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Share Talk Weekly Energy Sector News Round-Up, Saturday 11th November 2023

November 11, 2023

Helium One Global (AIM: HE1) The Company’s Epiroc Predator 220 drilling rig has encountered an issue with the hydraulic system which, as a result, is affecting the performance of the iron rough neck mechanism.

Both the hydraulic system and the iron rough neck are critical to the operations of the rig and, as a result of this, the Company has had to temporarily shut down operations whilst the full extent of the issue is determined.

As a result of this, the Company is currently unable to pull the drill string out of the hole and has therefore been unable to commence wireline operations as planned. However, the drill pipe can still be rotated and drilling fluid circulated so wellbore stability remains good.

Genel Energy PLC (LSE: GENL, OTC: GEGYY) communicated to investors that production volumes from the Tawke field are continuously increasing in the fourth quarter, with output currently “averaging double” compared to the previous three months.

Genel reported that production in the third quarter averaged 25,984 barrels of oil per day, following the restart of operations in mid-July.

Westmount Energy Limited (AIM: WTE, OTCQB: WMELF) informed investors that offshore exploration “hotspots” in Guyana and Namibia in deepwater areas are strategically positioned to benefit from the expected surge in industry investment in exploration.

According to Westmount, investments in the upstream segment of the oil sector are projected to reach their highest levels in 2023, totalling up to US$528 billion, as per estimates from the International Energy Agency (IEA).

Reabold Resources PLC (AIM: RBD) is currently in the midst of another attempt by a faction of dissenting shareholders to overhaul its board. This oil company successfully fended off a similar takeover bid in October 2022, and now, Kamran Sattar, the main instigator of the previous effort, is once again spearheading this call for a vote.

Sattar is proposing to install himself and three additional directors, aiming to oust all current board members, including the joint CEOs Sachin Oza and Stephen Williams.

Union Jack Oil (AIM: UJO) confirmed that the Wressle-1 well has been brought back into production after the installation of a downhole jet pump, as reported by Shore Capital. The well has recorded flow rates exceeding 950 barrels per day and is currently in continuous 24-hour production, still in the process of cleaning up.

i3 Energy PLC (AIM: I3E) reported a sequential increase in its oil production of 14% during the third quarter. The AIM-listed oil and gas company successfully extracted a total of 21,165 barrels of oil equivalent per day. This achievement reflects a 3% year-on-year improvement.

The company witnessed a 47% surge in net operating income from the previous quarter, amounting to US$25.97 million (£21.2 million), buoyed by restored production levels and favourable global commodity prices.

Capitalizing on these positive developments, i3 Energy made strides in reducing its debt by paying off a portion of its new credit facility denominated in Canadian dollars, decreasing the initial borrowed sum from C$74 million to C$66.67 million.

Plexus Holdings PLC (AIM: POS) witnessed a strong surge in its stock value on Monday afternoon, following a noteworthy development in its wellhead rental business.

The company has secured a £175,000 rental contract award to provide SLB’s ‘Exact’ adjustable wellhead systems and ‘Centric’ midline suspension equipment to Neptune Energy UK.

Helium One Global Ltd (AIM: HE1, OTCQB: HLOGF) has received promising early indications after drilling the Tai-3 well in Tanzania. Helium levels detected in the well are up to six times higher than the background levels.

These significant findings were observed in the Lower Karoo Group and the Basement targets, with the concentration of inert gas increasing progressively with depth. This aligns with the company’s initial projections and represents a positive sign for the project.

Cavendish analysts have responded favourably to 88 Energy Ltd’s (AIM: 88E, ASX: 88E) recent announcement, which was published on Monday, revealing approximately 250 million barrels of contingent oil equivalent resources within the BFF reservoir at its Hickory-1 project site.

The independently verified assessment of contingent resources, conducted by the US-based consultancy Netherland, Sewell & Associates (NSAI), includes 136 million barrels of recoverable hydrocarbon liquids (comprising oil and natural gas liquids) and 628 billion cubic feet of recoverable gas.

Mosman Oil and Gas Ltd (AIM: MSMN) has reported its production figures for the three months ending in September 2023, with a net output of 3,564 barrels of oil equivalent. This marks a decrease from the previous quarter’s output of 5,937 barrels due to operational activities, including the installation of a pump at the Stanley-5 site and reduced rates from the Cinnabar-1 well.

88 Energy Ltd (Listed as AIM:88E, ASX:88E, OTC:EEENF) has delineated approximately 250 million barrels of contingent oil equivalent resources within the BFF reservoir situated at the Hickory-1 project location.

According to the company’s official announcement, this estimate encompasses 136 million barrels of recoverable hydrocarbon liquids, which encompass both oil and natural gas liquids, in addition to 628 billion cubic feet of recoverable gas.

Angus Energy (AIM: ANGS) announced that the permanent flowline from the BO7T well at the Saltfleetby gas field in Lincolnshire was successfully commissioned on Friday 3rd November at 16.30 with minimum production loss. This has been a challenging project not least because of the weather conditions during construction but also because of the technical challenges in finalising the flowline design.

Operations Director Tim Kaye commented, “This is another key Company milestone delivered safely and with no harm to the environment and we can all take pride in another site goal achieved with the material benefit of reducing costs at site and further improving the long-term sustainability of the Saltfleetby Field”.

Union Jack Oil PLC (AIM: UJO) has celebrated a positive outcome for the Biscathorpe project, as the planning inspectorate upheld a prior successful appeal against Lincolnshire County Council’s refusal of planning permission. The application pertains to a side-track drilling operation, associated testing, and long-term oil production at the Biscathorpe-2 wellsite.

David Bramhill, Executive Chairman of Union Jack commented: “I am delighted to report this highly positive news in respect of Biscathorpe, one of our highest-ranked projects, in which Union Jack holds a material 45% economic interest.

“While drilling the Biscathorpe-2 well, there were hydrocarbon shows, elevated gas readings and sample fluorescence observed over the entire interval from the top of the Dinantian to the Total Depth of the well, with 68 metres being interpreted as oil-bearing.


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