i3 Energy PLC (LON:I3E) is to submit an enlarged field development plan (FDP) to the UK Oil & Gas Authority for two North Sea blocks.
Based on the company’s mapping and analysis, the previous mid-case stock tank oil-initially-in-place (STOIIP) estimate of 237mln barrels pertaining to the company’s wholly-owned UK North Sea blocks 13/23d and 13/23c has been revised to 314mln barrels.
On Wednesday, i3 also said, contrary to market rumours, it is not planning an equity financing.
It was a busy week for 88 Energy Limited (LON:88E) which revealed it raised AS$3.64mln via its recent rights issue, while it also posted a report on Monday that summarised activities in the third quarter of 2019.
Highlights included the large upgrade to the portfolio at Project Icewine, the execution of definitive agreements for farm-in to the Western Blocks and solid progress in the process of 3D seismic data on the Yukon acreage.
88 also addressed the passing of Brent Villemarette, a non-executive director of the company.
Solo Oil PLC (LON:SOLO), the natural resources investment company focused on acquiring and developing a diverse global non-operated portfolio of strategic oil and gas assets, announced the appointment of Strand Hanson Limited as its nominated & financial adviser with immediate effect.
Egdon Resources Plc (LON:EDR) expects fracking to start at the Springs-1 UK site in the first half of next year. Egdon’s conventional oil plans have been hampered by delays to Wressle in Lincolnshire.
An appeal has been launched against the rejection of its planning application. The consortium that owns the licence, includes Union Jack Oil (LON:UJO) with a 27.5% stake. Union Jack Oil also owns 22% of Biscathorpe, where Egdon says drilling of a new exploration well should begin before the end of the year with site construction well advanced.
Tlou Energy PLC (LON:TLOU) believes it has ‘submitted a compelling and robust proposal’ for a thermal power station at the Lesedi coal bed methane site in Botswana.
The company, which was asked to re-tender for the contract, said it had ‘outlined a staged development commencing with up to 10MW of generation as well as outlining project feasibility, proposed field development, installation of power generation facilities and supply of power into the grid in Botswana.
Rose Petroleum PLC (LON:ROSE) is to drill the GV 22-1 well at its Paradox acreage in Utah “as soon as possible” after being given the green light from US authorities.
Tower Resources PLC (LON:TRP) jumped after it unveiled a reserves report for its Thali licence, offshore Cameroon.
The AIM-listed oiler said the report had identified gross mean contingent resources of 18mln barrels (MMbbl) of oil across the proven Njonji-1 and Njonji-2 fault blocks with low/best/high estimates of 5/15/34 MMbbls respectively and a development contingency probability of 80% on the first phase and 70% on the second phase.
Echo Energy Plc (LON:ECHO), the Latin American focused upstream oil and gas company, has announced the appointment of Dr Gavin Graham as an independent non-executive director of the company with immediate effect.
The group pointed out that Graham has nearly 40 years' experience in the oil & gas industry, with 29 of those years at Royal Dutch Shell PLC (LON:RDSA).
ADES International Holding Ltd. (LON:ADES), the leading oil & gas drilling and production services provider in the Middle East and North Africa, announced that it has completed the acquisition of 12 onshore rigs from Weatherford International PLC in Kuwait.
The group said the transaction forms part of the previously signed definitive agreement with a subsidiary of Weatherford to acquire 31 onshore drilling rigs for a total consideration of US$ 287.5mln across Kuwait, Saudi Arabia, Algeria and Southern Iraq.