Weekly Oil and Gas Highlights, 17th August 2019

A round-up of the news in London’s small-cap energy scene from the past five days.

By proactiveinvestors

Eco Atlantic Oil & Gas Ltd (LON: ECO, CVE: EOG) has announced a major new oil discovery in the Orinduik block offshore Guyana. The explorer this morning told investors that the Jethro-1 well has encountered a high-quality oil-bearing sandstone reservoir with 55 metres (180.5 feet) of net pay.

Phoenix Global Resources PLC (LON: PGR) has begun crude production from the Mata Mora concession in Argentina’s Neuquén province, the result of the company’s first two horizontal multi-fractured wells at Mata Mora.

Touchstone Exploration Inc (LON: TXP, TSE: TXP), in its second-quarter results, highlighted average crude sales of 1,768 barrels of oil per day, marking 3% growth on the comparative three months of 2018. It means that the average for the first half of Touchstone’s financial year is marked at 1,944 bopd, which equates to 19% growth on last year.

Aminex PLC (LON: AEX) updated investors as it continues to await regulatory sign-off for its Omani partnership, which will see the company advance the Ruvuma gas project. It noted that the long-stop date for its farm-out to ARA Petroleum has been extended to 31 October.

Union Jack Oil PLC (LON: UJO) has noted an announcement by Rathlin Energy (UK) Limited that it has begun mobilisation of a service rig at the West newton A-2 site in Yorkshire. Union Jack, which holds a 16.7% interest in the licence containing the A-2 site, said over the coming days Rathlin would equip the A-2 well for test operations which would then run over the next 4-8 weeks.

Tethys Oil has described its second quarter as a “strong period” highlighting production at the high end of guidance and revenue growth. The company flowed some 12,881 barrels of oil per day from Blocks 3 and 4, in Oman, against prior guidance for 12,000 to 13,000 barrels per day.

ADES International Holding PLC (LON: ADES) told investors that revenue increased significantly in the first half of 2019, thanks to contributions from its recently acquired assets. In a statement ahead of its interim results, the oil industry services firm revealed that first-half revenue amounted to US$219.9mln, which is almost three times higher than the same period last year.

Mosman Oil & Gas Ltd (LON: MSMN) said drilling at the Stanley 3 well in Texas has been completed on time and on the budget after reaching a target depth of 5,100 feet. The company, which holds a 14.85% stake in the well as part of a strategic alliance with Baja Oil & Gas, said the drilling identified “several zones of interest”.

The Borgland Dolphin drilling rig is soon to make its way to one of i3 Energy PLC’s (LON: I3E) oil fields in the North Sea ahead of a scheduled 94-day drill programme. The rig has completed its acceptance testing and has begun move preparations, shortly after which it will start its transit towards the Librerator field.

Providence Resources PLC (LON: PVR) told investors that it expects the Barryroe well site survey will commence later this month, subject to receipt of funds from Chinese partner APEC. “The nominated vessel is currently finishing up current activities in the North Sea prior to the planned mobilization to Barryroe,” the company said in a statement.

Quadrise Fuels International PLC (LON: QFI) was fired up on Monday after signing an agreement with a European oil refiner to develop a potential project for its MSAR synthetic fuel oil. Later in the week, Quadrise signed a cooperation deal with oil and gas consultancy Merlin Energy Resources to promote upstream heavy oil projects.

TomCo Energy plc (LON: TOM) raised £450,000 of new capital as its field programme in Utah continues according to plan.


Source www.proactiveinvestors.co.uk


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