Shares in Solo Oil PLC (LON:SOLO) advanced over 7% in Thursday’s deals after the AIM-quoted investment group unveiled a monetization deal for its stake in the Horse Hill.
It has struck a deal with UKOG, which will see Solo receive £4.5mln of cash, used for a simultaneous purchase of 234mln UKOG shares amounting to a 4.2% stake in the company.
Dan Maling, Solo’s recently appointed managing director, in a Proactive Investors interview with Andrew Scott, said that the UKOG shares will be held for sale and that some of the proceeds would be directed to the company’s other assets - such as its gas projects in Tanzania.
For UKOG, the transaction increases its stake in the Horse Hill discovery to 46.73% (as it will hold 71.9% of the HHDL vehicle which owns 65% of the underlying asset).
Aminex and Solo Oil advances Kiliwani
Aminex plc (LON:AEX) and Solo Oil announced it has kicked off remediation work for the Kiliwani North well.
The work, to tackle rising pressure in the well, will initially see the company repair a faulty valve which will allow gas to flow, and will also enable the evaluation of operational parameters of both the reservoir and gas processing facility.
It also intends to take the opportunity to perforate a deeper and previously untested, potentially gas-bearing section.
Eco Atlantic boosted by ninth Exxon discovery
ExxonMobil Corporation has made its ninth new discovery in the Stabroek block, offshore Guyana, with the Hammerhead-1 well - which provides yet more encouragement to Eco Atlantic Oil & Gas Ltd (LON:ECO, CVE:EOG).
Hammerhead is located just seven kilometres from the boundary to the Orinduik licence, where Eco has a 40% stake, is partnered with Tullow Oil and is set to farm-out to Total.
Eco highlighted that the Orinduik partners have extensively studied 2D geophysics data in the area, including out to the Stabroek block, and, has completed a significant 3D seismic survey last year.
"As the Hammerhead - 1 oil discovery is in very close proximity to the Orinduik block boundary, the Tullow and Eco teams will now continue to carefully review today's findings so as to better understand its technical and commercial implications," said Colin Kinley, Eco chief operating officer.
Kinley added: "We have carefully been analysing the channel systems and fan complexes on our Orinduik block for the past year and each successful well drilled by Exxon next door lowers our risks here.
Echo reveals latest well test results from Argentina programme
Echo Energy Plc (LON:ECHO) shares were on the back foot through Tuesday Morning’s dealing after disappointing news from its well testing in Argentina.
Test results from the CSo-2001(d) well, within the Fracción D asset onshore Argentina, indicate a significant pressure depletion across this western flank of the field.
The pressure depletion is believed to be the result of long term production from the adjacent Springhill formation, and, the company said the gas in the underlying Tobifera formation will likely be insufficient to contribute economically to the Fraccíon D gas project.
It doesn’t impact the eastern flank, which through the testing and monitoring of the CSo-85 well remains economically viable.
SDX Energy financials reveal success story
SDX Energy Inc’s (LON:SDX, CVE:SDX) interim results reveal a 35% rise in net revenues and an 83% improvement in cash generation. The Egypt and Morocco-focused oil and gas producer yielded some 3,234 barrels of oil equivalent output per day in the six months ended June 30, and, it continues to bring online successful wells drilled during 2018.
It doesn’t yet include volumes from the new discoveries at the South Disouq asset.
Most recent measurements from the fields confirm the rise in production to 4,444 boepd with output from the North West Gemsa, Meseda and Morocco operations all increasing.
"The first half of 2018 was a busy period for SDX and one which saw the company significantly increase its net revenue and overall production year on year,” said Paul Welch, SDX chief executive.
“We also made significant operational progress across our portfolio with discoveries from 20 of the 23 wells drilled in the recent Moroccan and Egyptian drilling campaigns, representing a success rate of 87%.”