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Oil and gas news highlights: Pantheon Resources, Empyrean, Arrow Exploration and more

Published: 09:00 03 Jun 2023 BST

Oil rig
01 Jun 2023

Chevron Corporation (NYSE:CVX) and Exxon Mobil Corporation (NYSE:XOM) shareholders moved en masse to block proposals for the oil giants to ramp up climate targets at their respective annual meetings on Wednesday.

Over 90% of Chevron’s stakeholders voted against the company setting a medium-term goal to reduce indirect emissions, while just 11% of Exxon Mobil’s patrons backed similar targets.

01 Jun 2023

British Land Company PLC (LSE:BLND) has been relegated from the FTSE 100, breaking a 21-year run in London’s blue-chip index, after its value was hit by rising interest rates and the disruption caused by last autumn’s mini-budget.

Its place in the top index will be taken by engineering firm, IMI.

01 Jun 2023

Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) has expanded its footprint on Alaska’s North Slope, adding some 39,540 acres through a state lease sale.

“Pantheon will soon have c. 193,000 acres under lease with a material resource base in the billions of barrels,” said chief executive Jay Cheatham.

01 Jun 2023

Challenger Energy Group PLC (AIM:CEG, OTC:BSHPF) and Predator Oil have agreed to extend the deadline to complete a deal for the Cory Moruga asset, onshore Trinidad, as they continue work towards regulatory approval.

In March, Challenger agreed to sell its 83.3% interest in the licence to Predator and the deal was subject to the Trinidad Ministry of Energy and Energy Industries (MEEI) agreeing to a revised work programme, a revision of future fees and a cancellation of past claims relating to the licence.

31 May 2023

The oil price remained under pressure on Wednesday hit by concerns about the strength of the global economy and ahead of a key meeting on Sunday with mixed messages on production coming from two leading players.

The price of Brent crude was down a further 2.2% on Wednesday to $72.11 while West Texas Intermediate declined 2.3% to $67.91.

31 May 2023

Mosman Oil and Gas Ltd (AIM:MSMN) has provided further details regarding its intended spin-out of prospective helium assets in Australia, including the commissioning of a new review that aims to better define the project.

The company appointed industry consultant SRK to review the asset, which comprises the EP 145 and EPA 155 licences in central Australia, and this work could be followed by a formal independent competent persons report.

31 May 2023

i3 Energy PLC (AIM:I3E, TSX:ITE, OTC:ITEEF) told investors it has settled a £22 million loan note and has established a new C$100 million loan facility.

The new loan, provided by Trafigura, gives the company greater financial flexibility and enhanced credit capacity to further execute its ongoing business plan, it said in a statement.

31 May 2023

Challenger Energy Group PLC (AIM:CEG, OTC:BSHPF) has reported new estimates which show that in the 'upside case' its exploration project offshore Uruguay could be host to as much as 4.9bn barrels of recoverable oil resources.

A more conservative ‘base case’ estimation identifies a possible 6.5bn barrels of ‘in place’ oil across three prospects (Teru Teru, Anapero and Lenteja) which corresponds to some 2bn barrels of recoverable resources.

30 May 2023

Empyrean Energy PLC (AIM:EME) told investors it has successfully completed an oversubscribed share placing, to raise £1.52 million, as the company awaits the resolution of negotiations over the Mako gas sales agreement (GSA).

At the same time it has agreed changes to its borrowings, with a convertible loan note restructured.

30 May 2023

Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) has seen what it calls “an extremely important” result from the Carrizales Norte-1 (CN-1) well which in its first phase of production testing measured a peak rate of 1,222 barrels of oil per day (bopd).

The company, in a statement, gave details of the production test of the Ubaque formation which is one of three formations encountered in the CN-1 well that were selected for testing.

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