U.S. energy companies added oil and natural gas drilling rigs for the record 18th consecutive month. This was after increasing the rig count this week in response to rising oil prices. More drillers are returning to 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 6% to 610 in the week of Jan. 28. This was its highest level since April 2020.
Brent crude oil futures rose $1.91 or 2.1% to $91.25 per barrel by 1436 GMT. They had reached $91.41 Friday, their highest level since October 2014.
U.S. West Texas Intermediate crude futures increased $1.83 or 2.11% to $88.44 per barrel WTI also hit a new seven-year high of $88.76 in Friday’s session.
Prospex Energy PLC (AIM: PXEN) has provided an update on its Selva field development project in Italy with the agreement for the Selva Malvezzi concession being sent by the Ministry for Ecological Transition to the Regional Government. This is the pre-award for the intergovernmental agreement and is the penultimate step for the approval of the Production Concession, which Po Valley is expecting at the end of March 2022 with the target for first gas in Q1-2023.
ACP Energy PLC (LON: ACPE) Admission to Trading & First Day of Dealings on Friday. ACP Energy Plc is a newly formed company set to capture value accretive opportunities in the oil & gas industry. The Company announced that admission to trading on the London Stock Exchange’s Main Market, Standard Segment, via a Special Purpose Acquisition Company (“SPAC”), will take place and dealings will commence at 8.00 a.m. today under the ticker ACPE.L.
OILEX LTD (ASX:AIM: OEX) December 2021 Quarterly Report, Appointment of Director, Colin Judd as a Director, of Oilex Ltd, effective 27 January 2022. Colin is currently an executive of Oilex, having been appointed as the Company’s Chief Financial Officer on 1 July 2021.
The Company is focussing on re-establishing a field program including a re-frac of the existing C-77H well to increase production and to develop a reliable fraccing methodology that can be applied to future wells.
Oracle Power PLC (AIM: ORCP) signed a non-binding Memorandum of Understanding with Sui Southern Gas Company , a publicly listed company on the Pakistan Stock Exchange, relating to the joint development of a synthetic natural gas (syngas) project utilising coal from Thar.
Advance Energy PLC (AIM: ADV) Board Changes, Cost Reduction and Refocused Strategy. Following the recent results of the Buffalo-10 well, the Company has undertaken a review of its cost structure in order to significantly reduce costs.
The Board has implemented measures to reduce the Company’s costs by over 50% through a number of initiatives, including reducing salaries and Director fees by over 60%.
To support these initiatives, CEO Leslie Peterkin has decided to resign from the Company with immediate effect, and he will be replaced on an interim basis by current Non-Executive Director Larry Bottomley.
San Leon Energy PLC (LON: SLE.) Amendment to investment in the Oza field, Nigeria. Oisin Fanning, CEO of San Leon Energy, commented:
“Our investment in Oza has taken longer to conclude than originally anticipated, but Decklar’s advancement of the project in the interim period means that we are now committing funds on the back of greater clarity around the field performance, which should de-risk the project for San Leon. We look forward to working more closely with Decklar on the next stage of development.”
United Oil & Gas PLC (AIM: “UOG”), announced the spudding of the ASD-2 development well in the Abu Sennan licence, onshore Egypt. United holds a 22% working interest in the licence, which is operated by Kuwait Energy Egypt (KEE).
Angus Energy PLC (AIM: ANGS) Update on FSP & Schedule at Saltfleetby. Presently numbering five have, along with Sound Energy plc, been invited into the Company’s data room and the Company has already begun constructive engagement with these parties.
Any interested party will be required to enter into a non-disclosure agreement with the Company on terms satisfactory to the Board. The Company then intends to provide such interested parties with certain information on the business, following which interested parties will be invited to submit their proposals to Beaumont Cornish Limited.
Mosman Oil and Gas Limited (AIM: MSMN) announces its production summary for the six months ended 31 December 2021.
Net Production attributable to Mosman for the six months was 17,344 boe, an increase of 5,201 boe, or a 43% increase compared to the six months to June 2021 of 12,143 boe. This is despite the operational issues experienced in December that reduced the production in the 3 months to 31 December.
Zephyr Energy PLC (AIM: ZPHR) £12m placing & debt to fund Williston, Paradox & Colin Harrington (CEO) Update. The Company is undertaking a conditional fundraise which consists of a £12 million equity Placing and has received an approved commitment for a US$28 million senior debt facility from a long-established North Dakota-based commercial bank.
The Board believes that the combined debt and equity proceeds have the potential to deliver substantial near-term value and growth for Shareholders.
TomCo Energy plc (AIM: TOM), announced that it has entered into an agreement with Heavy Sweet Oil LLC (“Heavy Sweet Oil”). A USA based oil and gas company, to assist it with permitting and government relations in respect of their planned drilling programme adjacent to the D Tract of the Tar Sands Holdings II LLC (“TSHII”) site in the Uinta Basin, Utah, United States.
Falcon Oil & Gas Ltd. (TSXV: FO, AIM: FOG) provided details of the Stage 3 work programme in the Beetaloo Sub-Basin, Northern Territory, Australia with its joint venture partner, Origin Energy B2 Pty Ltd., a wholly-owned subsidiary of Origin Energy Limited.
2022 will see Falcon and Origin progressing to the Stage 3 work programme of the restated Farm-Out Agreement. , which will include the drilling, fracture stimulation and extended production test of two horizontal wells.
Union Jack Oil plc (AIM: UJO) advised that the Company has been advised by the Operator of PEDL253 (Egdon Resources U.K. Limited), of their intention, on behalf of the Joint Venture, to submit an appeal against the refusal of planning permission by Lincolnshire County Council (“LLC”), on 1 November 2021, for a side-track drilling operation, associated testing and long-term oil production at the Biscathorpe site on PEDL253.
PEDL253 is situated within the proven hydrocarbon fairway of the South Humber Basin and is on-trend with the Keddington oilfield (Union Jack 55%) and the Saltfleetby gas field. Union Jack holds a 45% economic interest in PEDL253.
Advance Energy ( AIM: ADV ), provided the following update on the Buffalo-10 well, located offshore Timor-Leste.
The Operator, Carnarvon Petroleum Timor, Lda., has advised the Company that since the last update the wireline logging operations have been completed with only residual oil being encountered.
The well will therefore be plugged and abandoned, and the rig demobilised.
Empyrean Energy plc (AIM: EME), the oil and gas development company with interests in China, Indonesia and the United States, provides the following update to the Cyber Fraud outlined in the announcement of 16 December 2021.
Empyrean has commenced legal proceedings in the Singapore courts against the company believed to have committed the cyber fraud (“fraudster”), and has obtained an injunction order on 21 January 2022 against the fraudster to freeze its assets and obtain further banking information.
Empyrean will take the necessary steps and is taking legal advice for the purpose of pursuing recovery of the funds involved in the fraud.
Block Energy PLC (AIM: BLOE) JKT-01Z Well and Operations Update. Good progress has been made with testing at JKT-01Z, with initial production rates of 344 boepd (comprising 241 bopd and 17,500 m3 of gas per day)
Nearly $500,000 additional cash revenue per month, based on current production rates and sales prices.
Pantheon Resources (AIM: PANR) Spudding of Theta West #1 Well (Pantheon: 100% working interest. Following the completion of its work preparing the Talitha #A well for testing, the Nordic Calista #3 rig mobilized c. 8.5 miles to the Theta West location where it spudded the Theta West #1 well at approximately 10 pm GMT on Friday, 21 January. As of 10 pm GMT last night we were drilling ahead at a depth of 1874 feet.
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