North Sea oil and gas companies Harbour Energy (LSE:HBR) and Serica Energy Plc (AIM:SQZ) were named as ‘top picks’ by American investment bank Jefferies, which has detailed its view on a ‘whole new E&P world’.
Driven by significantly higher oil and gas prices, and heightened demand for new sources of fuel, Jefferies has redrawn its preferred stocks in the sector.
Carpricorn Energy is tipped for some 52% upside, according to analysts at Barclays, who have repeated a bullish view following the company’s successful US$500mln share buy-back.
In fact, the company (formerly known as Cairn Energy) has a valuation that presently offers some 40,000 barrels of oil equivalent per day, “for free”.
With the share price of Shell PLC (LSE:SHEL, NYSE:SHEL) pulling back after today’s trading update, AstraZeneca PLC (LSE:AZN) has cemented its position as Britain’s most valuable company.
Shell’s market capitalisation – calculated by multiplying the number of shares in issue by the current share price – is £160.9bn, whereas drugs giant AstraZeneca is valued at £162.1bn.
Oil price, Kistos, PetroTal, SDX, Block, Getech. And finally…
WTI $96.23 – $5.73, Brent $101.07 -$5.57, Diff -$4.84 +16c, NG $6.03 u/c, UKNG 235.0p +21.7p
Oil prices fell to their lowest closing level in three weeks after international agreements to release more reserves.
The International Energy Agency's member countries confirmed they would release 60mln barrels of crude, which comes on top of the US release of 180mln from the Strategic Petroleum Reserve.
Cloudbreak Discovery PLC (LSE:CDL) told investors it is to participate in oil and gas exploration in Namibia in a venture alongside four other companies.
The company, in a statement, said it will act as a financial partner and sit on the joint operating committee for the venture which seeks to submit an application to acquire Petroleum Exploration License 1724 (Block 1724). It is working with Gondwana Petroleum, Timeworn Investments, Pioneer Oil and Gas Consulting and a Switzerland-based asset manager in the venture.
While Shell PLC (LSE:SHEL, NYSE:SHEL) was making waves Thursday with a dog’s dinner of a trading update, a little news was starting to permeate about some success with the drill bit.
It has reportedly identified the oil equivalent of the motherlode off the shores of Namibia.
United Oil & Gas PLC (AIM:UOG) told investors it has received approval from the Ministry of Ecological Transition in Italy for the transfer of ownership of the UOG Italia business to Prospex Energy, in line with its previously announced disposal agreement.
The company, in a statement, noted that the completion would now occur when the deed of transfer is legally executed and funds are transferred by Prospex to United to pay for the remainder of the acquisition cost.
Hartshead Resources NL (ASX:HHR) has delivered a 49% increase in Phase I technically recoverable gas volumes for Licence P2607 in the UK Southern Gas Basin to a net 324 billion cubic feet (bcf) of gas.
The new production forecast has been created from dynamic reservoir models combined with proposed well trajectories, frac placements, facilities and export route pipeline.
Chariot Ltd (AIM:CHAR, OTC:OIGLF)’s latest announcement is further evidence of the company’s evolution towards a broader transitional energy business, stockbroker Peel Hunt said in a note.
The company this morning said it had signed a memorandum of understanding with the Port of Rotterdam International as a first step towards establishing supply chains to import green hydrogen and ammonia into the Netherlands and northwest Europe.
City broker Peel Hunt repeated its ‘buy’ recommendation and 100p share price target on Eco (Atlantic) & Gas Ltd, which confirmed it had successfully completed a £19.5mln City fundraiser to fund its portion of a drill programme offshore South Africa.
The stock, down 15% at just over 30p, would have to more than triple in value to hit the Peel target.
I’ve got one of those at home
I’m sure, you have. But this is a different Orange Basin (note the proper nouns).
Canadian Overseas Petroleum Limited (LSE:COPL, CSE:XOP, OTC:VELXD) has issued a stock market statement responding to what it described as “unfounded market rumours, through disinformation posted on social media and internet chat forums.”
