Sound Energy PLC (LON:SOU) revealed this week that it is making rapid progress on two fronts having completed drilling in Morocco and made significant headway in Italy.
In Morocco, the TE-8 well has reached a vertical depth 3,066 metres, taking it 359 metres into the Paleozoic formation, which is a new horizon for Sound.
Meanwhile, at its Badile gas well, near Milan, Sound has reached the second casing point at 1,407 metres less than a month after work began.
The next casing point is at 2,600 metres - more than halfway to the planned target depth of 4,445 metres. Drilling and logging are expected to take 100 days.
Back in Africa, SDX Energy Inc (LON:SDX) told investors it has now started drilling the potentially high impact SD-1X well on the South Disouq concession, in the Nile Delta area of Egypt.
The SD-1X well is targeting both oil and gas reservoirs – gas in the upper Abu Madi section, and oil is targeted in the lower AEB & Abu Roash sections. Drilling will take between 30 and 45 days.
Meanwhile, in colder climes, 88 Energy Ltd (LON:88E, ASX:88E) told investors that its new drilling programme has now begun in Alaska.
The Arctic Fox drilling rig is in place at the location of the Icewine-2 appraisal well, and the final groundworks are now being completed.
Successful completion of the first of its new development wells at the Goudron oil field, onshore Trinidad was disclosed by LGO Energy PLC (LON:LGO) this week.
The GY-682 well was drilled down to 1,145 and it perforated a 273 feet of net oil pay in the Mayaro reservoir. The well has thus far yielded an additional 55 barrels of oil light oil per day.
And Rose Petroleum PLC (LON:ROSE) revealed it has received a ‘very encouraging show of support’ from the US authorities as it advances its assets in Utah.
There was a bit of a departure this week for Tanzania-focused gas investment firm Solo Oil PLC (LON:SOLO) as it announced a move into helium with a deal worth up to £6.55mln.
It is spending £2.55mln for a 10% stake in Helium One in a cash and shares transaction and has the option to double its holding for an extra £4mln.
It may seem a departure, but the acquisition consolidates Solo’s base in Tanzania, where it has investments in the producing Kiliwani North field and a quarter of the giant Ntorya gas-condensate discovery.
Away from the small guys, FTSE 250-listed Tullow Oil plc (LON:TLW) remained a focus as Deutsche Bank said that although the firm’s US$790mln rights issue last week may have come as a surprise to investors, the recapitalisation is attractively priced.
Deutsche analyst David Mirzai said: “The decision to raise funds at this stage may come as a surprise and should prompt questions as to what has changed in 1Q17 to prompt this action now?”
But he said: “Nonetheless, we think that the rights issue has been attractively priced for existing shareholders and believe the c.15% short position will also provide an outlet for any excess on the fully underwritten rights.”