Share Talk Weekly Energy Sector News – 11th September 2021

Highlights from the small-cap Oil & Gas sector this week

Why did MetalNRG (MNRG.L) shares spike up 11%?

Zephyr Energy plc (AIM: ZPHR), provided an update on its non-operated working interests in the Williston Basin, North Dakota, U.S., to announce the acquisition of two additional non-operated near-term production portfolios in the Williston Basin (the “new acquisitions”), and to announce a joint-venture (“JV”) with Purified Resource Partners LLC (“Purified”) related to ongoing non-operated business development efforts.

The Rocky Mountain oil-and-gas company holds minor interests in seven production wells in Williston Basin. It has also expanded its portfolio with two acquisitions. It now holds stakes in 15 more wells, which are expected to produce 200 to 300 barrels per day for Zephyr by March 2022.

Malcy’s Blog – Oil price, Genel, Challenger, Falcon, UOG, Advance, Serica & finally

Deltic Energy PLC (AIM: DELT) announced that a seismic exploration program is about to begin in its North Sea acreage. This area was recently the subject of a farm-out to Cairn Energy. ION Geophysical, contractor for the program, has mobilized its vessel to the site. It expects to begin the survey on Saturday. The program is expected to last six to seven weeks with the processing data due in mid-2022.

The 3D seismic program is located on Licence P2428 and the surrounding areas. Data will be captured over a total of 700 square kilometres. It is focusing on the Plymouth Zechstein Reef prospect.

Barney Gray, Consultant Analyst at Turner Pope Video update on Zephyr Energy PLC (ZPHR.L)

Chariot Ltd (AIM:CHAR), signed a contract to Stena Drilling, an international drilling contractor, for the use of its Stena Don drilling rig in the Anchois gas appraisal well, within the Lixus license, off the coast of Morocco. Drilling operations will begin in December 2021. They are expected to last approximately 40 days. Stena Don is a semi-submersible drilling rig that can be used for completion and workover.

Drilling is intended to unlock the potential for development of the found sands, confirm the gas resource volumes, reservoir quality, well productivity, and possibly drill deeper to establish a greater resource base for long-term growth.

LEKOIL (AIM: LEK), notes that Lekoil Nigeria Limited has, with respect to Lekoil Oil and Gas Investments Limited (“LOGI”), released LOGI’s annual report and financial statements for the year ended 31 December 2020.

LOGI is a subsidiary of Lekoil Nigeria Limited. LOGI’s primary asset is an interest in the Otakikpo Marginal field located within OML 11.

Tom Kelly CEO, Director & Gaz Bisht Executive Director (China) of Empyrean Energy PLC (EME.L) Interview. Empyrean announced being awarded the Drilling Contract for Jade Prospect.  Block 29/11, China –  The Drilling Contract for Jade Prospect including a significantly reduced drilling cost estimate and December target Spud Date.

Share Talk took the opportunity to arrange an interview with Tom Kelly CEO, Director & Gaz Bisht Executive Director (China) to ask a few questions and listen to what the company has in store for shareholders.

United Oil & Gas PLC (AIM: UOG), has signed a binding agreement to sell its North Sea licenses. United will sell two North Sea licenses (P2480 & P2519) to Quattro Energy for as much as US$3.2mln. The upfront payment is US$2mln and a contingent uplift’ payment of US$1.2mln if the project has been approved by the UK’s Oil & Gas Authority.

OGA approval is required for the transaction. It is expected that it will close during the fourth quarter 2021.

San Leon Energy PLC (AIM: SLE), informed investors that discussions are ongoing regarding a possible transaction to restructure OML 18 interests. The July payment waiver for San Leon debt has expired. However, the company stated that it is currently discussing an extension of the waiver.

While talks are ongoing, the company issued the usual cautionary note that there is no guarantee that the transaction will go through.

i3 Energy plc (AIM:I3E) (TSX:ITE), Marten Hills Clearwater Farm-in Drilling wells 01-12-075-26W4 and 02-12-075-26W4 which were drilled, completed and tied into production infrastructure in late July, have now cleaned-up and flowed back drilling fluid lost during drilling operations. The wells are now flowing sales volumes and aggregate average production, post clean-up from both wells for the period 23 August to 31 August was 238 bopd.

Challenger Energy Group PLC (AIM:CEG) received a key certification from the Trinidad and Tobago authorities. The government has awarded it the STOW-TT certification (Safe to Work in Trinidad & Tobago), which confirms compliance with Health, Safety and Environmental standards.

Malcy’s Blog – Oil price, Jadestone Energy, Coro Energy, Afentra & finally

Block Energy PLC (AIM:BLOE) announced drilling operations on well WR-B1a have been completed. The Company will now progress to test the well. WR-B1 was initially drilled to a measured depth of 2,180m, encountering hydrocarbon shows higher in the Middle Eocene reservoir than expected.

Shows continued to increase in frequency and magnitude, but wellbore stability challenges required this section to be re-drilled. This was successfully achieved, extending drilling of WR-B1a to 2,483m over a reservoir interval of 478m. After careful evaluation of the frequency and magnitude of fractured zones penetrated, the subsurface team decided to call total depth, rather than extend the horizontal section further.

Hurricane Energy PLC (AIM:HUR) Results of Tender Offer for Convertible Bonds, announced the final results of the Offeror’s invitation to holders of Hurricane’s U.S.$230,000,000 7.50 per cent. Convertible Bonds due 2022 bearing ISIN: XS1641462277 (the Bonds) (of which U.S.$230,000,000 in aggregate principal amount are outstanding), to tender their Bonds for purchase by the Offeror for cash (the Offer).

Prospex Energy PLC, the AIM-quoted investment company (AIM:PXEN) focused on European gas and power projects, announces that Mark Routh, Prospex’s CEO has written to all shareholders to seek their support in advance of the General Meeting to be held on 5 October 2021 and to present the Prospex Board’s recommendations.


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