of acquisitions as well as a commitment to engage an independent third party to verify reported GHG emissions.

Other key areas of coverage will include an expansion of EDC’s Task Force for Climate-Related Financial Disclosures (“TCFD”) as well as social investments and governance improvement initiatives. Finally, the appointment of James Sheehan as Vice President of Investor Relations has been announced.

Rusty Hutson Jr, CEO of Diversified, commented:
“I am looking forward to offering our shareholders and the analyst community a deep-dive into our strategy driving our rapid growth and highlighting the important work we are undertaking to address sustainability in all facets of our operations.
“Jim Sheehan brings with him a wealth of knowledge and a history of professional relationships within the sell-side analyst and investor communities which will serve Diversified well as we seek to broaden our company story and business model to the investment community. His knowledge of ESG and the important role it plays in industries like ours will also be a valuable resource to Teresa and our Operations teams as we strive to continually and transparently share our stewardship message with all stakeholders.”

I mentioned the upcoming CMD recently and I’m sure most followers will be keen to hear the company’s updated views in these important areas. Longer term DEC remain a very well managed, high return via dividend and in my view chances for capital gain.


On the subject of investor presentations I notice that Chariot has announced that ‘it would like to welcome current shareholders and potential investors to an evening management presentation, followed by a Q&A session, on Thursday, 28 October 2021. Drinks and refreshments will be served afterwards’.

 The event will take place at The Soho Hotel, 4 Richmond Mews, London W1D 3DH. Guests are asked to arrive at 5.30pm for a 6pm start.

 Chariot has also announced the launch of its updated website, including a new corporate video, and the information required by Rule 26 of the AIM Rules for Companies, which can be found at

This is a very important time to hear from Chariot and I’m very much looking forward to attending the evening. There have been many changes and exciting developments at Chariot lately and the shaken up board has been very busy, the story is compelling in my view.

United Oil & Gas

UOG announce commencement of Production at ASX-1X Discovery in the Abu Sennan licence, onshore Egypt. A commercial discovery has been declared at the ASX-1X exploration well and approval granted from the Minister of Petroleum of the award of a development lease covering this new discovery on 12 October 2021.

Partner confidence and experience in Abu Roash C (“AR-C”) reservoirs led to the well being brought straight onto production three weeks after initial drilling results and with initial production flow rates from the AR-C of 870 bopd gross (191 bopd net) on a 64/64″ choke. ASX-1X is the second exploration success to be brought on stream on the Abu Sennan licence in 2021.

United Chief Executive Officer, Brian Larkin commented:

“The Commercial discovery at ASX-1X well and the fast track to production will enhance revenue and further increase the proven reserves on the licence.

Another new discovery is a further positive sign for the remaining exploration potential within licence, and we will continue to work with our Joint Venture partners to prioritise these opportunities which can be brought into production in short time frames.

We are looking forward to the spudding of the Al Jahraa 13 development well in the coming weeks.  This will be the fifth well in our 2021 drilling programme. 

With the excellent record of exploration and development drilling success we have had on Abu Sennan to date, we are very excited about the four well drilling campaign next year and beyond, and the potential that the licence offers for years to come.”

The opinions expressed here are those of the author

Malcolm Graham-Wood

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Disclaimer: Malcy’s Blog is provided for general information about the international oil and gas industry and the companies that operate within it. It does not constitute investment advice and Malcy does not buy or sell shares, warrants or bonds in any company written about within the blog. Information is taken from publicly available sources and any comment is that of the author who does not take any third party comment in the blog

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