Weekly Oil and Gas Highlights, 27th July 2019

There were some significant deals for small-cap energy companies this week.

By Proactive Investors

Jersey Oil and Gas PLC (LON: JOG) won some significant acreage through the latest North Sea licensing round.

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.

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.

Diversified Gas & Oil PLC (LON: DGOC) told investors that production in the first half averaged 76,000 barrels of oil equivalent per day.

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.

United Oil & Gas PLC (LON: UOG) has revealed a deal with Rockhopper Exploration PLC (LON: RKH) to acquire its assets in Egypt.

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).

TomCo Energy plc (LON: TOM) told investors that its field testing programme continues to run to schedule in Utah.

On Friday, Diversified Gas & Oil PLC (LON: DGOC) signed a “stalking horse” agreement to buy the Ohio assets of bankrupt firm EdgeMarc Energy Holdings for US$50mln.

“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.

 

Source www.proactiveinvestors.co.uk

 

Article originally published by proactive investors. Share Talk is not responsible for its content or accuracy and may not share the author’s views. News and research are not personal recommendations to deal. All investments can fall in value so you could get back less than you invest.

 

 

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