UK Oil & Gas PLC (AIM: UKOG) announced that following the temporary suspension of Pinarova-1 testing operations, larger and more powerful 7-inch perforating guns, capable of fully penetrating Pinarova-1’s 9⅝-inch casing and cement that are available for import into Turkey, have now finally been sourced.
The Company is working closely with the Pinarova-1 operator, Aladdin Middle East, to facilitate delivery to the site as soon as possible so that testing operations can recommence.
The Upper Slope Fan System (Upper SFS) of 88 Energy Ltd’s (AIM:88E, ASX:88E, OTC: EMF) Project Phoenix covers a broader area than initially indicated, as revealed in a recent Cavendish research note.
The newly concluded mapping stretches across four miles and shows promising oil potential, evidenced by the Icewine-1 well, stated the corporate broker.
88 Energy Ltd conveyed to its investors that the preparations for the planned flow testing of the Hickory-1 well in Alaska are underway. According to a company statement, all permitting and planning activities are on schedule, with operations expected to commence as soon as possible in Q1 2024, during the Alaskan winter season.
Shares of Longboat Energy PLC (AIM: LBE) fell by approximately 14% following the announcement of a smaller-than-expected gas discovery offshore Norway. The Velocette well disclosed a “minor” discovery with a gas column measuring around nine meters.
The well will now be plugged and abandoned as planned. The licensing partnership consists of Longboat JAPEX Norge AS (20%), OMV Norge AS (40% operator) and INPEX Idemitsu Norge AS (40%).
Oil prices achieved a new 10-month high on 20th Sep 2023, reaching US$95 a barrel, a level not seen since November of the previous year, following continued production cuts from some of the world’s major suppliers.
Zephyr Energy PLC (AIM: ZPHR, OTCQB: ZPHRF) is anticipating a significant infrastructure enhancement, with reports indicating that Dominion Energy has completed its gas supply pipeline near Zephyr’s Utah acreage ahead of schedule.
The Company expects to be able to provide a detailed update on both the pipeline status and progress on its Paradox Project as part of its interim financial report for the six months ended 30 June 2023 that will be published by 29 September 2023.
Union Jack Oil PLC (AIM: UJO) has acquired a 3% stake in Beacon Energy PLC (AIM: BCE), expanding its exposure to a German asset base that includes onshore production, development, appraisal, and exploration. Post-acquisition, Union Jack holds 430 million Beacon shares, making up 3.22% of the company.
David Bramhill, Executive Chairman, commented: “In line with our stated strategy to seek growth opportunities in foreign jurisdictions with politically safe regimes, we are very pleased to declare our initial investment in Beacon. We consider the investment to be a good use of capital generated from consistent cash flows principally from our flagship asset at Wressle.
Serica Energy (AIM: SQZ) a prominent player in the North Sea oil and gas industry, has revealed plans for a new drilling initiative even as other firms scale down their activities due to the introduction of the windfall tax.
Serica’s CEO, Mitch Flegg, expressed enthusiasm about the upcoming “continuous drilling and well operations across the Bruce and Triton hubs over the forthcoming eighteen months.” This announcement coincided with a modest increase in the company’s profits. In the first half of 2023, the company reported post-tax profits amounting to £175,472, which marked an increase from last year’s £116,729 during the same period.
Equinor has reported nearly a billion pounds increase in the estimated cost for developing the Johan Castberg project in the Barents Sea, now expected to cost 80 billion Norwegian crowns (NOK).
Orcadian Energy PLC (AIM: ORCA) spearheaded progress with a remarkable 300% surge in shares. This followed the announcement of a tentative agreement with a prospective operator for its principal North Sea asset. If concluded, the agreement will concentrate on exploiting the Pilot field, recognized as one of the substantial unexplored regions in the Central North Sea.
Shore Capital Markets, a house broker, reacted positively to the “brief yet highly encouraging” production update provided by Touchstone Exploration Inc (AIM: TXP, TSX: TXP, OTC: PBEGF) regarding its newly commissioned Cascadura facility.
Touchstone disclosed that on 15 September, it met its projected Cascadura gross natural gas production rate of 60 million cubic feet per day (MMcf/d). Shore Cap analysts commented that this was “very consistent with our existing modelling assumptions.”
Etana Energy, in which Chariot Ltd (AIM: CHAR, OTC: OIGLF) holds a 25% stake, has been instrumental in a milestone renewable energy-sharing project in Cape Town, South Africa.
Chariot detailed in an RNS filing that the initial electrons of renewable energy have been officially ‘wheeled’ through the City of Cape Town’s energy grid, as part of the plans to address the capital’s load-shedding challenges.
Arrow Exploration Corp (TSX-V: AXL, AIM: AXL, OTC: CSTPF) unveiled plans for a horizontal six-well drilling program at the Carrizales Norte (CN) field in Colombia, following outcomes from the CN-3 well which established the field as “transformational” for the company.
The CN-3 well, drilled vertically, has undergone production testing with the aid of an electric submersible pump (ESP). It initially recorded production at an average rate of 1,149 barrels of light crude oil per day gross (575 barrels net to Arrow), with a water cut recorded at 0.5% over a 22-hour span.
Touchstone Exploration Inc (AIM: TXP, TSX: TXP, OTC: PBEGF) informed stakeholders that it has attained the target production rate at the Cascadura project just a week after the project’s inception.
In a statement, the company disclosed that it realized its projected Cascadura gross natural gas production rate of 60 million cubic feet per day (MMcf/d) on 15 September.
Diversified Energy Company PLC (LSE: DEC, OTCQX: DECPF) has announced the resignation of Chief Financial Officer Eric Williams, who is leaving to explore other professional opportunities.
According to the statement, Williams will continue his role until the end of September 2023 to guarantee a seamless transition of leadership.
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