88 Energy ltd (LON:88E) told investors it has completed its assessment of Project Icewine’s conventional oil potential and it now sees almost 1.5bn barrels of resources across its inventory on Alaska’s North Slope.
Completing its review 88 Energy estimated a further 710mln barrels of prospective resources (550mln net to 88 Energy), which when added to the group’s prior estimates takes the tally to 1.47bn barrels (1.14bn net).
Premier Oil PLC (LON:PMO) shares gained in Thursday’s early deals following a positive update which confirmed record production volumes.
The group - which has producing assets in Asia and the North Sea - told investors that output amounted to 71,400 barrels of oil equivalent per day through 2016, which is a 24% improvement on the preceding year.
Premier also told investors that ‘all substantial commercial terms’ have now been agreed for a pivotal debt refinancing, but, the new arrangement is not yet done. It revealed that the long form term sheet for the new debt is at an advanced stage, and it expects to publish the full details shortly.
Elsewhere, Tullow Oil plc (LON:TLW) shares backed off further on Wednesday after it downgraded its production outlook due to complications with the start-up of the TEN operation offshore Ghana.
It told investors that there have been problems managing pressure in the Enyenra (one of the three main fields in the development) has limited output from TEN and a border dispute means new drilling is not presently possible to remedy the issue.
SDX Energy Inc (LON:SDX, CVE:SDX) revealed it has agreed to acquire the Egyptian and Moroccan assets of failed AIM firm Circle Oil.
A non-binding heads of terms agreement has been signed, and it gives SDX 30 days exclusivity to finalise a deal.
Circle Oil’s AIM quoted shares were suspended in June amid financial turmoil and its investors were warned a number of times through the second half of 2016 that there would be ‘little or no value left’ for equity holders.
In other news, Toronto-listed oil and gas explorer Eco (Atlantic) Oil & Gas Ltd. (CVE:EOG) shares jumped 8% on Monday after the company said it intends to list on London’s AIM exchange later this month.
The company is focused on the identification, acquisition and development of upstream petroleum opportunities in politically stable and technically de-risked jurisdictions around the world.
Shares in Plexus Holdings PLC (LON:POS) rose 6% in early trade on Monday morning after the oil field technology group said it signed a four-year framework agreement with the utility giant Centrica (LON:CNA).
The deal will see it supply surface wellhead and mudline equipment services for jack-up exploration wells in the Norwegian sector of the North Sea.
Centrica is already using Plexus technology on a number of wells.
And finally, the assets held by Highlands Natural Resources Plc (LON:HNR) could be worth as much as US$600mln according to oil and gas experts.
Independent assessments of the group’s three main assets - the East Denver oil and gas project, the DT Ultravert well technology, and the Helios Two gas (plus helium) venture - tally to give a potential net present value between US$441.8mln and US$600.1mln.