Oil prices appeared set to break a two-week streak of gains following comments from US Federal Reserve Governor Christopher Waller, who advocated for postponing interest rate reductions for at least another two months.
On Friday Brent crude, the global standard, experienced a 1.3% decline today, dipping below $83 per barrel. Meanwhile, the US’s West Texas Intermediate saw a decrease of 1.5%, approaching $77.
Wholesale gas prices have returned to levels not seen since before the onset of supply constraints by Vladimir Putin, indicating a shift in Europe’s energy crisis. The Dutch front-month futures, a key indicator in European markets, dropped below €23 per megawatt hour, reaching their lowest since May 2021.
In the UK, the corresponding contract has seen a similar decline, dropping from 640p per therm in August 2022 to under 57p in early Friday trading.
Shares of Coro Energy PLC (AIM: CORO) experienced a significant rise in early trading on Friday, following the announcement by the AIM-listed company of a major regulatory advancement for its Mako field development project in Indonesia, including the approval of sales terms.
In a recent statement, the company confirmed that the Indonesian Minister of Energy and Natural Resources has sanctioned the gas price and volume allocation for the project.
Canadian Overseas Petroleum Limited (LSE: COPL, CSE: XOP, OTC: VELXF) has alerted its investors about its persistent liquidity challenges, revealing that it is exploring strategic alternatives, including potential formal insolvency protection.
The company cautioned that these measures might impact the value of its common shares.
Empyrean Energy PLC (AIM: EME) has expressed satisfaction with the latest progress in the Mako field development project in Indonesia, following the government’s approval of crucial commercial terms.
The company announced that the Indonesian Minister of Energy and Natural Resources has sanctioned the project’s gas price and volume allocation.
Energy Pathways PLC (AIM: EPP) has engaged MCS Subsea Solutions and Mermaid Subsea Services (UK) for services as it progresses the front-end engineering design (FEED) for the Marram gas field in the North Sea.
Marram, situated offshore northwest England, is touted as a rapid development, low emission gas field, expected to commence operations in 2025.
88 Energy Ltd (AIM: 88E, ASX: 88E, OTC: EEENF) has confirmed its strategic growth and diversification with the approval of its initial investment in Namibia.
In a statement, the company disclosed that the Namibian Ministry of Mines and Energy has approved the transfer of a 20% working interest in the Petroleum Exploration Licence 93 (PEL 93), located in the Owambo Basin.
Mosman Oil (AIM: MSMN) upcoming Stanley workover program in the US has been positively received by SP Angel, its house broker.
Analysts believe that monetizing this asset in the robust Texas M&A market could enhance its value, and reinvesting the proceeds in upgrading the Cinnabar wells could significantly boost overall value.
Arrow Exploration Corp (TSX-V: AXL, AIM: AXL, OTC: CSTPF) has provided an update on its Colombian operations, specifically the Tapir block, where it has made progress on the CN-4 and CN-5 wells.
Holding a 50% stake in the project, the company reported that the CN-4 well reached a depth of 9,552 feet, targeting the Ubaque formation, and discovered 29 feet of net oil pay.
TomCo Energy PLC (AIM: TOM, OTC: TMCGF) has successfully raised £300,000 through an equity funding round, aimed at bolstering its Utah project’s working capital.
The company raised £200,000 via a share placement and an additional £100,000 through a separate share subscription, pricing all new shares at 0.045p each.
Quadrise’s partnership with BTG (LSE: BTG) Bioliquids (BTL) and Euthenia Energy Group marks another milestone in its decarbonization efforts, as noted by Shore Cap.
While BTL has been collaborating with Quadrise since June, Euthenia is a new partner focusing on developing, financing, and operating renewable energy projects.
88 Energy Ltd (AIM: 88E, ASX: 88E, OTC: EEENF) has announced that preparations for the flow testing program at its Hickory-1 well site are on track, with all operations adhering to the planned schedule without major issues.
This crucial testing phase is intended to verify the commercial feasibility of the well’s discoveries, which could significantly benefit the company and its stakeholders.
