Highlights from the small-cap Oil & Gas sector this week
Pantheon Resources (PANR.L) the AIM-quoted oil and gas company with a 100% working interest in a number of oil projects spanning c. 160,000 acres immediately adjacent to transportation and pipeline infrastructure on the Alaska North Slope.
Confirms that management will be hosting a Shareholder Presentation and Q&A session (“Webinar”) at 4 pm British Summer Time on Wednesday 25 August 2021, which will be open to all shareholders and interested parties
Those wishing to listen in will be able to access the Webinar shortly before 4 pm British Summer Time via the link below.
88 Energy Ltd (88E.ASX.L) plans to drill an appraisal well for its Merlin project. This is after the latest analysis of the well results from this year confirmed that light oil was present. According to the company, the well evaluation proved that oil was present in N20 and N18 targets. Additionally, the well also revealed that N19, a new target, was also reached in the first well. The well encountered 41 feet of net oil, the company stated.
For appraisal, locations to the east and west of Merlin-1 are being considered. The company expects to see an increase in reservoir quality and thickness. In the first quarter of 2022, an appraisal drill program is planned.
Hurricane Energy plc (HUR.L) the UK based oil and gas company, provides an update on Lancaster field operations and net free cash balances as of 31 July 2021 “July 2021 Lancaster Field Data” As of 31 July 2021, the Company had net free cash(4) of $122 million, compared to the last reported figure of $134 million as of 30 June 2021. There we no liftings of Lancaster crude in July and as such no revenue was received during the month.
United Oil & Gas PLC (UOG.L), informed investors that its latest well in Egypt had been drilled by operator Kuwait Energy this weekend. According to a company statement, the ASX-1X well was launched on August 14. The drilling program is expected to last up to 54 days. Chief Executive Officer, Brian Larkin commented: “There is considerable exploration potential in the Abu Sennan licence, and it is great to be actively drilling our second exploration well this year to further unlock that potential. We are delighted that the ASX-1X exploration well has been spudded and look forward to updating shareholders once the well has reached the target reservoirs.”
ASX-1X can be found approximately 7 km north of Al Jahraa’s producing field. It is a vertical well that targets stacked reservoir targets. They are similar in structure to the discovery made nearby at ASD-1X well.
i3 Energy Plc (I3E.L) called its second quarter “another intensely productive and transformative period”. Its deal to acquire production assets of Cenovus Energy is expected to close in the next few days. This strategic acquisition will add approximately 8,400 barrels per day to Canada’s Central Alberta region.
The average second-quarter production, which excludes assets in the Cenovus/Wapiti acquisitions was 8,905 boepd. In the last week of July, the rate was 10,031 Boepd. I3 stated that it forecasts a full-year net operating income of US$62.4mln in 2021 and it anticipates that the figure will rise to around US$94.8mln over the next 12 months (beginning August 1).
Canadian Overseas Petroleum Ltd (COPL.L) informed investors “Readmission to Trading on the London Stock Exchange Following the Reverse Takeover of Atomic Oil & Gas”. The assets are producing oil at around 80% more than 706 barrels on April 1, the date of the transaction. Expectations are that production volumes will rise. Arthur Millholland, President & CEO, commented: The assets acquired through the acquisition of Atomic Oil and Gas LLC on March 16th are performing well beyond our initial expectations. Crude oil production has increased 80% from April 1st, and continues to increase weekly. In fact, crude oil production has increased 22% from the report of our Q1 results on July 26th.
Zephyr Energy PLC (ZPHR.L) recently drilled the State 16-2LN-CC well to a Total Depth (“TD”) of 14,370 feet (“ft”), at which point a full suite of wireline logs was run and production casing was set. During drilling operations, the Cane Creek reservoir target indicated hydrocarbon charge across its entirety based on wireline logs, cuttings and mud gas readings. Multiple overlying reservoirs also indicated hydrocarbon charge.
Chief executive Colin Harrington of Zephyr Energy described the State 16-2LN-CC well as an excellent platform from which to assess wider field development options in Utah’s Paradox Basin.
Helium One Global Ltd (HE1.L) has begun drilling the Tai-2 exploration well at the Rukwa Project in Tanzania. It comes quickly after the Tai-1 well, which proved a working helium system, encountered helium gas shows but could not be definitively tested due to problem well conditions.
Tai-2 is targeting the same prospects that were identified in the preceding well. The new well is located some 20 metres from Tai-1, using the same drill pad which reduces costs and timelines.
Genel Energy PLC (GENL.L) told investors it would take steps to defend its rights in Kurdistan after receiving notice from the Ministry of Natural Resources indicating its intent to end the Bina Bawi PSCs.
It stated in a stock market statement that it believed the KRG had no reason to issue its notices of intent to terminate. Genel wants to continue operating under the PSCs, and to collaborate with the KRG in the development of these areas. Genel will however take all necessary steps to defend its rights under the PSCs, and, if necessary seek compensation for its material investment.
Aminex PLC (AEX.L) and Scirocco Energy PLC (SCIR.L) announced that Ruvuma’s joint venture was granted a two-year extension to its license by the Ministry of Energy of Tanzania. Scirocco and Aminex each hold 25% of the JV. Operator ARA Petroleum Tanzania Limited (APT), secured an extension to 15 August 2023. This will allow the JV the opportunity to acquire 3D seismic data covering 200 kilometres over, drill the Chikumbi-1 hole, and negotiate the terms of the Ruvuma production-sharing arrangement (PSA).
Jersey Oil and Gas PLC (JOG.L) informed investors that it would not enter the next phase for the Zermatt (P2497), and Glenn (P2499), North Sea licences. Accordingly, the licences will be cancelled on the 29th of August. In a statement, the company stated that it would have been required to drill one well for each license if it entered the next phase. The company stated that Glenn and Zermatt do not feature in the Greater Buchan Area (GBA), development project concept announced in March. This will see the company create a production hub in three phases.
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