Share Talk Weekly Energy Sector News – 24th July 2021

An eventful week in the energy sector, let’s take a look at some of the announcements made.

United Oil & Gas PLC, AIM:UOG announced the success at Abu Sennan, Egypt, of its latest development well, Al Yearaa-8 (AJ-8). The well saw more than 40 meters of net oil pay in three reservoir units. This is significantly higher than the pre-drill estimates. AJ-8 is being prepared for testing. Each of the three units will be evaluated.

Kistos (LSE: KIST), the low carbon intensity gas producer pursuing a strategy to acquire assets with a role in energy transition, is pleased to announce that Borr Drilling’s Prospector-1 jack-up drilling rig has arrived on location at the Q10-A field (Kistos 60%) and that the Company’s 2021 drilling campaign is underway.

As previously announced, planned activities include the appraisal of the Q11-B gas discovery, conducting a flow test of the Vlieland light oil discovery and other activity designed to enhance production from the existing Q10-A well stock. Kistos expects the Q10-A gas field to exit 2021 with gross production of more than 2.0 MM Nm3/d (71 MMcf/d or 12,700 boe/d).

Harbour Energy (LSE:HBR) has delayed ‘first gas’ production from the Tolmount field as an electrical problem was identified in the final commissioning and testing of the platform. According to the company, the electrical problem is being investigated and plans for rectification are in development. It stated that first gas will be available by the end of the year.

Tolmount will produce between 20,000 and 25,000 barrels of oil equivalent per day net to Harbour. It was also expected to contribute approximately 10,000 boepd in 2021 to Harbour’s production.

The company has now reduced its production guidance from 185,000 to 195,000 boepd. Harbour stated that the company’s new guidance includes revisions related to Elgin Franklin’s field’s delayed restart after summer maintenance.

Union Jack Oil PLC (AIM:UJO) said initial results from ongoing well testing on the West Newton B-1Z well in Yorkshire are encouraging. The well was perforated with a 25-meter interval of a hydrocarbon column from the Kirkham Abbey formation, which measures 62 meters. Operations have been ongoing since June 7. The surface is being analysed for gas and liquids.

Union Jack received a carbon intensity report on the Biscathorpe hydrocarbon plant earlier in the week. They highlighted the positive findings.

GaffneyCline, a consultant from AA, graded the 45%-owned UK project for its carbon intensity as a long-term oil-producing operation. GaffneyCline also estimated that Biscathorpe was significantly less intense than the average UK project (based on similar onshore projects).

The consultant estimates that Biscathorpe’s carbon intensity will be 3.06 grams of carbon dioxide per megajoule. However, GaffneyCline believes that this number could drop to 1.49 by applying gas-to-grid technologies.

Mosman Oil and Gas Ltd (AIM:MSMN) completed an airborne survey to capture gravity and gradiometry data over the EP-145 permit in the Amadeus basin, in Australia. It’s a significant step towards the exploration of EP145 as it’s the first time that this data will be obtained for the entire permit.

The survey results inform Geognostics Australia of a regional basin model. It is expected that it will be ready in eight weeks.

Savannah Energy PLC (AIM.SAVE) the African-focused British independent energy company sustainably developing high quality, high potential energy projects in Nigeria and Niger, is pleased to announce CEO Andrew Knott will be hosting a retail investor webinar on 29 July, 10:30-12:00 (BST) featuring a presentation and Q&A session with leading energy expert, Dr Richard Norris.

Providence Resources PLC (AIM:PVR) announced that it has made significant boardroom appointments to strengthen its team in order to move forward with the Barryroe program.

Peter Newman, a senior independent director and finance specialist in the energy sector, was hired by the Irish oilfield developer. Ann Marie O’Sullivan was also hired by the company. She is a highly respected communications specialist from Ireland with strong ties to Cork.

Chairman James Menton stated that “Providence Resources is moving forward with development of the Barryroe crude oil and gas field.” This will be a transformational moment for Providence. It will also bring major benefits to Ireland as well as to the Cork area, as the country moves to a low-carbon economy.

“These new appointments significantly strengthen the team.”

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