The countdown is on for the start of Eco Atlantic Oil & Gas Ltd’s (LON:ECO, CVE:EOG) high impact exploration drilling campaign offshore Guyana.
Eco, in a statement, told investors that the Stena Forth drillship has now been mobilised and is on its way to Guyana from West Africa.
It is expected to reach Eco's Orinduik Block on or around 24 June, with the spud of the Jethro Lobe exploration well slated for 26 June.
Jethro Lobe will be followed by the a well on the Joe prospect which is located nearby, though Eco noted that the two targets are not contingent – meaning the chance of success at the second well won’t be impacted by the outcome of the first.
Orinduik is seen to be an exciting exploration opportunity given its proximity to Exxon’s Stabroek Block which has been a standout frontier success. Some 5.5bn barrels of crude have been found across thirteen discoveries within Stabroek.
Even a fraction of that success in the adjacent Orinduik block would transform AIM-quoted Eco Atlantic.
Echo Energy PLC (LON:ECHO) shares could be worth nearly 100% more than current levels as it advances the ‘company maker’ Tapi Aike exploration prospect in Argentina, that’s according to Shore Capital.
Analyst Craig Howie, in a note, highlighted that Echo is presently pressing ahead with an extensive 3D seismic programme as a precursor to a planned four well drill campaign, slated to start later this year.
The analyst has set a 5p per share asset valuation (risked NAV) for Echo, which compares to a current market price of 2.52p
“Alongside potential M&A deals that continue to be evaluated, and Echo’s increasingly exciting presence in Bolivia, we believe that Tapi Aike will be a critical share price driver in the months ahead,” Howie said.
He added: “Our sum-of-the-parts valuation is driven by Tapi Aike and we see exciting times ahead for this flagship asset, where Echo now has a 19% working interest and drilling is on track to commence in late FY2019.
Anglo African Oil & Gas PLC (LON:AOG) had its confidence reaffirmed by the latest report to assess the results of the TLP-103C well, at the Tilapia field in the Republic of the Congo.
The report was penned by Havoc Partners LLP, a group of geoscientists in Australia, which reviewed the interpretations made in previous reports by Schlumberger and Nutech.
Havoc noted that "both reports have concluded that reservoir quality is between good and excellent, which supports a commercial decision to implement a plan to seek to produce from the Djeno [reservoir]."
AAOG meanwhile told investors that it is now developing a plan to produce from the Djeno reservoir through a re-entry of the TLP-103C well.
"This report supports our view that we can achieve the company's original and primary goal of producing oil from the Djeno,” said executive chairman David Sefton.
Quadrise Fuels International PLC (LON:QFI) told investors it has inked a services agreement with Aleph Commodities Ltd which will provide services to the company in the use of the MSAR technology in the Kingdom of Saudi Arabia (KSA).
As a supplier of the MSAR, an emulsion technology which provides an alternative to heavy fuel oil, Quadrise is working with its partner in KSA, Al Khafrah Holding Group (AKHG). At the end of May, Quadrise entered into a memorandum of understanding with AKHG with the two companies proposing to progress projects in Saudi Arabia that use Quadrise's MSAR fuel technology.
Today’s deal with Aleph follows a similar agreement between the companies covering Kuwait. Aleph is a recently established group of commodities traders with significant experience in the Middle East.
The arrangement with Aleph comes with an incentive based structure, with certain awards attached to business milestones (from early stage contracting to commercial sales).
Enteq Upstream PLC (LON:NTQ) boasted substantial growth in the twelve months ended 31 March 2019. The oil and gas drilling technology group, in its financial results statement, highlighted revenue growth of 57%, generating US$10.2mln in the year versus US$6.5mln in the preceding twelve months.
Earnings (adjusted EBITDA) was reported at US$2.5mln, up from US$0.2mln a year before, while the company reported a narrowed post tax loss of US$0.1mln compared to US$0.6mln in 2018.
Giving its outlook on the current period the company noted market stability and said that the present oil price ‘encourages cautious optimism’.