Share Talk Weekly Energy Sector News Round-Up, Sunday 9th 2022

Baker Hughes Co, an energy services company, reported on Thursday that U.S. energy firms decreased the number of active oil and natural gas rigs for the second week in a row. This count, which provides an early indication of future output, dropped by four to 751 during the week ending April 6th.

Due to the Good Friday holiday on April 7th, Baker Hughes published the rig count a day earlier than usual. Although there was a decline in rigs this week, Baker Hughes indicated that the total count remained 62 rigs higher, or 9%, than this time last year.

During the week, U.S. oil rigs fell by two to 590, while gas rigs decreased by two to 158.

According to research from finnCap, the farm-out deal announced by Jersey Oil and Gas PLC earlier on the same day is worth more than £4 per share. The partnership with NEO Energy, one of the North Sea’s major operators, was described as “exciting news,” and the corporate broker conducted an in-depth analysis of the deal’s ultimate value.

TomCo Energy PLC (AIM: TOM, OTC: TMCGF), a US-based oil development group, has announced that its shares have resumed trading on AIM after the release of its full-year results for the year ended September 30, 2022. The company stated that it is still working on securing funding for the development of its Greenfield project.

Helium One Global Ltd (AIM: HE1, OTCQB: HLOGF) has announced the signing of a letter of intent (LoI) with Tunisian contractor SOFORI, in partnership with Noble Helium. The LoI is for the provision of a Drillmec HH102 rig to be utilized in the next drilling campaign on the Rukwa Project in Tanzania. Helium One’s Lorna Blaisse noted that this was an “encouraging first step” towards spudding the well in the third quarter of this year.

Block Energy PLC (AIM: BLOE) has announced the termination of its Salary Sacrifice scheme effective from April 1st, 2023. This decision is due to the company’s improved financial position. Furthermore, well WR-B01Za is continuing to produce naturally at an average rate of 274 boepd (247 bopd oil and 4,700 m3/d gas) without artificial lift.

The well result, combined with the company’s better understanding of the reservoir gained from its detailed geophysical studies, provides significant confidence that further horizontal wells into the West Rustavi/Krtsanisi Middle Eocene reservoir will be successful, and Project 1 will be accomplished.

Harbour Energy has announced that it will cut 350 onshore jobs in the UK, blaming windfall tax. Harbour Energy stated that the decision to cut jobs was not taken lightly and that it was necessary to ensure the long-term sustainability of the company. The company also said that it will be providing support to the affected employees and will be working closely with them to help them find new employment opportunities.

Jersey Oil and Gas PLC (AIM: JOG, OTC: JYOGF) has formed a partnership with one of the major operators in the North Sea to explore the potential of one of its licenses. Analysts predict that this deal could eventually be worth up to US$170 million.

Under the terms of the farm-out agreement, NEO Energy will receive a 50% interest in the Greater Buchan Area (GBA), located offshore in northern Scotland.

Scirocco Energy PLC (AIM: SCIR) has emphasized the favourable operational performance of its joint venture, Energy Acquisitions Group Ltd (EAG), in which Scirocco holds a 50% stake. EAG fully owns and operates Greenan Generation Limited (GGL), a 0.5MW Anaerobic Digestor plant situated in Northern Ireland.

During Q4 of 2022, GGL demonstrated robust performance by surpassing the key performance indicators (KPIs) for production, revenue, and EBITDA that were achieved in Q4 of 2021.

Arrow Exploration Corp (TSX-V: AXL, AIM: AXL, OTC: CSTPF) has informed investors that its Rio Cravo Esta-5 well in Colombia has reached its intended depth and identified six hydrocarbon-bearing intervals, amounting to approximately 90 net feet of oil pay.

According to a statement released by the company, the Carbonera C7 interval recorded about 36 feet of net oil pay, while the Lower Gacheta interval had 54 feet of oil pay.

i3 Energy PLC (AIM: I3E, TSX: ITE, OTC: ITEEF) has appointed Jason Dranchuk as its Chief Financial Officer, a non-board role effective from April 3, 2023. The independent oil and gas company, which has assets and operations in the UK and Canada, stated that Dranchuk has over 25 years of experience in various senior finance roles in the energy sector, with a significant focus on the Western Canadian Sedimentary Basin, a key area for the company.

88 Energy Ltd (AIM: 88E, ASX: 88E, OTC: EEENF) saw a rise in share price on Monday following promising results from its operations in Alaska. The drilling in the region has reached a successful conclusion, with the Hickory exploration well, located on Alaska’s North Slope, encountering all primary and secondary targets as well as an additional zone that was not expected before drilling.

San Leon Energy PLC (AIM: SLE, AQSE: SLE, OTC: SLGYF) has acknowledged the latest extension to the transactions aimed at consolidating the interests in the OML 18 asset located in Nigeria, with a new deadline of June 30, 2023.

In a statement, the company informed its investors that it maintains its belief that the proposed transactions will be transformative for the company, and it is working towards completing them.

Canadian Overseas Petroleum Limited (LSE: COPL, CSE: XOP) CEO Arthur Millholland has characterized the company’s ongoing efforts to overcome recent challenges as “significant progress.” COPL demonstrated its working interest average crude oil sales of 1,177 barrels per day in its quarterly results statement released.

Europa Oil & Gas (Holdings) PLC (AIM: EOG) has named Alastair Stuart as its Chief Operating Officer and Executive Director with immediate effect. Stuart, a petroleum engineer by profession, has been working as a consultant with Europa since 2012. In recent times, he has been closely involved in the advancement of the Wressle Field, as stated by Europa.

88 Energy Ltd (AIM: 88E, ASX: 88E, OTC: EEENF) experienced a 22% increase in share value during Monday’s early trades after announcing that it has achieved total depth in the Hickory-1 exploration well in Alaska. The well has also discovered three additional secondary targets.

In a statement, the company provided an update, following last week’s positive initial results that confirmed the well’s primary targets. The current update reveals that the well has discovered at least three more zones that either met or surpassed expectations.

i3 Energy PLC (AIM: I3E, TSX: ITE, OTC: ITEEF) has released the results of the year-end reserve report for its subsidiary i3 Energy Canada, revealing a 9% rise in proved plus probable developed producing (2PDP) reserves to a cumulative of 65.7 million barrels of oil equivalent.

Total proved (1P) reserves have also grown by 10% to 93.5 million barrels, and total proved plus probable (2P) reserves increased by 18% to a total of 181.5 million barrels

Angus Energy (AIM: ANGS) has expressed satisfaction with the progress of the sidetrack SF07V well-testing program, following the conclusion of initial cleanup operations over the weekend.

The well produced 2.1 million standard cubic feet per day shortly after start-up, and flow rates have steadily risen over the last 60 hours to 4 million standard cubic feet per day, with a consistent wellhead pressure of approximately 30 barg. The increase has been linear, and there has been no deviation from this trend thus far.

By way of context, deliverability from pre-existing wells has averaged around 5.4 mmscfd during the quarter and our competent Persons Reports of March 2020 and October 2021 set a P90 target just shy of 10 mmscfd for the plateau rate of flow from all three wells.

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