Arrow Exploration Corp (TSX-V: AXL, AIM: AXL, OTC: CSTPF) has announced that the Carrizales Norte 2 (CN-2) well at the Tapir Block project in Colombia could potentially yield 1,400 barrels of oil per day (bopd).
The well, spudded on June 15 and reaching a target depth of 9,474 feet by June 23, has uncovered multiple hydrocarbon-bearing intervals, indicating 60 feet of net oil pay in the Ubaque formation.
Upland Resources Limited (AIM: UPL) announce significant progress in the development of Block SK334 in Sarawak. The Company, together with its joint venture partner in Sarawak, Big Oil Ventures sdn bhd (together “Upland Big Oil” or “UBO”) are now in the formal process of assessing an onshore rig capable of developing Block SK334 in Sarawak.
@Uplandtweets experienced a significant surge of over 70% this week #UPL This growth spurt came on the heels of the company's announcement that it is officially evaluating an onshore rig that has the potential to further the development of its Sarawak project in #Malaysia. https://t.co/XpOTNGCzA3 pic.twitter.com/JPyjnUHgpm
— Share_Talk ™ (@Share_Talk) July 28, 2023
During the past week, Upland Resources CEO Bolhassan Di, led an assessment in Australia to evaluate the suitability of a new generation onshore rig, currently available for commission. The UBO technical team are reviewing this rig and others against UBO’s specific requirements and well-design specifications.
SDX Energy PLC (AIM: SDX, OTC: SDXEF) witnessed a 5% drop in its share price during Thursday’s trading after disclosing a convertible loan financing plan intended to drive its energy transition agenda.
The Morocco-based oil and gas company stated that the facility, a loan agreement of up to $3.25 million starting with an instant $2 million drawdown, will be used to pay down its debt with the European Bank for Reconstruction and Development (EBRD) and meet the payments of essential service providers to expedite a drilling operation in Morocco.
Europa Oil & Gas (Holdings) plc, (AIM: EOG) the AIM-traded UK and Ireland-focused oil and gas exploration, development, and production company, announced that it has assumed operatorship of licence PEDL343, which holds the Cloughton gas discovery.
Operatorship of the licence was transferred from Egdon Resources U.K. Limited (“Egdon”) to Europa and approved by the North Sea Transition Authority, the industry regulator, with effect from 27 July 2023. The partners in PEDL343 are Europa (40 per cent), Egdon (40 per cent) and Petrichor (20 per cent).
Deltic Energy PLC (AIM: DELT) has declared its intention to hold on to the most promising acreage from the Capricorn exploration initiative, even as it departs from other projects in the wake of its partner’s withdrawal. Capricorn has confirmed its exit from the licenses it held jointly with Deltic, adhering to its earlier strategy of pulling out from all its exploration ventures beyond Egypt.
Ithaca Energy PLC (LSE: ITH), which recently went public, has reported a successful outcome from the K2 exploration well in the central UK North Sea but is withholding further details. According to the company, the K2 well discovered the presence of hydrocarbons in the Forties member sandstones, indicating a net thickness of 45 feet.
Zephyr Energy PLC’s (AIM: ZPHR, OTCQB: ZPHRF) non-executive chair Rick Grant has detailed “considerable and impactful advancements” in a public statement, drawing attention to a potential high-value opportunity at the company’s primary venture in the Paradox Basin, Utah. Grant outlined that, due to strategic purchases made in 2022, the Paradox project now encompasses a 100% working interest over an extended 45,000-acre area, with a newly obtained pipeline system and related infrastructure assets under their management.
In other developments, Berenberg believes that Kistos PLC’s (AIM: KIST) victory in a Dutch appeal has positioned the AIM-quoted oil and gas company on a trajectory for expansion. Berenberg has set a price target that exceeds the current price by over 100%. The European bank, which recommends Kistos as a ‘buy,’ underscored in a report that the appeal win in the Netherlands has effectively enhanced the company’s reserves and resources by 40%, and more importantly, enables the company to move forward with plans for appraisal drilling in 2025.
Meanwhile, Upland Resources (LSE: UPL) shares surged approximately 14% in Monday’s initial trading as the micro-cap explorer revealed it is evaluating and securing an onshore rig for the Sarawak project in northern Malaysia. The company mentioned in a statement that Upland Big Oil joint venture team members are in Australia this week to determine the aptness of a new generation onshore rig currently ‘stacked’ and waiting for a commission.
Shares of Canadian Overseas Petroleum Limited (LSE:COPL, CSE:XOP, OTC:VELXF) surged approximately 20% in early Monday trading as the AIM-listed company moved forward with a partnership procedure that could spark the growth of its Cole Creek estate in Wyoming, marked by the signing of a letter of intent (LOI).
This LOI commences a phase of exclusivity with the potential collaborator, whose identity remains undisclosed in the announcement, following confidential discussions that have been underway since October.
