ECO shares more than doubled on the news that the Jethro-1 well had encountered 180.5 feet of net high-quality pay on the Orinduik block. ECO was stated as a favourite in the blog on 14 July. Hope you were holding. The rig has now moved to drill the Joe prospect and ECO remains funded for at least six additional wells.
Currently drilling it’s North Sea Harvey well, Independent Oil & Gas (IOG) announced the conversion and restructuring of its convertible loans plus a project and funding update. An £88 million bond issue is now contemplated. The final financial structure of IOG will be known early September when it reaches a final investment decision with its farm-in partner and accurate analysis can then be made. Fully financed, this could have major potential.
The next big North Sea drills upcoming are those of I3 Energy (I3E), who announced that the Borgland Dolphin semi-submersible drilling rig has completed its acceptance testing and will be transiting towards the Liberator field where it will initiate drilling operations. Three low-risk wells are planned over 94 days and the shares have significant upside potential from the current level. I3E is one of my favourites.
Returning to current drills, Petro Matad (MATD) announced that operations have resumed on the Heron-1 well. Mongolia. Gazelle-1 and Heron-1 now are being drilled simultaneously by different rigs. Success on either could see big gains for shareholders.
Touchstone Exploration (TXP), which announced interim results last week, also is drilling now. The COHO-1 well is said to represent the start of a potentially transformational period in the company’s history.
Back onshore UK, drilling of the much anticipated Horse Hill HH-2/2z Portland horizontal well will follow very shortly after completion of the share purchase agreement for Magellan Petroleum, the acquisition of which was announced last week. UK Oil & Gas (UKOG) then will own 85.635% of the Horse Hill oil field and surrounding licences, with Alba Mineral Resources (ALBA) owning 11.765%. There’s going to be lots of excitement with this drill and potential major share price gains. UKOG is another favourite.
Union Jack Oil (UJO) and Reabold Resources (RBD) announced that the operator, Rathlin, has mobilised a service rig and associated testing equipment to the West Newton A-2 site. Well, test operations are anticipated to run over the next 4 – 8 weeks. It also is interesting to note that permissions are already in place for the construction of the West Newton B site and the drilling and testing of two additional wells. Notwithstanding a good run-up in the share prices to date, there still could be much more to go for here.
Quite a lot of other news last week, but mainly of limited significance.
Nostra Terra Oil & Gas (NTOG) announced an update on East Ghazalat (it lost the arbitration case), Sound Energy (SOU) announced a board change update, President Energy (PPC) announced a corporate update, Mosman Oil & Gas (MSMN) announced a Stanley-3 drilling update, Red Emperor Resources (RMP) announced the resignation of its CEO with immediate effect.
Europa Oil & Gas (EOG) announced a 12 month extension to FEL 2/13, Offshore Ireland, Attis Oil & Gas (AOGL) announced a service division and operations update, Predator Oil & Gas (PRD) announced interim results, Upland Resources (UPL) announced its corporate migration to Jersey, TomCo Energy (TOM) announced a placing (£450,000 at 3.5p) and a field test update.
Serinus Energy (SENX) announced its half-year report, ADM Energy (ADME) announced the result of a placing and PrimaryBid offer (it raised £500,000 at 16p), Andalas Energy & Power (ADL) and Zenith Energy (ZEN) announced operational updates.
Oilex (OEX) announced a further acquisition and an arbitration counterclaim, Predator Oil & Gas (PRD) announced a drilling and production report, Aminex (AEX) and Solo Oil (SOLO) announced a Tanzania operations update, Providence Resources (PVR) and Lansdowne Oil & Gas (LOGP) announced the usual weekly backstop extension and Cluff Natural Resources (CLNR) announced the completion of the farm-out of licence P2437 to Shell.
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