Share Talk Weekly Energy Sector News Round-Up, Sunday 13th November 2022

The headline of the week has to be” Just Stop Oil stops M25 protests, eco mob says many activists are in jail

Author @ABMckinley

After activists attacked the motorway for four days, the group released the following statement: “Just Stop Oil will stop its civil resistance campaign on the M25 from Friday. We are giving time for those in Government who are in touch and in tune with reality to think about their responsibilities to the country at this moment.

Executive Chairman of Union Jack, David Bramhill commented: “The update provided by Egdon, especially in respect of our flagship project, the Wressle development, is particularly encouraging.

 

 

We now have a clear focus on our forward strategy at Wressle to implement, as a priority, the monetisation of its gas reserves that also facilitates optimum oil production from the producing Ashover Grit reservoir. In parallel, the development plan and consenting process are being progressed to enable future production of the significant resources within the Penistone Flags reservoir.

Wressle production over the past 12 months has been transformational for Union Jack. Revenues are fast approaching US$11 million and the Wressle-1 well continues to produce above expectations.”

U.S. energy companies added oil and natural gas drilling rigs this week for the second consecutive week, as high oil prices encourage them to drill more. Baker Hughes Co, an energy services company, stated that the oil and gas rig count, which is an indicator of future output, rose 9-779 in a week to Nov. 11. This was its highest level since March 2020.

Prospex Energy PLC (AIM: PXEN) Potential sale of Warrego Energy interests in Spanish assets. Should any deal be struck by Warrego the focus by any potential new owner is most likely to be on the asset base in Western Australia. This may result in the disposal of Warrego’s Spanish portfolio, which is in no way a reflection of the quality of the assets.

Synergia Energy Ltd (ASX:AIM: SYN) Cambay C-77H Update; The C-77H well continues to produce on a consistent plateau with gas rates between 255 and 275 MCFD. The c. 1450m column of gas condensate persists and requires an artificial lift solution to both remove fluids and enhance gas production.

It is the Company’s belief that the implementation of the artificial lift solution in the C-77H well will significantly enhance gas and condensate production. In addition, the implementation of artificial lift is considered to be an essential component of a full field development of the condensate-rich Eocene reservoir.

Tlou Energy Ltd, (AIM: TLOU) raised A$3mln equity through the placing of shares to Dr Ian Campbell, an Australian high-net-worth investor and major shareholder in Tlou.

In a statement, the company stated that it was issuing 85.7mln shares to Campbell at a cost of 3.5 Australian Cents per share.

Caspian Sunrise plc (AIM: CASP) Dividend Details. This maiden dividend will total $1.13 million (£1 million).

The size of this maiden dividend is indicative of the levels to be expected in the future. The Board intends that the future dividends will be paid on a monthly basis, based on the higher of £1 million per month or a pay-out ratio of broadly 35-40% of free cashflows.

Zephyr Energie PLC (AIM, ZPHR) stated to investors that it has increased its borrowing base as the company advances its assets in America. In a statement, the company stated that its North Dakota-based lender First International Bank and Trust (FIBT), had completed a semi-annual redetermination on the company’s revolving loan facility. This resulted in a 30% increase.

Plus the company has signed a rig agreement with CWC Ironhand Drilling. This contract will allow the company to drill its next well at the Paradox Basin project in Utah. According to a statement, the planned State 36-2 LNW CC well will be the initial of three wells that will further delineate Zephyr’s acreage position within the project.

IOG plc (AIM: IOG), the Net Zero UK gas and infrastructure operator focused on high-return projects, provides a Phase 1 operational update alongside the release of a new corporate presentation.

Touchstone Exploration (AIM: TXP) third-quarter results chart (AIM: TXP). This shows how the company is moving towards an ‘inflexion point’ point with new, higher volume wells closer to the horizon.

Cascadura’s opening in the first quarter of 2023 is expected to be the main catalyst for production growth. However, last month’s launch of the Coho gas operations also moved the needle, adding 1,212 boepd in the first 19 days of production.

Echo Energy PLC (AIM: ECHO) Operations Update: Production Enhancement Plan. Upgrades to the workover rig owned by the Santa Cruz joint venture partners have now been successfully completed.

Detailed scheduling and optimisation of the well re-opening programme under the Enhancement Plan has been undertaken and three additional oil wells have been identified which do not require the mobilisation of the workover rig. These wells have been offline for four years due to surface constraints. However, recently completed infrastructure upgrades have now removed these constraints and enable these wells to now be reactivated with the objective of bringing them back into production.

