Serica Energy PLC, a North Sea oil and gas producer, reported an 11-fold jump in pretax profit in 2021 boosted by a surge in oil and gas prices.
Pretax profit soared to £135.1mln from £12.5mln in 2020 as revenue surged more than 300% to £514.1mln.
Europa Oil & Gas (Holdings) Plc has now signed the farm-in agreement with i3 Energy Plc which will see a new joint venture partnership for the Serenity project in the North Sea.
The new partner in Serenity will earn a 25% interest in the field in return for funding 46.25% of the costs of a planned appraisal well, capped at £15mln. Drilling is slated for the third quarter of 2022, with well costs estimated at around £14mln (gross).
Zephyr Energy PLC has hedged 328,000 barrels of oil production from its non-operated asset portfolio in the Williston Basin over the next two years with BP.
The programme, which will guarantee US$30mln of forecast revenue, comprises crude oil commodity swap agreements based on a current price of US$100.80 a barrel and declining in stages to US82.20 by the end of the first half of 2024.
Diversified Energy Company PLC (LSE:DEC, OTCQX:DECPF) is a safe haven in a volatile world, so says stockbroker Peel Hunt, which today repeats a ‘buy’ recommendation for the US focussed gas and oil producer.
With a 160p price target the broker sees close to 40% upside to the current share price of 115p.
Hurricane Energy PLC (LSE:HUR) told investors it sold its most recent batch of crude oil for US$60.5mln, boosted by higher Brent prices.
The UK offshore oiler said the 524,000 barrel shipment was lifted on March 22, with the sale price set at US$116 per barrel (representing the average price for the preceding five days), according to a statement.
Mosman Oil and Gas Ltd (AIM:MSMN) confirmed higher production for the quarter ended March 31.
Production was up 65% compared to the preceding quarter with production totalling some 11,756 barrels of oil equivalent, versus 7,123 boe in the quarter to December 31, a statement said.
Challenger Energy Group PLC (AIM:CEG, OTC:BSHPF) told investors it has increased production by 10-15% through a quick programme of well recompletions.
The Trinidad-focussed company, in a statement, said four well recompletions have been completed to date since late March. Some 40 to 60 barrels of oil per day (bopd) have been added, in aggregate, lifting overall group production to average around 400 bopd.
Kinetiko Energy Ltd (ASX:KKO) has caught the eye of prolific South African energy investor Phefo Power and launched a A$3.1 million rights issue.
Under a share placement, Phefo has committed to seed ZAR$10 million in funding, which, on top of the rights issue, will provide Kinetiko with roughly A$4.1 million to pursue exploration opportunities In energy-hungry South Africa.
Canadian Overseas Petroleum Limited (LSE:COPL, CSE:XOP, OTC:VELXD) has raised US$13mln through a bookbuild placing at 20p per share, around a 15% discount to the previous close.
Each new share comes with half a warrant exercisable at 24p (for a whole warrant) within six months.
Southern Energy Corp (TSX-V:SOU, AIM:SOUC, OTC:MAXMD), the producing oil and gas group, revealed that it increased its earnings in full-year 2021 and reduced its debt as the Mississippi-focused firm continues to build a strong foundation for growth.
In a statement reporting fourth-quarter and full-year figures to December 31, 2021, the oiler said net earnings for the 12 months had come in at US$10.1 million, compared to a net loss of US$7.8 million in 2020.
Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) shares jumped in Tuesday morning’s deals a its well in Colombia measured some 80 metres of net pay after reaching target depth of 9,674 feet.
The Rio Cravo Este-2 well encountered five known producing horizons, the company said in a statement.
Rockhopper Exploration PLC (AIM:RKH) shares jumped as much as 17% in early trading as a deal in the Falklands between Harbour Energy (LSE:HBR) and Israeli oil firm Navitas Petroleum advanced with the signing of binding documents.
Navitas is acquiring Harbour’s stake in the Sea Lion oil field development project (35% owned by Rockhopper) through the transaction which is expected unlock the project which was otherwise on the back-burner for the company formerly known as Premier Oil.
Empyrean Energy PLC (AIM:EME) says the chances of success at the Jade project have increased as data captured during on-going drilling appears to back up pre-drill predictions.
The presence of methane “gas clouds” at expected depths of the Jade well validates Empyrean’s pre-drill interpretation of seismic data, the company said in a statement.
United Oil & Gas PLC (AIM:UOG) said it is on track to hit its production guidance of 1,500-1,650 barrels daily (boepd) this year as more wells come on stream at Abu Sennan in Egypt.
Output in the three months to March 2022 averaged 1,567 barrels a day (1,267 bopd oil and 300 boepd gas) net.
Canadian Overseas Petroleum Limited (LSE:COPL, CSE:XOP, OTC:VELXD) is expanding its acreage in Wyoming with the acquisition of the assets of Cuda Energy, funded by a US$20mln bridge loan and US$10mln share placing.
Cuda, currently in receivership, has an interest in the Barron Flats Shannon field (27% WI); Barron Flats Federal (Deep), Cole Creek and non-unitized lands (27.5%-33.333% WI) acreage that COPL bought into last year with the acquisition of Atomic Energy.
Up until very recently, amidst the rise of ESG, you could’ve been forgiven for thinking that the high-impact oil exploration dog had long since had its day.
But, in fact some small-cap drillers are enjoying a renaissance (others got their opportunity and had hopes dashed).