Falcon Oil & Gas Ltd (AIM:FOG, TSX-V:FO) shares dropped by nearly a third in Thursday’s early deals after a new production test update informed investors that the Amungee NW-2H well, drilled in December and fracked in March, has yet to establish an "uninhibited production rate".
The company, in a technical update via RNS, said that independent analysis has found “a potential skin” that’s inhibiting the flow of gas from the stimulated shale – nevertheless, the well has been flowing gas, at a rate of around 0.83mln cubic feet per day plus 50 barrels per day of water.
Longboat Energy PLC (AIM:LBE) shares jumped almost 7% higher after the oil and gas company confirmed approval has been granted for its joint-venture deal with Japan Petroleum Exploration Co.
Norway’s petroleum and energy ministry has now approved the joint-venture plan, Longboat said in a statement, meaning the deal will likely be completed in the first half of July.
Quadrise PLC (AIM:QED) told investors that its paused project in Morocco has now received necessary parts and spares, and it looks forward to resuming the fuel trial “at the next available opportunity".
It comes after the trial was disrupted in May due to a mechanical component in the fuel delivery system failing.
Jersey Oil and Gas PLC (AIM:JOG, OTC:JYOGF) has confirmed the completion of its farm-out transaction with NEO Energy, which sees a 50% interest in the Greater Buchan Area (GBA) assets transferred to the AIM-quoted firm’s new partner.
At the same time, Jersey confirmed that it received the US$2mln initial payment for the deal.
Arrow Exploration has reported another good result from the Carrizales Norte-1 (CN-1) discovery well on the onshore Colombia Tapir Block, said SP Angel.
A ten-well drilling programme is underway at Tapir, with each of the wells anticipated to add around 3-400 barrels a day.
Chariot Ltd ended the last financial year on a strong footing. Following a successful $29.5 million funding round, the transitional energy specialist closed 2022 with $12.1 million in cash, no outstanding debts, and minimal work obligations.
Canadian Overseas Petroleum Limited (LSE:COPL, CSE:XOP, OTC:VELXF) (COPL) and its affiliates have undergone a shake-up of their board of directors alongside a US$1mln (£780,000) reduction in per-year general and administrative costs.
Chair Harald Ludwig and fellow board director Massimo Carello have stepped down from the board with immediate effect.
Kinetiko Energy Ltd (ASX:KKO, OTC:KKOEF) continues to stride towards becoming a key source of gas to help feed South Africa’s insatiable, and growing, demand for new energy sources.
An important step in fulfilling its strategy focused on advanced shallow conventional gas and coal bed methane will come within weeks with maiden gas reserve certification estimated to be received by the end of July.
Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) has announced significant progress in operational activity at the Carrizales Norte (CN) field in Colombia, which is located in the Tapir Block within the Llanos Basin. Arrow holds a 50% beneficial interest in the project.
The company said the CN-1 well, which was drilled into the CN field, has yielded positive results, confirming the field's productive potential. The well reached its target depth on May 11, 2023, after being spud on May 1, 2023. Multiple hydrocarbon-bearing intervals were encountered during drilling, with approximately 26 feet of net oil pay in the C7 formation.
Tower Resources PLC (AIM:TRP) highlighted financing opportunities as well as progress in its exploration and evaluation activities as it released its preliminary results for the 12 months ended 31 December 2022.
The Africa-focused oil and gas company said it has been actively pursuing financing opportunities, including ongoing negotiations for a term loan of approximately US$7mln with BGFI Bank Group and discussions for asset-level financing with multiple parties.