Oil prices held steady at multi-year highs Friday. This erased some losses in Asian trading hours. Bullish sentiment was fuelled by concerns about stockpiles and tight supply.
Brent crude oil futures rose 0.3% to $84.84 per barrel at 0933 GMT. This was after Thursday’s record-breaking $86.10. The benchmark has been set for its seventh weekly gain.
U.S. West Texas Intermediate crude futures rose 20 cents or 0.2% to $82.70 per barrel. This is not far from a seven-year high.
The UK Petrol prices are set to hit an all-time high as soon as today as the price per litre hit 142.16p. Oil sets for a seventh weekly gain as Brent maintains oil prices at $85 per barrel
Deltic Energy PLC (LSE:DELT) Licence P2252- Completion of Site Survey Programme, the Company and its Operating Partner, Shell U.K. Limited (“Shell”), have completed the final phase of the site survey programme over the planned Pensacola exploration well location on Licence P2252 in the Southern North Sea.
The survey, conducted by Fugro GB North Marine Limited, was completed on time, on budget and without incident. Data collection commenced on 16 October and was completed on 20 October with demobilisation commencing shortly thereafter. Accordingly, all site survey work is now complete.
The Pensacola exploration well remains scheduled to be spudded in Q2 2022. Shell has also confirmed that a rig is available to drill Pensacola
San Leon Energy PLC (AIM:SLE), noted that Decklar Resources, an associate, has started operations to complete the Oza-1 well-reentry in Nigeria. The programme is expected to be completed in 7-10 days. The well will be initially set up for production in the L2.6 zone. This was previously announced.
In a statement, the company stated that all production facilities were tested and installed, including separator crude oil storage tanks as well as export pumps.
Mosman Oil and Gas Ltd (AIM:MSMN ) stated that the Winters-2 well was drilled to target depth and found potential pay in the Yegua and Wicox sands.
Winters-2 was drilled down to 7,011 feet. The company released a statement saying that wireline logs, side walls cores and formation pressure testing were all completed. Mosman stated that the drilling is currently underway in the Third Wilcox, which has a total thickness of 54 feet. After production facilities have been installed, flow rates will be available.
The drilling rig will be moved to the Stanley-5 location, where drilling is expected to begin next week.
Reabold Resources (AIM;RBD) Victory CPR and Corallian Strategic Review, Reabold owns 49.99% of Corallian Energy Limited (“Corallian”), notes that Corallian has decided to conduct a formal review of the various strategic options available to maximise value for all its shareholders.
Corallian has engaged an independent financial adviser, H&P Advisory Limited (“Hannam & Partners”), to conduct the strategic review. As part of the review, Hannam & Partners will approach third parties, who could potentially be interested in making an offer for up to 100% of the fully diluted share capital in Corallian.
Scirocco Energy PLC (AIM:SCIR). According to a US-based investor, Prolific Basins LLC, it invested an additional US$1mln under an existing investment facility. After Wednesday’s close, the company released a statement stating that the proceeds would be used to fund investments in sustainable energy and circular economy markets.
Europa Oil & Gas Holdings Plc (AIM:EOG) highlighted key milestones in the portfolio’s past year, including the ramp-up at Wressle.
Simon Oddie, chief executive of the company, stated that Wressle’s delivery as a 500 barrel-per-day operation has laid the foundations for a new phase in its growth trajectory. Europa’s production rate is 500 bopd. It has been performing better than expected in recent months. Wressle produced an average of 950 boepd in September.
Nostra Terra O&G Co (AIM:NTOG) provide an update regarding its recently published Reserves, both in terms of presentation and the effects of the current oil price.
Using a third-party engineer APN Energy (“APN”), effective 1 September 2021 and as announced on 29 September 2021. The reserves report was prepared by APN for the Company for submission to support its Senior Lending Facility (“Facility”). The increased size of the Facility to $10 million and Borrowing Base (funds immediately available for use) to $2.35 million, are supported by the increased reserve value, Future Net Income (“FNI”) and Net Present Value (“NPV”) using the bank’s price deck. These are typically a more conservative position compared to actual oil prices.
UK Oil & Gas PLC (AIM:UKOG). Shares fell more than 13% Wednesday morning after it revealed that the Isle of Wight Council had denied permission for an appraisal and testing program for the Arreton oil-and-gas discovery.
UKOG owns a 95% stake in the PEDL331 licence that hosts Arreton discovery. Despite being recommended by its own planning officers last week to approve the proposal, the council rejected the plan.
The decision goes against last week’s recommendation by the council’s planning officers to approve the project. The Company will now consider its position and whether to lodge an appeal with the Planning Inspectorate.
AIM-quoted company, which has a history in planning battles with local governments, stated that it would review its position and decide whether to appeal to the UK Planning Inspectorate.
Providence Resources PLC (AIM:PVR) announced that Alan Linn, chief executive, has resigned. Linn stated that he had decided to resign from the board in order to spend more time on my business interests.
United Oil & Gas PLC (AIM:UOG) informed investors that production had begun at the ASX-1X well under the Abu Sennan license, onshore Egypt.
This follows the exploration success and the announcement of ASX-1X, a new discovery. The project operator was sufficiently confident to go straight to production following the initial well results. This is the second exploration well in the current program that will be directly delivered to production.
Diversified Energy Company PLC (LSE:DEC), confirmed that it will host a Capital Markets Day in Texas. This event will include a tour of assets within its ‘Central Region, to show examples of its Smarter Asset Management, and ESG operating initiatives.
According to the company, the event will be held on November 17th.
Rusty Hutson, chief executive, stated that he is looking forward to sharing with analysts and shareholders a deeper dive into the strategy behind our rapid growth. He also highlighted the important work being done to ensure sustainability in all aspects of our operations.
Lekoil, a Nigerian oil company, warned Monday that it is unable to continue as a going concern following a loss of $119.3million for 2020. This added pressure on the company.
Lekoil stated that the loss and high costs forced Lekoil to trim 40% of its staff, renegotiate terms, and take measures to lower overheads. The details of the headcount reduction were not disclosed by Lekoil.
The company was involved in a dispute with its largest shareholder earlier this year over board representation. Lekan Akinyanmi, Lekoil’s founder, and Metallon fought over board representation. This led to Nigeria’s Ministry of Petroleum bringing in additional pressure on Lekoil after a 2020 fraudulent loan.
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