Share Talk Weekly Energy Sector News – 31st July 2021

A busy week in the energy sector, let’s take a look at some of the announcements made across the sector.

Block Energy PLC updated investors about the WR-B1 well, Georgia. They stated that drilling operations are continuing on schedule and as planned. Posting of Statement from petitioners who called for the General Meeting has, under section 314(1) of the Companies Act, submitted a statement to the Company. The general meeting will be held at 10:00 a.m. on 11 August 2021 at Landmark Office Space, 33 Cavendish Square, London W1G 0PW.

Tlou Energy Limited has signed Heads of Agreements (HOAs) with Synergen Met, an Australian group, for a hydrogen-conversion plant at Lesedi, Botswana. As part of advancing the Company’s clean energy strategy As part of advancing the Company’s clean energy strategy, Tlou is pleased to announce a binding Heads of Agreement (HOA) with Synergen Met Pty Ltd (Synergen Met), a leading hydrogen developer using plasma technology. The HOA envisages the construction and commissioning of a hydrogen and solid carbon prototype to be installed at the Lesedi Project in Botswana.

Oilex Ltd June 2021 Quarterly Reports. The Company’s primary objective is to maximise shareholder value from its principal asset in the Cambay Basin, located onshore Gujarat State in India, whilst also continuing to review other opportunities to create value and diversify risk by adding new assets to the Company’s project portfolio which have to date focussed on the Cooper-Eromanga Basins in Australia (now sold to Armour Energy Limited), Indonesia and the United Kingdom Continental Shelf (UKCS).

Eco (Atlantic) Oil & Gas Ltd stated that it made significant progress in the year just finished. According to the company’s results statement for the year ending March, the oil and gas exploration firm has made significant progress in its high-value assets of Namibia and Guyana. It is determined to continue exploration success at these sites.


· As at 31 March 2021, the Company had working capital of US$13 million and no debt.

· I n June 2021, the Company raised an additional US$4.9m in the form of a private placement.

· As at 31 March 2021, the Company had total assets of US$17.0 million, total liabilities of $1 million and total equity of US$16.0 million.

· The Company has materially decreased its total non-exploration expenses for the year ended 31 March 2021, including general and administrative expenses and compensation costs by 33%.

Mosman Oil and Gas Limited the oil exploration, development, and production company, has agreed to acquire an additional 25% working interest (“WI”) in the Falcon lease (including the Falcon-1 well) and 25% of the adjacent Galaxie lease. Mosman will acquire these WIs from Baja Oil and Gas LLC, for a cash consideration of USD 160,000 and the effective date is 1 July 2021.

ADM Energy PLC, a West Africa-focused natural resource investor, announced that Peter Francis, the non-executive chairman of the company will resign on August 2, and Oliver Andrews will assume the position on the same day.

i3 Energy PLC Well completion, production equipment installation and tie-in operations have been completed for wells 01-12-075-26W4 and 02-12-075-26W4. Eight horizontal lateral legs (totalling 13,057m in the 01-12 well and 12,644m in the 02-12 well, at a maximum true vertical depth of 630m) were drilled from each wellbore and encountered a clean upper shoreface sandstone, with porosities ranging from 24% to 27%, and oil was evidenced throughout via oil shows on cuttings. The wells are now on production and flowing back drilling fluid. This clean-up process is expected to take approximately three to four weeks, after which the market will be updated on initial stabilised oil flow rates.

Zephyr Energy PLC stated that seven of the wells it owns at North Dakota’s Williston Basin project are now in production. According to the group, it is advancing State 16-2LN CC in line with expectations. Operations in Utah’s Paradox Basin are now moving in the horizontal section. CAPEX for the 22 Future wells is forecast to be approximately $710,000, which it also proposes to fund from the Group’s internal cash resources. The additional CAPEX on the Future wells is discretionary, and Zephyr’s Board of Directors will elect whether to participate in those wells on a case-by-case basis.

Genel Energy PLC updated investors about operations at Tawke PSC in Kurdistan. In this region, combined production from the Tawke-Peshkabir oilfields averaged 110,000.00 barrels per day during the second quarter. According to the firm, it also received payments from Kurdistan Regional Government in May for oil sales.

Sound Energy PLC Provided an update in relation to the Company’s micro liquified natural gas (“mLNG”) phase 1 development plan for the TE-5 Horst development (the “Phase 1 Development”) at the Tendrara Production Concession (the “Concession”). A  sale of not less than 100 million cubic metres of gas in a liquified form per year. In addition, the execution of the previously announced equity subscription agreement and the £2 million equity placing cements the strategic alignment between Sound Energy and Afriquia Gaz. This is a key milestone in moving forward towards the final investment decision and notice to proceed for the Tendrara Phase 1 Development.

