Just one week after Shell pulled out, a major North Sea oil development was halted. According to Siccar Point’s boss, who holds a 70% stake, the Cambo oilfield development will be halted.
Jonathan Roger stated that Shell’s decision to pull out of the project meant it would be “on hold” in the short term, though it indicated that it was still having discussions with the oil giant. Shell was forced to leave after Nicola Sturgeon, the Scottish First Minister, made a U-turn and stated that she didn’t want Cambo to proceed. This move caused anger among business leaders.
Good Morning from Horse Hill
UK Oil & Gas PLC (AIM: UKOG) announces that following its first covid permitted technical and management visit to its partner Aladdin Middle East’s (“AME”) offices in Ankara and to the company’s Basur-Resan licence area in which UKOG holds a 50% non-operated interest, it is pleased to provide the following general update
Hurricane Energy PLC (LSE: HUR) purchased another US$28.5mln worth of convertible bonds. Management is reducing the amount due in 2022. It pays US$27.3mln, including accrued interest on the convertible bonds.
President Energy PLC (AIM: PPC) Proposed dividend in special in Atome Energy PLC. Atome to be valued at £20 million pre-new money. Raise by Atome of up to £9m at 80p per share
President Energy also announced an operations update – Second well spudded Salta, Argentina. The detailed analysis supports the producibility of oil in the new well DP-2001. President will export oil in January.
Europa Oil & Gas Holdings (Holdings), PLC (AIM: EOG). Chairman Brian O’Cathain stated to investors that the company was very happy with the operational improvements made over the past year.
O’Cathain stated that they had fulfilled their expectation of producing oil at Wressle in North Lincolnshire and increasing overall production.
Baron Oil Plc (AIM: BOIL) provided an update on its offshore Timor-Leste TL-SO-19-16 Production Sharing Contract.
“The delivery of the initial products from the 3D seismic reprocessing is a significant milestone in our re-evaluation of the Chuditch trend. To date, encouraging improvements have been observed in data quality which we are confident will lead to a substantially clearer subsurface image in the final reprocessed products.
“In parallel, we continue with other studies which, when combined with the seismic reprocessing, will deliver a complete and high quality technical and commercial evaluation of this exciting asset during 2022.”
Zephyr Energy Plc (AIM: ZPHR) successfully completed testing of the State 16-2LN-CC well at the Paradox Basin project in Utah, with equipment-constrained rates reaching a peak of 1,083 barrels oil equivalent per day. The company also added that a simulated model, based on good data, indicates the potential for the well’s yield to reach 2,100 boepd.
Colin Harrington, Zephyr’s Chief Executive, said: “I am incredibly excited about the production test results announced today, and even more so about the significant implications for further drilling and potential full field development of our Paradox project.
“The well test data, modelled production volumes and potential EURs exceed our pre-drill estimates and all indications point to the State 16-2LN-CC as a well which can generate significant shareholder returns.
Diversified Energy Company PLC, (LSE: DEC) acquired Oklahoma-based Tapstone Energy for US$181mln. This acquisition added 12,000 barrels of oil equivalent to production across 660 wells.
Pantheon Resources (AIM: PANR) Results of Equity Fundraise and Retail Offer. The Equity Fundraise was significantly oversubscribed and the Company, having taken into account the strong support received from existing and new investors, decided to increase the size of the Equity Fundraise to $38 million. In addition, $3 million has been raised through the Retail Offer.
Accordingly, aggregate gross proceeds of approximately $41 million have been raised through the Placing, Subscription and Retail Offer.
United Oil & Gas PLC, (AIM: UOG), has extended its long-term stop date for the sale of its Central North Sea licenses to Quattro Energy from December 6 to February 28. According to a statement, the extension gives additional time for deal conditions.
Rockhopper Exploration plc (AIM: RKH) announced that Rockhopper, Harbour Energy plc (“Harbour”) and Navitas Petroleum LP (“Navitas”) have signed detailed heads of terms for Harbour to exit the Falklands and for Navitas to farm-in. The proposed transaction remains subject to definitive documentation and completion subject to, inter alia, regulatory approval.
Touchstone Exploration Inc. (AIM: TXP) stated that it was excited to announce another large oil discovery at Royston-1, onshore Trinidad. This announcement follows the continuation of production testing.
In a statement, the company detailed the results of a second test, which tested the Royston well’s second interval – confirmation of a light oil reservoir.
Chariot (AIM: CHAR) confirm that, further to the Company’s announcements on 2 and 3 December 2021, a Circular in connection with an Open Offer (the “Circular”) has been posted to Qualifying Shareholders.
The Board is grateful for the continued support of all shareholders and is pleased to offer existing shareholders the opportunity to participate in the Fundraising through the Open Offer at the same price at which investors in the Placing and Subscription have taken part.
Canadian Overseas Petroleum Limited (LON: COPL) has named Nigel Little its independent non-executive chairman with immediate effect, replacing Viscount William Astor.
As an investment banker and specialist within the natural resources and oil sectors, Little has more than 40 years of experience. He also has significant knowledge in oil and gas equity markets.
Petro Matad Ltd (AIM: MATD) Operational Update. Contracting negotiations with drilling, well completion and infrastructure services providers are at an advanced stage with contract awards anticipated in good time for the start of the operational season in Q2 2022.
Operations will focus on the completion of the Heron-1 discovery as a production well and the drilling of additional production wells within the current 3D seismic footprint.
PetroTal Corp. (AIM: PTAL) Resolution to Protest and Well 9H Update. Following recent announcements, PetroTal is pleased to announce an end to the social protests near PetroTal’s oil loading facility. PetroTal’s recently-announced social initiatives contributed to the peaceful resolution.
Barges from Brazil are on-site and commenced oil loading operations on December 3, 2021. This will allow PetroTal to ramp up production during the next few days starting with the new 9H horizontal well that was put on production on December 5, 2021 and recommence sales to the Iquitos refinery and through the Brazilian export routes.
88 Energy Ltd (AIM: 88E) informed investors that it is on track to get the Merlin-2 appraisal in February 2022, as it updated its operations in Alaska.
According to the company, snow road construction is underway in preparation for the Merlin-2 drilling operations. Permitting is said to be in good hands, and the permit to drill is expected to be issued by year’s end.
LEKOIL (AIM: LEK) notes the announcement by Lekoil Nigeria dated 3 December 2021 with respect to an indicative offer to acquire the ordinary shares in the Company (the “Lekoil Nigeria Announcement”).
A copy of the Lekoil Nigeria Announcement can be found on the Company’s website at www.lekoilplc.com.
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