Eland Oil & Gas PLC (LON:ELA) recorded its first ever profit after two new wells at its Opuama field in Nigeria meant production increased threefold in the first half.
Across the first six months of 2018, production from the OML 40 licence averaged 17,146 barrels of oil per day (bopd) compared with just over 5,000 bopd for the same period last year, reaching almost 30,000 bopd more recently.
The sharp rise in production meant Eland has reported a record set of results. Revenue hit US$67.4mln (H1 17: US$0.8mln), while the company posted a maiden profit of US$44.7mln (H1 17: Loss of US$22.4mln). Cash stood at US$29.8mln (H1 17: US$23.3mln).
As Hurricane Energy PLC (LON:HUR) counts down to first production - targeted in the first half of 2019 - the next milestone will come before the end of this month.
The UK-oil field developer now awaits the completion of sea trials for the Aoka Mizu FPSO vessel which is said to be in the final stage of upgrades in Dubai.
Sea trials are due to get underway in September, with the ‘sailaway’ to the UK anticipated shortly thereafter.
Providence Resources PLC (LON:PVR) can now start the countdown to the start of the Barryroe oil field development, as it today confirms the signing of a binding agreement for its proposed farm-out deal with its new Chinese partners.
It promises to deliver Ireland’s first commercial offshore oil project, though the immediate focus will be on preparations for a new drilling programme slated to start next year.
SDX Energy Inc. (LON:SDX) (CVE:SDX) confirmed media reports that it is in discussions for the acquisition of a significant package of assets in Egypt from BP PLC (LON:BP.).
The North Africa-focused oil and gas company said the acquisition would constitute a reverse takeover under AIM rules and, as a result, its shares have been suspended from trading with immediate effect until a deal is announced or the group confirms it is not proceeding.
Eco Atlantic Oil & Gas Ltd (LON:ECO, CVE:EOG) agreed to increase its interest in the Tamar licence, offshore Namibia.
The company has struck a share-based deal to buy-out partner Amis Oil and Gas Ltd, agreeing to issue 300,000 Eco shares in return for its 10% shareholding in the Pan Africa Oil Namibia Holdings vehicle, in turn effectively increasing Eco’s exposure to the Tamar licence up to 80% (from 72%).
Tamar spans some 7,500 square kilometres, directly adjacent the Chariot Oil & Gas acreage that will next month host the drilling of a new exploration well.
Mosman Oil And Gas Ltd (LON:MSMN) described itself as “cautiously upbeat” as it told investors that further well work-overs will be required at the Arkoma project, in Oklahoma.
Senior management recently met with project operator Inland and fellow partner Blackstone Oil and Gas Inc, at which point it was recommended that the work-over of the well could increase production levels.
The AIM-quoted company said it agreed that production has not yet been optimized at the project.
Tlou Energy Ltd (LON:TLOU) updated on its operations at the Lesedi coalbed methane project, where it is gearing up for a well in October.
The company confirmed that the well locations have been agreed, scouted and inspected.
Site preparation is now underway for what will be the first pilot production well, and, it is presently awaiting the delivery of all equipment needed prior to spudding the well.
Tlou highlighted that the wells are planned to be drilled as ‘dual lateral pods’ comprising a vertical production well, intersected by two lateral wells (drilled through gassy coal seams) whereby the gas will be extracted via the vertical bore. The gas would then be gathered for power generation purposes.
Range Resources Limited (LON:RRL) (ASX:RRS) said it has initiated a waterflood programme aimed at increasing water injection and oil production rates from early 2019 onwards as it expands in the South East (SE) area of the Beach Marcelle field in Trinidad.
The AIM-listed firm, which has oil and gas projects and oilfield service businesses in Trinidad and Indonesia said additional wells will be incorporated as part of the expansion programme, with up to 11 additional producers and 6 injector wells.