Share Talk Weekly Energy Sector News Round-Up, Sunday 19th June 2022

No negativity here folks, so much to come in the next few weeks, and so many stocks are oversold, this is not a buy recommendation, just a big nudge to say “LOOK” at what is coming down the track.

Author @ABMckinley

I am looking at PTAL, OEX, UJO and PANR, they are all geared up for news and let’s see the SP in the next month or so.

Angus Energy is on the verge of delivering gas to the UK’s main national grid network. Work continues over the weekend with the final mechanical integrity test to introduce nitrogen into the above-ground insulation pipeline systems for a continuous five-day leak and pressure test snagging list/repairs as required. The final step to going online LIVE and all eyes are on ANGS next week. 

https://twitter.com/Share_Talk/status/1538454908092964864?s=20&t=ivXD16mpkgnqxG7SOT6syA

 

Two government sources on Friday said that Italy could declare the state-of-alert on gas next week if Russia continues its reduction of gas supplies to Rome.

The existing Italian gas emergency protocol has three stages. It starts with a state pre-alert at February’s end, following the Russian invasion of Ukraine. Next, it moves to a state alert and then to a condition of emergency.

PetroTal (AIM: PTAL) Well 11H Drilling Commenced on May 7, 2022, drilled to a total depth of around 4,300 meters, and includes a synthetic mud system.  The estimated completion date will be in late June 2022 with flush production expected to contribute to July 2022 operating results.

So all eyes on are PTAL as news could land at any time.

Share Talk reports on the third fire in the energy sector across the globe these past few days.

The Australian Energy Market Operator (AEMO), which said Sunday that a fire at a New South Wales power plant on Saturday will not disrupt the electricity supply, assured that there was no danger of an increase in the country’s energy crisis.

One person was killed in a fire at the Sinopec Petrochemical Co plant in Shanghai on Saturday. The accident will not affect the market, according to the company.

ExxonMobil hit back at Joe Biden, accusing him of implying that it makes more money than God because of the soaring prices for crude oil.

The US oil and natural gas giant highlighted that it had invested over US$50bn in the US in the last five years, which has resulted in a nearly 50% increase in US oil production.

In Friday’s closely watched report, Baker Hughes Co stated that the oil and gas rig count, which is an indicator of future output, increased seven to 740 during the week to June 17. This was its highest level since March 2020.

This week saw oil rigs rise four to 584, their highest level since March 2020. Gas rigs grew three to 154 this week, their highest point since September 2019.

A company Share Talk has flagged from the 25p days, interviewed, webinars and have got to speak with the management team on numerous occasions. Everything is pointing to a positive spud date in early/mid-July looking at the images being released by Pantheon Resources.

The Nabors 105AC drill rig is on hire to drill the Alkaid #2 well, scheduled to spud in July 2022. If successful, Pantheon will commence a long-term production test and truck and sell the produced oil to a nearby North Slope facility.

The Alkaid #2 well has three objectives  (from shallowest to deepest);

i.  To appraise the shallower Shelf Margin Deltaic horizon, which management believes contains a Contingent Resource of 2.6 billion barrels Oil in Place and 404 million barrels of recoverable resource;

ii.  To commence a long-term production test of the primary objective Alkaid horizon, which the independent expert engineering firm Lee Keeling & Associates estimates to contain 76.5 million barrels of oil Contingent Resources (recoverable); and

iii.  To evaluate the extent of the oil column within the Alkaid horizon immediately below the total depth at Alkaid #1. Alkaid #1 was terminated within the oil zone due to flooding of the Dalton Highway at the time. Based on seismic and other analytical analyses, the Company believes the Alkaid horizon’s oil zone is substantially thicker than reported to date, offering the potential for additional resource growth.

Don’t let this one slip by you, one for the watch list.

Southern Energy Corp (AIM: SOUC). announced that Paul Baay will join the company’s board of directors as a non-executive director. However, he must complete the customary due diligence required under the AIM Rules For Companies.

Baay, who was previously an advisor to Southern, is now CEO of Touchstone Exploration. He brings more than 25 years of experience in leading oil and natural gas exploration companies and production companies to his new position.

