Kinetiko Energy Ltd (ASX:KKO) will officially move to a 100% stake in South Africa’s Afro Energy (Pty) Ltd after executing formal, binding legal agreements.
The Perth-based energy stock originally held a 49% interest in Afro, which holds the South African exploration rights and production approvals tied to Kinetiko’s assets.
US Oil & Gas PLC, in a statement, provided an update on its attempts to extend licences in Nevada and seeking funding to continue as a business.
In the statement, unlisted US Oil & Gas said: “Currently, the company is actively engaged in seeking the necessary investment to drill at least one well, and efforts will continue through Q1 2022.
Empyrean Energy PLC (AIM:EME) chairman Patrick Cross said it is an “exciting time” for the oil and gas development company as it prepares to start drilling at its Jade prospect, offshore China, in the New Year.
“It is most pleasing to advise that drill preparation activities have progressed well throughout the latter part of the year, culminating in the signing of an Integrated Drilling Contract in November, at a significantly reduced cost to initial estimates,” Cross said, as Empyrean reported interim results for the six months ended September 30.
Plexus Holdings PLC (AIM:POS) won an order for a POS-GRIP surface production wellhead system from a leading North Sea operator.
The equipment is scheduled for delivery in the second quarter of 2022 with the contract running for approximately 120 days. Most of the revenue will be booked during the current 2021/22 financial year.
Kinetiko Energy Ltd (ASX:KKO)’s subsidiary Afro Energy Pty Ltd has entered a 50/50 joint venture (JV) agreement terms sheet with Vutomi Energy Pty Ltd to produce and sell electrical energy to third-party private sector off-takers.
Targeted for sale within the high-voltage private sector network, the JV will initially use a one-megawatt (MW) gas reticulation engine provided by Vutomi to utilise gas from Afro Energy’s wells.
Madagascar Oil's chairman Al Njoo is a veteran developer of heavy oil assets having enjoyed success in Kazakhstan, Azerbaijan and California.
But in his latest venture, he sees the greatest potential.
Chariot Ltd (AIM:CHAR, OTC:OIGLF) told investors that its open-offer share sale has completed, raising US$2mln of gross proceeds.
The offer was significantly oversubscribed, with valid acceptances representing some 138% of available new shares. Scale back measures will be will now be applied.
Touchstone Exploration Inc (AIM:TXP, TSX:TXP, OTC:PBEGF) expanded its revolving credit facility, adding US$10mln to a new maximum of US$30mln.
The Trinidad-focussed oil and gas firm said it has currently drawn US$15mln of principal and expects to draw the remaining US$15mln before the end of 2021.
Europa Oil & Gas (Holdings) PLC (AIM:EOG) updated the market on the potential of West Firsby in the East Midlands as a test site for sustainable, clean geothermal energy systems.
The UK, Ireland and Morocco focused oil and gas exploration, development and production company said it is “excited” by an announcement yesterday from Baker Hughes and Causeway Geothermal (NI) Ltd that the consortium will undertake a geothermal clean heat project at West Firsby.
Touchstone Exploration Inc (AIM:TXP, TSX:TXP, OTC:PBEGF) told investors it now plans to put the Royston-1 well onto an extended production test, after confirming hydrocarbon flows in its third and final interval tested to date.
The third completion in the Royston-1 well was perforated on December 16 and flowed some 1,368 barrels of fluid with oil cuts indicated between 40% and 60%, the company said in a statement.
Plexus Holdings PLC (AIM:POS)’s Graham Stevens, who was acting chair for the company's AGM, says there’s considerable scope for the company to be an essential contributor to the green revolution, as its superior leak-free equipment is beginning s to gain traction with the industry.
"As 2021 draws to a close, Plexus would like to thank its team and shareholders for their continued support and wish you all a very Happy Christmas and prosperous New Year," Stevens added.
Providence Resources PLC (AIM:PVR, OTC:PVDRF) has released some initial findings of its strategic review of the Barryroe project, concluding that an appraisal well will be essential prior to a phased field development offshore Ireland.
The full findings of the review are expected before the end of January.
Zephyr Energy Plc told investors that it expects its deal to acquire non-operated working interests in the Williston Basin, North Dakota, will now complete in January.
It comes amid ongoing disruption caused by the global pandemic, and in particular the rapid advance of the Omicron variant.
Helium One Global Ltd (AIM:HE1, OTCQB:HLOGF) is extending its seismic programme in Tanzania after seeing what’s described as encouraging early results at the Rukwa project.
The explorer had completed 94% of the planned 200 kilometre programme as of December 18, and, now intends to shoot an additional 20 kilometres to add extra data for “promising targets” in the previously unsurveyed Momba area.
i3 Energy Plc is to invest US$47mln of capital into its Canadian assets in 2022, with the programme of work including its participation in 17 new wells.
The programme of work is expected to add up to 5,250 barrels of daily production, to take average group volumes above 20,000 boepd, and help deliver an estimated US$184mln of net operating income for 2022/23.
Genel Energy PLC (LSE:GENL, OTC:GEGYY) has signed a farm-out agreement with a Taiwan state backed vehicle, OPIC Somaliland Corporation (OSC), to team up in the SL10B13 block, Somaliland.
OSC will receive a 49% interest in the block in return for 49% of Genel’s back-costs, plus a cash premium. Genel will retain 51% and will continue to be the project operator.
Kinetiko Energy Ltd (ASX:KKO) has intersected significant gas at its appraisal/development well Korhaan-4 in South Africa.
KKO completed drilling of the production section from 130 metres to 443 metres (terminal depth – TD) of Korhaan-4. TD was called only due to the tight structures encountered.