Upland Resources Limited (LSE: UPL) following a successful week spent in Sarawak, progressing and finalising the PSC framework, and further to the announcement made on 4th December 2023, the company has now signed a specific Letter of Intent (LOI) for the provision of a new generation drilling rig with a distinguished and renowned partner Huisman Geo.
Huisman brings extensive experience in new-generation onshore drilling, complementing our team as we complete the next steps.
Bolhassan Di, Upland Chairman and CEO commented: “Following a fruitful week spent in Sarawak finessing the PSC framework with PETROS, focus is now set on drill preparations, well design and land preparation. We have made tangible progress and laid strong foundations towards our intended drill campaign. We look forward to increased market engagement as we continue to scale up operations on Block SK334 in Sarawak.”
UK Oil & Gas plc (AIM: UKOG) is pleased to announce that all required explosives permits for the deployment of the new 7-inch perforating guns, capable of fully penetrating Pinarova’s 9⅝-inch casing, have now finally been secured by the service provider, PSI.
The equipment is thus fully ready to be transported to site. The Company is now liaising with the operator AME to schedule a firm date for the resumption of testing operations. The new guns will be deployed over the Germik/Hoya section where strong oil odours at surface were recorded over a 12-hour period during drilling and mobile light oil was recovered from the mud pit (see RNS of 22nd September 2023). Geochemical analysis found the mud pit oil to be near identical to that found in the seismic shot hole oil seep, located around 1.5 km to the west.
Zephyr Energy PLC (AIM: ZPHR, OTCQB: ZPHRF) reports that its Slawson-operated wells in North Dakota’s Williston Basin have exceeded production expectations. These wells, part of Zephyr’s non-operated assets, have achieved an impressive average flow rate of 897 barrels of oil equivalent per day (boepd) net to Zephyr.
88 Energy Ltd (AIM:88E, ASX:88E, OTC: EEENF) has finalized an agreement to enhance its Texas-based portfolio by acquiring a 64.4% stake in approximately 1,262 net acres. This expansion, which includes nine low-yield wells and ten development prospects, is expected to significantly boost production.
Pantheon Resources PLC (AIM: PANR, OTCQX: PTHRF) has expanded its Alaskan operations by acquiring an additional 66,240 acres in the North Slope’s Kodiak Field, covering most of the field’s remaining conventional reservoir potential.
Pantheon’s winning bids averaged $31.83 per acre including fees. When the leases are officially awarded by the State of Alaska, estimated to be in 4 to 6 months, they will come with a 10-year initial term, an annual rental of $10 per acre, and royalty rates of 16.67% (20 leases, 28,800 acres) and 12.5% (26 leases, 37,440 acres). The Company has paid an initial deposit to the State of Alaska equivalent to 20% of the bid costs with the remainder payable on official award along with the first year rentals.
Helium One Global Ltd (AIM: HE1, OTCQB: HLOGF) announces the arrival of replacement equipment for its Tanzanian rig. The new iron roughneck will be installed at the Itumbula well site, with drilling expected to commence in January.
Challenger Energy Group PLC (AIM: CEG, OTC: BSHPF) reports significant progress in Uruguay, enhancing its farm-out prospects. CEO Eytan Uliel highlights key commercial, technical, and operational developments supporting the partnering process, expected to conclude in early 2024.
UK Oil & Gas PLC (AIM: UKOG) has postponed the deadline for its anticipated Horse Hill farm-in agreement with Pennpetro Energy (LON: PPP) to 30 June 2024.
By mid-2024, Pennpetro is slated to join the Horse Hill venture. However, this is contingent on finalizing a formal farm-in contract and obtaining the necessary regulatory approvals.
Currently, UKOG owns 85.635% of Horse Hill and its adjacent license areas. The planned collaboration would result in Pennpetro acquiring a share in the HH-3 well, reducing UKOG’s effective interest to 43.67%, while UKOG maintains its stake in the revenues and production from the HH-1 and HH-2/2z wells.
Eco (Atlantic) Oil & Gas Ltd (AIM: ECO, TSX-V: EOG) has scheduled its AGM for 29 December to vote on a farm-out deal with Africa Oil. The deal involves selling a 6.25% stake in Block 3B/4B offshore South Africa, pending regulatory approval from the South African government and the Toronto Stock Exchange.
