Morocco-focused gas junior Sound Energy PLC (LON:SOU) shares are up almost 25% this week, as the company issued five stock market statements in five days.
The daily communications included progress reports for the group field development and separate exploration efforts at the Tendrara project, as well as the launch of a partnering effort for the Sidi Moktar exploration venture.
The price of UK Oil & Gas Investments PLC (LON:UKOG) shares dropped back 16% on Friday after the onshore driller admitted it is working on an equity raise. UKOG, in a statement, acknowledged recent speculation and it was considering raising funds.
It comes as the company advances plans for new drilling and well testing across southern England, where it has a number of assets.
On Wednesday, Echo Energy Plc (LON:ECHO) told investors it had completed the ELA-1 well, at the Laguna Los Capones project area, in the Fracción C licence area onshore Argentina.
The well, drilled to a depth of 1,829 metres, encountered gas shows across a 40metre section in the deeper Tobifera volcaniclastic target and some oil staining was also observed.
Echo noted that analysis via wireline logging is complicated, as is expected in this particular area, due to complex mineralogy of the volcanic reservoir. It is now working to determine the potential for further testing in the section once a test rig is present in the licence.
Europa Oil & Gas (Holdings) PLC (LON:EOG) saw its shares rise on Tuesday after the explorer revealed a major upgrade to its prospective resources in the South Porcupine Basin, Atlantic Ireland, following the analysis of new 3D seismic data. The inventory for the Frontier Exploration Licence 3/13 increases by 93% to 2.9bn potential barrels of oil equivalent.
It highlighted that 3D seismic confirmed and verified the Beckett, Shaw and Wilde prospects, with Beckett and Shaw now seen as a fan sequence – the explorer now believes the targets are much thicker and span a much wider area than it previously thought.
Chief executive Hugh Mackay told investors that the explorer intends to bring in a partner via a new farm-out process, once its two other Porcupine areas (FEL 2/13 and FEL 1/17) have also been reviewed.
On Monday, Highlands Natural Resources Plc (LON:HNR) said surface casing for all six new wells at its East Denver shale project in Colorado has been completed. The current stage of drilling is expected to be completed towards the end of June.
Highlands revealed it has acquired a consolidated package of 2,490 acres of oil and gas leases to the west of Denver, Colorado where the company believes that up to 48 horizontal wells could be drilled, subject to regulatory approvals.
Highlands said the newly-acquired assets have a similar operational environment to the successful East Denver project and require a similar development process. Total costs to date for the leases are US$50,000.
88 Energy Ltd (LON:88E, AS:88E) told investors that analysis of the fracture system in the Icewine-2 well suggests there’s been no degradation during the winter shut in period.
As result, no remedial work will be needed prior to the restart of the well programme. The company added that it remains on-track to resume well testing operations next week, on June 11. The programme at the Project Icewine-2 well seeks to test whether the HRZ shale discovery can be produced at commercially viable rates.
Junior explorer Chariot Oil and Gas Limited (LON:CHAR) expects to begin deepwater drilling at its Central Blocks licence offshore Namibia in the fourth quarter of this year.
The AIM-quoted company has contracted the Ocean Rig Poseidon drillship to drill one firm well – Prospect S – and one optional well. Ocean Rig Poseidon is scheduled to arrive on location in the fourth quarter, with the drilling of Prospect S to begin shortly after.
United Oil & Gas Plc (LON:UOG) is still in talks to increase its interest in Corallian Energy’s licences in southern UK which include the highly prospective Colter discovery.
London-listed United had option to purchase an additional 10% farmed interest in the licences, although that expired last Thursday (May 31). Despite this, the company said it remains in talks with its other partners in the licences on taking a further equity stake.