Oil prices dropped by 3% to $80 per barrel Friday due to rising COVID-19 cases across Europe. Investors also considered a possible release of crude oil reserves by major economies to cool down prices.
Brent has risen by almost 60% in the past year, as economies bounce back from the pandemic. OPEC+ and its allies (the Organization of the Petroleum Exporting Countries) have been gradually increasing output.
SDX Energy Plc (AIM: SDX), the MENA-focused energy company, is pleased to announce the commencement of the second phase of its 2021 drilling campaign in Morocco, with the spud of the KSR-19 well.
KSR-19 will be followed by the SAK-1 well which, if successful, will open a new exploration area for SDX in the Company’s Lalla Mimouna Sud concession.
MetalNRG (LON: MNRG), announces an update on its joint venture, BritNRG Limited, and a dispute that has arisen with a former director of MetalNRG, Mr Pierpaolo Rocco, and BritEnergy Holdings LLP, the partner in the BritNRG Limited joint venture, in connection with which, it is now apparent that Mr Rocco is currently a “person with significant control” (“PSC”).
TomCo Energy PLC, (AIM: TOM) Greenfield subsidiary now has the first 10% of the Tar Sands Holdings II land package (TSHII), which will be used to build its commercial-scale plant.
In a statement, the company stated that it had exercised its option to acquire TSHII’s 10% interest and paid US$2mln cash consideration. US$500,000 of this was paid through crediting deposits previously paid. It still has the exclusive right to purchase the remaining 90%.
Technology Minerals Plc, (LON: TM1) the first UK company focused on creating a sustainable circular economy for battery metals, is delighted to announce the admission of the Company’s entire issued share capital to the Official List of the Financial Conduct Authority by way of a Standard Listing under Chapter 14 of the Listing Rules (“Standard Listing”).
The Prospectus is available on the Company’s website: https://www.technologyminerals.co.uk/
Pantheon Resources PLC, (AIM: PANR) announced that it has entered into a short term drawdown facility of US$1.5mln for an existing shareholder. According to the oil and gas company, the funds will be used for equipment, goods, and services in preparation for its planned winter drilling program on the Alaska North Slope projects.
According to the company, global supply chain constraints have made it more difficult to secure equipment for the Alaska drilling campaign. It needs to order critical equipment and materials quickly to minimize disruptions to drilling operations.
Deltic Energy PLC, (AIM: DELT), is a UK-based oil and gas exploration company that invests in the UK’s hydrocarbon provinces. Today, Peter Nicol was appointed as a non-executive director.
Nicol has over 40 years of industry experience in the investment and energy sectors. He joins Deltic immediately. He was previously head of European oil & gas research at Goldman Sachs, global sector head of oil & gas research for ABN Amro, and most recently head of oil & gas research at GMP Securities Europe.
Germany suspended approval of Nord Stream 2 gas pipeline sending gas prices soaring. European prices rose 9% after the news that the hold-up was announced. The Dutch front-month contract traded briefly at 89.00 euros/MWh for a brief period.
Nord Stream 2 is facing stiff resistance from the United States as well as some European countries. They claim it will make Europe more dependent on Russian gas. Other European governments insist that the link is essential to ensure energy supplies.
With gas prices rising in recent weeks, and the threat of power cuts this winter, other European countries have said they support the project.
Helium One Global Ltd. (AIM: HE1) has launched its Phase 2 seismic acquisition program at Rukwa, Tanzania. According to the company, its 200-kilometre 2D seismic program was underway to target northern extensions known structural highs, which are believed to be a charge center for helium migrating.
David Minchin, Chief Executive Officer, commented: We are delighted to be able to progress rapidly to the next stage of the seismic campaign at Rukwa. With excellent ground conditions and very little vegetation in the last month of the dry season, our survey and line clearing teams have advanced quickly, allowing us to deploy vibroseis trucks and commence acquisition.
“Data acquired in this 2D seismic campaign will enable us to better visualise northern extensions of known structural highs that we believe act as a charge focus for helium migration. It is intended that new seismic data will identify ‘deep’ targets in structures similar to Tai that could be trapping substantial helium resources. This would provide additional drill-ready targets ahead of our planned 2022 conventional drilling campaign.
Canadian Overseas Petroleum Limited, (LSE: COPL) reported to investors that net oil sales averaged 1,077 barrels per day in the quarter ended September 30. This is an increase of 796 barrels per daily during the three-month preceding.
Operations continue to perform well above expectations. The gains were due to Wyoming’s acquired assets. However, higher butane prices caused production boosts to be impeded by gas injection. In the quarter ending in October.
Victoria Oil & Gas Plc, (AIM: VOG) whose wholly-owned subsidiary, Gaz du Cameroun S.A. (“GDC”), is the onshore gas producer and distributor with operations located in the port city of Douala, Cameroon, is pleased to provide an update on Logbaba well La-108.
Roy Kelly, CEO of VOG said: I am absolutely delighted with this result, delivered safely and efficiently by our excellent team of staff and contractors, which included a local oilfield services company providing the wireline services. We saved time, money and any environmental risks by omitting any testing to flare, and the well was handed over to the production department straight after the perforating phase.
ADM Energy PLC, (AIM: ADME) raised £475,000 via a share placement to increase working capital, as the company evaluates new investment opportunities. Participating investors will receive a total of 6.6 mln warrants, which can be exercised at 3p each.
Hurricane Energy plc, (LON: HUR) the UK based oil and gas company, provides an update on Lancaster field operations and net free cash balances as of 31 October 2021. Lancaster Field Operations Update
Chariot Ltd, (AIM: CHAR) has signed an agreement with TotalEnergies to jointly develop renewable energy ventures in Africa’s mining projects. Total Eren will be Chariot’s partner and Chariot will receive between 15 to 49% of the co-developed projects. The initial deal will last for three years, with the possibility of an extension for two more.
Kistos (LSE: KIST), announced that Borr Drilling’s Prospector-1 jack-up drilling rig has left the Q10-A field (Kistos 60%) and arrived on location at the Q11-B discovery (Kistos 60%). The spudding of the appraisal well is expected later this week.
The Q11-B appraisal well represents the concluding planned activity in our 2021 drilling campaign and is anticipated to take a minimum of 6 weeks to drill and test. It is intended that the well will be suspended for future use in a Q11-B development. Kistos has previously estimated 2C resources for this accumulation of between 67 – 155 Bcf net. This estimate was independently audited by Sproule and will be refined following a review of all the data from the forthcoming well.
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