Tower Resources PLC (AIM:TRP) shares gained around 25% at one point on Friday as the firm landed a hotly anticipated farm-out deal that will enable drilling later this year, to unlock the AIM firm’s flagship project offshore Cameroon.
As well, it also looks set to help Tower open up its high-potential exploration in Namibia, and, potentially open up other new opportunities in the future.
Tower Resources PLC (AIM:TRP) has inked a pair of farm-out deals, one in Cameroon and one in Namibia, with Prime Global Energies.
Prime will pay Tower £4.38 million in cash, and commits to invest $15 million in the drilling of the hotly anticipated NJOM-3 well, in Cameroon, this year.
The countdown is now on for the start of Zephyr Energy PLC's (AIM:ZPHR, OTCQB:ZPHRF) next well programme, as the Nabors Drilling USA B29 rig is now being mobilised to the existing State 36-2 LNW-CC-R well, at the Paradox project in Utah.
Zephyr expects to start drilling in mid-January, once the rigging-up process is completed.
Pantheon Resources PLC (AIM:PANR, OTCQX:PTHRF) has welcomed the announcement by the Alaska Gasline Development Corporation (AGDC) of an exclusive framework agreement with a private company to lead and fund the development of the Alaska LNG project.
AGDC President, Frank Richards, and Alaska Governor, Mike Dunleavy, announced the news on 6 January at a news conference.
Shares in Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF), which today confirmed production at its third field, have the potential to more than double in value – that’s according to a ‘buy’ note from stockbroker Zeus Capital.
Arrow confirmed on Monday that it has started the new year on the front foot as it confirmed that the AB-1 well had begun production, and was flowing some 658 barrels oil per day, or 329 bopd net.
Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) has announced the start of production from its Alberta Llanos discovery, part of the Tapir Block in Colombia, with the first well now flowing.
The AB-1 well, which spud on 30 November, reached its target depth of 9,960 measured feet on 13 December.
Diversified Energy Company PLC (LSE:DEC, NYSE:DEC) has announced its first acquisition of 2025, picking up natural gas assets in West Virginia and Alabama for $45 million.
The assets, gas fields and related facilities, are being acquired from Summit Natural Resources – the package includes coal mine methane, with opportunities to extend production in the future.