Hurricane Energy PLC (LON:HUR) told investors that the Halifax exploration well encountered a very significant oil column, meaning the confirmation of a multi-billion barrel oil discovery is now likely.
The company says the well results support its theory that the Lancaster field and the Halifax discovery are in fact part of the same single hydrocarbon accumulation – initially being referred to as the Greater Lancaster Area (GLA).
This is a very big statement, given that the Halifax well is located some 30 kilometres from the Lancaster field.
In other news, Sound Energy PLC (LON:SOU) revealed the detailed results of the Tendrara-8 well in Morocco.
The company last week told investors that it had completed the well, and that it had encountered evidence of gas.
On Tuesday, it confirmed the presence of gas in two sequences, Westphalian sands (from a depth of 2,762 metres) and the TAGI reservoir sands (from 2,642 metres).
The TE-8 well was a material step out, some 12 kilometres, from the main Tendrara operations to date.
So the result means that Sound has confirmed a significant extension of the Tendrara field.
Elsewhere, Jersey Oil and Gas PLC (LON:JOG) highlighted an upgrade of the potential prize at the Verbier exploration project in the North Sea.
Verbier, to be drilled by Statoil in the coming months, is now estimated to host some 162mln barrels of oil equivalent resources, up from a prior estimate of 118mln barrels.
Perhaps significantly, the chance of success for the upcoming well was also upgraded - to 29% from 26%.
Eland Oil & Gas PLC (LON:ELA) told investors it has now produced more than 330,000 barrels of crude since January, following the restart of production from the Opuama-3 well only.
So far, 160,000 barrels of oil have been delivered to the export terminal while some 160,000 presently awaits imminent injection. Some 154,173 barrels have been sold at an average price of US$53.14 per barrel, bringing in US$8mln.
Crude produced at Opuama is transported by a barging operation, and the company notes there had been temporary downtime to allow for maintenance of its floating production storage and offloading (FPSO) vessel.
The downtime was also used to modify the shipping operation, with modifications made to mooring systems to help cater for higher volumes and to better deal with tides.
And finally, broker VSA Capital has started coverage on revamped African agriculture and forestry business Obtala Ltd (LON:OBT) with a ‘buy’ rating and a 28p price target.
That recommendation and target came in the same as the firm unveiled a fund-raising by a new investor.
In a 29-page note to clients, VSA’s analysts pointed out that Obtala “has experienced a significant change in investor perception under new Chairman Miles Pelham, which has been evidenced by a share price increase of more than 140% since his appointment last April”.
They added: “With the business now funded to reach positive cash flow in both divisions, management is now focused on executing its business model of selling timber products from Mozambique and agricultural products from Tanzania into local, regional and international markets.”