Oil and gas rig counts, which are early indicators of future output, increased 22 in the week ending February 11, making it the largest increase since February 2018.
According to Baker Hughes Co, an energy services company, the 635 mark was the highest since April 2020. Baker Hughes stated that the total number of rigs was up 238 or 60% over last year.
What would a war in Ukraine mean for Europe’s energy crisis?
Biden warned that there would be severe economic sanctions if Russian troops crossed into Ukraine. The biggest threat to Europe’s gas supply would be the imposition of sanctions on Russia, which could result in it being unable to trade in foreign currencies or imposing other restrictions on its banks.
Gas flow via the Yamal Europe pipeline, which normally travels west from Russia into Europe, was reversed Friday. Low supply to Poland from Germany remained largely unchanged since Monday, according to data from Gascade, the German network operator.
Since Dec. 21, the link between Poland and Germany has been in reverse, putting upward pressure upon European gas prices.
i3 Energy PLC (AIM: I3E) 2022 Canadian Capital Programme Update. Phase one of the Company’s US$47 million 2022 Canadian Capital Budget is designed to combine efficient low-risk development drilling with strategic resource delineation and land capture.
Seven gross (five net) wells to be drilled across the Company’s diversified portfolio in Central Alberta (Mannville liquids-rich gas), Marten Hills & Marten Creek (Clearwater oil) and Simonette (Montney oil), collectively expected to add approximately 2,420 boepd (55% oil and Natural Gas Liquids (“NGLs”)
88 Energy Limited (ASX:88E, AIM:88E) confirm that the Permit to Drill has been approved by the Bureau of Land Management (BLM) for the Merlin-2 appraisal well, located in Project Peregrine in the NPR-A region of the North Slope of Alaska.
Commissioning of the Arctic Fox rig has been completed, with mobilisation to the Merlin-2 drilling location commencing. Pioneering of the single lane snow road to the Merlin-2 location has also been completed.
The Merlin-2 well is now scheduled to spud in early March 2022 with drilling expected to take approximately 3 – 4 weeks, including wireline logging.
Norway’s Equinor will pay $10 billion to shareholders in this year’s fiscal after reporting record fourth-quarter pretax profits. It joins European competitors in cashing into a boom in oil and gas prices, sending its shares to new heights.
Helium One Global (AIM: HE1) announced the results of the Quantitative Evaluation of Minerals by Scanning Electron Microscopy (“QEMSCAN”) study on drill cuttings collected from the Tai-1/-1A wells at its Rukwa (100%) project area.
David Minchin, Chief Executive Officer, commented: “The identification of claystones within a predominantly reservoir rich and sandy sequence offers potential sealing horizons throughout our target stratigraphy. Claystone units are best developed at the Top Karoo Group and Base Lake Bed Formation, however several intraformational clays also allow the potential for stacked seals to develop within these formations and helium to be encountered on multiple horizons from near surface to basement – as it was at Tai..”
i3 Energy PLC (AIM: I3E) March 2022 Dividend Declaration. i3 announces its March 2022 dividend totaling £1.1827 million and confirms the following.
BP’s 2021 profits were the highest since 2008, thanks to soaring oil and gas prices. The company also increased share repurchases and accelerated its plans to reduce emissions through higher spending on low-carbon energy.
Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX ‐ V: EOG) confirms that it has signed a definitive Share Purchase Agreement to acquire 100% of Azinam Group Limited in return for a 16.5% equity stake in the Company.
Planning underway for drilling on Block 2B, South Africa, in H2 2022.
Canadian Overseas Petroleum Limited (“COPL” or the “Company”) (XOP: CSE) & (COPL: LSE) Announces that its Board of Directors approved the granting of 15,430,000 Share Options of the Company effective January 29, 2022.
The Share Options were granted under the Company’s Share Option Plan at an exercise price of C$0.54 per share to the Company’s directors, officers, and employees and expire five years from the date of grant.
Oilex Ltd (ASX:LON: OEX) announce that the Government of India Ministry of Environment, Forest and Climate Change has officially confirmed the decision of their Expert Appraisal Committee to recommend the approval of Oilex’s application for a new Environmental Clearance for the Cambay field.
