France’s TotalEnergies SE (NYSE:TOT, EPA:TTE), the second-largest operator in the North Sea, has opted to cut investments in the area after the UK government recently increased its windfall tax on oil and gas firms.
Total suggested it would no longer invest around £100mln in its Elgin gas field, east of Aberdeen, marking a 25% decrease in planned spending, according to the industry website Energy Voice.
European Union governments tentatively agreed on Thursday on a $60 a barrel price cap on Russian seaborne oil with an adjustment mechanism to keep the cap at 5% below the market price, according to diplomats and a document seen by Reuters.
The agreement still needs approval from all EU governments in a written procedure by Friday.
Zephyr Energy PLC (AIM:ZPHR, OTCQB:ZPHRF) told investors that the next phase of production testing has now begun at the State 16-2 LN-CC well in Utah.
Testing in 2021 previously saw peak initial production rates of around 1,100 barrels of oil equivalent per day, constrained due to surface limitations.
Borders & Southern Petroleum (AIM:BOR) shares slumped nearly 40% after the company unveiled a dilutive and discounted £2.5mln equity raise, with proceeds earmarked to pay licence and other fees as it seeks to advance the Darwin project in the Falklands.
News that it is selling 142mln new shares priced at 1.75p each saw the market price of the share drop to 1.98p - versus Tuesday’s closing price of 3.15p.
TomCo Energy PLC (AIM:TOM, OTC:TMCGF) said it has raised just under £1mln of proceeds through a share placing, to support operations at its site in Utah.
The company is to issue around 264mln new shares to investors, priced at 0.35p each, with the new equity representing around 11.7% of the enlarged share capital.
Kinetiko Energy Ltd (ASX:KKO), an Australian gas explorer and developer focused on advanced shallow conventional gas and coal bed methane in energy-hungry South Africa, has hit a new record high on delivering a positive update on its onshore gas exploration and production development activities.
Gas desorption testing has been completed on core hole 271-23C, spudded on September 21 in the vicinity of Majuba power station, and wireline logging results indicate "significant" potential for gas field development.
Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF), the Colombia-focused oiler, has told investors it continues to focus on improving its balance sheet and generating free cash flow as it unveiled a record third quarter.
In the three months to end-September 2022, the group posted record cashflow from operations and said it has seen a threefold increase in production since shares started trading on London's AIM in October last year.
Shell PLC (LSE:SHEL, NYSE:SHEL)’s US$1.9bn buyout of Denmark’s Nature Energy will make it Europe’s largest producer of renewable natural gas (RNG), marking a large step in the oil giant’s transition away from fossil fuels.
Operating 14 plants and with a development pipeline of around 30 more, Nature Energy Biogas, is a leader in biomethane and renewable energy production from organic waste and is the largest in Europe, according to Shell, which is set to acquire 100% of the company.
Orcadian Energy PLC (AIM:ORCA) shares advanced close to 7%, to trade at 25.64p, as the company hired SLB (formerly known as Schlumberger) for services on its planned wells at the Pilot project in the North Sea.
The company, in a statement, said it signed a memorandum of understanding covering the core services and described it as a “compelling commercial and technical proposal with a strong focus on decarbonisation”.
Eco (Atlantic) Oil & Gas Ltd (AIM:ECO, TSX-V:EOG), the oil and gas exploration company focused on the offshore Atlantic Margins, has announced its results for the six months ended 30 September 2022, showing the firm in a solid financial position.
The company had cash and cash equivalents of US$24.6mln and no debt as of end-September, after paying US$11.3mln, being Eco's cash share of the Block 2B well, offshore South Africa. The company had total assets of US$67.3mln, total liabilities of US$5.7mln and total equity of US$61.6mln.
Jersey Oil and Gas PLC (AIM:JOG, OTC:JYOGF) told investors it has extended the licence for the Verbier project, as UK regulator the North Sea Transition Authority approved its request.
The company, in a statement, said that the Verbier licence is now aligned with the Buchan licence with the current phase expiring end of August 2023, in keeping with its stated ‘Greater Buchan Area’ hub development plan.
Aminex PLC (LSE:AEX) shares advanced close to 20% in Monday morning’s deals, to trade at 1.2p, after the Tanzanian authorities detailed a new addendum to agreements for gas projects.
The company, in a statement, relayed to investors the reported benefits which include the government’s commitment to the development of gas resources as soon as possible, support to accelerate production from the Ruvuma asset and the construction of supporting infrastructure in the coming six-to-nine months.
Beacon Energy PLC (AIM:BCE), formerly Advance Energy, told investors it has extended the period of exclusivity for an agreement that gives it the opportunity to acquire a European oil and gas company.
The company, in a statement, noted that the new deadline is set as 12 December 2022 extending from 28 November.
Scirocco Energy PLC (AIM:SCIR) has said it expects a boost to the Ruvuma asset, which is in the process of being sold by the company, from an addendum to agreements in Tanzania.
The company, in a statement, highlighted comments made by the Tanzanian minister of energy talking up the government’s commitment to the development of gas resources as soon as possible, as support to accelerate production from Ruvuma to help the country satisfy a short-to-medium gas needs, and, the construction of supporting infrastructure in the coming six-to-nine months.