Small cap firms were boosted by fast-track news, as the pace picked up for key projects.
Falcon Oil & Gas (LON:FOG), having had success in its second Australian shale well, is now seeing horizontal drill come forward by a whole 12 months with work now due to start in the coming weeks – ahead of fracking and testing in early 2016.
Here in the UK Egdon Resources (LON:EDR), Europa (LON:EOG) and Union Jack Oil (LON:UJO) are pressing ahead with the development of the Wressle discovery, where the first reservoir is expected to yield around 500 barrels oil equivalent per day.
Elsewhere, Horse Hill operator UK Oil & Gas (LON:UKOG) is to advance with development of the ‘Gatwick Gusher’ and expects to conduct a flow test within the next few months. The test will be a key milestone for the controversial project and be specifically designed to test the Kimmeridge limestone and Portland sandstone formations.
88 Energy (LON:88E) has now begun its hotly anticipated exploration drilling onshore Alaska, The plan is to drill to a total depth of 11,600 feet and drilling is scheduled to take 30 days. The primary objective of the well is the HRZ shale formation targeting a huge unconventional resource prize.
Trinity Exploration (LON:TRIN) landed a US$20mln deal to sell its onshore oil assets in Trinidad.
Although it loses the assets, core to the Trinity strategy not so long ago, the company is now able to repay outstanding debts, retain offshore projects and most importantly live to fight another day.
Independent Oil & Gas (LON:IOG) completed a small, but important fund raising. It has brought in £150,000 via the issue shares at 7p. Chief executive Mark Routh said: "It allows us to concentrate fully on the completion of funding and all the technical and operational aspects of getting our exciting Skipper well drilled.”
Sound Energy (LON:SOU) on Thursday confirmed it has now signed heads of terms for its proposed acquisition of a 25% stake in the Sidi Moktar Licences, onshore Morocco, from Maghreb Petroleum Exploration.
The deal, first announced in early September, sees Sound Energy acquire the interest in some 2,700 square kilometres of central Morocco where there a material existing gas discoveries.
Before that, on Wednesday, it is to collaborate with giant oilfield services group Schlumberger on both its Tendrara licence in Morocco and elsewhere in Europe and Africa.
Genel Energy (LON:GENL) has received another payment from the Kurdistan Regional Government for oil shipped out of the region. This latest receipt, of US$9mln, is for production from the Tawke field in Iraq where it has a 25% stake and DNO is the operator.
DNO said the Tawke field partners had received a gross payment ofUS $30mln for oil exported through the Iraq-Turkey pipeline.