Highlights from the small-cap Oil & Gas sector this week
Pantheon Resources PLC, (PANR.L), is still focused on finding a partner to farm in one or more of its projects along the Alaska North Slope. The process is ongoing, said the AIM-quoted oil & gas company. This was before a presentation to investors via Share Talk.
Over the recent months, the Company has announced resource estimates which exceed over one billion barrels of oil recoverable, net to Pantheon, for the Theta West and Shelf Margin Deltaic (“SMD”) horizons, which, in management’s opinion, meets the classification of P50 Contingent Resource (Recoverable).
“We have discussed many times the requirement of a farmout, or otherwise, to fund the company ahead of a winter 21/22 drilling programme and we have been focused on this goal since April,” said chief executive Jay Cheatham.
Empyrean Energy PLC (EME.L), remains on track to start drilling in China later this year at the Jade prospect.
Helium One Global Ld (HE1.L), Completion of Drill Campaign and Start of Phase 2. announce the completion of its 2021 exploration drilling campaign with significant new data to move rapidly to Phase 2 exploration work at its 100% owned Rukwa Project in Tanzania.
Ian Stalker, Non-Executive Chairman, commented: With our maiden exploration campaign clearly demonstrating prospectivty at multiple levels across the basin, the Company can now move rapidly to develop a Phase 2 exploration programme that offers value for money. Using various geophysical techniques, we can quickly and cheaply advance both ‘Shallow’ and ‘Deep’ target types to de-risk our ability] to make a commercial discovery with Phase 2 drilling.
“The Company is well-financed to deliver Phase 2 with a focus maintained on cost-effective exploration as we develop Rukwa towards discovery
Echo Energy, (ECHO.L), the Latin American focused upstream oil and gas company, update regarding its Santa Cruz Sur assets, onshore Argentina, for Q3 2021 until 23 August 2021. Daily operations across the asset base in Santa Cruz Sur continue with the delivery of produced gas to industrial customers under contract with premium winter pricing being achieved. Production over the period from 1 January 2021 to 23 August 2021 reached an aggregate of 381,243 boe net to Echo, which included 48,211 bbls of oil and condensate and 1,998 mmscf of gas.
Oilex Ltd (OEX.ASX.L), Appointment of New Company Secretary, announced the appointment of Suzie Foreman as Company Secretary of the Company, effective 25 August 2021. Mark Bolton steps down as Company Secretary and continues as a Non-Executive Director of Oilex
Westmount Energy Ltd (WTE.L), announced the commencement of drilling for the Sapote-1 Well, offshore Guyana’s Canje Block. The Exxon operated programme is using the Stena DrillMAX drillship and is expected to take 60 days to complete, with results expected in late October.
The Wressle oil field Initial well test measured flow rates, under a restricted choke, have exceeded 500 barrels of oil per day which was the forecast rate following the proppant squeeze operation.
This has increased the prospects for AIM-quoted stakeholders Union Jack Oil PLC (UJO.L), Europa Oil & Gas Holdings (PLC) (EOG.L) and Egdon Resources Plc (EDR.L) The Wressle-1 well is continuing to clean up and has not yet reached its optimum potential. A further update will be provided once a stabilised oil flow rate is established in the coming weeks.
TomCo Energy PLC (TOM.L), is to acquire full ownership in a share-based transaction together with partner Valkor of Greenfield Energy LLC.
i3 Energy plc (AIM:I3E) (TSX:ITE), announced that its wholly-owned Canadian subsidiary has closed i3’s previously announced (7 July 2021) strategic Central Alberta asset acquisition from Cenovus Energy Inc., a senior Canadian oil and gas producer, for a total consideration of CA$65 million (US$53.7 million) (the “Acquisition”).
Scirocco Energy PLC, (SCIR.L), has closed its deal to purchase into Energy Acquisitions Group Ltd. (EAG), which is a vehicle that seeks to create opportunities in the anaerobic digestion (AD) as well as biogas markets.
Prospex Energy PLC (PXEN.L) Requisition to Convene a General Meeting. The Board of Prospex (the “Board”) announces that, further to its 13 August 2021 RNS, it has now received a letter from Jarvis Investment Management Limited validly requisitioning a general meeting (“GM”) of the Company’s shareholders
Challenger Energy Group PLC, (CEG.L), informed investors that commercial production rates were established at the Saffron-2 oil well. However, rates will be increased by additional clean-ups and optimization work that is currently underway.
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