Share Talk Weekly Energy Sector News Round-Up, 18th December 2021

Oil prices fell for the first time in three days due to the rapid spread and uncertainty of the omicron.

After rising 2.3pc in the previous two sessions, West Texas Intermediate fell 1.4pc below $72 per barrel. Brent crude fell 1.5pc.

Traders are assessing signs that Covid’s new variant and travel restrictions will reduce demand as well as the Bank of England’s decision to increase interest rates in the face of rising inflation.

Pantheon Resources PLC (AIM: PANR) stated that it has received all-formal approval to plan for the development of Theta West and Taltiha on Alaska’s North Slope.

The company is currently working to obtain the necessary permits, but construction has already begun on an ice route that will run from the Dalton Highway to the Talitha #A site, and then on to the ThetaWest location.

Jay Cheatham, CEO of Pantheon Resources, stated:

” Building on the successful $96 million fundraise last week, we are well-positioned for a very busy period of near-continuous drilling and testing activity from mid-January until possibly, well into the summer of 2022. We are pleased to receive formal approval of our Plans of Operations at Theta West and Talitha and continue to work closely with the State of Alaska to finalise the remaining applications.

Atome Energie PLC announced its intention to list at AIM and has vowed to lead the green hydrogen production market.

After a £9mln raise at 80p per share, the company, which is an innovator in sustainable energy, was split from oil and gas group, President Energy PLC (AIM: PPC). This included a £6mln placement and a £3mln standby by President boss Peter Levine.

Empyrean Energy PLC, (AIM: EME) announced it was fully funded for its offshore drilling programme in China despite the fact that a large amount of cash had been stolen during a cyber-fraud attack.

Through a combination of placement at 6p to raise £3.62mln and a PS4mln convertible loans agreement with a Melbourne-based investor fund, the junior raised £7.62mln total.

Malcy’s Blog – Oil price, Wentworth, PetroTal, UJO/Egdon, Petrofac, Hunting, Jadestone, Orcadian & finally

Plexus Holdings PLC (AIM: POS) and Schlumberger subsidiary Cameron expanded their agreement on the use of the AIM-listed group’s POS–GRIP technology for wellhead Engineering.

The agreement increases the royalty rates and extends Cameron’s use of Plexus technology worldwide. Plexus released a statement.

EQTEC PLC (AIM: EQT) announced a collaboration agreement with German hydrogen technology investment firm H2 Energy Solutions. It also strengthened its ties with partner MetalNRG PLC (LSE: MNRG) by increasing its stake in the company.

EQTEC and the H2 will explore opportunities to develop waste-to-hydrogen capabilities in Germany and Turkey. All projects developed through this collaboration are subject to commercial terms.

UK Oil & Gas PLC (AIM: UKOG) announced that it has signed a Heads of Terms with Ceraphi Energy Ltd (“Ceraphi”) to enter into a joint venture agreement to develop part of the Company’s Horse Hill site into a geothermal energy hub (“GeoHub”).

The GeoHub, currently at a conceptual stage, is targeted to generate and supply more than 200,000 megawatt hours per year of continuous baseload, primarily as heat energy. The project’s first phase would aim to supply significant industrial end-users in the locality with 100% green heating and cooling plus ancillary green electricity and/or hydrogen.

Union Jack Oil PLC, (AIM: UJO). stated that its most recent operational and financial update gave “tangible evidence of progress”.

Investors were updated by the group on the progress of the Wressle field, Lincolnshire, where the group holds a 40% share.

Wressle’s average daily production of crude oil has been 666 barrels per day on a restricted choke. This has increased to 727 barrels with the addition of 368,000 cubic feet of gas and the increase in oil equivalent.

SFO secures confiscation against former Petrofac executive

Challenger Energy Group PLC, (AIM: CEG) stated that it has completed a restructuring of its balance sheet which it believes will reduce its debts by approximately 85% by next quarter.

The oil and gas company stated that its previous reported aggregate balance sheet payables and debts of US$22mln and potential liability exposure of US$22mln were expected to be reduced to US$2.5mln after settlements with creditors and deferrals.

Oilex Ltd (OEX.ASX.L) Cambay Production Re-start Update. Following a final court order issued on 13.12.21 and received by the Company on 14.12.21, the previously imposed production cessation on the Cambay field has been removed and the Company plans to resume gas production in the near future.

The two currently active wells, C-73 and C-77H will be placed back on cyclic production and the gas will be processed and exported through the existing production facilities and pipelines.

Cambay Well 77H Re-Frac Funding Secured. Oilex has appointed the Bedrock / Manan consortium to plan the Cambay 77H well re-frac (and to assist in the new well program for H2 2022). The re-frac program has been finalised and quotations for services and equipment will be requested over the next 10 days in anticipation of the re-frac operation during Q1 2022. The objective of the re-frac is to prove up a fraccing methodology that will underpin the Cambay field development plan with optimised economics.

Malcy’s Blog – Oil price, IOG, Savannah Energy, Genel Energy, Atome Energy & SDX Energy

Gas prices rose again due to growing tensions about Russian troops at Ukraine’s border and greater uncertainty regarding Nord Stream 2 pipeline.

The European natural gas price rose to EUR115 per megawatt-hour on Monday morning. Prices in the UK increased 12% above 300p per therm while benchmark US prices rose 3.77 per cent in that same window.

After supply shortages and problems with the pumps, prices rose to new records in October. A fresh rally could be possible as the diplomatic crisis between Russia, the US and Europe continue.

The US Secretary of State Anthony Blinken demanded that Nord Stream 2 be stopped if Russia invades Ukraine. In the meantime, the Kremlin has placed over 120,000 troops close to its eastern border in the past month.

EQTEC PLC (AIM: EQT) UK Projects and Trading Update. The Billingham Project aims to install a 25 MWe waste gasification capability built around EQTEC technology to transform 200,000 tonnes or more per year of refused-derived fuel (RDF) from municipal solid waste into electricity, thermal energy and/ or a range of other chemicals and fuels. In January 2021, the Company confirmed it had secured planning consent for an improved scheme with a lower environmental impact and better commercial outcome.

In recent months, the Company has been actively engaged with Tier 1 EPC companies planning and costing for the front-end engineering design (“FEED”) work, which is intended to commence in early 2022.

Advance Energy PLC, (AIM: ADV) stated that the handover of the rig at the Buffalo project (offshore Timor-Leste), has been delayed by one or two weeks.

Carnarvon Petroleum Timor is the operator of the Buffalo Project. The Valaris JU107 jack-up rig has completed its last operation with another operator. Rig handover will now take place in late December 2021 instead of the mid-December timeframe previously outlined.


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