SDX Energy Inc (LON:SDX) has been on tear over the past few days, gaining the better part of 33% across the four-day week to trade at 65p thanks to a new gas discovery in Egypt’s Nile Delta.
An exploration well on the South Disouq project has unearthed gas in the first of three target areas, the company said.
It marks a successful start to the potentially significant South Disouq project, which will also assess two deeper oil prospects soon.
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Elsewhere, investors may have felt slightly wrong-footed as they picked up the mission statement for Echo Energy - the Independent Resources plc (LON:IRG) reboot led by Sound Energy PLC’s (LON:SOU) James Parsons.
Echo Energy will pursue opportunities in South and Central America, the company revealed on Tuesday.
It is set to bring in £23mln of new institutional funds – in addition to the £3mln injection announced in March - ahead of its first asset deal.
The funding comprises a £10mln equity investment from Bahamas based Spartan Fund and a €15mln five-year bond (with a 8% coupon and priced at a 20% discount to par) to be issued to cornerstone investor Greenberry PLC.
The exploration and development firm Sound Energy PLC (LON:SOU) said a drill rig will soon be on its way from its Tendrara licence in Morocco to start work on two wells at Sidi Moktar, its second gas asset in the country.
The company also confirmed it will go it alone with the exploration of Sidi Moktar thanks to its strong financial position, rather than bringing in a partner.
It owns 75% of the 2,700-square kilometre area (the remainder is held by the state), host to two wells near a town called Kechoula.
China-focused Coal Bed Methane gas group Green Dragon Gas Ltd. (LON:GDG) announced that its development plan for the Qinshui Basin Chengzhuang Cooperative CBM Block (GCZ) has been approved by the Consultation Center of China National Petroleum Corporation (CNPC).
In a statement the main market-listed firm said that “on 8 April 2017, in accordance with China's 13th Five-Year Plan, Chinese government authorities delivered a policy to facilitate expediting the State approval processes.”
Randeep S. Grewal, Green Dragon’s chairman and founder said: "This is a significant step forward for GDG and a further realisation of our strategy of progressing our resource base through to long term production. GCZ ODP, while only 0.44% of our total acreage, fairly represents the profit potential of Green Dragon's asset portfolio.”
PowerHouse Energy Group PLC (LON:PHE) announced the completion of the first phase of the re-commissioning of the waste to energy company’s G3-UHt unit, with the successful production of gas from the system.
In a statement, the AIM-listed group said that the G3-UHt unit – which was shipped over to the UK from Australia earlier this year - operated at a temperature of over 1000 degrees Celcius, demonstrating its capacity to “gasify any historically difficult waste material and generate synthesis gas.”
Powerhouse said that, as previously announced, the G3-UHt will now be moved to the Thornton Science Park, operated by the University of Chester, where the firm will establish its offices at the Energy Centre of the Park.
And finally, San Leon Energy Plc (LON:SLE) has provided a report card on its Nigerian oil investment, a 9.72% stake in the OML 18 asset, where the company highlighted production of 56,000 barrels of oil per day (bopd).
The update, which comes around six months after San Leon got its stake, confirmed that the OML18 operation was uninterrupted by any security issues - though there have been issues that have caused downtime and like other Nigerian operations ‘pipeline losses’ are a problem.