Weekly Oil and Gas Highlights, 26th October 2019

A look back at the events we reported on this week in the oil and gas sector.

By Giulia Bottaro

SDX Energy PLC (LON:SDX) said on Friday it has begun a 12 well drilling campaign on its 75% owned Gharb Basin acreage in Morocco. The programme will target a mean 15 billion cubic feet of gas, with the first seven wells to be appraisal holes close to existing infrastructure.

Anglo African Oil & Gas PLC (LON:AAOG) shares jumped on Tuesday as it announced plans for a non-binding agreement with “an international oil marketing and trading company” which would provide up to US$25 million in offtake and prepayment financing for development of the Tilapia field.

Genel Energy PLC (LON:GENL) told investors Tuesday it has inked a contract with Parker Drilling for the planned QD-2 well at the Qara Dagh field in the Kurdistan region of Iraq.

ADM Energy Plc (LON:ADME) shares advanced on Wednesday after the firm relayed the news of a deal related to its 5% owned Nigerian oil asset OML 113.

UK Oil & Gas PLC (LON:UKOG) expressed confidence as it welcomed the start of horizontal drilling at the Horse Hill oil project near Gatwick airport.

Alba Mineral Resources plc (LON:ALBA) has told investors that horizontal drilling has begun at the Horse Hill project, following the completion of the vertical HH-2 pilot hole.

Echo Energy PLC (LON:ECHO) is set to expand its footprint in Argentina with the acquisition of the Santa Cruz Sur asset package. It will pay US$7mln in cash plus US$1.5mln worth of shares, each priced at 2.91p, and potentially US$1.5mln of deferred consideration contingent on reserve increases before October 2020 – as part of the deal Echo pledges to fund the vendor’s costs in a new well planned in the fourth quarter.

Baron Oil PLC (LON:BOIL) Award to SundaGas of Chuditch PSC, Timor-Leste

Block Energy PLC (LON:BLOE) has updated on its operations for the WR-38Z well at the West Rustavi field where it has completed a critical phase of the sidetrack programme.

Shares in EQTEC PLC (LON:EQT) were higher on Wednesday after the energy company announced an extension to its memorandum of understanding (MoU) on the Billingham waste-to-energy project, which was due to lapse next month.

88 Energy PLC (LON:88E) countdown to its exciting Charlie-1 well continues with the explorer’s quarterly update today highlighting details about the upcoming programme, located in one section of Project Icewine on Alaska’s North Slope.

Nu-Oil and Gas PLC (LON:NUOG) told investors it has returned the equity it held in Enegi Oil Inc to Enegi with immediate effect, as it continues to execute the restructuring plan laid out earlier this month.

Eco Atlantic Oil & Gas Ltd (LON:ECO) (CVE:EOG) told investors that alongside partners Tullow Oil plc (LON:TLW) and France’s Total SA the company is reviewing the forward drilling strategy in Guyana following back-to-back discoveries in the Jethro-Lobe and Joe wells.

Petro Matad Limited (LON:MATD) shares shot higher on Thursday after revealing that one of two zones in the Heron-1 discovery well flowed crude at a peak rate of 821 barrels per day in testing.

By Giulia Bottaro 

Source www.proactiveinvestors.co.uk
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Echo Energy PLC (LON:ECHO) Proposed Acquisition in Argentina

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