Highlight of the week in the sector was probably Falcon Oil & Gas (LON:FOG, CVE:FO), which gave an indication as to what lies beneath the surface of its acreage in Northern Territory’s Beetaloo Basin.
Citing figures produced by Origin Energy, its partner in and operator of 16,000-square kilometres of licences, the gross best estimate of gas in place is put at a world-class 496 trillion cubic feet.
Converting that to oil equivalent, it stacks up to 82bn barrels of the black sticky stuff.
Jersey Oil & Gas PLC (LON:JOG) expects that a rig contract will be in place in the near future for the Verbier prospect in the North Sea. Project operator Statoil is due to drill the exploration well this summer.
In other rig news, 88 Energy Limited (LON:88E) has appointed a rig contractor for the upcoming Icewine-2 appraisal well, which is now confirmed for the second quarter of this year.
The company said that the drilling rig would be mobilised between March 30 and April 30, once the contracted Arctic Fox rig has completed its current job.
LGO Energy PLC (LON:LGO) confirmed oil production volumes for the fourth quarter, with the group’s total output reported at 540 barrels of oil per day (bopd) – 459 bopd came from Trinidad.
It noted that, as previously announced, that the group’s operations in Spain have been suspended pending a decision from the Spanish authorities over new oil concessions covering LGO’s Ayoluengo field.
For 2016 as a whole, the company says production averaged 548 bopd.
The company added it has been given approval to clear space for two shallow infill wells at the Goudron Field in eastern Trinidad.
Solo Oil PLC (LON:SOLO) has raised £2mln by placing shares at 0.5p a pop. The company has issued 400mln new shares, representing around 5.7% of the issued share capital of Solo.
Lansdowne Oil & Gas (LON:LOGP) has decided to relinquish its standard exploration licence 4/07 offshore Ireland after disappointing volumes at a well on the site.
The AIM-traded oil and gas explorer, focused on the North Celtic Sea, said the 49/11-3 well on the Midleton prospect found gas in its main reservoir target but the volume was considered too small to be commercial.