Brent crude futures closed at $72.97 a barrel, down by $1.73, or 2.3%. Meanwhile, U.S. West Texas Intermediate crude decreased by $1.61, or 2.4%, to $66.74.
Both benchmarks were down by over $3 at their session low. Brent crude suffered its most significant weekly decline since December, falling by nearly 12% during the week. Similarly, WTI futures saw their most significant decline since last April, dropping 13% from Friday’s closing price.
U.S. crude oil futures have experienced a decline of almost 17% year-to-date, following a gain of around 7% in 2022. On the other hand, U.S. natural gas futures have seen a significant drop of approximately 47% in 2023, following a rise of about 20% in the preceding year.
Union Jack Oil PLC (AIM: UJO), along with its partners Europa Oil & Gas (Holdings) PLC (AIM: EOG) and Egdon Resources PLC (AIM: EDR), have provided an update to investors regarding the Wressle field’s plans and operations. The UK onshore project continues to perform better than expected since its restart in August 2021.
According to a statement from Union Jack, Wressle has now produced over 390,000 barrels of oil, surpassing the rates that were anticipated before the field was restarted. The project’s strong performance has been confirmed by ongoing operations.
According to energy services company Baker Hughes Co, U.S. energy companies added the highest number of natural gas rigs in a week in over four years. As a result, there was an increase in the total count of oil and gas rigs for the first time in five weeks, as reported on Friday.
According to Baker Hughes, the count of oil and gas rigs, which is considered an initial indication of forthcoming production, increased by eight to 754 in the week concluding on March 17. As a result, the total rig count is now 91 rigs higher, marking an increase of 13.7% compared to the same time last year. Although oil rigs declined by one to 589 this week, gas rigs increased by nine to reach 162.
On Friday, Predator Oil & Gas Holdings PLC (LSE: PRD) experienced a 20% decline, as anticipated, following the announcement of a conditional placement of 15.5 million new ordinary shares, with a placement price of 5.5p per share. The group’s aim was to raise £2mln to provide complete funding for their MOU-3 well project, which focuses on Morocco.
According to a statement by Mosman Oil and Gas Ltd (AIM: MSMN), there has been a noteworthy rise in reserves at the Cinnabar project in Texas subsequent to the drilling of a new well. The company has reported that its successful development drilling and production at the Cinnabar-1 well has led to an update in the field’s reserves report, which reveals a 78% increase in proved volumes.
San Leon Energy PLC (AIM: SLE, AQSE: SLE, OTC: SLGYF) has received an update from its partner in Nigeria, Decklar Resources, stating an upsurge in oil shipments intended for sale. According to the statement issued by the company, Decklar Resources, together with its co-venturer Millenium Oil & Gas, has added a new addendum to the sales agreement which will result in increased shipments of crude oil to a refinery in Edo State, Nigeria.
Europa Oil & Gas (Holdings) PLC (AIM: EOG) has disclosed that Simon Oddie, who has served as the company’s chief executive officer since August 2020, has opted to retire from the position. However, Oddie will stay on with the company in the capacity of a non-executive director. Effective immediately, the company’s chief financial officer, William Holland, will take over as the new CEO.
Arrow Exploration Corp (TSX-V: AXL, AIM: AXL) has issued an update on drilling operations at the Rio Cravo Este (RCE) oil field situated on the Tapir Block in Colombia’s Llanos Basin, revealing that the RCE-4 well was spudded on March 1, 2023, and reached total depth on March 8, 2023.
According to CEO Marshall Abbott, the RCE-4 well was drilled at a faster pace than any previous well on the Rio Cravo structure, indicating that the team’s experience with the play is resulting in more efficient operations and lower costs. Additionally, the log results of RCE-4 align with the company’s expectations for the well. This marks Arrow’s fifth successful well on the Tapir block, affirming the continuity of oil-bearing intervals observed in nearby wells.
