Energy prices in the UK are anticipated to rise by 9% starting in October as the country heads into the colder winter months. Ofgem is expected to announce the new cap on Friday.
Cornwall Insight analysts predict that Ofgem will increase the cap from the current £1,568 to £1,714 from October, which represents the average annual cost for a British household. This adjustment follows recent volatility in the global energy market, with gas prices climbing in recent months, partly due to the ongoing conflict between Ukraine and Russia, as noted by Cornwall earlier this week.
Nick Tulk, the CEO of Voyager Life, conducted on-site at their helium well near Dodge City, Kansas. The well, known as the Rost well, is set to start production soon, with a helium content of 5.1%. The well has been completed, and they are preparing to begin extracting helium, purifying it on-site due to the remote location, and then transporting it to the market.
Nick mentions that they expect to start pulling water within the next week or two and aim to begin selling helium within the next month or two. The discussion also touches on logistical considerations, such as trucking the helium to the market and visiting other wells in the area, including the Smith and Nelson wells, which are already connected to the Scout Gathering system and selling helium.
Petro Matad Ltd (AIM:MATD) The Heron-1 oil discovery well has been re-entered: The Heron-1 oil discovery well has been re-entered, stimulated and completed for production in a trouble free operation. Neighbouring operator PetroChina has provided oil storage tanks that will complete the surface configuration for the production well site facilities.
DQE Drilling has been approved as the winning tenderer for the 2024 drilling programme and the rig to drill Heron-2 is expected to start mobilisation by the end of August with spud anticipated in mid-September. The smaller rig for Gobi Bear-1 well is expected to mobilise by mid-September and spud before month’s end.
Touchstone Exploration Inc (AIM: TXP) has informed investors that it will maintain its offer to acquire Trinidad-based Trinity Exploration & Production PLC (AIM: TRIN) and has confirmed that the offer will not be increased.
In a statement, Chief Executive Paul Baay emphasized, “We remain confident that the Touchstone Offer provides a significant opportunity to enhance value for shareholders of both Trinity and Touchstone. Therefore, we have decided not to let the offer lapse at this time.”
Georgina Energy plc (LON:GEX) Name change / Hussar Well Permitting Update: Further to its announcement on 30 July 2024, the Company announces that the application to change its name to Georgina Energy plc has been registered at Companies House with effect from 21 August 2024. The Company’s name change will be effective on the London Stock Exchange plc from 8.00 a.m. on Friday, 23 August 2024. The TIDM code “GEX” remains unchanged.
Regulatory Submissions: Georgina’s wholly owned operating subsidiary, Westmarket Oil & Gas Pty Ltd, has lodged its Notification of Operator, Authorisation Letter, and detailed work program with the Department of Energy, Mines, Industry Regulation & Safety (DEMIRS).
Georgina Energy PLC (LON: GEX), formerly known as Mining, Minerals & Metals, has informed investors that it is progressing smoothly towards approval for its proposed natural gas, hydrogen, and helium well program in Australia.
In a statement released on Thursday, which also marked the official announcement of the company’s name change, Georgina Energy confirmed that all required regulatory submissions have been filed through its wholly-owned subsidiary, Westmarket Oil & Gas.
UK Oil & Gas PLC (AIM: UKOG) has signed a lease agreement for its second hydrogen storage site in Dorset. The company announced on Wednesday that a 60-year heads-of-terms deal covering the lease of land and subsurface mineral rights has been finalised through its subsidiary, UK Energy Storage.
Diversified Energy Company PLC (LON: DEC) has expanded its presence in East Texas by acquiring a new package of assets. The $68 million deal will boost the company’s production by 21 million cubic feet per day (equivalent to 4,000 barrels of oil) and add 70 billion cubic feet (or 12 million barrels of oil equivalent) of Proved Developed Producing (PDP) reserves to its portfolio.
i3 Energy PLC (AIM: I3E) has confirmed that it has received and endorsed a firm offer from Canada’s Gran Tierra Energy Inc (LON: GTE). The offer, priced at an equivalent of 13.92p per share, values i3 Energy at approximately £174 million, reflecting a premium of about 49% over last week’s closing price.
Reabold Resources PLC (AIM: RBD) has expanded its stake in LNEnergy by acquiring an additional 1% interest through the subscription of 17 new ordinary shares. This £205,000 investment raises Reabold’s total holding in LNEnergy to 27.1%.
Voyager is pleased to announce that the Smith and Nilson wells owned by M3 Helium Corp. (“M3 Helium”) are now in production and tied into the gathering system owned by Scout Energy Partners (“Scout”). Sales of helium and methane will generate revenue for M3 Helium, and the Company currently anticipates receiving these revenues on a monthly basis.
Union Jack Oil plc (AIM: UJO and OTCQB: UJOGF), a UK and USA focused onshore hydrocarbon production, development, exploration and investment company announced a positive update in respect of the Company`s strategic expansion into the USA and its rapidly growing oil and gas production and revenue generating activities. The Company confirm that, following completion and testing, the Andrews 2-17 well has been declared a commercial discovery.
David Bramhill, Executive Chairman of Union Jack, commented: “Obviously I am delighted at the initial success and significant progress being made in the USA alongside our partners, Reach. “It is difficult to believe that our entry into North America at the start of the year would yield such material returns in such a short period of time.
88 Energy Ltd (AIM: 88E, ASX: 88E, OTC: EEENF) has provided an update to investors on the flow testing results from its Hickory-1 well in Alaska. The vertical well, drilled in February 2023, has been tested in its two main target reservoirs: the Upper SFS (USFS) and SMD-B.
HeLIX Exploration PLC (AIM: HEX) has announced significantly high helium gas shows while drilling the Clink-1 well in the Montana Helium Fairway. The company observed that during drilling in the Amsden formation at a depth of 3,885 feet, helium levels spiked to 50 times above the background concentration.
