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Proactive Oil and Gas weekly highlights: I3 Energy, Block Energy, Sound Energy…

A look back at some of the top news from London's small-cap energy companies

i3 Energy PLC - Proactive Oil and Gas weekly highlights: I3 Energy, Block Energy, Sound Energy…
Serenity is one of two licences in the North Sea that are 100% owned by I3 Energy

I3 Energy PLC (LON:I3E) reported a discovery from its Serenity well in the North Sea. Describing it as transformational, I3 said the well results were consistent with its pre-drill estimates of 197 million barrels of oil in place.

Block Energy PLC (LON:BLOE) signed a gas sales agreement with Bago, one of the largest private gas suppliers and purchasers in Georgia for output from the West Rustavi field.

Sound Energy PLC (LON:SOU) signed a memorandum of understanding to sell natural gas from its Tendrara licences to Morocco’s state power company. A detailed gas sales agreement is still under negotiation, but Sound said this is a binding agreement and the ongoing talks will incorporate the MOU.

Genel Energy PLC (LON:GENL) was notified that production on the 25%-owned Tawke licence will average around 120,000 barrels per day at the end of 2019 and to stay at that level into 2020.

Europa Oil & Gas PLC (LON:EOG) provided insights on the potential of its Atlantic licenses as it updated on the status of farm-out negotiations with a “number of parties” interested in partnering with the group.

Tower Resources PLC (LON:TRP) signed a contract for a site survey at its intended Njom-3 well location on the Thali licence, offshore Cameroon. The survey is the final operational step before drilling starts, said Tower.

Echo Energy PLC (LON:ECHO) and operator CGC decided on the location for the first of a four-well exploration drilling programme at the Tapi Aike licence in Argentina. The well is in Chiripia Oeste, the eastern portion of the Tapi Aike 3D survey area, and will be re-named Campo La Mata x-1 (CLM x-1). 

Touchstone Exploration Inc (LON:TXP) boosted its long-term credit facility by C$5mln to C$20mln to fund the second exploration well on its Ortoire concession in Trinidad and Tobago.

Columbus Energy Resources PLC (LON:CERP), the oil and gas producer and explorer with operations in Trinidad and Suriname, confirmed on Tuesday the spud of the Saffron prospect had received Ministry approval for the drilling of the prospect which is in the South West Peninsula, Trinidad. 

SP Angel upgraded its view on Union Jack Oil PLC (LON:UJO) on the back of the discovery of a “major onshore oil development” at its ‘jewel in the crown’ West Newton last month.

United Oil & Gas PLC (LON:UOG) has handed back two licences it was provisionally awarded in the UK’s 31st licensing round. At the time of the award, Blocks 98/11b and 98/12 in the English Channel included an area adjacent to the Colter South discovery.

Mosman Oil and Gas Limited (LON:MSMN) shares rose Friday as the company dangled the prospect of becoming cash-flow positive. In the year to the end of June, the company saw revenue rise to US$1.11mln from US$740,853 the previous year but this only tells half the story as two of its wells (Stanley 1 & 2) only commenced production this year while Stanley-3 has come on stream in the current financial year – i.e. since June.

Eland Oil & Gas PLC (LON:ELA) revised down its production estimates for this year due to technical and permitting issues in Nigeria. The Gbetiokun-4 well has been suspended because of problems casing the core with attempts to rectify the issue hampered as the equipment required is not currently available in the country.

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