Wressle Operations Update; Egdon Resources, as operator and 30% interest, along with Union Jack Oil 40% and Europa 30% have provided an update on operations at its Wressle Oil Field Development located in North Lincolnshire, covered by Licences PEDL180 and PEDL182. Egdon advises that the proppant squeeze operation on the Ashover Grit reservoir interval in the Wressle-1 well has been completed safely and successfully.  A total of 146 cubic metres of gelled fluid with 17.3 tonnes of ceramic proppant were injected into the Ashover Grit formation in line with the authorised programme.  The injection operations lasted a total of only 1 hour and 30 minutes over a two-day period.

All equipment and personnel associated with the operation have now been demobilised from the site.

The Wressle-1 well will now be subject to a coiled tubing operation to fully clean the production tubing prior to bringing the well back into production through the permanently sited production facilities.

United Oil & Gas PLC agreed to sell its UK North Sea assets for PS3.2mln to Quattro Energy Limited, with PS2mln in cash upfront. Brian Larkin, the chief executive, also highlighted the company’s exceptional financial and operational success in 2021’s first half.

Predator Oil & Gas Holdings Plc Planning for MOU-4 is underway with long lead materials being identified to ensure material delivery in ample time prior to the spud date of MOU-4. Further developing the potential for a Floating Storage and Regasification Unit (“FRSU”) for LNG imports will also be discussed with suitable local off-takers of gas and other more carbon-intensive fuels that are active in the downstream energy sector in Morocco.

Challenger Energy Group PLC told investors that the Saffron-2 well is in Trinidad and Tobago and is currently being cleaned up ahead of well testing.

Hurricane Energy PLC said production operations at the Lancaster field have resumed following the Aoka Mizu FPSO’s scheduled annual maintenance shutdown, which took place earlier this month. Production from the 205/21a-6 well is currently stabilising, and a further update will be given in the Company’s next monthly production release, which is scheduled for mid-August 2021.

Caspian Sunrise plc The company’s first horizontal well is successful. Well 154, which was spudded in April 2021, was drilled vertically to a depth of 2,298 meters and then horizontally for a further 250 meters until it reached its full 2,548-meter length. This is the first horizontal well drilled by the Company and was recently perforated over a 152-meter length.

Using an 8mm choke the well has produced for the past three days at a rate of approximately 90 tonnes per day or approximately 645 bopd. Production at this level is expected to increase total production by approximately 50 per cent.

TomCo Energy PLC announced that Greenfield Energy LLC (“Greenfield”), the Company’s 50/50 joint venture with Valkor LLC (“Valkor”), has now received the finalised FEED (Front-End Engineering and Design) study for production facilities, together with the associated third-party technical verification report on the proposed process, commissioned from Crosstrails Engineering LLC (“Crosstrails”) and Kahuna Ventures LLC (“Kahuna”) respectively.

88 Energy Ltd stated that it looks forward to sharing final aggregate Merlin-1 well results, once all outstanding analysis has been completed, with shareholders.

Italy could be required to pay multi-million-pound damages to a UK oil firm.

Rockhopper Exploration, which is based in Salisbury (Wiltshire), purchased a license to drill for oil off the Adriatic coast of Italy in 2014. The project was already met with opposition from tens to thousands of people. The campaign won the support of the Italian parliament within two years. They banned oil and gas projects within 12 nautical miles of the coast.

Rockhopper used an obscure legal procedure called investor-state dispute resolution (ISDS) to fight back. This allows companies to sue governments for adopting policies that could adversely affect their future earnings. According to reports, Rockhopper has spent $29m on the offshore project (PS21m) and is seeking damages of $275m based upon future oilfield profits

i3 Energy PLC an independent oil and gas company with assets and operations in the UK, notes that at the general meeting (GM) held on 26 July 2021, all resolutions were duly passed. Answers to shareholder questions

Canadian Overseas Petroleum Ltd an international oil and gas exploration, production and development company with production and development operations focused in Converse County, Wyoming, USA, announces its results as at and for the three months ending March 31, 2021. 

Arthur Millholland, President & CEO, commented: With the acquisition closing on 16 March 2021, the Company’s production averaged 1,220 bbl./day oil (gross) 706 bbl./d oil net for the term of 16 days until 31 March 2021. Current oil production has increased 50% to approximately 1800 bbl./d (gross) due the commencement of increased gas injection volumes on April 1 at the Company’s Barron Flats miscible flood project.

With the completion of the Q1 financials, the Company can now work towards finalizing its Prospectus, which is required in final form before readmission to trading on the LSE. Once a definitive timeline for readmission is available, the Company will give a comprehensive update to the market on its operations.

Linking Shareholders and Executives :Share Talk

If anyone reads this article found it useful, helpful? Then please subscribe or follow SHARE TALK on our Twitter page for future updates. Terms of Website Use All information is provided on an as-is basis. Where we allow Bloggers to publish articles on our platform please note these are not our opinions or views and we have no affiliation with the companies mentioned
Stockmarket News
Share Talk
Share via
Copy link
Malcare WordPress Security