Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) has told investors it is encouraged by the initial production of Rio Cravo Este-3 (RCE-3), the fourth well on the Tapir Block in Colombia’s Llanos Basin.
In an update on the appraisal/development well, Arrow CEO Marshall Abbott commented: ”RCE-3 is currently flowing better than expected. The company is choking the well back in an effort to manage the reservoir and discourage premature water production."
88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF) investors counting down to the Hickory-1 exploration well, slated to spud later this month, will be grateful for a new video presentation from the company.
In 1:56 minutes, the video posted on 88 Energy’s Youtube channel gives investors a snapshot of the well’s location (near road infrastructure and the recent Pantheon Resources discoveries), the project’s objectives and ambition, and what it means in context to past wells at Project Icewine.
Longboat Energy PLC (AIM:LBE) shares dropped around 14% in Friday’s early deals after the company reported that a previously proposed appraisal well at the Egyptian Vulture light oil discovery will not presently proceed.
The project, in the Norwegian North Sea, is located in the vicinity of infrastructure and has a wide estimate of potential resources, between 4mln and 68mln barrels oil equivalent.
Quadrise Fuels International PLC (AIM:QFI, OTC:QDRSF) told investors that extensive testing of its bioMSAR fuel is showing its suitability for marine and power plant applications, with vessel trials with shipping giant MSC set to begin later this year.
Wärtsilä Services Switzerland has so far carried out optical combustion and engine wear tests on the synthetic biofuel as a necessary precursor to the commercial-scale vessel trials, as part of the AIM-listed company’s framework agreement with MSC Shipmanagement, a subsidiary of MSC Group.
Scirocco Energy PLC (AIM:SCIR) is looking forward to potentially faster payment of the contingent payments included in the divestment of its Tanzanian assets.
The company is currently awaiting the completion of the initial transaction, with the upfront US$3mln payment anticipated in the second quarter of 2023.
Diversified Energy Company PLC (LSE:DEC, OTCQX:DECPF) (DEC) said it has completed the US$250mln acquisition of producing wells and facilities in its Central Region, in the United States, from Tanos Energy.
After making customary purchase price adjustments the net purchase price was US$244mln, the company noted in a statement.
Touchstone Exploration Inc (AIM:TXP, TSX:TXP, OTC:PBEGF) said its Royston-1X well in Trinidad has reached total depth after encountering ‘expectation exceeding’ intervals in the targeted Herrera formation.
The well measured some 1,664 feet of thickness in the Herrera including an estimated 765 feet of net sand, Touchstone said in a statement. Data from mud-logging and wireline logs indicate hydrocarbon accumulations are present within the formation, it added.
San Leon Energy PLC (AIM:SLE, AQSE:SLE, OTC:SLGYF) has flagged up an announcement made by Decklar Resources in Canada regarding two new crude oil sale and purchase agreements.
The first agreement signed by Decklar and its co-venturer Millenium Oil & Gas Company Limited is to deliver an additional 150,000 barrels of crude oil to the Edo Refinery and Petrochemicals Company Limited (ERPC) in Edo State, Nigeria.
Kinetiko Energy Ltd (ASX:KKO, OTC:KKOEF), which has trained its sights on advanced shallow conventional gas and coal bed methane in South Africa, has signed a non-binding Memorandum of Understanding (MoU) with FFS Refiners Proprietary Ltd to finalise a gas supply agreement (GSA).
FFS Refiners, a leading supplier of industrial heating fuels in South Africa, is seeking to supplement its industrial fuels business with the supply of liquified natural gas (LNG).
BP PLC (LSE:BP.) in the future will have “a big biofuels business, a big EV (electric vehicle) charging business, a sustainable fuel business and a hydrogen business that should be able to scale in the 2030s,” said Barclays’ analysts after seeing a presentation from the oil supermajor's chief executive Bernard Looney.
Barclays sounds on the money with the EV charging comment, given the oil giant’s intention to invest US$1bn to expand its network of electric vehicle charging points across the US by 2030.
Genel Energy PLC (LSE:GENL, OTC:GEGYY) told investors that a petroleum agreement and association contract has now been signed for the Lagzira block, in Morocco.
The contract, issued by Morocco’s Office National des Hydrocarbures et des Mines (ONHYM), sets out an eight-year exploration term which is split into three phases. Genel in a statement described the fiscal terms of the contract as “attractive”.
Canadian Overseas Petroleum Limited (LSE:COPL, CSE:XOP) (COPL) has been granted a covenant waiver after severe weather in Wyoming affected production at its Barron Flats Shannon (BFS) and Cole Creek operations.
Arthur Millholland, chief executive, said that snow drifts had reached 8-10ft at times due to the winds and the safety of its field personnel was the priority.