88 Energy Ltd, (AIM:88E. ASX:88E) informed investors that it will expand its presence on Alaska’s North Slope. It was named the “highest bidder”, for 10 leases in the most recent Alaskan leasing round.

The leases cover approximately 25,600 acres in contiguous areas immediately south of Prudhoe Bay. It is covered by historical well data and 3D seismic data that the company has access to.

Falcon Oil & Gas Ltd. (AIM: FOG) announced the spudding of the Amungee 2H development well (“A2H”) with the Silver City Rig 40 on 10 November 2022 on EP 98 in the Beetaloo Sub-Basin, Northern Territory, Australia with Falcon Oil & Gas Australia Limited’s joint venture partner, Tamboran (B1) Pty Limited (“Tamboran B1”).

Tamboran B1 is a 50:50 joint venture partnership between Daly Waters Energy, LP and Tamboran Resources Limited (“Tamboran”), with Tamboran appointed as operator across the exploration permits.

Tamboran will drill the vertical and build section to a depth of approximately 2,450 metres, followed by the drilling of a 1,000 metre horizontal section within the primary target of the Amungee Member B Shale (formerly known as the Middle Velkerri B-shale).

Pantheon Resources PLC, (AIM: PANR) stated that blockages in the flow from Alkaid#2 in Alaska were caused by sand formed during the fracking process and not the formation of sand. This should be cleaned up during a clean-out of the well bore.

The unit arrived on-site to begin the cleanout, but it will require conservative pumping rates until that is complete.

Pantheon is also pleased to announce the successful acquisition of approximately 40,000 acres in the State of Alaska’s North Slope Areawide Lease sale. Pantheon was successful on all bids submitted. The new leases are strategically positioned in two areas contiguous or adjacent to the Company’s current acreage on its north-western boundary, covering the extension of the Theta West project, and east, capturing the area adjacent to the junction of the Alkaid Unit and the Talitha Unit.

Ithaca Energy PLC (LON: ITH) commence on the London Stock Exchange at 8:00 a.m. (London time) on 9 November 2022.

Following the announcement made by Ithaca Energy on 25 October 2022 of its intention to float, Ithaca Energy today announces the successful pricing of its initial public offering (the “IPO” or the “Offer”) at 250 pence per Ordinary Share (the “Offer Price”). Based on the Offer Price, Ithaca Energy’s market capitalisation will be approximately £2.5 billion ($2.9 billion) at the commencement of conditional dealings on the main market of the London Stock Exchange.

Angus Energy (LON: ANGS) For the uninitiated, the FTSE AIM company is an OGA-approved independent developer of multiple UK-based onshore operations, including its flagship Saltfleetby gas field, and oil assets at Balcombe, Lidsey, Brockham, and Holmwood.

With actual production only recently fired up, ANGS shares have been trundling along within a volatile range of between 0.5p and 1.5p for years, but without showing any sign of a real breakout.

Empyrean Energy PLC, (AIM: EME) stated that the development plan for Mako’s gas project was approved by the Indonesian Ministry of Energy and Mineral Resources. All Mako gas can be exported to Singapore once the infrastructure has been constructed to transport it to Indonesia.

Empyrean CEO, Tom Kelly, stated: “This approval for the updated Plan of Development by the Indonesian Ministry of Energy and Mineral Resources is a major milestone on the pathway to developing this significant pipeline-quality methane gas resource. It now allows the operator to re-focus resources on its stated objective of working with the Government of Indonesia to complete Gas Sales Agreement negotiations at the earliest opportunity.”

Union Jack Oil PLC (AIM: UJO) Project Operational Update notes that Egdon Resources plc (“Egdon”), has today published its preliminary results for the year ended 31 July 2022.

And provided operational commentary on a number of projects in which Union Jack holds material economic interests, namely, Wressle (40%)Keddington (55%) and Biscathorpe (45%) where certain details have been summarised here.

ATOME Energy PLC (AIM: ATOM) Atome Mobility and Puma Energy Paraguay. Announce the entry into a non-binding Memorandum of Understanding (“MOU”) with Puma Energy Paraguay S.A. in relation to hydrogen in Paraguay.

Puma is a company dedicated to the import and distribution of fuels and lubricants having started operations in Paraguay in 2002. It currently operates three terminals and supplies fuel to approximately 200 service stations.

Author @ABMckinley

Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. The writer may or may not hold investments in the companies under discussion.


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