Europa Oil & Gas (LON:EOG) has told investors that one of the main zones of the Wressle discovery, in Lincolnshire, could be larger than it previously thought.
The oil and gas junior, which has been conducting an extended well testing programme, said that there has been no evidence of water from Zone 3A - also known as the Penistone Flags – and analysis indicates a deeper than expect oil-to-water contact point.
This potentially has “positive implications” for the possible volumes of oil and gas volumes contained within the zone, Europa said. The company has, however, revealed that further tests are now needed and work-over activities are planned.
Tidal power specialist Atlantis Resources (LON:ARL) made good progress on its flagship MeyGen project over the past six months.
When fully built, MeyGen will generate 400 Mw of electricity from 269 turbines on the sea-bed in the Pentland Firth, offshore Scotland, or enough to power 175,000 Scottish homes. Tim Cornelius, Atlantis’s chief executive, said onshore drilling of four ducts was completed by the end of July.
These ducts will carry the subsea power cables to connect the onshore control centre to the turbines on the seabed. The cables will carry electricity to the national grid from the turbines when they are switched on next year.
Northcote Energy (LON:NCT) has confirmed that it is participating in Round 1 of Phase III of Mexico’s onshore oil and gas licensing. The company said it is currently preparing its pre-qualification package for the process. It is participating independently of associate MX Oil (LON:MXO), though the company said it still anticipates working separately on opportunities identified by MX.
Asiamet (LON:ARS) chief executive Antony Manini has increased his shareholding in the company, a stock market statement confirms. Manini privately bought 3.5mln Asiamet shares at a price of 1.2p. It increases his stake to 14.5mln shares, or 2.9% of the company.
The director share purchase comes amid selling by MK TRM, previously a significant shareholder in the company.
Data analyser IS Solutions (LON:ISL) has picked up £4mln worth of new business with two new contracts with financial services firms. In a trading statement, the firm said the deals would be worth £4mln over the lives of the contracts, and £350,000 per year after.