Share Talk Weekly Energy Sector News Round-Up, 6th November 2021

This could be the last major onshore discovery that the world sees, and it has a multi-billion boe potential. Here at Share Talk, we have been watching and with drilling starting in Q1, whats not to like?

The best part for us? The entire Kavango Basin has been licensed to Reconnaissance Energy Africa, a small-cap exploration company. (TSX.V: RECO, OTCMKTS:RECAF) with an experienced team consisting of geologists who work with Halliburton and Schlumberger.

They just completed a 450-kilometre-long seismic acquisition to confirm the details of a highly-anticipated multiwell drilling program that will begin in Q1 next year.

Insiders buying shares even though short sellers are threatening the share price is a sign of a reason. They wouldn’t buy more if they weren’t excited by the Company’s future prospects and their 450-sq km of seismic.

Providence Resources PLC,(AIM:PVR). informed investors that the well site survey at Barryroe, offshore Ireland, has been completed.

This program included environmental, shallow geophysical, and seabed surveys at the K Well drilling site.

Lansdowne Oil & Gas plc, (AIM: LOGP), the North Celtic Sea focused oil and gas company, announced that the site survey over the K area of the Barryroe Field has been completed successfully. The Barryroe field lies in shallow water of around 100m and is some 50km off the south coast of Ireland.

Empyrean Energy PLC, (AIM:EME). stated to investors that it had made “significant operational advances” towards drilling an exploration well at the Jade prospect in offshore China. CNOOC EnerTech was appointed as a contractor. The drilling of the well is scheduled to start in December.

Empyrean CEO, Tom Kelly, stated: “Engagement of CNOOC EnerTech marks another important milestone towards conducting a safe and successful drilling operation. Empyrean is delighted to have the experience and capability of the CNOOC EnerTech team onboard and working with Empyrean to drill the Jade prospect. We are now counting down towards drilling of the Company’s first exciting exploration well in China. We look forward to providing shareholders with further updates in the short term.”

Malcy’s Blog – Oil price, Genel Energy, Wentworth Resources, Cairn Energy & finally

Cairn Energy, (LON:CNE) has signed certain agreements with India that would allow for the reimbursement of taxes under a long-running, billion-dollar dispute with India. This sent the British company’s shares almost 3% higher Wednesday.

This news comes just a month after the Indian oil and gas producer stated in September that it was looking at undertakings with the government of India after changes to the retrospective tax law that was at the core of the dispute.

Cairn, a London-listed company, stated that it would begin filing necessary documents and collaborate with New Delhi in order to speed up the refund of approximately 79 billion rupees ($1.06 trillion).

Helium One Global Ltd, (AIM:HE1) launched phase 2 exploration at Rukwa, Tanzania’s Rukwa Project. There, a new 2D seismic data acquisition program had already begun. According to the company, survey and line clearing teams have been mobilised.

U.S. drillers add new rigs to their fleet for the second week in succession -Baker Hughes

Egdon Resources plc, (AIM:EDR), announces its preliminary results for the year ended 31 July 2021. Commenting on the Results Egdon’s Chairman, Philip Stephens said;

“During what has been a challenging period as we continue to navigate the COVID pandemic and its macro-economic impacts, I can report that we have continued to make progress against our revised strategy and the business is in a significantly stronger place than a year ago. We have strengthened our financial position and are now operating in a higher commodity price environment as worldwide demand recovers.

Operationally the highlight is undoubtedly Wressle, where production has significantly exceeded our expectations and the material revenues from this asset will transform the cash flow for the business in the current period and beyond, providing optionality for near-term growth opportunities in line with our stated strategy.”

Half of the world’s fossil fuel assets may be worthless by 2036

Westmount Energy Limited, (AIM:WTE) made another offshore Guyana discovery. However, the Sapote-1 well encountered non-commercial volumes.

San Leon Energy PLC, (AIM:SLE), is an independent oil and gas company that has extended the conditional payment waiver for some loan notes. Logistics and export activities for the Oza-1 well are being finalized, at which point, the well will commence commercial oil production.

The Company is currently evaluating the next phase of development drilling activities at the Oza Field.

Sound Energy PLC, (AIM:SOU) Phase 1 LNG Sale & Purchase Agreement Extension. Announces that Afriquia Gaz and Sound Energy have agreed to an extension to the period during which the contractual conditions precedent to the Phase 1 LNG Sale & Purchase Agreement announced by the Company on 29 July 2021 (the “LNG SPA”) are required to be satisfied until the 30 November 2021.

Malcy’s Blog – Oil price, Sound Energy, Savannah Energy, President Energy, Gran Tierra, Zenith Energy & finally

Mosman Oil and Gas Ltd, (AIM:MSMN) completed drilling the Stanley-5 well in east Texas. It identified several oil-bearing sands. According to the company, the well will be ready for production. Flow rates will be made public as soon as they are available.

Union Jack Oil plc, (AIM:UJO) the UK focused onshore hydrocarbon production, development and exploration company advises that a planning application for a side-track drilling operation, associated testing and long-term oil production at the Biscathorpe site (PEDL253) was refused at today’s meeting of the Lincolnshire County Council Planning Committee.

The application, submitted by Egdon Resources UU.K. Limited, had been recommended for approval by Lincolnshire County Council’s planning officers.

The Joint Venture awaits the formal decision notice before taking advice and considering its options which include an appeal.

Genel Energy PLC, (LSE:GENL )stated to investors that it had received US$29.9mln from the Kurdistan Regional Government for oil sales that took place in August.

US$13.7mln was paid for crude oil sales from the Tawke fields. US$8.2mln was also received for the Tawke override payment. US$1.9mln was paid for the Taq Taq fields. US$2.2mln was expected to be used for Sarta field oil sale. The company also received US$3.9mln in due receivables related to previous oil sales.

This week, the company released its third-quarter results. It highlighted that the business continues to “generate materially positive cash flow”, as it increased its dividend by 20%.

Malcy’s Blog – Oil price, Challenger Energy, Victoria Oil & Gas, Eco (Atlantic) Oil & Gas, Pharos Energy, Helium One & finally


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