Harbour Energy PLC, (LSE: HBR) has launched a US$200mln share purchase program. This marks a new milestone in the rehabilitation and rehabilitation of the largest independent oil-and-gas producer in the North Sea.

Investors were informed by the company that it had entered into non-discretionary, irrevocable agreements with corporate brokers to carry out the share buyback program. It is expected to be completed by the end of 2022.

Harland & Wolff (AIM: HARL) GMB and Unite have unilaterally decided to call a wildcat strike. The Company has not yet recognised any trade union at the Methil facility.

The Company has made it abundantly clear that it seeks to recognise trade unions and enter into negotiations on the collective bargaining agreement with the workforce, similar to the successful agreement that the Company reached with the trade unions in Harland & Wolff (Belfast) Limited

By the afternoon of that announcement, everyone was talking and the strike was halted.

Providence Resources (AIM: PVR) Proposed Fundraising of US$1.8 million. The Fundraising is required to address the Company’s near-term working capital requirements as well as to pursue its Lease Undertaking application for Barryroe. Providence continues to press the DECC for consent to its Barryroe lease undertaking application. In addition, some of the proceeds will be used to progress preparation for an appraisal well in 2023, subject to the award of the Lease Undertaking.

Malcy’s Blog – Oil price, PetroTal, Zephyr, Rockhopper, Longboat, Harbour, Hurricane, President & finally

Hurricane Energy PLC (AIM: HUR) stated that it will look beyond next month’s bond repayment and chief executive Antony Maris told investors that he believes there are exciting opportunities for the company.

According to the UK offshore oil producer, it had a net income of US$59.5mln in May from its last oil shipment. It was priced at US$110/barrel. The next cargo will arrive at the end of July.

Petroneft Resources (AIM: PTR) Reporting & Operations Update. The board of PetroNeft is saddened and deeply concerned by the Russia-Ukraine conflict and hopes that a peaceful resolution will be found soon.

We continue to monitor the situation on a daily basis, including sanctions and any potential restrictions imposed and will keep shareholders updated as appropriate. We continue to operate within Government guidelines in all markets in which we operate.

Zephyr Energy Plc (AIM: ZPHR), told investors that its portfolio of non-operated well interest in the Williston Basin, North Dakota continues to grow, with new drilling and bolt-on acquisitions.

The company stated in a statement that it has participated in seven new wells over the past two months and agreed to acquire an interest in 11 additional wells. Most of these wells are still being drilled and will be completed in the near future.

According to Eni, the gas flows from Russia’s Gazprom into Italy were down by around 15% Wednesday, compared to the previous day. The spokesperson added that there was no explanation for the drop in gas flows.

Italy imported 40% of its gas imports last year from Russia, which is approximately 29 billion cubic meters.

Orcadian Energy (AIM: ORCA) announced a seismic licensing deal with the energy data company TGS. The agreement will provide Orcadian with high-quality seismic data, revealing the reservoir structures and even the likely fluid type.

The deal with TGS ensures that Orcadian will be able to use the best data available to evaluate the multitude of development opportunities and prospects within its North Sea portfolio.

Oracle Power PLC (AIM: ORCP) Hydrogen Storage & Hydrogen Refuelling. Non-binding MoU with Jiangsu Guofu Hydrogen Energy Equipment Co.

Signed a non-binding Memorandum of Understanding (“MoU”) with Jiangsu Guofu Hydrogen Energy Equipment Co., Ltd (together, the “Parties”) with the objective of working together to explore hydrogen storage and hydrogen refuelling infrastructure opportunities as a part of Oracle Energy’s 400MW green hydrogen project in Pakistan

Eco (Atlantic), Oil & Gas Ltd. (AIM: ECO) announced that it had acquired JHI Associates to expand its interest in offshore Guyana exploration assets. However, the deal was cancelled after technical terms were not finalised.

AIM-quoted company stated that it couldn’t agree to lock up terms that would have protected shareholders from JHI shareholders selling new acquisition shares right away after the deal.

Angus Energy (AIM: ANGS) all welding and hydrotesting of lines requiring inspection under the Pressure Equipment Safety Regulations has been completed and the site has been significantly de-manned with scaffolding removed from the pipe rack.

