Higher oil prices triggered by Russia’s invasion of Ukraine would offset “any hypothetical risk” to BP PLC (LSE:BP.)’s cash dividend from Rosneft (AIM:ROSN), that’s according to analysts at Royal Bank of Canada (TSX:RY).
BP owns 19.75% of Russia’s third-largest oil company and it is not yet clear the extent that sanctions against Russia’s economic interests will impact upon BP.
Eco (Atlantic) Oil & Gas Ltd (AIM:ECO, TSX-V:EOG) told investors it had US$5.8mln of cash and equivalents at the end of 2021, and, it has made a positive and busy start to 2022.
The AIM-quoted company this morning released results for the third quarter and nine-months ended December 31. It highlighted a business with around US$19mln of assets, and, a portfolio stacked with opportunity across oil and gas exploration in southern Africa and South America, as well as emerging renewable energy opportunities.
The UK’s main oil and gas body has hit back at calls by the government’s climate advisers to stop north sea exploration, in a tug of war between sustainability and energy sovereignty.
UK Onshore Oil and Gas (UKOOG) was responding to the Climate Change Committee’s (CCC) suggestion to business and energy secretary Kwasi Kwarteng that the UK should wean itself off oil drilling.
Brent crude prices jumped 9% to soar over US$105 per barrel in Thursday morning’s deals after Russia launched a "full-scale invasion" of Ukraine overnight.
A raft of new international sanctions is expected in the wake of Russian tanks and troops rolling across the border into Ukraine and cruise missile strikes on major cities including the capital Kyiv.
Shares in BP PLC (LSE:BP.) slumped as investors feared the oil major will fall victim to international sanctions after Russia launched a"full-scale invasion" of Ukraine overnight.
BP owns nearly 20% of Rosneft (AIM:ROSN), Russia's third-largest oil company. Rosneft, which has a secondary listing in London, may be targeted depending on what Western governments do next.
i3 Energy Plc told investors produced some 18,229 barrels of oil equivalent per day in the fourth quarter, marking a 38% rise on the preceding three months.
The current production rate is approximately 19,000 boepd, it added.
Diversified Energy Company PLC (LSE:DEC, OTCQX:DECPF) has announced the securitisation of assets in the Barnett Shale in North Texas.
The company highlighted that it represents the company’s second sustainability-linked ABS and fourth ABS since late 2019. It added that it shows the increasing depth of investors for this type of product.
Eco (Atlantic) Oil & Gas Ltd (AIM:ECO, TSX-V:EOG) is in line to receive money from the sale of the Kozani solar energy project in Greece.
The project has been sold by Solear to Nepcoe Capital Partners and PowerChina New Energy Power for roughly €1.8mln, thus enabling the repayment of a loan advanced to Solear last year by Eco. Eco expects to receive the funds by the end of this month.
Gran Tierra Energy Inc (TSX:GTE, LSE:GTE, NYSE-A:GTE, ETR:G1P) has reported financial and operating results for 2021 showing net income at the highest achieved since 2018.
The company generated net income of $42.5 million, or $0.12 per share (basic and diluted) in full-year 2021, compared to a net loss of $778.0 million, or $(2.12) per share basic and diluted in 2020. The company realized adjusted EBITDA of $241.5 million, the highest since 2019, and an increase of 150% from $96.5 million in 2020.
Helium One Global Ltd (AIM:HE1, OTCQB:HLOGF) shares are underappreciated in the market, according to stockbroker Liberum, which has begun its coverage of the exploration company with a ‘buy’ recommendation.
“Helium One’s current share price performance does not fully reflect the work done to date by the company, in our view,” the broker said in a note.
Mosman Oil & Gas Ltd told investors that it has completed construction of the gas network which will allow for the sale of gas from the Winters-2 well and Stanley-4 wells in east Texas.
The system will be tested over the next few days and well production flow rates will be announced once available, the company said in a statement.
Union Jack Oil PLC (AIM:UJO) told investors it is advancing plans to pay dividends or make share buybacks in the future.
The company, in a statement, said it has reviewed its operational and financial plans for 2022.
Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) has updated investors on the drilling of its next well - the RCE-2 well - at the Rio Cravo Este field on the Tapir block in Colombia, saying it expects it to spud on or around March 15 this year.
Arrow is partnered 50:50 on the Tapir block with PetrolCo and the partners have largely completed the community socialization process and awarded the drill contract to Bogota-based Top Drilling Company.
BP PLC (LSE:BP.) will end its more than 30-year sponsorship of the National Portrait Gallery following pressure from climate activists.
The oil giant will finish its support for the gallery’s National Portrait Award in December following the completion of a five-year, $7.5mln deal signed in 2017.
IGas Energy Plc (AIM:IGAS), an energy company and the parent of geothermal heat developer GT Energy UK Ltd, and Cornish Lithium struck a deal to explore commercially viable geothermal heat generation sites in Cornwall.
Cornish Lithium has created 3D models of the sub-surface geology and mineral potential of the area and has secured extensive land and mineral rights agreements in the South West of England.
PetroTal Corp
PetroTal has announced a fully funded 2022 capital program of $120 million that is expected to generate material free cash flow, allowing for an expected resumption of a dividend to shareholders by Q4 2022. All amounts are quoted in US dollars.
Union Jack Oil PLC (AIM:UJO) said its net revenues from the Wressle field in North Lincolnshire have reached US$3mln since test production started in August.
The oil and gas group, which holds a 40% economic interest in Wressle, said current daily production ranges from 600 to in excess of 700 barrels of oil per day from the Ashover Grit reservoir, constrained on a restricted choke
As ‘the West’ threatens to cut off Russia’s economic arteries amid rising geopolitical tension it is not clear what the impact will be upon BP PLC (LSE:BP.), which has material exposure due to its shareholding in Russia’s third-largest petroleum company.
BP owns nearly 20% of Rosneft (AIM:ROSN) which has a secondary listing in London, which may possibly be frozen depending upon what measures are put in place by western governments.
Rio Tinto PLC (LSE:RIO) looks set to keep its crown as the dispenser of mega dividends when it releases full-year results on Wednesday.
Based on payments over the last year, the mining giant and despoiler of Aboriginal heritage sites is already the king of London's dividend payers, coughing up £5.5bn over the last year, putting it a cool half a billion ahead of Shell PLC (LSE:SHEL, NYSE:SHEL, EURONEXT:SHELL), the oil titan.
Pantheon Resources PLC (AIM:PANR, OTC:PTHRF) has release what it called ‘another excellent result’ from the Talitha A well in Alaska, meanwhile, the hotly anticipated flow test of the Theta West well has been delayed due to a third-party error.
The latest Talitha well test saw the Slope Fan System (SFS), a secondary target, flow oil at a sustained rate of 32 barrels of oil per day from a total of 10 feet of vertical intersections of the reservoir.
88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF) has announced the acquisition of an asset package comprising producing wells, to be known as Project Longhorn, in the Permian Basin, Texas.
The assets presently yield around 300 barrels of oil per day, across 32 existing wells, and, the company expects to double volumes by the end of the year through the work-over of seven of the wells – with the programme starting in March.