The Upper Slope Fan System (Upper SFS) in 88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF)'s Project Phoenix is more extensive than initially mapped, according to a recent research note from Cavendish.
The newly completed mapping extends over four miles and correlates with strong oil potential, as evidenced by the Icewine-1 well, the corporate broker said.
88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF) told investors that its preparations are continuing for the planned flow testing of the Hickory-1 well in Alaska.
The company, in a statement, said permitting and planning activities remain "on schedule" and operations are slated to start “as early as possible” in the first quarter of 2024 in the Alaskan winter season.
Panoro Energy ASA (OTC:PESAF, OSL:PEN) said its full-year guidance for crude oil listings remained unchanged as the third quarter saw a continued increase and at higher prices.
September's lifting of approximately 650,000 barrels in Equatorial Guinea at a realised price of approximately US$92.25 per barrel, subject to final reconciliation and after customary price adjustment and associated fees, followed aggregate liftings of 524,296 barrels in Gabon and Tunisia earlier in the quarter.
Goldman Sachs (NYSE:GS) has raised its 12-month forecast for Brent oil from $93 per barrel to $100 as it now expects modestly sharper inventory draws.
The key reason behind the change is that significantly lower OPEC supply and higher demand more than offset significantly higher US supply, it said.
Longboat Energy PLC (AIM:LBE)y shares dropped back some 14% in Wednesday’s early deals as a new gas discovery offshore Norway underwhelmed.
The exploration company, in a statement, told investors that the Velocette well has made a "minor" discovery – with a gas column measuring around nine metres.
Oil prices hit a new 10-month high on Tuesday, continuing a steady climb in the wake of sustained production cuts from some of the world’s largest suppliers.
Hitting US$95 a barrel on Tuesday, benchmark Brent Crude returned to levels not seen since November of last year.
Zephyr Energy PLC (AIM:ZPHR, OTCQB:ZPHRF) told investors it is expecting confirmation of a key infrastructure boost, amidst reports that US major Dominion Energy has "finalised the completion of its gas supply pipeline" in the vicinity of the company’s acreage in Utah.
The pipeline is expected to be available to accept natural gas volumes from third-party sources, slightly ahead of original timeframe estimates, the company said in a stock market statement.
Union Jack Oil PLC (AIM:UJO) has announced the acquisition of a 3% shareholding in Beacon Energy PLC (AIM:BCE), giving it exposure to a German asset base comprising onshore production, development, appraisal and exploration.
AIM-quoted Union Jack, in a statement, told investors it now holds 430 million Beacon shares, representing 3.22% of the company following the completion of its recent fundraise.
A barrel of oil could indeed surpass US$100 for a second year running, according to Chevron Corporation (NYSE:CVX) chief executive Mike Wirth.
Speaking with Bloomberg, Wirth commented that “it sure looked like” oil prices would soon creep past the US$100 mark for the first time since July last year.
BP PLC (LSE:BP.) has named Kate Thomson as interim chief financial officer following the appointment of Murray Auchincloss as interim chief executive officer last week following the resignation of Bernard Looney.
Thomson is currently BP's senior vice president, finance for Production & Operations, responsible for the financial running of and commercial partnering with the business globally.
Equinor has warned that the estimated cost of developing a new Arctic oilfield increased by almost one billion pounds over the past year.
The Johan Castberg project in the Barents Sea is now tipped to cost 80 billion Norwegian crowns (NOK) - NOK13 billion (£0.98 billion) more than last year’s anticipated price tag.
Chariot Ltd (AIM:CHAR, OTC:OIGLF)) told investors, in its interim results statement, that it is fully focused on executing its core objectives “to de-risk the business, enable further growth and deliver near-term production”.
The company highlighted progress with the Anchois gas development project in Morocco, where the front-end engineering and design (FEED) phase was recently completed.
Exxon, BP, Shell, ConocoPhillips (NYSE:COP) and Chevron are being sued by the State of California, which claims they have lied for decades about the extent of the damage likely to be caused by using oil and gas.
A civil suit filed in the state Superior Court in San Francisco wants the companies to pay into a fund to repair damage caused by wildfires and storms that have recently ravaged the region.
House broker Shore Capital Markets responded positively to Touchstone Exploration Inc (AIM:TXP, TSX:TXP, OTC:PBEGF)’s “brief but very encouraging” production update on its recently commissioned Cascadura facility today.
Touchstone revealed that it achieved its forecasted Cascadura gross natural gas production rate of 60 million cubic feet per day (MMcf/d) on 15 September, which Shore Cap analysts said was “very consistent with our existing modelling assumptions”.
Etana Energy, a joint venue 25% owned by Chariot Ltd (AIM:CHAR, OTC:OIGLF), has played a central role in Cape Town, South Africa’s landmark renewable energy-sharing project.
In an RNS filing, Chariot explained that the first electrons of renewable energy were officially ‘wheeled’ via the City of Capetown’s energy grid under plans to end the capital’s load-shedding issues.
Orcadian Energy PLC (AIM:ORCA)'s share price has jumped 65% after the company announced a preliminary agreement with an unnamed potential operator of its key North Sea asset.
The deal, if finalised, would focus on developing the Pilot field, one of the largest untapped areas in the Central North Sea.
Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) today laid out plans for a six-well horizontal drill program for the Carrizales Norte (CN) field in Colombia, after the results of the CN-3 well confirmed the field as “transformational” for the company.
The vertically drilled CN-3 well has been under production testing, assisted by an electric submersible pump (ESP), and initially saw production at an average rate of 1,149 barrels of oil per day gross (575 barrels net to Arrow) of light crude oil – with the water cut measured at 0.5% over a 22-hour period.
Diversified Energy Company PLC (LSE:DEC, OTCQX:DECPF) said chief financial officer Eric Williams has resigned to pursue other professional opportunities.
Williams will work through the end of September 2023 to ensure a smooth transition of leadership, said the statement.
Touchstone Exploration Inc (AIM:TXP, TSX:TXP, OTC:PBEGF) told investors it has reached a target production rate at the Cascadura project within a week of the project coming online.
The company, in a statement, said it achieved its forecasted Cascadura gross natural gas production rate of 60 million cubic feet per day (MMcf/d) on 15 September.