Touchstone Exploration Inc (AIM:TXP, TSX:TXP, OTC:PBEGF) told investors it is on track to complete on schedule its expansion of the Cascadura gas facility and the construction of its associated infrastructure.
The company, in a statement, added that initial production from the Cascadura-2ST1 and Cascadura-3ST1 wells is targeted for the end of September.
Companies drilling for oil and gas in the US are emitting much more greenhouse gases than regulators believe, new aerial survey research has shown.
There is roughly four times more methane being emitted than estimates published by the Environmental Protection Agency, according to the results of an aerial survey by the Environmental Defense Fund.
Zephyr Energy PLC (AIM:ZPHR, OTCQB:ZPHRF) told investors it has been approved for a drill permit at its Salt Wash Field helium project, in Utah.
The company is, meanwhile, in active talks with industry participants and investors over funding for the helium project's commitment well.
Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) told investors that its second Ubaque horizontal well, CNB HZ-3, is now on production.
Moreover, the well is performing above expectations - currently flowing at 1,519 barrels of oil per day (BOPD) net to Arrow, with less than 6.5% water cut.
Markets Defused is an easy-to-understand and straightforward recap of the day’s most engaging business and stock market news.
Eco (Atlantic) Oil & Gas Ltd shares surged 8.3% on Tuesday in response to a promising operational update.
The junior is expected to receive the first tranche of US$8.3 million from the farm-out of Block 3B/4B offshore South Africa next month.
Eco (Atlantic) Oil & Gas Ltd (AIM:ECO, TSX-V:EOG) is expected to receive the first tranche of US$8.3 million from the farm-out of Block 3B/4B offshore South Africa next month.
The junior company, which now focuses on Guyana and Namibia, farmed out most of its interest in the Orange Basin block to Total Energies and Qatar Energy in March for US$32.1 million.
Jersey Oil and Gas PLC (AIM:JOG, OTC:JYOGF) said it would assess its North Sea developments when the full extent of tax changes and allowances proposed by Chancellor Rachel Reeves are published in the Budget on October 30.
The Greater Buchan Area joint venture, which includes JOG, will carefully consider the impact of Labour's plans on the economics of the development and project sanction, said the statement.
BP PLC (LSE:BP.) has reported a second-quarter profit of $2.76 billion, surpassing market expectations. The energy giant also announced an increase in its dividend to 8 cents, up from 7.27 cents, aligning with City predictions.
The primary driver behind this outperformance appears to be the scaling back of green initiatives introduced under former boss Bernard Looney.
Can BP change the minds of analysts at JP Morgan... read more
St James Place's update is expected to contain a myriad of risks... read more
BP PLC (LSE:BP.) flagged weaker oil trading than expected and $1-2bn related to asset impairments in an update two weeks ago.
Consensus forecasts have subsequently been lowered to around US$5.75 billion, though UBS expects it to do slightly better than that and expects the dividend to increase by 10%.
Shares in Eco (Atlantic) Oil & Gas Ltd (AIM:ECO, TSX-V:EOG) were up 7% in early trading after striking a deal that cancels shares and warrants owned by Africa Oil worth an estimated C$11.5 million.
Eco is exchanging a 1% stake in Block 3B/4B in the Orange Basin offshore South Africa to complete the transaction, reducing its holding to 5.25%.
Tanzania-focused Helium One Global Ltd (AIM:HE1, OTCQB:HLOGF) has begun drilling at the Itumbula West-1 (ITW-1) ahead of an extended well test (EWT) to test the fractured basement and faulted Karoo intervals.
This follows a successful flow of 4.7% helium to the surface during a drill stem test in February.