UK Oil & Gas PLC (UKOG.L) announced that it has completed a planned two-week production facility upgrade at its 85.635% owned Horse Hill oil field.
Works included modifications to prepare the site for automated 24-hour continuous production operations, together with the installation of the first tranche of permanent facility equipment required under the Health and Safety Executive’s Control of Major Accident Hazards (COMAH) regulations. Following the shutdown period necessary to undertake the works, oil production has now been re-established.
Touchstone Exploration Inc. (TXP.L) reported that drill results from the Royston-1 exploration hole onshore Trinidad exceeded all expectations.
The team found 393 gross feet worth of hydrocarbons in the Herrera Formation, almost twice as much as pre-drill estimates. The team also found accumulations in the Lower Cruse, Karamat and wireline sections through mud and logs. Presently, the well is being conditioned and prepared for production testing by Herrera.
Igas Energy PLC (IGAS.L) Signed a Memorandum of Understanding (“MoU”) with SSE Heat Networks Limited (“SSE”) for the roll-out of the geothermal district heating project. IGas, through its wholly-owned subsidiary GT Energy UK Limited (“GTE”), has signed a MoU with SSE for the development of a geothermal district heating project in the City of Stoke-on-Trent
The MoU grants exclusivity to each of SSE and GTE with regard to the Project for a period of 12 months with certain milestones including executing a heat offtake agreement in relation to GTE’s future geothermal plant.
United Oil & Gas PLC in Egypt ( UOG.L) informed investors that its 22%-owned ASX-1X exploration well at Abu Sennan had found at least 10m of net oil pay across multiple reservoirs. Now, the well will be tested and completed. If all goes well, it will be put online for production.
Malcy’s Blog – Oil price, San Leon Energy, IGas Energy & finally
Deltic Energy PLC, (DELT.L), informed investors that Royal Dutch Shell PLC, (LSE: RDSB), had completed a geophysical survey of the Pensacola exploration well site in the Southern North Sea.
It noted that the survey was completed on schedule and without any problems. The results of the programme will be interpreted. If necessary, the second phase of geotechnical analysis will be conducted before the end. This will include the collection of samples from the seabed.
Union Jack Oil PLC (UJO.L) has raised £3mln through a share placement as it seeks growth opportunities. The Wressle field in Lincolnshire continues its impressive performance, which was higher than expected earlier in the week.
Wressle owns 40% of the company’s shares. The company said Instantaneous flow rates from the Ashover Grit reservoir of 884 barrels of oil per day (“bopd”) were achieved on a significantly restricted choke setting (30.5/64ths of an inch) with high wellhead flowing pressure
That the Company intends acquiring that was first disclosed in the Interim Results released on Monday 13 September 2021. The Company confirms that the vendors in the proposed transaction are two North American financial entities that are not associated with Cambridge Petroleum Royalties Limited and that no related party considerations apply to the proposed transaction.
TPI provides its latest research note on Europa Oil & Gas (Holdings) plc (EOG.L).
Europa Oil & Gas Holdings Plc was another stakeholder in Wressle and declared its satisfaction with Tuesday’s production performance.
Harbour Energy ( HBR.L) has resigned from Rockhopper Exploration PLC’s Sea Lion oil plant in the Falklands. Harbour was formed in April by the merger of Premier Oil & Chrysaor Holdings. It decided Sea Lion was not a strategic fit for the company.
It is currently exploring exit options for the Sea Lion oilfield development project and its other license interests in the Falkland Islands. Rockhopper (RKH.L), says that it remains committed to the project.
The Sea Lion project (with independently audited 2C resources in excess of 500 million barrels) was discovered and appraised by Rockhopper as Operator with 100%. The Company has unrivalled knowledge of Sea Lion and the North Falkland Basin having held the acreage since 2004, and plans to continue to pursue the development of Sea Lion.
Longboat Energy PLC (LBE.L) Spud of Egyptian Vulture Exploration Well (Company 15%). The drilling of the Egyptian Vulture prospect is being undertaken by the West Hercules semi-submersible drilling rig.
The Egyptian Vulture well is targeting gross mean prospective resources of 103 mmboe with further potential upside to bringing the total to 208 mmboe on a gross basis. The chance of success associated with this prospect is 25% with the key risk being related to reservoir quality and thickness.
