North Sea favourite Hurricane Energy PLC (LON:HUR) was in focus again this week after holding a Capital Markets Day for investors which showcased the group’s recent drill results in the West of Shetland region.
FinnCap analyst Dougie Youngson, who released a research note in the wake of the presentations, said Hurricane is sitting on a world class asset that has strategic importance to the longevity of North Sea production.
Youngson added: ““The majority of the key questions relating to the geology and producibility of the Lancaster reservoir have now been answered.”
CLICK HERE: For the Proactive daily newsletter
FinnCap has a ‘buy’ recommendation with a price target of 130p which implies some 122% upside to Hurricane’s current price of around 58p.
UK shale was also in focus too, as Europa Oil & Gas Holdings PLC (LON:EOG) told investors that the formal planning appeal process for the Wressle field development in North Lincolnshire will start in the coming weeks.
The group said appeal documentation is now being validated, with the process expected to take between one or two weeks, and a start date will be confirmed after that.
At the same time, Europa said, it is expected that a new planning application will be submitted later this month and it will contain detailed information to address specific concerns outlined in the council’s prior refusal.
Overseas interest …
Sound Energy PLC (LON:SOU) revealed on Monday that it is making headway in Italy where its drilling programme at Badile, near Milan, has reached its third casing point at a measured depth of 2,614 metres.
The Morocco and Italy focused gas specialist’s next stop is the fourth casing point at 3,490 metres. The well will go down to a total depth of 4,445 metres.
Victoria Oil and Gas PLC (LON:VOG) revealed on Thursday that it has hit a large gas pocket at one of two development wells drilled recently at its Logbaba field in Cameroon.
The well, La-108, hit 125m net pay of high permeability, high porosity gas bearing sands that should result in a significant increase in proven reserves, the AIM-listed group said.
Elsewhere, Savannah Petroleum PLC (LON:SAVP) sketched in some detail to its plans for a three-well drilling programme in Niger, revealing it will focus on the company’s R3 Area.
It believes R3 sits within a proven petroleum sweet-spot and points out it is sandwiched between significant discoveries to the north and south.
WATCH: CEO Andrew Knott runs Proactive through upcoming drilling campaign in Niger
Trinidad-focused Range Resources Ltd (LON:RRL), meanwhile, told investors it had produced some 51,055 barrels oil per day in the three months ended March 31, up 4% from the preceding quarter. That amounts to 567 barrels per day.
And Highlands Natural Resources Plc (LON:HNR) revealed that its plans for drilling in Colorado got a boost last week.
The company confirmed that Colorado’s Oil and Gas Conservation Commission last week approved permits for a surface location as well as the company's first four applications to drill in the East Denver project.
Closer to home …
In Europe, oil and gas producer Ascent Resources Plc (LON:AST) told investors Friday that it was “delighted” to report that commercial production had started from its Pg-10 well in Slovenia.
Ascent has been involved in Slovenia for almost a decade and, along with its partners, has ploughed the best part of €45mln into its operations there.
On the Emerald Isle, Providence Resources PLC (LON:PVR) told investors this week it is making preparations for future appraisal drilling activities at Barryroe.
The company, which is still progressing farm-out talks for Barryroe, said that the appraisal and potential development of the project remain key objectives.
Meanwhile, Hague and London Oil Plc (LON:HNL) announced a deal to acquire licences offshore Netherlands, which should see it pick up some 2,900 barrels oil equivalent of daily production.
The group, via its HALO B.V. subsidiary, is paying €9.7mln as an initial consideration with a further €20mln of future contingent payments lined up between January 2019 and January 2021.
Falkland shift …
The chairman of Falkland Islands-focused Rockhopper Exploration Plc (LON:RKH), David McManus said this week that the explorer’s focus will shift on to the commercial, fiscal and financing elements of the Sea lion Field project.
Last year, the project’s engineering design was advanced towards conclusion and McManus said he expects the more stable crude price to be more supportive to the group’s plans for the offshore Falklands oil field.
Elsewhere, Magnolia Petroleum PLC (LON:MAGP) told investors this week that it is seeing a significant increase in proposals for new wells, with a total of 33 new wells presently proposed.
And Rose Petroleum PLC (LON:ROSE) got a lift from news that it received more money than it had expected from the Mexican tax authorities (SAT) last month.
The natural resources specialist received 6.01mln pesos (US$321,000) from SAT in March, much more than the 4.2mln pesos it had originally anticipated.