Share Talk Weekly Energy Sector News Round-Up, 5th March 2022

The Yamal-Europe pipeline, which transports westbound natural gas through it, was shut down Friday. Gazprom’s bids to increase transit capacity via Ukraine are at high levels according to data provided by pipeline operators.

The pipeline connecting Poland and Germany accounts for around 15% of Russia’s westbound gas supply to Europe and Turkey. However, the pipeline has been in reverse since December and is driving European gas prices up.

Russian President Vladimir Putin stated that Russia will continue to supply gas to the world market, even though the United States of America and its European allies have increased sanctions against Moscow following Russia’s invasion of Ukraine.

Borders & Southern (AIM: BOR), announced its intention to undertake fundraising; Proposed Subscription and Open Offer to raise up to approximately US$1.8 million (£1.35 million). The net proceeds of the Fundraising will be used to enable the Company to continue to explore the best options to appraise and develop its Darwin gas/condensate discovery, as well as for general working capital purposes.

88 Energy Limited (ASX:88E, AIM:88E), notes that light oil was recovered during two separate production tests at Pantheon Resources (AIM: PANR) Talitha-A well. Pantheon made several discoveries in an adjacent block, including the Alkaid well in 2019, and the Talitha well and Theta west wells in recent years.

These wells are currently being tested in the winter field season. In a statement, the company gave mixed results from the Talitha well, which was drilled previously. The company stated that its most recent test was suspended by a blizzard, and then found out that results were hampered by a blockage.

United Oil & Gas PLC, (AIM: UOG), stated to investors that it intends to keep its UK Central North Sea projects despite rising commodity prices and renewed activity around the area. In a statement, the company noted that its proposed £3.2mln deal with Quattro Energy had reached its “long-stop” date of February 28. It also stated that, although it had received regulatory approval, Quattro hadn’t completed the necessary fundraising.

Europa Oil & Gas (AIM: EOG) Results of the Placing and PrimaryBid Offer. Further to the announcement regarding the proposed Fundraising, Europa Oil & Gas (Holdings) plc announced that it has conditionally raised gross proceeds of £ 7.02 million, before expenses. Certain directors of the Company will be participating in the Placing, namely, Simon Oddie, Brian O’Cathain and William Ahlefeldt-Laurvig (the “Participating Directors”) and will be subscribing for the Placing Shares.

Eco (Atlantic) Oil & Gas Ltd. (AIM: ECO, TSX ‐ V: EOG), announced that the Joint Venture partnership of Block 2B, offshore South Africa, has entered into a drilling contract for the Island Innovator semi-submersible rig with Island Drilling Company AS for the upcoming drilling of the Gazania-1 well. Gazania-1 well planned in October 2022

i3 energy PLC (AIM: I3E, TSX: ITE)Europa Oil & Gas Holdings PLC (AIM: EOG) each said that they were ‘delighted’ to have teamed up for the Serenity project in the UK North Sea. Serenity is an appraisal opportunity and development opportunity in which Europa can earn a 25% stake by paying 46.25% for a well.

The well cost is estimated to be circa £14 million and Europa’s 46.25% paying interest will be applied up to a capped gross well cost of £15 million. Any well costs exceeding £15 million will be paid by the companies in proportion to their respective working interests. Completion of the deal and transfer of the licence interest to Europa will be subject to principal conditions.

Nord Stream 2 owner contemplates insolvency following pipeline halt and sanctions

Nord Stream 2 AG is registered in Switzerland. It is owned by Gazprom, a Russian state-owned gas giant. The $11 billion project was completed last year to increase the gas flow from Russia to Germany.

Two sources spoke under the condition of anonymity to discuss the potential insolvency talks. They said Nord Stream 2 AG had been working with a financial advisor on clearing some of its liabilities. The company could formalize insolvency proceedings before a Swiss court this week.

Helium One Global Ltd (AIM: HE1) shares are significant upside according to broker Liberum. Liberum reiterated its recommendation to buy shares in the Tanzanian-focused helium explorer/developer. Liberum’s “buy” note included a 19p price target. The shares traded for 9.63p each in early afternoon trade.

Exploration efforts to explore Tanzania have been supported by a University of Oxford study and Durham University study that incorporated data from the Rukwa programme last year. The Academic Study, entitled “The Principles of Helium Exploration”, was published in Petroleum Geoscience journal.

88 Energy Limited (ASX:AIM: 88E) report that the mobilisation of the Arctic Fox rig to the Merlin-2 appraisal well drilling location is now complete. Pre-spud operations are continuing and now entering the final phase. The Merlin-2 spud date is scheduled for the week commencing 7 March 2022, with the well permitted to a Total Depth ( TD ) of 8,000 feet.

Malcy’s Blog – Oil price, Chariot, San Leon Energy, PetroTal Corp, SDX Energy & finally

Tlou Energy (AIM: TLOU) stated that it had reached an agreement with the Botswana Public Officers Pension Fund, (BPOPF), on a conversion rate for the loan note for Lesedi. This allowed the funds to be released for the project. It stated that if BPOPF converts the note, the company would issue a maximum of 115,772,900 shares.

LEKOIL (AIM: LEK), announced Savannah Energy Investments Limited, has entered into a convertible facility agreement and option agreement with the Company in order to support the Company’s restructuring. Savannah Investments is a wholly-owned investment vehicle of Savannah Energy PLC (AIM: SAVE), the British independent energy company focused on the delivery of Projects that Matter in Africa.

Chariot Ltd (AIM: CHAR) informed investors that it was formally granted the Rissana offshore license, in Morocco. This is an area that surrounds Chariot’s Lixus offshore licence, home to the Anchois gasfield. In a statement, the company stated that the acquisition of acreage gives material additional running room’ to keep up with Anchois’s trend.

Mosman Oil and Gas Ltd. (AIM: MSMN), stated that it was granted a Central Land Council permit (CLC), for the EP145 prospect in Amadeus Basin. Oil exploration, development and production companies have been given authority to enter and stay on Aboriginal land or community living areas in the Northern Territory of Australia.

MetalNRG plc (AIM: MNRG) announces that further to the announcement made on 31 January 2022 that it had filed and served civil legal proceedings in the English High Court against Brit ENERGY Holdings LLP (the “LLP”), Pierpaolo Rocco (“Mr Rocco”) and BritNRG Limited (the “Joint Venture Company”) (together the “Defendants”) for, inter alia, a declaration and the recovery from the Defendants of monies paid to the LLP in 2021, it has, with disappointment, agreed to a further request for extensions of time by the Defendants for the filing of defences to 18 March 2022 (the maximum time permitted without the consent of the Court).

Oilex Limited (ASX:AIM: OEX) provide the following update on its proposed Medway Hub Carbon Capture and Storage (CCS) project in the UK. The CCS project provides for the capture and transportation of CO2 emissions from coastal CCGT power stations in liquid form by marine tanker to a Floating Injection, Storage and Offloading vessel (FISO) from which the CO2 would be injected into the Esmond and Forbes depleted gas fields, which are situated in the UKCS, for permanent sequestration.

As previously announced, the Company has applied for a CCS license via the Oil and Gas Authority’s nomination process to store CO2 in these two depleted gas fields. The Company is hoping to be granted the license in the coming months.

BP will sell its 19.75% share in Russian state-owned Russian oil company Rosneft following Russia’s “act in aggression in Ukraine”. After Thursday’s invasion, the UK government had put pressure on the oil giant to move. Since 2013, it has been holding the Russian shareholding.

Bernard Looney, chief executive of BP, has resigned with immediate effect from Rosneft’s board. Bob Dudley was also nominated by BP.


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