Saudi Arabia‘s energy minister has issued a cautionary note to oil speculators, advising them to be vigilant before the upcoming meeting that follows the decision by OPEC+ members to significantly reduce production in early April.
“Be vigilant,” Prince Abdulaziz bin Salman stated on Tuesday. He insinuated that speculators wagering against a surge in oil prices might find themselves at a disadvantage after the Vienna conference on June 4th.
Scirocco Energy PLC (AIM: SCIR) anticipates a potential US$5.5mln windfall in the coming months if the Ruvuma project in Tanzania proceeds as currently forecast. ARA Petroleum Tanzania (APT), the project operator, is in advanced discussions with Tanzanian authorities regarding a gas sales agreement that could expedite the timeline for Ruvuma’s commercial production.
ADM Energy PLC (AIM: ADME, ETR: P4JC) saw a 7% jump in shares as the company disclosed an investment in five onshore US oil leases through a joint agreement with OFX Holdings, a major shareholder. The deal, which costs a maximum of US$1.61mln, will be executed through the purchase of Blade Oil V, a Texas-based limited liability company.
Despite new projects conflicting with the 2050 net-zero targets, the UK Government has pledged to continue issuing oil and gas licenses in the UK. This confirmation was made by Graham Stuart, the Minister for Climate and Net Zero, during the Innovate Zero Congress, although he declined to discuss any specific project.
After approval by UK authorities, the takeover of Hurricane Energy PLC (LSE: HUR) by Prax Exploration & Production is moving forward. Prax has received confirmation from the Cabinet Office that no further action will be taken under the National Security and Investment Act 2021.
Corcel PLC (LSE: CRCL) shares increased following the announcement of a deal to acquire onshore oil assets in Angola, including formerly productive fields planned for reactivation. The company plans to purchase a 90% stake in Atlas Petroleum Exploration Worldwide (APEX), which has interests in several fields in the Kwanza basin.
Africa Oil Corp (TSX: AOI) has announced its decision to withdraw from its joint venture agreements and production-sharing contracts in Kenya. Similarly, Tullow Oil PLC (LSE: TLW) informed investors that its partners in Kenya have left the appraisal
Jersey Oil and Gas PLC (AIM: JOG, OTC: JYOGF) CEO Andrew Benitz described the financial results for the year ending 31 December 2022 as a pivotal year for the company’s future success. This period preceded Jersey’s divestment of a 50% stake in the Greater Buchan Area (GBA) in a partnership deal with NEO Energy, expected to conclude next month.
Gulf Keystone Petroleum Limited (LSE: GKP) has called off a US$25 million shareholder payout due to the ongoing production halt in the Kurdistan region of northern Iraq. The company had to close its Shaikan field following a shutdown of the pipeline from Iraq to Turkey in March.
Tullow Oil PLC (LSE: TLW) stock remained stable during Tuesday’s trading session after the London-based oil company announced its partners in Kenya had withdrawn from the appraisal and field development project. According to a company statement, Tullow Oil will now completely own Blocks 10BB, 13T, and 10BA in the South Lokichar Basin after Africa Oil and TotalEnergies exited the joint venture.
Canadian Overseas Petroleum Limited (LSE: COPL, CSE: XOP) provided an update on the development of its gas gathering system at the Barron Flats Shannon Unit (BFSU) project in Wyoming. The construction of the project, which commenced with pipe welding on May 10, is expected to be finished in two to three months and will cover a span of roughly five miles.
Southern Energy Corp (TSX-V: SOU, AIM: SOUC, OTC: MAXMD) has reached an agreement to purchase the remaining oil-producing acreage in the Gwinville field in Mississippi that it does not already possess. The acquisition assets currently yield approximately 400 barrels of oil equivalent per day (predominantly natural gas), and the deal will cost the company US$3.2 million.
Quadrise PLC (AIM: QED) has temporarily halted its fuel trial in Morocco due to unforeseen mechanical problems. The trial had just started this week, in accordance with the client’s production schedule.
Helium One Global Ltd (AIM: HE1, OTCQB: HLOGF) reported that it has received independent validation of the prospective resources at the Tai prospect in Tanzania. A new competent person’s report (CPR) suggests a 61% upgrade in size, with reserves auditors ERCE now estimating Tai’s unrisked prospective resources (2U) at 2.8 billion cubic feet (Bcf) and total gas resources at 212.2Bcf across all formations.
Helium One Global’s share price target has been marginally increased by broker Liberum following the publication of a new CRR today for the Tai prospect in Tanzania. Liberum now estimates a fair price of 20p per share, up from 19p.
Shares in Irish oil and gas companies Barryroe Offshore Energy PLC (AIM: BEY, OTC: PVDRF) and Lansdowne Oil & Gas (AIM: LOGP) fell in Monday’s early trading as efforts to implement a project off the Cork coast have been hindered by the leader of Ireland’s Green Party, Eamon Ryan, who voiced his dissatisfaction with the financial capacity of the applicants for the Barryroe venture.
