There were some significant deals for small-cap energy companies this week.
It has landed 100% of three blocks hosting the Buchan oil field and the J2 oil discovery, neighbouring JOG’s existing 50%-owned Licence P2170 that contains the Verbier discovery.
That includes a two-month contribution from the acquired HG Energy II assets. It represents a 295% increase in volumes from the comparative period of 2018, and, 22% on the preceding six month period.
A deal worth US$16mln sees United pick up Rockhopper’s 22% non-operated interest in the Abu Sennan concession, which yields net production of around 1,100 barrels of oil equivalent per day (boepd).
“While the company believes that EdgeMarc will be an attractive acquisition, given the court process there can be no certainty at this point that the transaction will be completed,” the firm said.
Block Energy PLC (LON: BLOE) told investors that production has now resumed at the West Rustavi field, with the impressive 16aZ well now coming online.
The well has now come online at an initial rate of 360 barrels oil equivalent per day – comprising 295 barrels of oil and 390,000 cubic feet of gas – it remains in the ‘clean up’ phase to recover lost drilling fluid and the rate will be gradually increased over time to establish a sustainable flow rate.
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