A handful of lower category lines remain to be hydrotested without inspection this week. The next and final stage in proving mechanical integrity will be to introduce nitrogen into the plant for a five-day leak and pressure test which we expect to commence at the end of this week. Meanwhile the electrical – power and control and instrumentation – installation continues at pace.

Clontarf Energy plc (AIM: CLON), announces the completion of the Sasanof-1 exploration well, located 207 km northwest of Onslow, Western Australia.

The Sasanof-1 exploration well was drilled by the Valaris MS-1 semi-submersible without incident. The rig has de-mobilised from the well location, and departed exploration permit WA-519-P on 12 June 2022. The well has been plugged and permanently abandoned, with wellhead infrastructure removed.

The well was drilled to a total depth of 2,390 metres on 5 June 2022 and intersected the Lower Barrow Group target sands at a depth of 2252.9 metres true vertical depth sub-sea (TVDSS), just 3.9 metres below the pre-drill prediction.

Malcy’s Blog – Oil price, Wentworth Resources, Scirocco Energy, Diversified Energy Company, Orcadian Energy & finally

Scirocco Energy PLC (AIM: SCIR) Scirocco signs a binding agreement to divest 25% interest in Ruvuma to Wentworth Resources for a total consideration of up to US$16 million.

Commenting on the Proposed Transaction, Tom Reynolds, Scirocco’s CEO stated: This is a transformative deal that follows lengthy engagement with Wentworth and a two-year sales review process. The deal enables Scirocco to crystallise firm value from this asset which can be deployed into compelling opportunities in line with the Company’s strategy to focus on opportunities within sustainable energy and the circular economy.

Wentworth Resources PLC (AIM: WEN) has reached a deal to purchase Scirocco Energy PLC’s (AIM : SCIR) 25% share in Aminex PLC’s (LSE : AEX), Ntorya field-development project in Tanzania.

This deal is sensible on paper, given that Scirocco was open for sale and Ntorya is adjacent to Wentworth’s flagship Mnazi Bay gasfield (32%).

Orcadian Energy PLC (AIM: ORCA) Draft FDP and Farm-out Process Update. The Company has submitted a draft Field Development Plan for the Pilot oilfield to the North Sea Transition Authority (NSTA)

·A structured farm-out process has been initiated for the Pilot oilfield. The new tax regime has transformed the economics of North Sea investment for tax-paying companies.

Oilex Ltd (ASX:AIM: OEX) Name Change, Director Option Award, Notice of GM.

The General Meeting will be held on Wednesday 13 July at 4 pm AWST (Meeting) at PKF Perth Level 5, 35 Havelock Street, Perth, Western Australia.

What can we expect short-term, drill work over rig (June) re-fraccing of the Cambay 77H well is scheduled for July 2022 (with such re-fraccing now fully funded). The company said they are now fully funded for the July re-frac of C-77H and we also look forward to increasing daily production rates. Plus CCS application news is expected in June/July 2022.

Look at the current share price of 0.16p and it looks like none of the above has been priced in, once the news starts to be announced, l expect to see an upturn in investors’ interest with numerous updates expected over the next couple of months.

On a closing note, Union Jack Oil (AIM: UJO) should be on the front foot shortly, Oil revenues increased by over 1,000% during 2021. As of 23 May 2022, the Company’s cash balances and short-term receivables stand at in-excess of £7.7 million.

Expect that figure to increase with the Wressle hydrocarbon development news update due, a true cash cow for the company and its JV associates. The AGM is next week (23 June 20220) with some very important resolutions to be voted on. If shareholders want a share buyback, a dividend or both?

Not forgetting the two other stand-out plays, West Newton and Biscathorpe. The SP has gained near 100% since February this year but looking at the revenue, future plans for the company, 27.68p could be a distant memory this time next year.

Author @ABMckinley

The opinions expressed here are those of the author

Disclaimer: This blog is provided for general information and It does not constitute investment advice, not buy or sell shares, warrants or bonds in any companies written about within the blog. Information is taken from publicly available sources and any comment is that of the author.


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