Oilex’s Chief Executive Officer, Roland Wessel, said:
“The grant of the new Environmental Clearance enables the Company to re-start production from the two existing Cambay wells and to proceed with the field development, including the already-funded re-frac of the C-77H well.”
Wildcat Petroleum Plc (AIM: WCAT) announced the appointment of PETRO-TEC (PT) as petroleum consultants.
PT is an international petroleum consultancy specialising in development, planning and reservoir management. They are experts in the field of Enhanced Oil Recovery (EOR), with extensive experience in the identification, screening and selection of brownfield petroleum sites in which EOR techniques can be applied.
Mandhir Singh, Chairman of Wildcat, commented: “We are delighted to welcome Petro-Tec aboard. One of our main goals has always been to start oil production, especially given recently rising oil prices. We are hopeful that Petro-Tec can help WCAT firstly identify and secure producing oil assets which are suitable for EOR and secondly that we can utilize PT’s EOR expertise to start profitable oil production.”
Tower Resources PLC (AIM: TRP) Namibia Update and statement re: Graff-1 well. Update on activity in respect of license PEL 96 in Namibia, covering blocks 1910A, 1911 and 1912B (the “Namibian Blocks”) and in particular the recent news regarding the Shell-operated Graff-1 exploration well.
U.S. energy companies added the most oil rigs in four years’ time this week as crude prices held at their highest level since 2014. Drillers are now seeking more profit.
Pantheon Resources (AIM: PANR) Talitha #A Testing Update, testing operations have now been completed on the Lower Basin Floor Fan (“BFF”), a Brookian aged horizon. Three separate 10 feet (“ft”) intervals were perforated over 370 ft out of 600 ft of gross section, at 9405 to 9415 ft, 9205 to 9215 ft and 9045 to 9055 ft.
These three intervals were individually stimulated and flow tested, producing high quality c. 35 to 39 degree API oil and averaging 73 barrels of oil per day (“BOPD”) over a three day test period.
On the final day of testing, the well was flowing at a sustained rate of approximately 40 BOPD. Encouragingly, the bottom hole pressure is near to the reservoir pressure, thus providing an indication of the production potential of this portion of the oil accumulation, which is at the distal limits of the field. Future development wells would all be drilled horizontally and stimulated with multiple stage fracs, meaning that flow rates are expected to be many times higher.
Zephyr Energy plc (AIM: ZPHR) (OTCQB: ZPHRF) provided an update on fourth-quarter 2021 (“Q4”) hydrocarbon production from its non-operated asset portfolio in the Williston Basin, North Dakota, U.S.
Q4 operational production rates from the Company’s Williston Basin portfolio averaged 548 barrels of oil equivalent per day (“boepd”) net to Zephyr. In addition, three wells on the Sundance Kid pad were brought online in late December, which added an additional net 106 boepd on an operated basis. As a result, Zephyr’s existing non-operated portfolio produced at a total run rate of 654 boepd by the end of Q4.
Zephyr sold 43,185 barrels of oil equivalent (“boe”) during Q4, and net sales to Zephyr for the quarter.
UK Oil & Gas PLC (AIM: UKOG) announced that it is preparing to transport its wholly-owned casing stocks to Turkey for use in the forthcoming Basur-3 (“B-3”) mechanical sidetrack (“B-3S”). The use of UKOG’s casing in B-3S will reduce the Company’s net drilling cost and capital expenditure requirements, as well as remove further storage costs.
Drilling of B-3S is scheduled to commence upon receipt and interpretation of fast-track seismic processing results, currently expected within the first quarter of 2022. First processing priority has been given to Line 3, running directly along the planned B-3S trajectory.
Oilex Ltd (ASX:LON: OEX) The Government of India Ministry of Petroleum and Natural Gas has approved the transfer of assignment of the 55% Participating Interest (PI) in the Cambay Field PSC held by Gujarat State Petroleum Corporation Ltd (GSPC) to Oilex.
Oilex’s CEO, Mr Roland Wessel, said: “The approval of the assignment of GSPC’s 55% PI results in the Company enjoying a 100% PI in the Cambay field with its c. 930 BCF of contingent gas resources*. The further development of the Cambay field will be initiated with the planned re-frac of the C-77H well, the results of which will support the drilling of two new wells in Q4 2022 / Q1 2023, subject to funding.”
