According to data from Gascade, the Yamal-Europe pipeline which normally sends Russian gas westward into Europe flowed east from Germany towards Poland on Saturday for the 26th consecutive day.
The link between Poland and Germany has been in reverse mode since Dec. 21. This is putting upward pressure upon European gas prices.
The pipeline accounts for approximately one-sixth to 6% of Russia’s annual gas exports from Russia to Europe and Turkey.
Advance Energy PLC (LON: ADV) said operator Carnarvon Petroleum continues moving the drill-bit closer towards the target zone at Buffalo-10 well, off-shore Timor-Leste.
The Operator, Carnarvon Petroleum Timor, Lda., has advised that, since the last announcement on 6 January 2022, the 13 3/8″ casing has been successfully cemented in place and the wellhead installed. The 12 ¼” hole section was then drilled down to a depth of approximately 2,707 metres measured depth (“MD”).
The rig is now setting and cementing the 9 5/8″ casing before drilling ahead in the 8 ½” section hole to a planned depth of approximately 3,500 metres MD.
U.S drillers add the most oil and gas drilling rigs per week since April – Baker Hughes U.S. energy companies added the most natural gas and oil rigs this week than April, as rising oil prices encourage more drillers to return the wellpad.
Baker Hughes Co, an energy services company, stated that the oil and gas rig count, which is an indicator of future output, rose from 13 to 601 in a week to January 14, its highest level since April 2020.
The total count increased by 228, or 61%, compared to last year.
Tower Resources PLC, (AIM: TRP) raised £S1.5mln through a share placement to increase working capital. The company is expanding its portfolio in Cameroon and South Africa.
According to a statement, the independent oil and gas company issued 576.9mln shares at 0.26p.
Zak Mir talks to Aleksandra Binkowska, CEO of Hydrogen Utopia International, in the wake of last week’s successful IPO for the waste plastic to hydrogen group.
TomCo Energy PLC, (AIM: TOM) stated that a reserve report was prepared for the unconventional oil project at Uinta Basin in Utah. It estimated 33.6mln barrels proved and probable (2P), reserves.
The 2P estimate of 33.6mln barrels was based on 22.8mln Proven (1P) reserves. The Netherland Sewell & Associates Inc report (NSAI), also included 41.2mln tonnes of marketable sands.
Brent crude oil traded at $85 per barrel on Thursday, nearing two-month highs. This was buoyed in part by the expectation that a strong economic recovery would boost demand. However, rising U.S. inventories, as well as high inflation, have capped gains.
Brent crude futures rose 0.3% to $84.93 per barrel by 14:45 GMT, or 26 cents. U.S. West Texas Intermediate crude futures rose 8 cents or 0.1 to $82.72 per barrel.
United Oil & Gas PLC, (AIM: UOG). announced that it started production at the recently drilled Al Jahraa-13 Well on the Abu Sennan Licence, onshore Egypt.
Al Jahraa-13 flies at rates of up to 897 barrels per day during testing. It has been brought online at a rate of 600 barrels per day. According to the company, the well was delivered on time and within budget.
Genel Energy PLC, (LSE: GENL) has announced that Esa Ikaheimonen, its chief financial officer, will be leaving the company on March 16th. The company will release its 2021 financial results on the day Ikaheimonen leaves. An announcement will be made when it is ready.
Analysts predict that oil prices will rise further this year after rising 50% in 2021. They believe that a shortage of production capacity and low investment could cause crude to reach $100 per barrel.
Omicron coronavirus has driven COVID-19 cases much higher than they were last year. However, analysts believe that oil prices will continue to rise despite the unwillingness of many governments and other countries to lift the tight restrictions that crippled the global economy in 2020.
Brent crude futures were trading above $84 on Wednesday. This was a two-month high.
Union Jack Oil PLC, (AIM: UJO) earned US$2mln from the Wressle fields in Lincolnshire. The company is now cash-flow positive, having paid all administrative, corporate and project operating costs. Investors were informed that the company has £6.27mln cash and no debt.
Executive Chairman of Union Jack, David Bramhill, commented: ” The revenues of in excess of US$2,000,000 to Union Jack, whilst under test production, are highly positive for the Company which remains in prime financial health as the above figures illustrate.
“We believe that Wressle holds considerable further upside which will be demonstrated over the foreseeable future and we look forward to reporting on progress in due course.
Empyrean Energy PLC, (AIM: EME) stated that it had to make changes to its Jade program due to bad weather.
According to the company, meetings with China Oilfield Services during the week have resulted in a revised scope for work. This will include a shorter survey and a greater tolerance for sea swells for the pre-drill program.
Chariot Ltd. (AIM: CHAR). confirmed that a significant amount of gas was discovered at the Anchois-2 offshore Morocco. This materially exceeded our expectations.
The Anchois-2 well was drilled down to 2,512 metres. It encountered gas accumulations with the appraisal target Sand B. This marked approximately 50 metres of net pay across the two stack reservoirs. The reservoir at the top was the one seen in the original discovery well.
Canadian Overseas Petroleum Limited, (LSE: COPL) announced a significant’ conventional light-oil discovery in Wyoming.
The discovery contained 1.5bn-1.9bn barrels of oil in place. It was located in Converse and Natrona Counties in Wyoming. This is where the majority of the 1.275bn-1.64bn barrels were found.
shares surged over 30% Monday’s early deals owing to what stockbroker SP Angel called an impressive and significant discovery the onshore USA in Wyoming.
According to COPL, it creates the potential to allow the company to grow at a scale that is “many times” larger than originally forecast.
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