Canadian Overseas Petroleum Limited (LSE: COPL) shares surged after it confirmed higher oil production volumes at the Barron Flats Project in Converse County, Wyoming USA. The average daily production was 700 barrels, which is 35% more than the volumes reported earlier in the month.
Arthur Millholland, President & CEO, commented: We continue to move forward with our program. As I indicated a week ago, the Shannon field is performing beyond our expectations. This well surprised us in August with its response to gas injection. The return to stable gas injection volumes in the field caused flowing pressures of the well to increase to 1150 psi this past week, much higher than those observed in August.
Union Jack Oil plc (AIM: UJO) notes that Rathlin Energy (UK) Limited, the Operator of PEDL183, has communicated the following planning update to local residents and the West Newton Community Liaison Group. Following recent activities, we are pleased to provide an update regarding ongoing plans for the West Newton A production development and the West Newton B wellsite.
As you may be aware, some councillors on the East Riding of Yorkshire Council’s planning committee raised concerns with the scale of our West Newton A application during the 30 September 2021 meeting. Despite the officers’ recommendation for approval, the application was refused, with the scale of the development being an important factor in the committee’s final determination.
Rathlin Energy stated that the new application will address local concerns about the project’s scale and will be submitted by the end of 2021.
Zephyr Energy Plc Transformational US$36 million acquisition of non-operated production assets in the Williston Basin (AIM: ZPHR) has signed a binding contract to acquire a set of non-operated interests, in North Dakota producing and near-production assets. This acquisition will be in addition to an earlier asset package.
The company has agreed to pay US$36mln to acquire wells that produce close to 900 barrels per day of oil equivalent. A package of wells will be online in 2022 and should yield approximately 1,100 boepd. These assets are located in North Dakota’s Williston Basin on 22 well pads. It is anticipated to increase Zephyr’s production and cash flow in the next 12 months.
Kistos (LSE: KIST), the low carbon intensity energy producer pursuing a strategy to acquire assets with a role in energy transition, is pleased to announce that Borr Drilling’s Prospector-1 jack-up drilling rig has spudded the Q11-B appraisal well (Kistos 60%, Operator).
As previously announced, the Q11-B appraisal well is anticipated to take a minimum of 6 weeks to drill and test. Kistos intends to suspend the well for future use in a Q11-B development and has estimated 2C resources for this accumulation of between 67 – 155 Bcf net. These figures were independently audited by Sproule and will be refined following a review of all the data from the forthcoming well.
Deltic Energy PLC, (AIM: DELT) announced that its exploration venture partnered with Cairn Energy and has completed a 3D seismic study over Licence P2428. Cairn will pay 100% of the cost of the programme as part of its farm into the project. It was carried out by a contractor to ION Geophysical.
3D seismic data covering 680 kilometres was collected, including the Plymouth Zechstein Reef prospect. The results of the data analysis are expected to be available in the second quarter of 2022.
United Oil & Gas PLC, (AIM: UOG) informed investors that it had extended its offshore Jamaica exploration license. The Jamaican Cabinet approved the Walton Morant license for a two-year extension. The new expiry date for Walton Morant is January 31, 2024.
United Jamaica is pleased to have the extension. With 11 high-graded leads and prospects, the explorer sees potential for about 2.4 billion barrels of oil. The company initiated a farm-out process earlier this year to find a partner who can help move the project forward.
ATOME Energy, a green hydrogen and ammonia production company and offshoot of President Energy PLC, is due to join the AIM segment of the London Stock Exchange in mid-December.
We spoke to Olivier Mussat, the recently appointed CEO of ATOME Energy, about the company’s planned projects which are situated in Iceland and Paraguay. Both countries were selected as they have available baseload green generated electricity on tap 24/7 and available domestic-end markets with export potential in EU and Mercosur countries.
88 Energy Ltd. (AIM: 88E) has chosen the location for its planned Merlin-2 appraisal hole on Alaska’s North Slope. The explorer plans to start drilling in February. Investors were told Merlin-2 would be drilled east and downdip from Merlin-1. This area is expected to have thicker reservoir sections and higher porosity and permeability.
Merlin is a potential 652mln barrel exploration target, with an estimated geological success rate of 56%.
Serica Energy plc (AIM: SQZ) Announced that the first production has been achieved from Columbus. Hydrocarbons from the C1z development well started flowing into the Arran subsea system on 24 November.
The comingled Arran and Columbus production streams are now being exported to the Shearwater platform for processing and onward export to the gas and liquid sales points. Columbus is expected to be producing at its potential by early December. Further information on flow rates will be issued as part of an Operations Update in mid-December.
Tower Resources PLC (AIM: TRP) believes its farm-out agreement with Beluga Energy will move forward even though it still needs to be approved by the Cameroon authorities. The Cameroon Petroleum Code stipulates that the company must request approval for the proposed transaction on September 21. A 60-day period was given to allow the government to notify the company if it objects.
According to the company, the conditions of approval were met. It now awaits confirmation from the authorities.
Gil Holzman, chief executive of Eco Atlantic Oil & Gas Ltd (AIM: ECO) said he was pleased with another active period. The explorer published interim results for the six-month ended September 30.
Holzman stated that they had worked hard to provide a series of corporate and exploration catalysts to create shareholder value and maintain our balance sheet strength in preparation for a busy 2022. Eco closed the first half of the year with US$6.22mln cash. It was also debt-free after a July share placement raised US$4.9mln. Holzman highlights that the company has a lot to look forward to operationally.
Tlou Energy Limited (AIM: TLOU) stated to investors that it had achieved a number of significant milestones over the past year. It released a statement along with today’s AGM. These milestones will help the company get closer to its goal to deliver ‘the first CBM Project in Botswana to go into production.
Lesedi is currently the most advanced project in the company. It is intended to be a 10-MW gas-fired or solar operation and the company is also advancing other ventures as part of its new clean energy strategy.
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