Share Talk Weekly Energy Sector News Round-Up, Sunday 11th December 2022

A weekly round-up of the news from across the markets, geopolitics and major event in the resources space.

A company rather further down the line this week was Petro Matad (MATD). This gave us both a fundamental trigger with the land registration news in Mongolia, as well as the technical triggers, the bear trap at year lows and a key reversal to the upside. Even better the stock peaked this week at exactly the September resistance line target of 3.3p. Something to be chuffed about for all.

Pantheon Resources Catalyst Imminent: The shorts could be very wrong

Savannah Energy PLC(AIM: SAVE) is going through a reverse transaction to acquire Exxon Mobil Corporation, (NYSE: XOM) ‘s entire midstream and upstream assets in Chad and Cameroon. Admission does not require capital raising. A market cap of £323m is expected. Expected 13 Dec

Director share buying was also the watchword recently at Reabold Resources (RBD) after it recently saw off requisitioners trying to change the board. The Co-CEOs and their spouses bought decent chunks of stock in the upper 0.2p’s, something which rather implies the shares ending the week at 0.24p is not on the expensive side especially after trading at more than double this level as recently as September. One would take the view that with the rebels out of the way, a new more positive chapter can start at the oil and gas group, especially in the wake of last month’s £10m sale of Corallian Energy to Shell.

Kistos PLC. plans to join AIM. The Company was formed to serve as a holding company for the group companies Kistos PLC (KIST), which is a holding company that aims to create value for investors by acquiring and managing companies or businesses in energy. Market Cap £327m. Expected 22 Dec 2022.

SIMEC Atlantis Energy Ltd (AIM: SAE). Newport City Council has granted planning consent for the 230MW/460MWh system of battery energy storage at the Uskmouth site. The company announced the development of this project with Energy Optimisation Solutions (UES) and Quinbrook Infrastructure Partners (through their portfolio company Uskmouth Energy Storage Limited). The company anticipates that the remaining contractual milestones and financial close will be completed in Q1-23.

Zephyr Energy plc (AIM: ZPHR), announced the signing of an amended cooperation agreement detailing an additional US$1.0 million in non-dilutive research grant funding for the Company. These funds will be utilised for data gathering purposes during the ongoing drilling of Zephyr’s State 36-2 LNW-CC well in the Paradox Basin, Utah, U.S.

It has received grant funding of US$2.1mln to support operations on the tate 16-2 drilling well in 2020 and 2021. Additionally, the company continues to collaborate closely with researchers from Utah’s Energy & Geoscience Institute as well as the Utah Geological Survey.

EQTEC Plc (AIM: EQT) stated that it has arranged an unsecured loan facility of up to £2mln for its major shareholder Altair Group to help with working capital, project sales acceleration, and technology deployment.

Altair, an investment company based in the British Virgin Islands, owns 18.2% of the waste-to-value specialist.

Pantheon Resources plc (AIM: PANR), the AIM-listed oil and gas company with a 100% working interest in all of its oil projects spanning c. 153,000 acres adjacent and near to transportation and pipeline infrastructure on the Alaska North Slope (“ANS”),

Announce the receipt of a report from Schlumberger Limited (“Schlumberger”). A copy of the executive summary to the report is provided at the end of this announcement and a copy will be uploaded to the Company’s website at https://www.pantheonresources.com/

Touchstone Exploration (AIM: TXP), said that it has raised more from private placements in Canada than was expected. The two funding rounds combined brought in PS11mln, compared with its higher-end estimate of around £10.6mln.

Canadian investors subscribing to £4.8mln, and UK shareholders the rest, stated the oil company. The money was earmarked for Trinidad’s expansion. Paul Baay, Chief Executive, said: “I am happy to confirm the closure of our fundraising with strong support from both new and existing shareholders.

Chariot Ltd. (AIM: CHAR) and Total Eren, a French-based renewable energy independent power producer (IPP), have agreed to collaborate on the development, construction and operation of a PV project that will supply electricity at a competitive price for the Karo Platinum Project.

The initial solar PV project will have a capacity of 30MWp, with the potential to grow to 300 MWp. Today, the official ceremony marking the start of construction of the Karo platinum mine was held in the presence Hon. W. Chitando.

88 Energy Limited (ASX: AIM:88E) Hickory-1 Exploration Well – Rig Contract Executed. the company announced that it has executed a rig contract with Nordic-Calista LLC ( Nordic ) for the use of their Rig-2 to drill the Hickory-1 exploration well on the Alaskan North Slope.

The Hickory-1 well is designed to appraise six conventional reservoir targets within the SMD, SFS, BFF and KUP reservoirs and 647 million barrels of oil1,2, with spud scheduled for late February / early-March 2023 to a permitted total depth of 12,500 feet. The Hickory-1 well has been significantly de-risked by recent drilling and flow tests carried out on adjacent acreage by Pantheon Resources, the interpretation of the Icewine-1 well logs, the modern Franklin Bluffs 3D seismic data ( FB3D) and AVO analysis.

Europa Oil & Gas Holdings (AIM: EOG) will continue to look for opportunities to acquire an additional appraisal and early development assets. This statement was made by the UK offshore oil company ahead of today’s annual general meeting.

Chairman Brian O’Cathain stated that the goal is to continue engaging in high-reward activity while not putting the company’s financial health at risk.

Union Jack Oil plc (AIM: UJO), a UK-focused onshore hydrocarbon production, development and exploration company, is pleased to announce that it has purchased a total of 100,000 of its ordinary shares of 5 pence each (the “Shares”) through SP Angel Corporate Finance LLP as detailed HERE.

Scirocco Energy PLC (AIM: SCIR). informed investors that it is now closer to selling its Ruvuma stake. However, the company reiterated that it believes it’s more likely that it will close the sale in the first quarter of 2023. the company stated that the Fair Competition Commission (Tanzania’s watchdog) had granted unconditional approval for the transaction and called it “an important step towards completion”.

It is still awaiting approval from other Tanzanian government departments, but it said that it continues to communicate with stakeholders.

Helium One (AIM: HE1) reiterated that it plans to drill its next well in Tanzania during the first quarter of 2023 at the Tai prospect. Tai is the most advanced prospect and leads in Tanzania’s Rukwa basin, according to the company. Data analysis has revealed a new closure in the Lake Beds, which was not previously targeted.

It stated that the primary goal of the 2023 campaign would be to prove a discovery of helium.

After news that Wentworth Resources PLC (AIM: WEN) had been acquired by Etablissements Maurel & Prom S.A., shares jumped more than 30% Monday. The share price was 32.5p.

The entire issued and to-be-issued ordinary shares capital of Wentworth was acquired at approximately £61.7mln.


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