88 Energy Ltd (LON:88E) has updated on the drilling operations at the Winx-1 well in Alaska, telling investors that the surface casing has been run down to 2,500 feet.
It now expects to start drilling the intermediate section of the well next week. The company anticipates that the Nanushuk formation, the primary target of the well, in the intermediate section.
Winx-1 is targeting multiple objectives for some 400mln barrels of gross prospective resources, which is 144mln net to 88 Energy. The well will aim to extend the Nanushuk oil play fairway, as it is located around four miles from the Repsol drilled Horseshoe discovery well.
United Oil & Gas PLC (LON:UOG)
United told investors that its Colibri exploration prospect, offshore Jamaica, has been estimated independently to host some 229mln barrels of oil potential.
A new review of the Walton-Morant licence by consultant ERC Equipoise has upgraded the view of the exploration partnership with Tullow Oil.
Colibri is only one of a number of high impact areas seen within Walton-Morant, and, United noted that the latest assessment is encouraging as a farm-out process progresses to bring in additional partners to the licence.
Eland Oil & Gas PLC (LON:ELA)
Eland has announced it will start paying dividends to shareholders, following a successful period of production growth in Nigeria. The AIM-quoted company said it plans to pay a dividend based on free cash flow generation, whilst at the same time maintaining the balance between new investment and debt repayment.
It expects to declare the maiden dividend for the full year ended 31 December 2019, and, it said it would anticipate a dividend yield of 2 to 2.5%.
"In light of our strong financial performance and record production growth in 2018, we are delighted to announce the introduction of an ordinary dividend within our capital returns policy,” said George Maxwell, Eland chief executive.
Eco Atlantic Oil and Gas Ltd (LON:ECO, CVE:EOG)
Eco contracted the Stena Forth harsh-environment drillship for its upcoming exploration well, offshore Guyana. Stena Forth will drill the Jethro-Lobe prospect on the Orinduik Block offshore Guyana, in the neighbourhood of Exxon’s multi-billion barrel discoveries.
It is expected that the drillship will mobilise to the project in May and the Jethro-Lobe well will start drilling in June.
The rig contract includes a ‘window’ for a second within Orinduik, following Jethro-Lobe well. Plans for the second well are currently being reviewed and it is expected that those plans may be finalised in the coming weeks.
Diversified Gas & Oil PLC (LON:DGOC)
DGOC struck a deal with the Kentucky authorities over its field retirement obligations for the next five years. It relates to the assets acquired by DGOC in its 2018 transaction with Core Appalachia Holding Co LLC.
DGOC owns and operates some 60,000 gas and oil wells throughout the Appalachian region, including 7,500 wells in Kentucky. "This is another positive agreement that underlines our commitment to responsibly managing the wells within the states in which we operate,” said Rusty Hutson, DGOC chief executive.
The company, under the new agreement, commits to a review of all its Kentucky wells by the end of June, focussed primarily on its non-producing wells in the state.
Touchstone Exploration Inc (LON:TXP)
The Trinidad oiler has raised £3.8mln through a share placing to fund a new exploration well in Trinidad.
The capital injection will support the proposed drilling of an exploration well in the Corosan west region of its Ortoire exploration property. It is planned that drilling will kick off in the second quarter.
“The Ortoire block has been the primary focus of our exploration team over the past three years, and the recent independent prospect evaluation prepared by our independent reserve and resource evaluators has supported our belief in its potential,” said Paul Baay, Touchstone chief executive.
Anglo African Oil & Gas PLC (LON:AAOG)
AAOG has received US$660,000 from SNPC, the Congolese state petroleum company, for a share of costs of the recent successful well at Tilapia.
There is also a proposal to repay the outstanding US$9.5mln owed to Anglo African through a short-term payment plan. SNPC owns a 44% stake in the field and Anglo African 56%. Following the success of the TLP-103C well, Anglo wants to start production in April from the upper reservoirs at Tiilapia at up to 1,500 barrels of oil per day.
Sound Energy PLC (LON:SOU)
Sound’s TE-10 well, in Morocco, has higher exposure to gas pay than previously estimated and, at the same time, has detailed the well is host to a significant amount of gas resources.
The company, in a statement, revealed that it had commissioned independent consultant ERCE which - using core samples and well log data – provide the basis of a new estimate that the TE-10 has 15.4 metres of net pay, up from 10.5 metres.
In the mid-case estimate, the well is viewed as having 13.1 metres of pay, while the low-case estimate put pay at 9.5 metres. Sound also estimates that the North East Lakbir structural-stratigraphic closure, which is a feature in TE-10, has some 1.43 trillion cubic feet of gas originally in place (GOIP).
The upside case is stated at 3.4 trillion cubic feet, while the low case is made at 584bn cubic feet.
It cautioned, however, that a successful well test is always required to confirm reservoir deliverability and commerciality. Plans are already in place for a test programme, due to get underway next month.