Shell PLC (LSE: SHEL, NYSE: SHEL) and INEOS are among 19 companies that have received new licenses to explore for oil and gas in the North Sea.
On Friday, a total of 31 North Sea licenses were distributed, constituting the third and final group under the UK’s 33rd offshore licensing round. These licenses encompass 88 blocks located in the southern North Sea, central North Sea, and east Irish Sea.
This week Shell exceeded expectations with a £6.1 billion profit in the first three months of the year, surpassing expectations and declaring additional shareholder returns. The company was initially projected to report first-quarter profits of around $6.3 billion (£5 billion), but it outperformed these estimates by £1 billion.
Prospex Energy PLC (AIM: PXEN) provided an update from the Selva Malvezzi production concession in Italy following the publication by Po Valley Energy Limited (“Po Valley Energy”) (ASX: PVE) of its Q1 2024 activity report.
Po Valley Operations Pty Limited (“PVO”), a wholly owned subsidiary of PVE is the operator of the Selva Malvezzi production concession, which has a 63% working interest, while Prospex has the remaining 37% working interest.
This week, Namibia’s burgeoning oil sector drew more attention, particularly for AIM-listed exploration company Tower Resources PLC (AIM: TRP), as American oil giant Chevron finalized an agreement to acquire control of an offshore block in the Walvis basin. Chevron has secured an 80% stake in the PEL license block and plans to commence drilling an exploration well in the last quarter of the year.
This development is expected to generate significant interest, especially within Tower Resources, as they closely monitor the progress.
Europa Oil & Gas (Holdings) Plc (AIM: EOG) has informed investors that it is prioritizing an appealing new venture in Equatorial Guinea, deciding to step back from a less promising North Sea project.
In a statement, the company detailed that the UK’s North Sea Transition Authority had suggested a partnership between Europa and another party for a license area that Europa had pursued in the 33rd licensing round.
Andy Carroll, CEO of Mosman Oil and Gas Ltd (LON: MSMN), spoke with Share Talk with the news that the company has received the final Government approval on the Farmin of its Australian project EP 145, in which Mosman currently holds a 100% interest.
i3 Energy PLC (AIM: I3E) has updated its 2024 capital budget projections following a new forecast from brokerage firm Stifel.
“We’ve scaled back and postponed some drilling activities to the second half of 2024, which positions our expected 2024 production to be within the 18-19,000 [barrels of oil per day] range, though likely nearer the higher end.”
Zephyr Energy PLC (AIM: ZPHR, OTCQB: ZPHRF) has welcomed a new cornerstone investor, SGR Investments, following an equity-for-debt swap. This transaction has resolved approximately £3.11 million in loan notes. As a result, SGR Investments now holds a 3.7% stake in Zephyr Energy, having acquired 64 million new shares at a price of 4.85p each in exchange for the loan notes.
Meanwhile, Zephyr has also emphasized its ongoing success in operational activities, noting that the drilling of the State 36-2 LNW-CC-R well is proceeding rapidly. The well, which was initiated on April 25, has reached approximately 3,238 feet in depth, aiming for a total depth of 10,362 feet. It is planned to feature a 270-foot horizontal reservoir section upon completion.
Colin Harrington commented, “We are making steady progress on the State 36-2R well and are on schedule to finish within the projected thirty-day timeframe.”
Union Jack Oil plc (AIM: UJO, OTCQB: UJOGF) announced that Zac Philips, Commercial Advisor, will present and host one-on-one meetings with investors at the Sidoti May Virtual Investor Conference, taking place on May 8-9, 2024.
The presentation will begin at 12:15 PM ET (5.15 PM BST) on 9 May and can be accessed live here: https://sidoti.zoom.us/webinar/register/WN_Lg5c0d4STP2pZcz0qXgqLg Union Jack Oil plc will also host virtual one-on-ones with investors on Wednesday and Thursday, May 8-9, 2024.
To register for the presentation or one-on-ones, visit www.sidoti.com/events . Registration is free and you don’t need to be a Sidoti client.
Chariot Ltd (AIM: CHAR, OTC: OIGLF) has commenced drilling operations at the Loukos license, located onshore in Morocco.
This small-cap, Africa-focused transitional energy company is drilling the RZK-1 well at the Gaufrette prospect, which is believed to contain approximately 10 billion cubic feet of recoverable prospective resources.
Pantheon Resources PLC (AIM: PANR, OTCQX: PTHRF) recently announced a substantial update on its resource estimates in Alaska, following a report from independent consultant Lee Keeling & Associates (LKA). The report focuses specifically on the Ahpun field’s Alkaid horizon, which boasts 5 million barrels of oil and 27 billion cubic feet of natural gas.
These reserves are located around the area of Pantheon’s Alkaid-2 well, drilled in 2022. Additionally, LKA has identified contingent resources including 74 million barrels of marketable liquids and 396 billion cubic feet of natural gas, with a high-case scenario projecting up to 123 million barrels and 634 billion cubic feet.
Touchstone Exploration Inc (AIM: TXP, TSX: TXP, OTC: PBEGF) has reached an agreement to purchase its Trinidad oil and gas counterpart, Trinity Exploration & Production PLC (AIM: TRIN), in an all-share transaction valued at £24.1 million.
Under the terms of the deal, Trinity shareholders will receive 1.5 new shares of Touchstone for each share they hold in Trinity.
Arrow Exploration Corp (TSX-V: AXL, AIM: AXL, OTC: CSTPF) Chief Executive Marshall Abbott characterized 2023 as “a great year across the board” while announcing the company’s full-year financial results.
“We experienced significant increases in production, revenue, and EBITDA. Our strong balance sheet is a solid foundation for the aggressive capital program we have outlined for 2024,” stated the Arrow executive.
i3 Energy PLC (AIM: I3E, TSX: ITE, OTC: ITEEF) is optimistic about its future, starting in 2024, with a significantly enhanced financial standing, as stated by Chief Executive Majid Shafiq.
In the company’s annual financial report, Shafiq noted that i3 Energy boasts a robust balance sheet and is actively expanding its relationships with debt capital providers to support growth.
