Patience is a virtue, they say, but then in the small-cap oil sector a little bit of giddiness can go a long way too.
Somewhere in between is the growing excitement around Advance Energy PLC (AIM:ADV) and the Buffalo-10 well, presently being drilled offshore Timor-Leste.
Advance Energy PLC (AIM:ADV) said operator Carnarvon Petroleum continues to move the drill-bit closer to the target zone at the Buffalo-10 well, offshore Timor-Leste.
The well is being drilled to test for the presence of commercial quantities of high-quality light oil that is expected to lead to the early re-development of the Buffalo field, a statement said.
Tower Resources PLC (AIM:TRP) raised £1.5mln in a share placing to boost working capital as the company continues to advance its portfolio across Cameroon, Namibia and South Africa.
The independent oil and gas group issued 576.9mln new shares at a price of 0.26p, a statement said.
TomCo Energy PLC (AIM:TOM) said a reserves report for its unconventional oil project in the Uinta Basin, Utah, estimated some 33.6mln barrels of proved and probable (2P) reserves.
Along with the 2P estimate of 33.6mln barrels, of which 22.8mln are Proven (1P) reserves, the Netherland, Sewell & Associates Inc (NSAI) report also detailed some 41.2mln tonnes of marketable sands.
United Oil & Gas PLC (AIM:UOG) said it began production at the recently drilled Al Jahraa-13 well on the Abu Sennan licence, onshore Egypt.
Al Jahraa-13 flowed at rates up to 897 barrels of oil during testing and has been brought online at an initial rate of 600 barrels of bopd. The well was delivered several days ahead of schedule and under-budget, the company said.
Kinetiko Energy Ltd (ASX:KKO) has resumed drilling development activities at its Korhaan Project in South Africa after drill rigs B21 and B16, together with operational crews, returned to site.
Logging for Korhaan 3, 4 and 5 wells is to be carried out in January while the planned flow test on Korhaaan-4 will commence.
Genel Energy PLC (LSE:GENL, OTC:GEGYY), the London-based oil and gas exploration and production company, announced its chief financial officer Esa Ikaheimonen intends to step down from his role and leave the company on 16 March.
The company, which will reveal its 2021 financial results the day before Ikaheimonen’s departure, said it has begun a search for his replacement, with an announcement to be made in due course.
Union Jack Oil PLC (AIM:UJO) said it generated US$2mln of revenues from the Wressle field in Lincolnshire, United Kingdom.
It is cash flow positive for the first time – after covering all corporate, administrative and project operating costs, the company told investors and has £6.27mln in cash and debt free.
FinnCap has doubled its price target for Chariot Ltd (AIM:CHAR, OTC:OIGLF) as it confirmed the Anchois field as a significant discovery, with an appraisal well encountering multiple pay zones.
Jonathan Wright, analyst at FinnCap, in a note, called it excellent news which has seen the company’s transformational gas strategy “come good at the first time of asking”.
Canadian Overseas Petroleum Limited (LSE:COPL, CSE:XOP, OTC:VELXD) shares surged more than 30% in Monday’s early deals thanks to what stockbroker SP Angel has called an impressive and significant new discovery onshore USA, in Wyoming.
It creates the potential for the company to grow to a scale “many multiples” greater than previously forecast, according to COPL.
Empyrean Energy PLC (AIM:EME) said it made changes to its planned Jade programme due to poor weather.
The company said meetings with contractor China Oilfield Services over the past week resulted in a revised scope of work - which will see a shorter survey undertaken and greater sea swell tolerance for the pre-drill programme.
Eco (Atlantic) Oil & Gas Ltd (AIM:ECO, TSX-V:EOG) said it is to buy Azinam Group Ltd, including Azinam's entire offshore asset portfolio, in return for a 16.65% equity stake in the enlarged group.
The deal gives Eco a material offshore petroleum exploration asset base in Namibia and South Africa.
Chariot Ltd (AIM:CHAR, OTC:OIGLF) confirmed a 'significant' gas discovery at the Anchois-2 well offshore Morocco which materially exceeded expectations.
Anchois-2 well was drilled to a total depth of 2,512 metres and encountered significant gas accumulations with the appraisal target, Sand B, marking some 50 metres of net pay across two stacked reservoirs – the uppermost was the reservoir seen in the original discovery well.
Canadian Overseas Petroleum Limited (LSE:COPL, CSE:XOP, OTC:VELXD) announced a 'significant' conventional light oil discovery in Wyoming.
The discovery, comprising 1.5bn to 1.9bn barrels of oil in place, was identified spanning Converse and Natrona Counties, Wyoming – with the majority of the estimated 1.275bn to 1.64bn barrels present across the company’s leasehold in Converse and Natrona Counties, Wyoming.