Share Talk Weekly Energy Sector News – 14th August 2021

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

Touchstone Exploration Inc (AIM:TSX:TXP) reported an increased production from its Trinidad base assets as it worked towards a fourth-quarter development program. Achieved quarterly crude oil sales of 1,402 barrels per day (“bbls/d”), an 8 percent increase relative to the preceding quarter and consistent relative to the 1,396 bbls/d produced in the same period of 2020.

Spudded our final Ortoire minimum exploration commitment well, Royston-1, on August 12, 2021.

Hurricane Energy plc (AIM:HUR) notes that the Company has been contacted by certain entities and individuals, who claim falsely to have authority to act on behalf of the Company and its subsidiaries and who have, without legal basis, purported to appoint a Mr Rizwan Hussain and other entities as directors of the Company. A spurious claim was filed against the Company’s current directors at the High Court by such persons.

Block Energy PLC (AIM:BLOE) Board Appointment of Jeremy Asher as a Non-Executive Director. Jeremy is currently Chairman and CEO of Tower Resources plc, an AIM-traded oil and gas E&P company with a sub-Saharan-African focus, and owner of Agile Energy Limited, a company that invests in energy projects worldwide, with a focus on upstream oil and gas.

Previously, Jeremy was a director of NYSE-listed Pacific Drilling SA, where he chaired the Remuneration Committee. Jeremy also served as Deputy Chairman of LSE-listed Gulf Keystone Petroleum Limited, and as a director of TASE-listed Oil Refineries Ltd.

San Leon Energy PLC (AIM, SLE) has signed a conditional investment agreement for up to 15% in Decklar Petroleum Ltd., which owns the Oza field.

San Leon can now purchase US$7.5mln worth of loan notes with a 10% interest and a 15% stake in the company.

Angus Energy PLC (AIM:ANGS) updates shareholders on the procurement schedule at its Saltfleetby Gas Field (PEDL 005; 51% interest). To date, all equipment under firm bids from fabricators and assemblers remains within budget, with only the pipework, low budget accessories and one bespoke dehydration unit awaiting final quotes.

Deltic Energy PLC (AIM:DELT) has entered into a farm-out agreement with Cairn Energy PLC (LSE:CNE) for five Southern North Sea licenses.

Cairn will purchase between 60% and 70% of the licences, and it will cover 100% of the work programs for each of five of the five licenses. Cairn will pay 70% of the cost of drilling the first well if the exploration assets are advanced to drilling. This amount is up to US$25mln.

Trader’s Cafe with Zak Mir: Canadian Overseas Petroleum’s “Second Coming”

Canadian Overseas Petroleum Limited (XOP: CSE) & (LON:COPL) announce that it has received written notice approving a Final Prospectus dated 11 August 2021 (“Prospectus”) from the Financial Conduct Authority (“FCA”). The Company has subsequently applied to the FCA and London Stock Exchange for relisting on the official list of the FCA and readmission to trading of its common shares on the Standard Segment of the London Stock Exchanges Main Market for listed securities.

Affiliate Launches Foreclosure Proceedings Against Cuda Energy LLC. Arthur Millholland, President & CEO of Canadian Overseas Petroleum, commented: It is unfortunate that our Southwestern affiliate has had to resort to this action against Cuda, as their interest in the Barron Flats Shannon Miscible Unit is the principal asset of Cuda Oil and Gas Inc. Regrettably, it appears Cuda Oil and Gas Inc. are insolvent, and this is the fundamental cause of the issue

88 Energy Ltd’s interim results (AIM, ASX, 88E), confirmed a healthy financial situation. The Alaska explorer ended the first half of the year debt-free with A$14mln bank credit.

Investors were also advised to expect complete Merlin-1 well results and interpretation to be published soon.

Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) announced the commencement of production testing operations at Amungee NW-1H (“Amungee”) in the Beetaloo Sub-Basin, Northern Territory, Australia with our joint venture partner, Origin Energy B2 Pty Ltd

Philip O’Quigley (CEO of Falcon) commented: “We look forward to this production test and production logging operations being carried out. This production test at Amungee could provide interesting insights into whether all frack stages contributed to the results achieved. Updates will be provided as they become available

Jay Cheatham, chief executive of Pantheon Resources PLC (AIM:PANR) stated that the company is in a better position to raise funds for its plans for active winter exploration in Alaska. Talks are continuing about a possible farm-out transaction in which a portion of the Alaskan assets could be sold to raise sufficient funds for drilling and testing activities.

Investor webinar Pantheon plans to host an investor presentation and Q&A webinar, open to all shareholders and other interested parties, on the afternoon of Wednesday, 25th August 2021. The precise details of the time and participation details will be provided closer to the date. The webinar will cover the recent work and understanding of the Theta West (previously known as the Basin Floor Fan) and Shelf Margin Deltaic (“SMD”) sections encountered in the Talitha #A discovery well, which was drilled earlier this year.

Quadrise Fuels International PLC (AIM:QFI) said testing of its new low carbon alternative to heavy fuel bioMSAR oil has revealed a greater-than-expected reduction in CO2 emissions.

Comparing to conventional liquid fuels, the CO2 reductions range from 26-28% to 10-15%.

Tower Resources PLC (AIM:TRP) has raised PS1.5mln through a share placing with the proceeds earmarked to repay a loan and support working capital.

It was the same day that Tower closed a crucial farm-out transaction, which will allow the drilling of NJOM-3 in Thali’s production sharing area in Cameroon.

Mosman Oil and Gas Ltd (AIM:MSMN) announced a solid production performance in the first half of 2021.

The aggregate production of 12,143 barrels was 21% higher than the six-month prior, which was an increase of c 2,123 boe or c21% (on the six months ended 31 December 2020).

Tower Resources plc  (AIM:TRP) announced that it has executed a binding Heads of Agreement (“HoA”) in respect of a farm-out to Beluga Energy Limited (“Beluga”) of a 49% non-operating working interest in its Thali Production Sharing Contract (“PSC”) in Cameroon, conducted through its wholly-owned subsidiary Tower Resources Cameroon S.A (“TRCSA”).

The farm-out covers US$15 million towards the cost of the NJOM-3 well that Tower is planning to drill on the Thali block

United Oil & Gas PLC, (AIM:UOG) has agreed to sell its assets in Italy to Prospex Energy PLC (AIM:PXEN) for EUR2.165mln cash.

United will receive an immediate EUR108,235 deposit. The deal is expected close, subject to regulatory approval later in 2021.

Plexus Holdings PLC (AIM:POS) has signed a new cooperation agreement (NYSE:CAM), with Schlumberger subsidiary Cameron. This agreement envisages a return of renting jack-up exploration (adjustable wellhead technologies).

Cameron (NYSE:CAM) is also being re-entered the market with ‘Exact,’ an adjustable system, and Centric and Fontus, respectively, a mudline suspension system and a configurable exploratory wellhead system.

TPI provides its latest research note on Zephyr Energy plc (ZPHR.L)

Zephyr Energy PLC (AIM:ZPHR) report that State 16-2LN-CC drilling operations, which began on 13 July 2021, have concluded successfully and safely. The well reached Total Depth at 14,370 feet, at which point a full suite of wireline logs was run and production casing was set.

The evaluation of the logs is underway, and we will keep our Shareholders informed in the coming days when the output from that analysis is finalised and the method for completing the well is selected.

Helium One Global Ltd (AIM:HE1) has completed the drilling of its first well, Tai-1A, at the Rukwa helium project in Tanzania.

David Minchin, Chief Executive Officer, commented: We are encouraged to see multiple zones with helium shows whilst drilling through the Karoo Formation. Tai-1 has successfully identified helium shows within all three target formations which confirms the presence of a working helium system in the Rukwa Basin.

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