Gas and electricity bills are anticipated to drop to their lowest levels in over two years following the easing of the energy crisis sparked by Vladimir Putin’s invasion of Ukraine.
Analysts at Cornwall Insight predict that energy bills will decrease by approximately 7% starting in July, with the average household expected to pay about £1,574 annually. This forecast suggests a yearly reduction of £116 compared to the price cap set in April.
Chevron Corporation (NYSE: CVX, ETR: CHV), a leading oil company, announced its plans to divest its remaining assets in the North Sea, marking its departure from the region after 55 years. The sale will include Chevron’s 19.4% interest in the Cair oilfield, which is managed by BP and located west of the Shetland area. This field is the largest in the North Sea, with a daily production of around 120,000 barrels.
This move comes as Chevron prepares for its US$53 billion acquisition of its competitor Hess. The company has outlined plans to sell off US$20 billion in assets to facilitate this significant transaction. Earlier in the week, Senator Chuck Schumer expressed concerns that this deal should be blocked to prevent potential increases in gas prices.
Scirocco Energy (AIM: SCIR), the AIM Rule 15 cash shell, provides an update with regards to the cancellation from trading on AIM (“Cancellation”) following shareholder approval for the Cancellation at the Company’s General Meeting (“GM”) on 7 May 2024. The Company reminds Shareholders that today, 16 May 2024, will be the last day of dealings in the Company’s ordinary shares on AIM. Admission to trading on AIM will be cancelled at 7 am BST on Friday 17 May 2024.
Arrow Exploration Corp. (AIM: AXL; TSXV: AXL) the high-growth operator with a portfolio of assets across key Colombian hydrocarbon basins, announced the spud of the Carrizales Norte B pad Horizontal Well 1 (“CNB HZ-1”) on the Tapir Block in the Llanos Basin of Colombia. The CNB HZ-1 well will develop the Ubaque formation which has been successfully delineated by the CN Q1 2024 well program. The CNB HZ-1 well is expected to be drilled to a true vertical depth of 8,400 feet and have a horizontal length of 1,800 feet.
i3 Energy PLC (AIM: I3E, TSX: ITE, OTC: ITEEF) reported a strong first quarter with improved cash flow, largely influenced by significant corporate activities. The company announced a free cash flow of $15 million, compared to $9.9 million in the previous year’s same quarter.
Production levels averaged 19,410 barrels of oil equivalent per day, slightly down from the last quarter, as the company implemented capital conservation measures in response to softer gas prices. Additionally, extreme winter cold caused some operational interruptions.
Hundreds of oil rig employees are currently stranded due to a strike by helicopter pilots who transport workers to and from numerous North Sea sites. The strike impacts transportation to installations operated by five firms: BP, Repsol, Chrysaor, EnQuest, and Harbour Energy, as noted by Balpa.
The strike at Bristow Helicopters started at midnight on Monday and is set to last for two days, potentially affecting over 80 scheduled flights, according to the British Airline Pilots’ Association (Balpa). Each helicopter trip can accommodate 16 passengers, impacting the travel plans of more than 1,000 offshore workers who might face disruptions and schedule changes.
Chariot Limited (AIM: CHAR) announced its progression to the next phase of onshore drilling in Morocco following the initial well, which yielded gas levels deemed non-commercial.
Duncan Wallace, the technical director of Chariot, stated, “Although the Gaufrette well did not reveal a significant gas deposit, the strong indications of gas and excellent reservoir quality are promising for future exploratory efforts in this region.”
Kinetiko Energy Ltd (ASX: KKO, OTC: KKOEF) has made a significant advancement in its strategy to mitigate South Africa’s energy crisis by becoming the country’s first enterprise to generate electricity from onshore gas.
Marking a pioneering achievement in South Africa, Kinetiko has effectively showcased electricity generation from a gas well at Amersfoort. This was accomplished in collaboration with FFS Refiners by building an on-site, fully compliant gas train that powers a 1.2MW gas generator.
Malcy’s Blog – Oil price, Zephyr Energy, Union Jack Oil, Touchstone Exploration, Serica Energy & finally
Caspian Sunrise plc (AIM: CASP) Proposed Sale of the BNG shallow structures for $83 million: The Board of Caspian Sunrise has entered into an agreement to grant exclusivity to Absolute Resources LLP (“Absolute Resources”) a Kazakh registered company, in connection with the proposed conditional sale of the MJF and South Yelemes structures at the BNG Contract Area for a consideration of $83 million (“Proposed Disposal”).
Touchstone Exploration Inc (AIM: TXP, TSX: TXP, OTC: PBEGF) informed investors that its daily production averaged 7,015 barrels of oil equivalent in the quarter ending March 31, marking a substantial improvement compared to the previous year.
This enhanced performance was primarily due to the activation of the Cascadura field, which has quickly become a foundational element of Touchstone’s operations.
Prospex Energy plc (AIM: PXEN) Final Results: announce its audited Final Results for the year ended 31 December 2023 and Notice of Annual General Meeting (“AGM”) on 12 June 2024.
Zephyr Energy PLC (AIM: ZPHR, OTCQB: ZPHRF) provided an update to investors regarding its drilling activities in Utah. The State 36-2 LNW-CC-R well, located in the Paradox Basin, is progressing as anticipated.
The well has currently achieved a depth of 6,010 feet and is targeting a total depth of 10,362 feet, which includes a 270-foot horizontal section through the reservoir.
Jersey Oil and Gas PLC (AIM: JOG, OTC: JYOGF) CEO Andrew Benitz called 2023 an “exceptional” year as the company announced its financial results. During this period, it secured significant partnership agreements with Serica Energy and NEO Energy.
These farm-out partnerships have placed Jersey’s principal Buchan project on track for development, production, and crucially, revenue generation.
Union Jack Oil plc (AIM: UJO; OTCQB: UJOGF), a UK and USA-focused onshore hydrocarbon production, development, exploration and investment company announced, further to its notification of 17 April 2024, the details of a dividend payable to shareholders.
The financial position of Union Jack remains strong, especially with the additional revenues from the Company’s assets in the USA. Consequently, following a review of the Company’s capital requirements, notwithstanding an extended and dynamic drilling programme in the USA, the Board has decided it is appropriate to make a further distribution to shareholders.
The Board declares a dividend of 0.25 pence per ordinary share with a London Stock Exchange ex-dividend date of Thursday 4 July 2024, a record date of Friday 5 July 2024 and a payment date of Friday 26 July 2024.
