Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) has declared a strategic transformation aimed at garnering “sustained market acknowledgement of its recoverable resources”. In alignment with this new strategy, the company intends to move its management to Houston.
The company focused on exploration in Alaska and responsible for multiple new findings in the North Slope region, has additionally informed AIM investors that it is initiating plans for a Nasdaq listing.
Touchstone Exploration Inc (AIM:TXP, TSX:TXP, OTC:PBEGF) informed its investors that development at the Cascadura field’s gas and liquids facility is moving forward, with the launch of operations anticipated to begin in July. The operation startup will incorporate both the Cascadura-1ST1 and Cascadura Deep-1 wells, as mentioned in a company statement.
In a separate update on the same day, i3 Energy PLC (AIM:I3E, TSX:ITE, OTC:ITEEF) CEO Majid Shafiq termed the recent period as “another bustling quarter”. The Canadian and North Sea-based small-cap oil and gas company announced an average daily production of 22,773 barrels of oil equivalent (boepd) for its first quarter, reflecting a 24% year-on-year increase. This growth follows the successful delivery of eight new wells as the firm commenced its 2023 capital investment program across its primary assets in Central Alberta, Wapiti, and Clearwater.
Oil & Gas Shares To Consider: #UJO, #EDR, #PRD, #IOG, #BCE, #AXL, #ONE, #CEG & #ZPHR For Your Portfolio. FTSE small-cap energy shares have arguably been oversold in 2023.https://t.co/OwvcGVVIBe via @share_talk
— Share_Talk ™ (@Share_Talk) June 28, 2023
On Wednesday Sound Energy PLC (AIM:SOU) jumped by 28% in early trading. This followed the news that the company has accepted a conditional financing offer from its Moroccan financier. The proposal is for 2.365 billion dirham (US$237 million) to finance the forthcoming development phase for its Tendrara production concession.
The highest financing intended for the Tendrara Production Concession’s newly created special purpose vehicle is projected to be fully underwritten by Morocco’s Attijariwafa bank for a period of 12 years.
Diversified Energy Company PLC (LSE:DEC, OTCQX:DECPF) is set to receive US$40 million from selling a collection of non-operated wells located in Oklahoma and Texas.
This set of assets includes approximately 200 non-operated wells, collectively yielding around 3,000 barrels of oil equivalent daily.
@Share_Talk Have been in contact with the @OneiroEnergy team today, and we had a very productive meeting. The company IPO 25th May 2023 #ONE 5p per share, today 10.25p – high net worth investor base, tight book, the journey is about to begin, watchlist folks! DYOR, please https://t.co/PNJwdFFx8Z pic.twitter.com/ljJWiCtRBZ
— Share_Talk ™ (@Share_Talk) June 28, 2023
In the early trading hours of Wednesday, Prospex Energy PLC’s (AIM:PXEN) stocks experienced a surge following its approval to bring the Podere Maiar – 1 well at the Selva gas field in Italy into operation.
In their statement, the firm confirmed that the Selva field’s gas facility in the Po Valley region of northern Italy has passed its final safety inspections. The authorities have provided the official paperwork, which paves the way for production to begin.
Predator Oil & Gas Holdings PLC’s (LSE:PRD) shares saw an increase during Tuesday’s early trading. This happened after the company informed investors about the “multiple zones of interest” in the MOU-3 well, which is currently being readied for ‘rigless’ testing. This well was drilled for the appraisal of the Moulouya Fan gas project in Morocco.
On the same day, 88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF) communicated to investors that their most recent analysis of Project Leonis, an Alaskan tract acquired earlier this year, has produced promising results for the exploration team. According to a company statement, an initial internal examination and interpretation of existing 2D seismic data demonstrated a “strong seismic-well tie” to the Hemi Springs (HS) exploration well drilled in 1985, revealing “a clear seismic amplitude at the USB prospect level”.
Synergia Energy’s (AIM:SYN) stock experienced a 13% increase following its successful application in the inaugural licensing round for North Sea carbon storage. The German firm Wintershall Dea will be collaborating with Syergia in the role of operator for the Camelot license, with both companies functioning in a 50/50 joint venture.
Ithaca Energy PLC’s (LSE:ITH) chief executive expressed concerns that the UK could face a shortage of North Sea energy under the energy strategies proposed by the Labour Party. Labour Party leader, Sir Keir Starmer, stated last week that no licenses would be issued for exploring new fields in the North Sea. He referred to the wait until UK oil and gas depletion as a “historic mistake”.
Jersey Oil and Gas PLC’s (AIM:JOG, OTC:JYOGF) successful offloading of a 50% share of its Greater Buchan Area (GBA) licences to NEO Energy attests to the company’s effective deal-making abilities and the asset’s quality. This is the assessment from finnCap, which has recently updated its research on the North Sea explorer. The broker indicated this move paves the way for JOG to look for additional farm-out contracts, with the goal of maintaining a 20-25% fully carried interest in the project’s development.
On June 26, 2023, IOG PLC (AIM:IOG) shares surged by 30% in Monday’s early trading following the company’s announcement of its plans to optimize cash flow. This involves halting North Sea drilling and focusing solely on production from its Blythe hydrogen well. The firm cancelled the contract for the Shelf Drilling Perseverance rig and put on hold plans to drill appraisals at its Kelham and Goddard prospects, with an aim to “maximize production and replenish cash balances”.
Zephyr Energy PLC (AIM:ZPHR, OTCQB:ZPHRF) announced an increase in revenue following the acquisition of non-operated assets and advances in the Williston Basin. With revenue reaching US$41.1 million for the year, this was a significant increase from the US$6 million in the preceding 12-month period. Concurrently, pre-tax profit rose to US$22.6 million in 2022, compared to US$1 million in the previous year.
Mosman Oil and Gas Ltd (AIM:MSMN) has received approval from the Northern Territory Government in Australia for an extension to the EP145 licence, which governs the company’s project in the Amadeus Basin. The agreement provides a 12-month pause on work commitments at EP145 while Mosman proceeds with its projected evaluation and restructuring of its Australian interests. This process is likely to lead to the creation of a new independent company, currently named Adagio Resources.
