On Monday, oil prices dropped due to worries about the economic repercussions of a possible interest rate hike by the U.S. Federal Reserve and declining Chinese manufacturing figures, which overshadowed the positive influence of the latest OPEC+ supply reduction measures beginning this month.
Brent crude declined by $1.64 or 2.0%, settling at $78.69 a barrel at 0947 GMT, while U.S. West Texas Intermediate (WTI) crude experienced a $1.66 or 2.2% drop, trading at $75.12.
Ole Hansen, Head of Commodity Strategy at Saxo Bank, observed, “The inability to establish a firmer position above $80.50 in Brent indicates persistent selling pressure amidst prevalent concerns about growth and demand.”
#ANGS ready to make the first attempts to flow gas into the system. Given this is material information & we are in any event obliged to update our earlier timetable of sales gas.
An announcement by RNS on Tuesday 2 May on the status of the connection.https://t.co/NZfack2hhZ pic.twitter.com/aVktkyAw85
— Share_Talk ™ (@Share_Talk) May 1, 2023
Europa Oil & Gas (Holdings) PLC (AIM: EOG) announced the immediate retirement of William Ahlefeldt, a director since 2004. Ahlefeldt played a pivotal role in the company’s AIM listing and remains one of its largest shareholders.
Tower Resources PLC (AIM: TRP) CEO Jeremy Asher has informed investors that the company is nearing a final schedule for the NJOM-3 well in Cameroon. The well is expected to be transformational for the company, which is also in talks with the Cameroon authorities for an extension of its initial exploration period.
Mosman Oil and Gas Ltd (AIM: MSMN) has expanded its presence in Texas by acquiring a new lease adjacent to its Cinnabar project. This follows an analysis that suggests the Cinnabar field extends beyond its current 350-acre lease.
Scirocco Energy PLC (AIM: SCIR) has appointed Matt Bower as a non-executive director to its board. Bower has a strong background in the energy sector, having served as COO and CFO for several listed and private companies.
Challenger Energy Group PLC (AIM: CEG, OTC: BSHPF) has identified between 1bn and 2bn barrels of exploration prospects in its offshore Uruguay acreage after reprocessing 2D seismic data.
@CEG_plc told investors this week that between 1bn & 2bn barrels worth of exploration, prospects have been identified in its acreage offshore #Uruguay The company expects it will soon begin a farm-out process to seek an exploration partner #CEG SP 0.10, Mkt cap 9.14M.. Watch list https://t.co/SGGxrBciA6 pic.twitter.com/E0rZXRAMHm
— Share_Talk ™ (@Share_Talk) April 30, 2023
88 Energy Ltd (AIM:88E, ASX:88E, OTC: EEENF) reported that the Hickory exploration well in Alaska has met or exceeded its pre-drill objectives and was completed within budget. The well discovered multiple hydrocarbon-bearing pay zones across all pre-drill targets.
Harbour Energy PLC (LSE: HBR) shares rose after announcing a new oil discovery off the coast of Mexico. The Kan-1 exploration well in the ‘Block 30’ lease encountered over 170 meters of net pay.
Greenpeace will learn if it can proceed with a case in the UK’s High Court to challenge the government’s decision to run the 33rd oil and gas licensing round, which closed with applications from major companies like Shell PLC and BP PLC.
ADM Energy PLC (AIM: ADME, ETR: P4JC) has hired Stefan Olivier as its new CEO and appointed Claudio Coltellini as a non-executive director, both of whom are representatives of OFX Holdings. Non-executive director Manuel Lamboley has resigned.
Union Jack Oil PLC (AIM: UJO) received a positive assessment from Shore Capital Markets, noting that the Wressle field continues to exceed expectations and is the UK’s second most productive onshore oilfield.
The share price offers investors over 300% upside, according to stockbroker Shore Capital, which remains confident in the investment case after a positive trading update.
Union Jack Oil PLC (AIM: UJO) provided an update on its joint venture partner projects with Europa Oil & Gas (Holdings) PLC and Egdon Resources PLC (AIM: EDR) ahead of its interim results due on 15 May.
It comes ahead of Union Jack’s interim results, due on 15 May.
Europa Oil & Gas (Holdings) PLC (AIM: EOG) CEO Will Holland hailed the firm’s first set of results under his leadership as “demonstrating unprecedented operational figures.”
In their six-month results statement ending 31 January 2023, the company revealed a record interim revenue of £3.7 million, a significant increase from £2.2 million during the same timeframe in 2022.
Touchstone Exploration Inc (AIM: TXP, TSX: TXP, OTC: PBEGF) CEO Paul Baay remains optimistic despite an initial discouraging outcome from one of the Royston-1X well’s test sections.
The company stated that an examination of the well’s deepest and least prolific section confirmed the existence of light crude oil, albeit at non-commercial rates.
BP PLC (LSE: BP.) is experiencing increased pressure to align its climate policies with the 2015 Paris Agreement targets, after modifying objectives in February without stakeholder approval.
Shareholders of the FTSE 100-listed oil corporation are urging the company to reduce carbon emissions by 50% by 2030. This proposal will be voted upon at BP’s annual general meeting on Thursday, 27 April.
