Middle East war could send oil to $140 a barrel, says Allianz War in the Middle East could cause the oil price to surge to $140 a barrel and bring the world to the brink of a recession, according to analysts.
Ana Boata, head of economic research at Allianz Trade, said there is a 20pc probability of such an outcome transpiring.
Pantheon Resources PLC (AIM: PANR, OTCQX: PTHRF) CEO, Jay Cheatham, emphasized that the re-entry of the Alkaid-2 well in Alaska met the company’s three primary goals. Following a flow test of the Shelf Margin Deltaic B (SMD-B) horizon, the testing phase has concluded. The company informed stakeholders that the outcomes confirm the updated frac design of the well.
Europa Oil & Gas (Holdings) PLC (AIM: EOG) CEO, Will Holland, expressed satisfaction with the smooth operations at the Wressle field. The installation of a downhole jet pump and the Wressle well’s completion have been finalized. Additionally, the improvement of surface facilities is almost complete.
Zephyr Energy PLC (AIM: ZPHR, OTCQB: ZPHRF) informed stakeholders of its intentions to progress the Paradox project in Utah by re-drilling at the initial State 36-2 location, aiming to create a “twin” well. This decision comes after a “well control incident” reported earlier this year.
CEO Colin Harrington sees this move as “the best way forward to capitalize on the substantial discovery” from the first well.
Harrington stated, “Our attention is centered on the immediate potential of the State 36-2 well site, as well as the Paradox project’s long-term prospects. The board remains steadfast in its mission to unveil the next significant onshore US oil and gas venture.”
Union Jack Oil PLC (AIM: UJO) has updated its investors on the successful installation of a downhole jet pump and the completion of the Wressle well. The enhancement of surface facilities is nearing completion.
A new surface Triplex pump has been purchased and has been installed and connected. The final stages of the surface facilities upgrades are nearing completion. The re-instatement of production operations at Wressle-1 well is currently expected during the week commencing 23 October 2023.
Southern Energy Corp (TSX-V: SOU, AIM: SOUC, OTC: MAXMD) has reported to its investors that its third-quarter production in Mississippi has averaged 2,814 barrels of oil equivalent per day, marking a 6% increase compared to the previous quarter. This growth can be attributed to the company’s recent Gwinville acquisition, and it’s worth noting that the current production output stands at 2,900 boepd.
Scirocco Energy PLC (AIM: SCIR) surged by 16% following the successful conclusion of its sale of a 25% stake in the Ruvuma gas asset in Tanzania to APT. As per the agreement, Scirocco confirmed that it has received the remaining balance of the completion payment, totalling US$2.54 million.
Mosman Oil and Gas Ltd (AIM: MSMN) has recently engaged in a farm-in agreement with Greenvale Gold Pty Ltd, a wholly-owned subsidiary of Greenvale Energy Ltd, concerning their EP 145 asset located in the Northern Territories of Australia. Upon Completion, Mosman will retain a 25% working interest in EP 145 and Greenvale will earn a 75% working interest in EP 145.
Andy Carroll, CEO, commented: “We are pleased to have reached agreement with Greenvale who we see as a strong Joint Venture partner to work with in Australia. This agreement delivers on funding exploration and is validation of the helium, hydrogen and hydrocarbon potential of EP 145.”
Helium One Global Ltd (AIM: HE1, OTCQB: HLOGF) has reported that drilling operations have recommenced in Tanzania after a rig repair. The Tai-3 well program is now making progress toward its planned depth of 1,100 meters, with drilling resuming at 14:00 BST on Sunday, October 15, as confirmed by the company.
Genel Energy PLC (LSE: GENL, OTC: GEGYY) has informed its investors that the Tawke field achieved a total gross production of 25,984 barrels during the third quarter. This production rebounded following the resumption of operations aimed at supplying local customers in July. Earlier, production had been halted in March due to the closure of the export pipeline from the Kurdistan region of Iraq into Turkey.