The company, in the statement, reiterated its aims for 2022 and addressed internet rumours related to its annual filings for 2021, submitted recently to the company’s website.
Expedited development of UK shale gas can help alleviate supply issues and high prices, whilst also reducing emissions versus imported gas, according to IGas Energy PLC (AIM:IGAS, OTC:IGESF) chief executive Stephen Bowler.
The IGas chief’s comments, in Wednesday’s full-year results statement, come a day after the UK government said it would launch a swift review of its stance on shale and fracking, which has been banned in the UK since 2019.
Eco (Atlantic) Oil & Gas Ltd (AIM:ECO, TSX-V:EOG) has raised £19.5mln in an oversubscribed City fundraiser – cash that will bankroll its exploration efforts offshore South Africa.
Investors subscribed for shares at 30p (a modest discount to last night’s close) via a stock placing and a retail offer overseen by Primary bid. Existing shareholder Africa Oil Corp (TSX-V:AOI) also subscribed for new equity.
Chariot Ltd (AIM:CHAR, OTC:OIGLF) has signed a Memorandum of Understanding with the Port of Rotterdam International as a first step towards establishing supply chains to import green hydrogen and ammonia into the Netherlands and northwest Europe.
Through the deal, the two parties will work together to connect with off-takers and secure contracts for specific volumes.
UK onshore oil and gas companies today welcomed a decision by the government to commission a new investigation into the science behind shale gas and fracking.
The controversial hydraulic stimulation and blasting production method has effectively been banned in the UK since 2019 due to the difficulty in predicting potential earthquakes stemming from its use.
Longboat Energy PLC (AIM:LBE) shares shot up 15% in early deals as it announced what is described as a significant new oil and gas discovery in the Norwegian North Sea.
The Kveikje exploration well, operated by Equinor, made a discovery with excellent reservoir quality located close to existing infrastructure, the company said.
Lloyds Banking Group PLC (LSE:LLOY), meme stock AMC Entertainment Holdings and Russia’s gold miner Polymetal International PLC (LSE:POLY) were among the most popular stocks for UK private investors over the past month recent.
Data from investment platform Interactive Investor (ii) and trading app Freetrade for March had Polymetal and Tesla Inc (NASDAQ:TSLA) the top of their respective lists.
Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) announced that its Rio Cravo Este-2 well in Colombia has spudded.
In a wide-ranging update on the firm’s activities, CEO Marshall Abbott told shareholders that the news came at an “exciting time” for Arrow.
Victoria Oil & Gas PLC (AIM:VOG) shares have been suspended after an Arbitral Tribunal of the International Chamber of Commerce (ICC) ruled against the company’s subsidiary Gaz du Cameroun, making an award totalling US$12.1mln.
The company, in a stock market statement, noted that under the arbitration’s rules there can be no appeals and awards are to be paid without delay – however, the company said that neither GDC or Victoria Oil & Gas has the ability to pay the award without some delay.
i3 Energy PLC said its Canadian subsidiary had record reserves at the end of 2021, while the quarter just ended saw its highest production ever.
The last three months averaged an equivalent 20,300 barrels daily, comprising 61.1mln standard cubic feet of gas, 6,290 barrels of natural gas liquids, 3,522 bbl/d of oil and 316 boepd of royalty interest production.
Empyrean Energy PLC (AIM:EME) said towing and anchoring operations ahead of the spudding of the LH 17-2-1 well at the Jade prospect, offshore China should start on Wednesday (6 April 2022) and take around four days.
Strict Covid protocols are in place, it added, with two onshore bases set up for helicopter to rig transfers, to provide an alternate and manage any shutdowns.
Kinetiko Energy Ltd (ASX:KKO) holding Afro Energy has entered into a joint development agreement with the Industrial Development Corporation of South Africa (IDC), an arm of the South African Government mandated to promote economic growth and industrial development in South Africa.
The Perth-based gas explorer, which focuses on advanced shallow conventional and coal bed methane opportunities in rapidly developing markets, will co-develop gas fields with the IDC in the energy-hungry nation to produce energy for industrial, commercial, transportation or power generation applications.