Hurricane Energy Plc (LON:HUR) on Thursday told investors that it has taken the final investment decision for the Lancaster early production system (EPS) which is now on track for ‘first oil’ in the first half of next year.
The UK offshore oiler, in a stock market statement, said its agreement for the 'Aoka Mizu' floating production storage and offloading vessel is now effective and the vessel is now on tow to Dubai for necessary upgrade work.
Sound Energy
Sound Energy PLC (LON:SOU) chief executive James Parsons has told investors that he is “hugely excited” about the company’s prospects over the coming years. His comments came in the Morocco-focused gas firm’s half yearly results statement, which was released on Thursday.
“Our journey so far, including the first half of 2017, has been a busy and exciting one, encompassing all the usual highs and lows of the exploration business. Crucially, and behind the scenes, we continue to grow our core Net Asset Value in Morocco and remain hugely excited about the company's prospects over the next year or two.”
Investors continue to wrestle with 88 Energy Plc (LON:88E) and the ongoing programme at the Icewine-2 well in Alaska.
88 Energy
88 Energy Ltd (LON:88E) is still waiting for the well to start providing it with ‘representative results’ that can be used to judge the commercial feasibility of what is potentially a billion barrel resource. Tuesday’s update informed investors that the well is still slowly yielding fracking fluid and whilst gas is now starting to come through the targeted hydrocarbons are yet to emerge – specifically, it is flowing 55 barrels of fluid and 2-4 thousand cubic feet of gas per day.
So far around 19% of the fluid injected into the shale has been recovered, and 88 Energy says more must be produced before Icewine-2 can provide a representative result, but, it also noted that a decision will have to be made about the company’s plans for the well over the coming fortnight.
Jersey Oil & Gas
The value of Jersey Oil & Gas Plc (LON:JOG) collapsed in Monday’s dealings, falling around 75% to 165p to trade at 54.3p, after the company revealed that two exploration wells had been unsuccessful.
The Statoil operated Verbier exploration well has been unsuccessful, finding the target reservoir to be water bearing and deeper-than-expected.
The explorer noted that a side-track to the well could be drilled, with a decision following further analysis, although it told investors that such a decision would be considered unlikely at this stage.
Chariot Oil & Gas
Chariot Oil & Gas Plc (LON:CHAR) told investors that as it awaits the start of drilling at the Rabat Deep exploration prospect in Morocco, due in early 2018, the near-term focus is on efforts to strike new partnerships for other priority projects.
The explorer, in its first half results statement, highlighted the recent achievements that have seen the Rabat Deep well come onto the horizon.