Chariot Ltd (CHAR.L) has signed a binding letter with Halliburton. This will be used to provide well services, project management, drilling, and other well services in the Anchois offshore Morocco gas project. This comes as the company is counting down to the Anchois start drilling.
Malcy’s Blog – Oil price, Union Jack Oil, Egdon Resources, Europa Oil & Gas, United Oil & Gas, Longboat Energy
TomCo Energy PLC, (TOM.L), stated that it was delighted by the results of testing conducted at Quadrise Fuels International PLC’s (QFI.L) research facility in Essex.
Quadrise performed a series of tests on samples from TomCo’s subsidiary Greenfield Energy. It found that the technology can produce commercial MSAR as well as bioMSAR fuels. Quadrise also simulated the storage and handling of both fuels.
These tests proved that the heavy sweet oil was suitable for commercial production, both domestically and internationally. This concludes the proof of concept work that Greenfield and Quadrise had agreed to in August 2020.
Oilex Ltd (OEX.ASX.L) ANNUAL REPORT 2021. The joint venture impasse in the Cambay project is finally being resolved through the Company’s purchase of GSPC’s 55% equity in the project.
The transfer of the equity to Oilex only requires the final approval of the Government of India, which is expected within the coming months. This resolution has occurred because of the dedication of the Oilex staff through challenging times.
Advance Energy PLC (ADV.L) informed investors that the Buffalo-10 well offshore Timor-Leste is on track to be spudded in early November. It is being kept as such as the first production well for the project’s development. It targets 34mln barrels in the Buffalo field. It is found at a depth of only 30 meters and the reservoir is expected to be between 3,200 and 3,3000 metres.
The equipment for the program is being mobilised. The exact timing of the well will be determined by the release of the rig, which was released from its previous contract. It is approximately 300 km from Buffalo.
Kistos PLC (KIST.L) Resumption of production from Q10-A. Following a planned four-week maintenance shutdown previously announced by the Company on 1 September 2021, the TAQA operated P15-D platform has resumed normal operations. In turn, this has allowed the resumption of gas export from the Q10-A gas field, which is operated by Kistos with a 60% working interest.
Commenting, Andrew Austin, Kistos’ Interim CEO, said: “I am pleased that TAQA has completed maintenance operations at P15-D on schedule and that we have been able to restart production from Q10-A on time. This and our on-going drilling programme, which includes work designed to enhance output from the Q10-A area, will allow us to realise enhanced returns from the prevailing gas prices during the remainder of 2021 and into 2022.”
Aminex PLC (AEX.L) and Scirocco Energy PLC (SCIR.L) informed their investors that a seismic acquisition contract had been awarded for Ruvuma, a project located onshore Tanzania. After a rigorous tendering process, ARA Petroleum, operator of the venture, awarded the contract to Africa Geophysical Services (“AGS”) for the 3D seismic program, which covers 338 kilometres.
Aminex noted that the venture was able take advantage of favourable market conditions to secure a lump-sum contract at a cost significantly lower than their previous in-house budget.
Malcy’s Blog – Oil price, Union Jack Oil, Chariot, IOG, Kistos, Rockhopper Exploration & Finally
Tower Resources PLC (TRP.L) stated that it had completed the documentation related to its farm-out of Beluga Energy Limited, which has a 49% nonoperating working interest within the Thali Production Sharing Agreement. Today, the package of documents was submitted to the Minister for Mines, Industry and Technological Development, (MINMIDT), in accordance with the Cameroon Petroleum Code.
Jersey Oil and Gas PLC ( JOG.L), chief executive Andrew Benitz described 2021’s first half as “busy”, as the UK exploration and manufacturing company advanced the Greater Buchan area project in the North Sea.
The resource estimates for this project increased materially during the period to 126mln barrels of technically recoverable resources for Buchan and 172mln for the entire area.
Lekoil Limited (LEK.L) Civil Action, following the dismissal of Mr. Olalekan Akinyanmi as CEO of the Company in June 2021 and the commencement of legal proceedings to recover the CEO loan, the Company expected to be served with a number of claims by Lekan Akinyanmi including unfair dismissal/breach of contract.
The Company has now been served with a civil action in the Superior Court of New Jersey. The action alleges breach of contract in termination his employment contract; seeks declaratory relief for the award of bonuses for past services; seeks to employ set off of any termination payments due under the employment contract or the bonuses against the sum due under the CEO loan; and alleges defamation for issuing the RNS’s related to the termination of his contract.
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