Tanker traffic in the Suez Canal has dropped to levels not seen since the Covid pandemic, as Houthi attacks disrupt oil and petrol deliveries.
The canal saw a decrease to an average of 14 tankers per day in the week leading up to January 15, a 34% reduction since mid-December. This decline is attributed to shipping reroutes caused by the Red Sea conflict.
Positive long-awaited news for @Synergiaenergy holders #SYN successful meetings with the new future JV partners/Ambitious drilling program finalised/signed off. Official Market update to follow! https://t.co/oIIimpy6Vu pic.twitter.com/NQH13vAdio
— Share_Talk ™ (@Share_Talk) January 21, 2024
Prospex Energy PLC (AIM: PXEN) provided an operational update from the Podere Maiar-1 (“PM-1”) well site of the Selva field, which is operated by Po Valley Operations Pty Limited (“PVO”), a wholly owned subsidiary of Po Valley Energy Limited (“Po Valley Energy”) (ASX: PVE). Po Valley Energy has a 63% working interest of the Selva Malvezzi production concession, while Prospex has the remaining 37% working interest.
Production volumes testing will continue over the next four weeks at ~78,000 scm/d to 80,000 scm/d to be followed by another slick line operation programme before a long-term flow rate is set.
Angus Energy plc (AIM: ANGS) announced that work in documenting the Company’s proposed £20 million Loan Facility and Offtake Agreements with Trafigura is progressing well and is expected to conclude with satisfaction of conditions precedent and drawdown within four weeks.
The Company has been granted an extension to the existing £6m Subordinated Debt Facility (the “Bridge Loan”), which is due to mature on 19th January 2024, to allow time for completing documentation and drawdown under the proposed facility with Trafigura. Accordingly, Aleph Finance Limited has agreed to an extension of the Bridge Loan for one month until 19th February 2024, for a fee of 1%, which is proportionate to the fee paid for the previous extension of the loan in October 2023.
Kistos (AIM: KIST), a joint venture partner in the Greater Laggan Area (“GLA”) and co-owner of the Shetland Gas Plant, notes the North Sea Transition Authority (NSTA) decision to grant development and production consent for the Victory Gas Field, operated by Shell UK Limited.
The Victory Gas Field is situated approximately 29 miles northwest of the Shetland Islands and is estimated to contain a P50 recoverable resource of 179 billion cubic feet, equivalent to approximately 7 per cent of the UK’s annual natural gas consumption. Kistos update shareholders on the end of 2023 calendar year with cash and near-cash of approximately €275 million (including estimated tax receivables).
Scirocco Energy PLC (AIM: SCIR) anticipates receiving a final payment of £91,666 for its minor stake in Corallian Energy, following its acquisition by Shell from Reabold Resources. This payment adds to the earlier amounts of £67,000 and £108,333, equating to 80p and £1.30 per Corallian share, respectively. Consequently, Scirocco’s total return per share from Corallian will be £3.20.
Deltic Energy PLC (AIM: DELT) has been bolstered by a competent person’s report from RPS Energy, affirming the Pensacola project in the Southern North Sea as a significant regional discovery. Deltic, in partnership with Shell, which leads the project, is planning an appraisal well later this year, potentially advancing the project’s development.
Reabold Resources PLC (AIM: RBD) is set to receive a final payment of £4.4 million from Shell for the Victory asset sale, adding to the £8.3 million already paid.
Canadian Overseas Petroleum Limited (LSE: COPL, CSE: XOP, OTC: VELXF) announced management changes, appointing Peter Kravitz as interim CEO and welcoming Mark Wall as a non-executive director, while Atul Gupta steps down.
Arrow Exploration Corp (TSX-V: AXL, AIM: AXL, OTC: CSTPF) is gearing up for the launch of its drilling program at the Carrizales Norte (CN) 4 well in the Tapir block, located onshore in Colombia.
The company has announced the initiation of the setup process for the Petroworks 1500-horsepower drilling rig, with drilling anticipated to begin towards the end of January. This will be followed by the drilling of the CN-5 well, which is slated to commence in February.
EnergyPathways PLC (AIM: EPP) has detailed its 2024 strategy, focusing on advancing the Marram Field project off England’s North West coast towards a Final Investment Decision.
Canadian Overseas Petroleum Limited (COPL) confirmed the closure of its $2.5 million equity financing, aimed at addressing immediate liquidity needs and maintaining its public listings.
In this financing round, COPL issued 1.312 billion new shares to Anavio Capital Partners, a major stakeholder in both equity and convertible bonds of the company. Following this transaction, Anavio now holds a 24.5% stake in COPL. Additionally, Anavio received warrants for each new share purchased, with each warrant exercisable at 0.15p.
Mosman Oil and Gas Ltd (AIM: MSMN) is progressing with its EP 145 project in Australia, awaiting approval for a seismic exploration program later in the year. The company also noted that Greenvale, its proposed farm-in partner, has fulfilled a key condition of their agreement.
Canadian Overseas Petroleum sought exemptions under CSE rules to potentially bypass a shareholder vote for its recent equity issue, aimed at raising $2.5 million.
Nostra Terra (AIM: NTOG) announced, further to its announcement on 11 January 2024, the signing of a Strategic Partnership with a subsidiary of Cypress. The Partnership will allow the two companies to use an extensive, modern, regional 3D Seismic data set to jointly develop production growth opportunities across an expansive area of East Texas where the Companies have already experienced great results.
Europa Oil & Gas (Holdings) PLC (AIM: EOG) reported that its 30%-owned Wressle field is producing an average of 665 barrels of oil per day, with ongoing evaluations following recent operational enhancements.
Union Jack Oil plc (AIM: UJO) announced that material net revenues in excess of US$18,000,000 have been achieved from the Wressle hydrocarbon development (“Wressle”), located within licences PEDL180 and PEDL182 in North Lincolnshire on the western margin of the Humber Basin.
Executive Chairman of Union Jack, David Bramhill, commented: “The US$18,000,000 net revenues achieved to date from Wressle (UJO 40%) continue to bolster the Company’s Balance Sheet, complemented by additional cash-flow from the Keddington oilfield (UJO 55%). Going forward, future production and revenue updates from Wressle will be reported on a quarterly basis.
“The Wressle-1 well has responded favourably to the new jet pump rate. The engineers may decide to further increase these rates whilst the well performance is continually being optimised to maximise oil recovery volumes.
“The recently announced 263% increase in 2P reserves has led to a material upgrade in value of the Wressle development and we look forward to reporting on further progress at our flagship project.”
