Proactive Oil & Gas highlights: Orcadian Energy, TomCo, Mosman Oil and Gas, Zephyr, Tower Resources, 88 Energy

It was another active week in the junior oil and gas sector.

TomCo Energy PLC - Proactive Oil & Gas highlights: Orcadian Energy, TomCo, Mosman Oil and Gas, Zephyr, Tower Resources, 88 Energy

Orcadian Energy PLC is to float on London’s AIM market with a £5mln raise which will support the planned development of the Pilot oil field in the North Sea.

The company owns 100% of the Pilot field - host to 78.8mln barrels of proven and probable (2P) reserves – along with a portfolio that also comprises the Elke, Narwhal and Blakeney fields.

TomCo Energy PLC’s (LON:TOM) joint venture Greenfield Energy has entered a deal to acquire a site in Utah. Greenfield has inked an agreement with Endeavour Capital and Tar Sands Holdings II LLC for the potential acquisition of some 760 acres and non-producing assets in Utah’s Uintah County.

It intends to use the land for the mining of oil sands and the construction of a commercial-scale processing plant, based on the findings of the ongoing pilot operation at Petroteq’s oil sands plant (POSP) at Asphalt Ridge, also in Utah. TomCo highlighted that the selected site comprises infrastructure, plant and equipment, along with an existing large mine permit that could be used in the future by Greenfield.

Mosman Oil and Gas Ltd (LON:MSMN) said it is still committed to drilling new wells though its recent activity has focussed on the workover of existing wells to boost production and cashflows.

Several well workovers have been performed to optimise production at the Stanley project, where Mosman has well interests between 15% and 19%. Similar operations have been taking place at the 50%-owned Falcon-1 well a new zone has been recompleted to see whether it will yield higher production rates.

Zephyr Energy PLC (LON:ZPHR) has pledged to achieve 100% carbon-neutral operations by the end of September this year. The company described its promise to achieve carbon-neutrality across its operational footprint as ‘industry-leading’ and called it a major first step towards near-term delivery of hydrocarbons produced with an operational "net-zero" carbon impact.

To achieve the target the company has agreed to collaborate with the Prax Group which will work with Zephyr to measure, reduce and mitigate greenhouse gas emissions across Zephyr's businesses.

On Friday, the company told investors that it filed an application with the OTC Markets Group for its ordinary shares to be publicly cross traded.

Tower Resources PLC (LON:TRP) said that its assets in Africa are seeing renewed interest with the price of Brent rising to more than US$70 per barrel again. A growing realisation that industry still needs short-cycle, low-cost projects to sustain oil production over the next few years as well as long term gas production is also helping, the AIM-listed oil exploration group said.

That is driving interest is the offshore frontiers of Namibia and South Africa and Tower said the data room for its joint-venture license in South Africa is seeing a lot of activity.

Westmount Energy Limited (LON:WTE) (OTCQB:WMELF) shares moved higher on Monday as the company highlighted an announcement from the Guyanese Maritime Administration Department that the Stena Carron drillship re-commenced exploration drilling operations at the Jabillo-1 wellsite on the Canje Block, offshore Guyana on June 5.

Jabillo-1 is the second of three exploration wells scheduled for drilling on the Canje block in 2021, with previously published information indicating that Jabillo-1 is a 1,000mln barrels of oil prospect.

Westmount holds an indirect interest in Canje as a result of its 7.7% stake in JHI Associates Inc, which is carrying out the drilling at Jabillo-1. JHI also owns around 17.5% of the Canje block.

88 Energy Ltd (LON:88E) has agreed to buy out its partner on Project Peregrine in Alaska. The company has entered into an agreement with Alaska Peregrine Development Company (APDC) that will enable the continuation of the exploration programme at Project Peregrine next winter; APDC had been mulling a pause in the exploration programme to pore over the results from the Merlin-1 well.

APDC will sell 88 Energy a 50% working interest in the project, giving the London-listed company a 100% working interest in the project. The agreement does not include the neighbouring Umiat oil field.

88 Energy will pay US$14mln to APDC, payable in new 88 Energy shares, issued in several tranches. The first tranche of 235mln shares at A$0.022 a share has already been issued to APDC.

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