SDX Energy PLC (AIM:SDX, OTC:SDXEF) shares were down around 5% in Thursday morning’s trade after the Morocco-focussed oil and gas firm announced a convertible loan financing which will allow it to advance an energy transition strategy.
The company, in a statement, said the facility – a loan agreement for up to US$3.25mln, starting with an immediate US$2mln drawdown – will be used to immediately reduce outstanding debt to the European Bank for Reconstruction and Development (EBRD) and pay critical service providers to accelerate a drilling campaign in Morocco.
Ithaca Energy PLC (LSE:ITH) has declared success with the K2 exploration well in the central region of the UK North Sea, whilst keeping tight lipped on details.
The company, which recently returned to the City under public ownership, told investors that the K2 well had "discovered that hydrocarbons were present in the reservoir in the Forties member sandstones, with 45 feet of net thickness".
Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) told investors that the Carrizales Norte 2 (CN-2) well at the Tapir Block project in Colombia could potentially produce at a rate of 1,400 barrels of oil per day (bopd).
The company, in a statement, noted that the well was spud on 15 June before reaching target depth of 9,474 feet on 23 June, and encountered multiple hydrocarbon-bearing intervals measuring 60 feet of net oil pay in the Ubaque formation.
Deltic Energy PLC (AIM:DELT) has told investors it will retain the most advanced acreage from the Capricorn exploration venture and leave others, as the partner exits the North Sea projects.
Capricorn has now confirmed its exit from the licences in which its partnered with Deltic, following its previous strategy decision to leave all its exploration projects outside of Egypt.
Completion of the divestment of a 10% interest in its Bedout assets next month will provide a major financial boost to Carnarvon Energy Ltd (ASX:CVN) as the company and partner Santos progress the Dorado development toward a final investment decision (FID).
All conditions, including approval by the Foreign Investment Review Board (FIRB), for the divestment to OPIC Australia Pty Limited, a wholly-owned subsidiary of CPC Corporation, Taiwan (CPC), Taiwan’s national oil and gas company, are now satisfied.
Brookside Energy Ltd (ASX:BRK) has achieved a significant milestone by producing its one-millionth barrel of oil equivalent (BOE), including an impressive 715,000 barrels of liquids.
This achievement comes less than two years after the company's first operated well, the Jewell Well, commenced production.
Big Oil companies Exxon Mobil and Chevron are both set to report a significant drop in profit year-over-year when they hand down their second-quarter earnings on Friday, June 28 before the opening bell.
Oil and gas prices have fallen dramatically from this time last year after spiking in the wake of Russia's invasion of Ukraine, putting pressure on both companies' bottom lines.
G2 Energy Corp (CSE:GTOO, OTC:GTGEF) announced that it has appointed Oilwell Operators Inc to be the Operator on Record of G2’s cornerstone producing asset, the Masten Unit in Cochran County, Texas.
The junior oil and gas producer said Oilwell Operators has been registered as such, with the Railway Commission, until the license can be officially transferred to G2 Energy.
Zephyr Energy PLC (AIM:ZPHR, OTCQB:ZPHRF) non-executive chair Rick Grant highlighted “significant and material progress” in a statement ahead of today’s AGM, describing an opportunity of substantial potential value at the company’s flagship project in the Paradox Basin, Utah.
“As a result of opportunistic acquisitions during 2022, the Paradox project is now made up of a 100 per cent working interest across an enlarged 45,000-acre position, with a newly acquired pipeline system and related infrastructure assets now under our control,” Grant said in the statement.
Tamboran Resources Ltd (ASX:TBN, OTC:TBNRF) has awarded John Wood Group plc the contract to select the most suitable concept for its proposed Northern Territory LNG (NTLNG) project at the Middle Arm Sustainable Development Precinct in Darwin.
The company secured exclusivity for the 170-hectare project from the Northern Territory Government last month, where it expects to utilise low reservoir carbon dioxide gas from its Beetaloo Basin projects to produce liquefied natural gas (LNG) by 2030.
In a significant step forward for its natural hydrogen exploration program, Buru Energy Ltd (ASX:BRU, OTC:BRNGF) subsidiary 2H Resources has entered into a research agreement with the Commonwealth Scientific and Industrial Research Organisation (CSIRO).
Buru’s CEO Thomas Nador commented: “Buru has been actively incubating its 2H Resources subsidiary focused on natural hydrogen and helium exploration and development to ensure it is part of the future of energy, and not a passive observer of the transformation of the energy sector that is well underway.
Chevron shares added more than 3% after the oil and gas giant released preliminary second quarter results that topped the Street’s expectations.
The company said it made a profit of $6 billion for the quarter, or earnings per share of $3.20.
TC Energy Corporation told investors it has entered into a deal to monetise a 40% interest in its Columbia Gas Transmission (Columbia Gas) and Columbia Gulf Transmission (Columbia Gulf) systems.
The company announced in a statement that the two units will be held in a new joint venture (JV) partnership with private equity firm Global Infrastructure Partners (GIP), which will pay C$5.2 billion (US$3.9 billion) in cash for the 40% stake.
Johnson & Johnson (NYSE:JNJ)’s bid to settle thousands of lawsuits that claimed the company’s talcum powder caused cancer is among the largest ever when adjusted for inflation.
Having agreed to pay around £6.8bn (US$8.9bn) to settle the cases in April, J&J’s proposed pay-out marks the largest since the early 2000s and the eighth highest of all time, according to Arizona-based law firm High Rise Financial.
Kistos PLC's (AIM:KIST) Dutch appeal win sets the AIM-quoted oil and gas firm up for growth, according to Berenberg, which has a price target pitched at more than 100% north of the current price.
The European bank, which rates Kistos as a ‘buy’, highlighted in a note that the appeal success in the Netherlands has effectively added 40% to the company’s reserves and resources and, crucially, allows the company to progress plans for appraisal drilling in 2025.
Upland Resources (LSE:UPL) shares rose by some 14% in Monday’s early deals as the micro-cap explorer told investors it is assessing and contracting an onshore rig for the Sarawak project in northern Malaysia.
The company, in a statement, said that members of the Upland Big Oil joint venture team are in Australia this week assessing the suitability of a new generation onshore rig which is presently ‘stacked’ awaiting a commission.
Canadian Overseas Petroleum Limited (LSE:COPL, CSE:XOP, OTC:VELXF) shares shot up by around 20% in Monday morning's early deals as the AIM-quoted firm advanced a partnering process that promises to trigger the development of its Cole Creek property in Wyoming by signing a letter of intent (LOI).
The LOI starts a period of exclusivity with the potential partner, which is not named in the statement, and follows talks under a non-disclosure agreement since October.
Tamboran Resources Ltd (ASX:TBN, OTC:TBNRF) has mobilised the Helmerich & Payne, Inc. (H&P) super-spec FlexRig® Flex 3 Rig to the Shenandoah South 1H (SS1H) well pad at the company's EP 117 exploration permit in the Northern Territory.
Previously known as the Kyalla 117 N2-1 well pad, this site marks a key milestone in the company's strategic growth plan.