Share Talk Weekly Energy Sector News – 2nd October 2021

This week’s third quarter ended with a mixture of news across the oil and gas sector.

Malcy’s Blog – Oil price, UJO/Reabold, Scirocco, Echo, San Leon, President, Getech, Zephyr, Savannah & finally

Canadian O’Seas Petr (COPL.L) Announces Share Consolidation. Announces that effective October 1, 2021 (the “Effective Date”) all of the issued and outstanding common shares of the Company (“Common Shares”) will be consolidated on the basis of one (1) post-consolidation Common Share for each one hundred (100) pre-consolidation Common Shares (the “Consolidation”).

i3 Energy Plc (I3E.L) announces an H1 2021 dividend of £2.20 million or 0.2 p/share. The Ex-Dividend Date, Record Date and Payment Date will be 7 October 2021, 8 October 2021, and 29 October 2021, respectively

The interim results of the company highlight the transformative period during which it acquired Canadian producing assets that have provided cash flow to what was a pre-revenue exploration company.

The average daily production rate of acquired operations was above 9,000 barrels per day for the six-month ended June 30. This production rate was further increased by the closing of Cenovus, which resulted in an increase of volumes to 18,741 boepd.

Prospex Energy PLC (PXEN.L) reports on the progress that its joint venture company Tarba Energía S.L. (“Tarba”) has made with respect to recent legislation changes in Spain and its possible effect on its Tesorillo exploration permit in southern Spain.

Malcy’s Blog – Oil price, Challenger Energy Group, Chariot, Prospex Energy & finally

The Tower Resources PLC first-half results ( TRP.L ) were marked by significant progress in Cameroon, where an agreement for a farm-out transaction took place in August. Preparations are underway for the highly anticipated NJOM-3 well.

Tower reached a farm-out agreement with Beluga Energy, which covered most of the drilling costs. In return for a 49% share in the project, Tower also received a royalty on future revenue.

Tower stated in Thursday’s results statement that although a 2021 spud may theoretically be possible, management believes the most likely time for the well to occur is in the first quarter of 2022. At the moment, two possible rig slots have been considered.

Union Jack Oil PLC (UJO.L) New Corporate Presentation, with the Presentation, incorporates cutting-edge videos, design and graphics to enhance the descriptions of our key projects.

The Presentation focuses principally on the Company’s key projects at Wressle, West Newton and Biscathorpe while also progressing its other existing production project at Keddington:

  • Wressle oil production (40%): Achieved production rates from the Ashover Grit reservoir of 884 barrels of oil per day (“bopd”) gross and where we plan to upgrade the oil production facilities and progress a gas to power revenue stream. The Wressle oilfield is set to become the second ranked onshore oilfield in the UK next to Wytch Farm.
  • West Newton appraisal (16.665%): Testing now underway at West Newton-A2 well, where a 65 metre hydrocarbon column was previously discovered.
  • Biscathorpe appraisal (45%): Drilling of a side-track well is planned in 2022 and where the Company believes Biscathorpe to be one of the UK’s largest onshore un-appraised conventional hydrocarbon targets.
  • Keddington Oilfield (55%): Drilling of a relatively inexpensive side-track development well from the existing production site to target incremental oil production could be drilled in 2022. Planning approval in place for the drilling of a further two wells.

Chariot Ltd (CHAR.L) stated that it is ready to begin drilling at the Anchois offshore Morocco project in December.

The Anchois gas development project is now monetized. This was stated by the African-focused transitional energy group as it announced interim results for 2021. The Stena Don rig has been contracted for the project. Last week, Halliburton was signed up to provide well services. Anchois is just one of the two diversified streams that the company has. The other is the newly acquired Africa Energy Management Platform, (AEMP), which provides a pipeline of renewable projects to support mining projects.

Hurricane Energy plc (HUR.L) provided an update on production guidance from the Lancaster field, which takes into account additional production and pressure data gathered since the annual maintenance shutdown in July 2021

The Company has committed to providing six-monthly updates on production guidance. Management’s production guidance from the Lancaster field for the six month period 1 October 2021 to 31 March 2022 (the “Period”) is 8,500 – 10,000 bopd, which is based on an improved FPSO production uptime assumption of 96.5% and production from the P6 well alone on artificial lift via ESP.

Zephyr Energy PLC (ZPHR.L) announced it has successfully commenced 100% carbon neutral operations ahead of its 30 September 2021 target.

This leading initiative is designed to ensure that all hydrocarbons produced by the Company from this point forward have a “net-zero” operational carbon impact.

Based on current trends, management estimates that wellhead flowing pressure in the Lancaster reservoir may reach the bubble point by the end of Q1 2022, consistent with the time range estimation previously announced on 25 May 2021

ZPHR also announced the Interim Results for the six months ended 30 June 2021. The first six months of the 2021 financial year, and the period since, were a time of tremendous progress and intense activity during which Zephyr transformed from a single project exploration company into a self-sustaining, cash-generating, carbon-neutral oil and natural gas producer.

MetalNRG PLC (MNRG.L) Unaudited Interim Results to 30 June 2021 announcing key operational milestones achieved during the period.

MetalNRG completed a transaction for a distressed UK onshore Oil & Gas company with operating and exploration licenses. A Special Purpose Vehicle, BritNRG, was set up to complete the transaction. Operational work on-site has progressed and 100-day operational plan implemented, setting the company up on a more secure operational footing.

Mosman Oil and Gas Ltd ( MSMN.L) informed investors that it expects to pump the Winters-2 well at Texas in the next few hours.

In a short statement, the company stated that equipment for the well program has begun to arrive at site. Spud will be available in the next few days, and drilling once underway is expected to take seven to 10 days.

Providence Resources PLC (PVR.L) will conduct a well site survey for the Barryroe oil-and-gas field appraisal next month, while a strategic review of this project continues. As a result of the termination of a Spot-On Energy farm-out agreement, the Irish firm initiated the review earlier in this year.

The company’s Wednesday interim results statement stated that it expected to complete the review in the fourth quarter. The findings will be used to determine the strategic plan for development of Barryroe Field.

Malcy’s Blog – Oil price, IOG, Predator, PetroTal, Hurricane, Serica, UJO & finally

Union Jack Oil PLC (UJO.L) update in respect of the planning application for the West Newton A well site expansion. The East Riding of Yorkshire Council Planning Committee has elected to decline the Application.

Sound Energy PLC (SOU.L) Request to Court to cancel the remaining tax claim in relation to the signing of Greater Tendrara Petroleum Agreement.

The Company, together with its advisors, continues to seek to engage constructively with the authorities but in the meantime will continue to defend its rights through the Court in the event that the Moroccan Tax Authority does not drop the charges against SEME. The previously notified tax claims against Sound Energy Morocco SARL AU remain in due process.

San Leon Energy PLC (SLE.L) Update on investment in Oza Field, Nigeria. “Oza-1 Well Nigeria Re-Entry & Testing” Initial flow testing of the L2.4 sand resulted in a flow rate of 10.3 million standard cubic feet of natural gas per day. Initial flow testing of the L2.2 sand resulted in a flow rate of 1,361 (bopd)


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