UK Oil & Gas PLC (AIM: UKOG) experienced a rare positive week, rising 35% amid reports that it is leading a project to create large hydrogen storage units beneath Britain’s former naval base in Portland Harbour, Dorset.
According to the Sunday Telegraph, the plan involves excavating 19 caverns, each the size of St Paul’s Cathedral, to store hydrogen for emergency use during energy shortages from wind and solar sources.
Shell anticipates a financial impact of up to $2 billion (£1.6 billion) after pausing construction on one of Europe’s largest planned biofuel plants and selling a refinery in Singapore. The oil and gas giant stated that halting work on the biofuels plant in Rotterdam, announced earlier this week, is expected to cost up to $1 billion.
Shell initiated work on the plant in 2021, but the project was sidelined as the oil supermajor reassessed its commitment to green energy initiatives. Additionally, the sale of its Bukom refinery in Singapore is projected to incur costs between $600 million and $800 million.
BlueJay Mining PLC (AIM: JAY, OTCQB: BLLYF) up by 75%. The company discovered helium, and hydrogen within Finland’s Outokumpu Belt and other naturally occurring industrial gases such as argon and xenon.
Interest in BlueJay and other companies in this sector, such as HeLIX Exploration PLC (AIM: HEX) (down 4.32%) and Helium One Global Ltd (AIM: HE1, OTCQB: HLOGF) (up 36.51%), is driven by the scarcity of helium, which is crucial for medical scanning equipment and semiconductor production.
Further to the Company’s announcement on 21 June 2024, Baron Oil (AIM: BOIL), announces that its change of name to Sunda Energy (AIM: SNDA) has become effective at Companies House and a Certificate of Incorporation on the change of name has been issued.
The Company’s new details have been registered with the London Stock Exchange and trading in the Company’s ordinary shares on AIM under the new Sunda Energy Plc name and the new TIDM of ‘SNDA’ is expected to commence at 8.00 a.m. today, 5 July 2024.
Mosman Oil and Gas Limited (AIM: MSMN) the helium, hydrogen and hydrocarbon exploration, development and production company, notes the recent update from Mining Minerals & Metals plc (“MMM”) regarding the proposed acquisition of Georgina Energy plc (“Georgina”). Georgina’s subsidiary company Westmarket Oil & Gas Pty Ltd is Mosman’s farmin partner in Exploration Permit 155 application. The full text of the announcement can be found here: https://www.londonstockexchange.com/news-article/MMM/proposed-acquisition-of-georgina-energy-plc/16543473
Malcy’s Blog – Oil price, Touchstone Exploration, Serica Energy, Jadestone Energy & Challenger Energy Group
Plexus Holdings PLC (AIM: POS), a company listed on AIM specializing in oil and gas engineering services, has announced the execution of its succession plan along with various other boardroom adjustments.
Founder Ben van Bilderbeek, after over 50 years in the industry and 19 years as CEO, has retired from his executive role. He now serves as the non-executive chair, succeeding Jeff Thrall, who continues to serve on the board as an independent director.
Touchstone Exploration Inc (AIM: TXP, TSX: TXP, OTC: PBEGF) has announced that its Trinidadian subsidiary, Primera Oil and Gas, has secured exploration and production licenses for the Cipero and Charuma blocks. These licenses were awarded as part of the 2022 Onshore and Nearshore competitive bid rounds in Trinidad and Tobago.
The agreements were formally signed by representatives from Primera Oil and Gas, the Government of Trinidad and Tobago, the Ministry of Energy and Energy Industries (MEEI), and a subsidiary of the National Gas Company of Trinidad and Tobago.
Helium One Global Ltd (AIM: HE1, OTCQB: HLOGF) announced significant advancements at its Rukwa project in Tanzania, assuring investors that it is on schedule to commence the extended well test (EWT) of Itumbula West-1 (ITW-1) later this month.
The company-owned rig is already on location and prepared for third-party services to initiate rigging ahead of the spud.
Energy bills are expected to decrease for the next few months as the new Ofgem energy price cap takes effect today for England, Scotland, and Wales. Electricity and gas bills for a typical household are projected to average £1,568 per year, a reduction of £122, marking the lowest point in two years.
However, this decrease is anticipated to be temporary, with leading analysts at Cornwall Insight predicting a 10% increase in October from today’s levels as prices rebound in the lead-up to winter.
This means household energy bills are expected to rise to £1,723 per year in October, an increase of £155.
