Weekly Oil and Gas Highlights, 16th September 2019

A glance back at some of the top stories this week from London small-cap oil and gas stocks

Hurricane Energy PLC (LON:HUR) has reported positive well results from the Greater Warwick Area.

The British offshore oiler this morning revealed that the Lincoln Crestal well had flowed at rates of up to 9,800 barrels of oil per day in testing.

That peak rate was achieved with the use of electrical submersible pumps while under natural conditions the well flowed an average of 4,682 bopd.

Lincoln Crestal is the second of three wells being drilled in the Greater Warwick Area, which neighbours the now producing Lancaster field.

Horse Hill oil field near Gatwick Airport has been granted long-term production consent by Surrey County Council, providing a boost for project backers such as Alba Mineral Resources plc (LON:ALBA).

The consent gives permission to produce oil at the site over a 25-year period at up to 3,500 barrels per day from a total of six wells.

Alba owns an 11.8% stake in Horse Hill, which is operated and 85.6%-owned by UK Oil & Gas PLC.

Solo Oil PLC (LON:SOLO) has teamed up THREE60 and NRG Well Management with the two new partners coming on board to provide operational capability as it implements its strategy.

“The structure of these agreements minimises the company’s exposure to fixed operational costs and allow for the continued management of G&A exposure,” said Alastair Ferguson, Solo chief executive.

“We look forward to working closely with these top-quartile service partners as we further progress towards the completion of our strategic production goals.”

READ
Oil Man Jim Company Oil & Gas Update’s 22nd September 2019

With THREE60, Solo has entered into a ‘service collaboration and risk sharing model agreement’ which will see the new partner provide assistance with subsurface, engineering and facilities operations.

Diversified Gas & Oil PLC (LON:DGOC) has revealed plans to move from AIM to the premium segment of London’s main market.

The company told investors it intends to make the move following the publication of its full-year results for this year, to be released during the first quarter of 2020.

As part of the preparations for the main market the company has completed a tender process to sign-up with a ‘big four’ accounting and auditing firms, for the fiscal year to end 31 December 2020.

Anglo African Oil & Gas PLC (LON:AAOG) is looking to book a drilling slot for November for Tilapia in the Republic of Congo as it begins for re-entry using wireline tools.

The re-entry preparations are to prepare for drilling the TLP-103C side-track. Directors are negotiating with operators of two rigs elsewhere in Congo Republic about securing a potential drilling slot.

Mosman Oil and Gas Limited (LON:MSMN) has completed the Stanley-3 well in Texas.

AIM-listed Mosman, which holds a 14.85% working interest in the well, said the well had struck a six-foot interval during completion operations, with the recovered fluid 100% oil.

United Oil & Gas PLC (LON:UOG) enjoyed a second successful North Sea licensing, one in which it was awarded four blocks.

Covering 500 square-kilometres, 14/15c, 15/11c, 15/12a, and 15/13c are described as “highly prospective” with one target, Zeta, estimated by the company to contain 90mln barrels of in-place oil.

READ
Oil Man Jim Company Oil & Gas Podcast, 9th October 2019

The blocks lie just 10 kilometres from United’s Crown Discovery, and are close to the Marigold and Yeoman operations and the substantial Piper, MacCulloch and Claymore oil fields.

Source www.proactiveinvestors.co.uk
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