Gulf Keystone Petroleum Limited (LON:GKP) and Genel Energy PLC (LON:GENL) shares tumbled on Thursday as tensions rose over the future of the region in northern Iraq.
The Kurdish population voted overwhelmingly in favour of independence (93% of the votes were in favour of independence) in a referendum earlier this week, and the apparent mandate has not been well received in Baghdad.
Eco (Atlantic) Oil & Gas Ltd (LON:ECO, CVE:EOG) has inked a deal with French major Total which acquires the option to take a 25% stake in the group’s Orinduik Block, offshore Guyana. The AIM-quoted explorer is already partnered with Tullow Oil (LON:TLW) in the block, where a new 3D seismic programme was completed earlier this month.
Hurricane Energy Plc (LON:HUR) shares advanced more than 5% on Monday after it ticked off another important box as it continues to advance the Lancaster oil field towards ‘first oil’. The West of Shetland oil firm said in a statement on Monday that its field development plan for Lancaster’s early production system (EPS) has now been approved.
Aminex plc’s (LON:AEX) progress in Tanzania was marked in the group’s interim results which show a return to profitability, supported by production from the Kiliwani North gas project. Investors, meanwhile, have been focused on the more impactful Ntorya project where a successful appraisal well has set the company up for production growth.
Touchstone Exploration Inc. (LON:TXP TSX:TXP) is to push ahead with its exploration plans in Trinidad now that the crude price has settled down a little. At US$50 per barrel, we can certainly push forward with the programme, Paul Baay, chief executive, told Proactive.
The plan for 2018 is to drill between 10-20 wells, depending on prices, and to optimise production with workovers. Ideally there would be two of these a month, he said. Touchstone will drill a further four wells in Trinidad this year after a previous programme boosted production by more than predicted.
The most recent success at Victoria Oil & Gas plc’s (LON:VOG) Logbaba project, in Cameroon, positions the company extremely well to go after bigger gas sales deals, according to stock broker Shore Capital. VOG shares advanced on Tuesday as it unveiled new test results for the LA-107 well, and that it has now been brought online for production.
Testing yielded maximum rates of 54 mln cubic feet per day, and VOG told investors that the well has absolute open flow (AOF) potential of 146 mln cubic feet per day. LA-107 is now connected to the Logbaba gas processing plant, and the drilling rig is now been moved to the location of the planned LA-108 well which is scheduled for the fourth quarter of the year.
Highlands Natural Resources Plc (LON:HNR) told investors it has kicked off a fracking programme, covering two wells - named Wildhorse and Powell - at the East Denver project in Colorado.
The company highlighted that the start of the programme represents a further acceleration in its campaign at the East Denver project, ahead of the previously anticipated timeline. It is implementing what’s described as an efficient completions process, called 'zipper fracking', whereby two wells are completed in a coordinated parallel process.
HNR expects the programme will last for several weeks, and thereafter it plans to begin flow-back and production processes.