One of the bibles of the oil business is to change hands with BP calling time on its publication of the Statistical Review of World Energy after more than 70 years.
Energy Institute, an industry body, is taking over the publication from the oil giant, Reuters reported, with BP letting it go to allow chief economist Spencer Dale and his team more time to focus on its towards shift greener sources of energy
European Union politicians are split on whether tougher rules on detecting and fixing methane leaks should be implemented on firms supplying the bloc with oil and gas.
Ahead of a global pledge to cut methane emissions 30% by 2030, the EU, which is the world’s largest importer of oil and gas and therefore methane, has struggled to make leeway on reforms.
Africa Oil Corp (TSX:AOI) has released financial results for the three months and the year ended December 31, 2022, together with its 2023 management guidance, a drilling update on its offshore interests in Namibia and Nigeria, and, separately, its 2022 statement of reserves.
In the results statement, Africa Oil president and CEO Keith Hill commented: "2022 was a very positive year for Africa Oil with two notable achievements. The Venus oil discovery, offshore Namibia, has opened up a world-class petroleum basin. We are at the forefront of this exciting play through our interest in Venus and its possible westerly extension, as the only publicly listed Independent E&P company presenting investors with exposure to its potentially transformational upside; as well as through our twenty percent operated interest in Block 3B/4B that is on trend with Venus, and our indirect interest in the Orange Basin Deep block."
With a more than doubling in share price in the last six months, there appears to have been a lot riding on the competent person's report (CPR) published by Baron Oil PLC (AIM:BOIL) earlier Tuesday.
The CPR is an independent document designed to provide stakeholders with an assessment of the potential of oil and gas assets.
88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF) told investors it has extended its lease term for a key part of its acreage on Alaska’s North Slope.
The company, in a statement, said that the Alaskan Department of Natural Resources had approved the formation of the ‘Toolik River Unit’ representing a number of leases within the company’s Project Phoenix acreage.
San Leon Energy PLC (AIM:SLE, AQSE:SLE, OTC:SLGYF) has relayed details from a statement made by Eroton Exploration & Production Company, its associate in Nigeria which operates the OML18 assets in which Eroton refutes allegations made in local media reports.
Eroton said it considers the Nigerian reports to be malicious and false, San Leon noted in its stock market statement.
BP PLC's (LSE:BP.) chief executive could be set to receive a special bonus of up to £11.4mln on top of his £1.38mln salary after the oil and gas company posted record annual profits.
Growth in BP’s share price, up 12% since the start of 2020, means boss Bernard Looney could bag a huge payout from a three-year share award plan, according to the Guardian.
Eco (Atlantic) Oil & Gas Ltd (AIM:ECO, TSX-V:EOG) chief executive Gil Holzman said he is pleased to report substantial progress across a number of fronts in its "exciting" exploration portfolio, as the AIM-quoted explorer released its third-quarter financial.
Eco ended December with some US$14.5mln of cash and was debt free, the company noted in the statement.
i3 Energy PLC (AIM:I3E, TSX:ITE, OTC:ITEEF) has reported an 11% increase in production in the fourth quarter of 2022, marking a strong end to what the company described as a “very busy” period.
Production in the quarter averaged 22,757 barrels oil equivalent per day (boepd), with production for the month of December exceeding 24,000 boepd to set a new record for the company.
Capricorn Energy PLC (LSE:CNE, OTC:CRNZF) has confirmed oil and gas production volumes in 2022 were within its previously downgraded guidance at 34,200 barrels of oil equivalent per day.
The company, in a statement, noted prior commentary repeating that production was down principally due to its joint venture drilling fewer development wells than originally planned and targeting oil versus higher rate, lower value gas.
UK Oil & Gas PLC (AIM:UKOG) told investors it has now installed three shallow groundwater monitoring boreholes at the Horse Hill site, as part of a formation water-reinjection project.
The company, in a statement, said the water-injection programme seeks to improve the field's net earnings by approximately £250,000 per year, by eliminating the substantive costs of tankering and disposing produced saline formation water.
Touchstone Exploration Inc (AIM:TXP, TSX:TXP, OTC:PBEGF) told investors it has been informed by the Trinidad authorities that the National Gas Company of Trinidad and Tobago Limited (NGC) will be ready to receive gas from the Cascadura field by the end of June.
The company, in a statement, highlighted that it remains on track to complete its Cascadura facility before this date and as such it will be ready to start supplying gas to the state gas company as soon as it is in a position to receive it.
88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF) has told investors it is on track to spud the Hickory-1 exploration well on Alaska’s North Slope next month as planned.
The company, in a statement, said that its ice pad construction is nearing completion and that pre-spud operations are on schedule. Mobilisation of the drill rig is expected to begin shortly, with other equipment and services also being moved to site.