UK Oil & Gas PLC (AIM:UKOG) said it is delighted with a ruling in the Court of Appeal which safeguards the company’s production at the Horse Hill project for the remainder of its commercial lifespan.
The court upheld the legality of legality of Horse Hill's planning consent, as a long-running appeal by Finch et al sought to overturn a December 2020 judgement in Judicial Review.
Shale gas and oil have been the main focus of US energy companies over the past decade and the preponderance of that form of exploration has been a depressant on pricing.
But it has also led to opportunities for those companies prepared to hunt down conventional assets and re-energise them as pricing has become more favourable.
Shell PLC (LSE:SHEL, NYSE:SHEL, EURONEXT:SHELL), BP PLC (LSE:BP.) and other oil majors are “greenwashing” and not making the transition to clean energy they suggest, according to a new academic study.
The companies freely used terms such as “climate”, “low-carbon” and “transition”, BP and Shell especially, but an increasing tendency to push decarbonization and clean energy strategies are “pledges rather than concrete actions”, the report in the PLOS journal said.
Zephyr Energy PLC completed the US$36 million acquisition of non-operated working interests in currently producing and near-term production wells in the Williston Basin, North Dakota.
The Rocky Mountain oil and gas company said the acquisition consists of working interests in 163 currently producing wells with an average working interest of about 4%. In addition, a further 18 drilled but uncompleted wells are scheduled to come online by the end of June 2022, with 47 other locations to be drilled in the future.
Tullow Oil PLC (LSE:TLW) shares traded higher on Wednesday after a swings-n-roundabouts morning of announcements.
Taking the good news first, the company revealed it has now received a US$75mln contingent milestone payment attached to its 2020 deal in Uganda with Total as the Tilenga project reached ‘final investment decision’.
Helium One Global Ltd (AIM:HE1, OTCQB:HLOGF) described a ‘transformational’ year as it released its final results statement for the twelve months ended June 30 2021.
During the reporting period the exploration company advanced its flagship asset, the Rukwa project in Tanzania, which is deemed to have world class helium resource potential – in the period it completed the project’s first drill programme, encountered proof of helium in the system and gathered key data points.
Hurricane Energy PLC (LSE:HUR) told investors that the Lancaster continued to produce oil at a rate of around 9,500 barrels per day.
In the month of January the company produced 299,000 barrels of crude, with an average rate of 9,639 barrels per day – and the average water cut was 40%, totalling the equivalent of 196,000 barrels.
Pantheon Resources PLC (AIM:PANR, OTC:PTHRF) shares continued its ascent higher on Tuesday after its latest well result in Alaska.
Rising 12% to trade at 139.18p the AIM-quoted explorer is now up around 90% over the past month, and, is now approaching a market capitalisation of £1bn.
San Leon Energy PLC (AIM:SLE, AQSE:SLE, OTC:SLGYF) has provided a further loan, US$2mln, to Energy Link Infrastructure (ELI)which is the owner of the ACOES project (Alternative Crude Oil Evacuation System) in Nigeria.
The London-listed firm will receive a 14% coupon per year on the loan over four years, repayable quarterly, and, at the same time will acquire additional existing shares in ELI representing 2% of the equity – taking its stake to 13.323%.
Pantheon Resources PLC (AIM:PANR, OTC:PTHRF) told investors it has drilled the Theta West well down to total depth and encountered both the Upper Basin Floor Fan (UBFF) and Lower Basin Floor Fan (LBFF) targets, measuring around 1,160 gross feet of hydrocarbon-bearing reservoir across the two.
Operations have been hampered by extreme cold weather in Alaska, with temperatures as low as -55 Celsius, and a typical programme of analysis has not been possible to date. Wireline logging has not yet been possible but the company did conduct logging whilst drilling which the company said has provided excellent quality data.
The North Sea is crucial for Britain’s energy security and the country must keep drilling new wells there, according to energy minister Greg Hands.
In an interview with the Times newspaper, Hands said domestic production gives Britain an advantage compared with other European countries that rely on Russia for a “huge part” of their gas.
Mosman Oil and Gas Ltd (AIM:MSMN) has had its application for a suspension and extension granted for the work programme conditions for the EP145 licence, in Australia’s Norther Territory.
The company, in a statement, told investors that the suspension and extension provides it with additional time in which to complete necessary year 3 work programme, by 21st August 2023, and the deadlines for subsequent phases of the licence are also extended.
88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF) told investors its share placing was oversubscribed and increased, to raise A$32mln before costs.
Proceeds will be used, alongside existing cash resources, to fund the planned Merlin-2 well including drilling, testing and contingencies.