Marshall Abbott, CEO of Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF), shared an optimistic outlook on the company's onshore oil operations in Colombia at a recent One2One Investor Forum in London.
Describing it as a "Klondike" environment for nimble operators, with increasing production, a focus on horizontal drilling, and substantial reserves, Abbott told attendees that the company is well-positioned for growth in Colombia.
Global beer and spirits giant Diageo PLC (LSE:DGE) chalked up a surprising gain on the London Stock Exchange today, despite the Smirnoff, Johnnie Walker, Guinness and many other cornerstone booze brands owner delivering another cautious trading update.
“The global environment remains challenging for both our industry and Diageo,” said chief executive Debra Crew.
A combination of low fuel pump prices and a dip in Brent crude oil forecasts is weighing on big-cap oil stocks this Thursday.
BP plc is currently the biggest faller on the FTSE 100, having shed 4.3% from its share price, while Shell PLC (LSE:SHEL, NYSE:SHEL) is currently off 3.7%.
Reabold Resources PLC (AIM:RBD) is advancing in its second half of the year with a strong balance sheet and a number of exciting catalysts on the horizon, that’s the message from co-CEOs Sachin Oza and Stephen Williams.
The first half of the year saw an influx of cash, rising 41%, with cash and equivalents reported as £7.6 million at the end of June – it follows the receipt in January of the final payment from the Corallian deal with Shell.
Deltic Energy PLC (AIM:DELT) is the latest British oil firm to lay bare the impact of the political and fiscal approach that the UK government is taking to the North Sea and offshore oil and gas, as it reports interim results today.
For Deltic, this meant the exit in June from the Pensacola project, one of the North Sea’s largest new discoveries for over a decade – and the uncertainty for investors and industry remains a headwind as the company works to advance other highly promising potential sources of gas and oil in its portfolio,
Zephyr Energy PLC (AIM:ZPHR, OTCQB:ZPHRF) chief executive Colin Harrington, in today’s interim results, told investors he was delighted with recent testing, and in the coming months he looks forward to the ongoing transformation of the Paradox project into a revenue-generating asset.
At Paradox, in Utah, the focus has been on a phase of well testing designed to demonstrate the project’s viability and merit – it recently resulted in peak production rates of more than 2,100 barrels of oil equivalent per day from the State 36-2R well.
The legal case against Shell PLC (LSE:SHEL, NYSE:SHEL), Equinor and Ithaca Energy PLC (LSE:ITH) concerning two controversial North Sea oil and gas fields has been given permission to go ahead.
Scottish courts today granted Greenpeace a judicial review after the environmental group challenged the oil companies with the argument that emissions from burning oil and gas extracted from these fields, situated 80 miles north-west of Shetland, were unlawfully ignored during the approval process.
Brent crude oil is set to fall to US$71 a barrel for the rest of the year and to average US$70 in 2025, according to the latest estimate from Rabobank.
After starting September at just under US$80, the price of a barrel of Brent tumbled to a two-and-a-half-year low below US$70 two weeks ago, before recovering to around US$75 lately.
Petrol and diesel prices have stooped to a three-year low in the UK thanks to falling oil costs and a strengthening pound, according to motor group RAC.
Average petrol prices across the country’s forecourts hit 135.87p on Tuesday, RAC said, having fallen from a peak of 192p in July last year.
Kistos PLC (AIM:KIST) interim results showed lower production and lower overall prices, resulting in a 13% decline in first-half revenue.
For the six months, ending 30 June, revenue amounted to $113.33 million from $129.72 million a year ago.
Enteq Technologies PLC's (AIM:NTQ) stock fell 42% in early trading following a heavily discounted sale of £1.5 million worth of stock.
The energy services company disclosed plans to issue 30 million new shares at 5p (Tuesday's close was 9p) through a placing and subscription.
Oil producers cartel OPEC+ sees global energy demand increasing 24% in the next two and a half decades as a slight drop in power needs of developed countries is offset by a huge swell in usage from India and other non-OECD countries.
Oil demand is predicted to grow 9% in that period, reaching roughly 120.1 million barrels a day by 2050, up from around 110 million barrels a day last year.
Joint venture partners Union Jack Oil PLC (AIM:UJO, OTCQB:UJOGF) and Reabold Resources PLC (AIM:RBD) said they are awaiting the green light from the Environment Agency for their proposed work programme at the West Newton gas development project, in Yorkshire.
Once received, they will advance the plan to recomplete the West Newton A-2 well.
Challenger Energy Group PLC (AIM:CEG, OTC:BSHPF) shares gained around 10% on Monday, boosted by the news that its farm-out deal with Chevron in Uruguay was nearing approval in the South American country.
It struck the deal with Chevron back in the first quarter of the year, and it has supported the share price to the tune of 34% in the year-to-date.
Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) reported initial production from its latest horizontal well at the Carrizales Norte project, with the CNB HZ-5 well flowing over 2,700 barrels of oil per day (BOPD) gross.
That equates to 1,350 BOPD net to Arrow. Arrow’s fourth horizontal well is expected to have a short pay-back period – estimated at around two months – like the other three.
Fuel prices at UK petrol stations are dropping at the fastest rate seen this year, according to the RAC.
As of 19 September, a litre of unleaded was 7p cheaper than the same time in August, as was a litre of diesel.
Union Jack Oil PLC (AIM:UJO, OTCQB:UJOGF) executive chair David Bramhill has highlighted ":solid and profitable" first-half results.
The figures confirm the growing junior oil firm’s “resilience, both financially and operationally”, whilst it expands with investments in the US and advances plans to build-out its key onshore UK operations at the Wressle field.
Challenger Energy Group PLC (AIM:CEG, OTC:BSHPF) farm-out to Chevron in Uruguay is advancing after the deal received a key approval.
The company, in a statement, said that on 19 September the proposed transaction was approved by ANCAP, the Uruguayan state-owned oil company with regulatory responsibility for offshore licences.