HeLIX Exploration PLC (AIM:HEX) told investors it is ready to start testing, now that it has completed cementing the production casing at its Clink #1 well, part of the Ingomar Dome Project in Montana’s Helium fairway.
The casing was run to a depth of 8,130 feet and the company will now proceed with perforating and testing multiple formations.
Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) introduced a new employee stock ownership plan (ESOP) aimed at strengthening the alignment of employee incentives with shareholder interests.
The revised ESOP replaces a previous plan and comprises a Share Award Scheme for all employees and a Long-Term Incentive Plan (LTIP) for senior executives – with employees receiving restricted stock units (RSUs), vesting over a period of three years.
Diversified Energy Company PLC (LSE:DEC, NYSE:DEC) has signed a gas supply agreement with a major LNG facility located on the Gulf Coast.
Under the terms of the agreement, Diversified will deliver approximately 40 billion cubic feet (Bcf) of natural gas over the next three years, starting in November.
Sunda Energy PLC (AIM:SNDA) has updated investors on its progress with its appraisal project at the Chuditch Production Sharing Contract (PSC) in Timor-Leste.
The company said negotiations with Pacific LNG for project funding are advancing after it entered exclusivity back in August.
Plexus Holdings PLC (AIM:POS) reported a return to profit and said it will focus on short-term growth in jack-up rental to maintain profitability, as well as establishing a diversified mix of income for its future in the energy market.
Sales revenue of £12.7 million was generated in the year to 30 June, up more than eightfold from the previous year thanks in large part to a rental contract that increased from £5 million originally to nearer £8 million, while other business in the year included a $5.2 million licensing deal with SLB, £1 million for various plug and abandonment (P&A) activities in the North Sea and another £850,000 from a P&A campaign.
Helix Exploration PLC (AIM:HEX) shares climbed around 14% in Monday's early deals after the firm told investors it has successfully re-entered and deepened its Clink #1 well at the Ingomar Dome in the Montana Helium Fairway.
The well was re-entered and extended to a total depth of 8,550 feet, with a seven-inch intermediate casing set at 2,622 feet to secure the Mowry formation.
EnergyPathways PLC (AIM:EPP) shares jumped 36% in Monday morning’s trade after the firm announced its participation in the UK Government’s Hydrogen Storage Business Model (HSBM) Design Group.
The HSBM, organised by the Department of Energy Security and Net Zero (DESNZ), aims to define an investment support scheme aimed at promoting hydrogen storage projects.