Union Jack Oil PLC (AIM:UJO) reported that it has sold a non-core asset, a 2.5% interest in the Claymore Area Royalty Agreement, for an undisclosed sum.
Executive chair David Bramhill, in a short statement, said the company is pleased with the sale price and terms.
Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) told investors it has spud the Carrizales Norte-1 (CN-1) well at the Tapir Block in the Llanos Basin, Colombia.
Drilling will now proceed to the target depth of 9,205 feet, anticipated by mid-May, and after that it is anticipated that the well will undergo testing – with each test (per zone) taking around five days to complete.
Shell PLC (LSE:SHEL, NYSE:SHEL) and BP PLC (LSE:BP.) were among oil and gas giants which bagged billions of dollars from trading on commodity markets last year, according to estimates from Bernstein Research.
20% of Shell’s pre-tax earnings came from the US$16.6bn generated from buying and selling oil, gas and power in 2022.
TomCo Energy PLC (AIM:TOM, OTC:TMCGF) has asked for an extension to the deadline for its subsidiary, Greenfield Energy, to acquire the remainder of the Tar Sands Holdings II membership interests.
Greenfield owns a 10% membership interest in TSHII and can acquire the remaining 90% for US$16.25mln, an option that was scheduled to expire on 30 April 2023
The FTSE 100 remains the place to be for eye-popping share buybacks, with today’s announcements from HSBC Holdings PLC (LSE:HSBA) and BP plc bringing year-to-date returns via buybacks to £26.9bn, following a record £55.8bn of buybacks in 2022.
On top of the buyback bonanza, dividends are expected to top £85bn for 2023, following a record year in 2022.
Empyrean Energy PLC (AIM:EME) said it could sell off its 8.5% holding in Mako, the largest undeveloped and fully appraised gas field in the West Natuna Basin on the northern tip of Indonesia, if the field's operator, Conrad Asia Energy Ltd, arranges a farm-down process.
Empyrean noted that in its latest quarterly report, Conrad provided an update on the Mako gas field development within the Duyung Production Sharing Contract (PSC), highlighting that the negotiation of key terms of a Mako gas sales agreement (GSA) between a Singaporean buyer and the Indonesian regulator (SKKMigas) is expected to be finalized during the second quarter.
Shares in Longboat Energy PLC (AIM:LBE) soared 126% to 21.5p after the Norwegian North Sea explorer struck a deal with Japan Petroleum Exploration Co (Japex) to form a joint venture.
Tokyo-listed Japex will invest up to US$50mln cash for 49.9% of the AIM-listed company's Norwegian subsidiary, Longboat Energy Norge, which will be renamed Longboat JAPEX Norge to form a joint venture "with a goal of building a leading Norwegian-focussed independent".
Zephyr Energy PLC (AIM:ZPHR, OTCQB:ZPHRF) said it has decided to increase its hedging programme related to oil production in the Williston Basin, USA.
The oiler said it had used up most of the facility in place from last year’s programme and has put in place hedges for the nine months ending 31 December 2023 on volumes up to 137,000 barrels (bbls), with BP the counterparty.
Chariot Ltd (AIM:CHAR, OTC:OIGLF) said it has entered into a partnership in Morocco to create a midstream joint venture overseeing the distribution of natural gas to industrial customers in Morocco, which it said will further support the commercial viability of its Anchois project there.
The partnership is with Vivo Energy, a pan-African retailer and distributor of high-quality fuels and lubricants, which has a sizeable presence in Morocco's petroleum products sector via its network of more than 400 service stations while also supplying commercial and industrial customers in the country.
Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) CEO Marshall Abbott has called 2022 "a fantastic year all around" for the company, which saw growth in production, revenue and income.
The company's results for the year ended 31 December 2022 (FY 2022) showed it generated US$25mln in total oil and natural gas revenue, net of royalties, compared to US$6.5mln in 2021, with EBITDA of US$12.5mln for the full year and US$4.5mln for the fourth quarter of 2022.
BP PLC (LSE:BP.) outlined plans for further share buybacks as it reported a rise in first-quarter profit on the previous quarter, reflecting strong oil and gas trading.
The oil major said underlying replacement cost profit for the first three months of 2023 totalled US$4.96bn, up from US$4.81bn in the fourth quarter last year but lower than the US$6.25bn reported in the first quarter of 2022. City analysts had expected a profit of around US$4.3bn.
BP PLC (LSE:BP.) is set to report another quarter of strong surplus cash flow, that’s the view of analysts at Jefferies.
The broker forecasts some US$5.1bn of earnings for the quarter, boosted by some US$1.2bn of asset disposals and US$1.5bn of working capital inflows.