Tullow Oil PLC (LSE:TLW) and Capricorn Energy PLC (LSE:CNE, OTC:CRNZF) have agreed to merge to create “a leading African energy company with a material and diversified asset base and a portfolio of investment opportunities delivering visible production growth”.
Capricorn shareholders will receive 3.8068 new Tullow shares in the deal, which will see them together own some 47% of the new company whilst Tullow’s owners will hold the other 53%.
BHP Group Limited (LSE:BHP) said the all-stock merger of its oil and gas portfolio with Woodside Energy Group was completed on Wednesday.
BHP received 914.8mln Woodside shares for the sale of BHP Petroleum, while the former paid the in specie dividend and distributed the latter’s shares to eligible BHP shareholders.
Hurricane Energy PLC (LSE:HUR) confirmed it has dropped the licence for the Greater Warwick Area which neighbours its producing Lancaster oil field.
Warwick is being relinquished because management determined that appraisal and development costs to reach an economic development on the Warwick discovery within the remaining licence term is not feasible for the company.
After fuel prices rose again over the weekend, the cost of filling up a family car has surpassed £100 for the first time ever.
The average 55-litre tank filled with diesel costs £100.42 and petrol is £95, said the AA.
The British government is facing calls for action as forecourt prices for petrol and diesel hit record highs at the weekend.
The average price of diesel in the UK rose to a record 182.59p a litre on Sunday and petrol prices increased to a record 172.73p a litre, according to the AA.
Tower Resources PLC (AIM:TRP), the oil and gas company focused on Africa, said the potential value of all of its projects has increased during the pandemic.
In its full-year results covering 2021, the AIM-listed company said that while the pandemic had presented operational problems over the last two years, it was also a period when the world woke up to the consequences of several years of underinvestment in the oil and gas industry. As a result, the price of oil has risen substantially, which has buffed up the economic case for Tower’s projects but has also led to increased drilling activity around the world and with it longer lead times and higher prices for rigs and services.
Cloudbreak Discovery PLC (LSE:CDL) has agreed to provide a portion of the acquisition financing for the Masten Unit Energy Project, located in Cochran County, Texas.
The agreement will see Cloudbreak provide G2 Energy Corp with a US$2mln debenture on a two-year term in exchange for a 3.25% overriding royalty interest in the project.
TomCo Energy PLC (AIM:TOM) told investors it has continued to make progress with its plans for Tar Sands Holdings II (TSHII).
TSHII owns 760 acres of land in Uintah County, Utah, and TomCo owns a 10% membership interest in TSHII via its wholly owned subsidiary Greenfield Energy.
Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) has said that its Rio Cravo Este-2 (RCE-2) well was brought into production on May 23, 2022, as it also reported a rise in first-quarter 2022 revenue.
The company said it also successfully spudded the next well, RCS-1 (Rio Cravo Sur-1) on the same day in the Tapir Block of its Rio Cravo Este 2 area, located in the Llanos Basin of Colombia.
Europa Oil & Gas (Holdings) PLC (AIM:EOG) told investors it is looking forward to “exciting potential catalysts” as it released two separate stock market statements – one confirming the approval from the North Sea Transition Authority (NSTA) for the Wressle field development and the other announcing the appointment of Petrofac to the upcoming Serenity appraisal well programme.
At Serenity, drilling is slated to start in late August or September.
The UK’s North Sea Transition Authority (NSTA) has approved the field development plan (FDP) for the Wressle field, in Lincolnshire, which is owned by Union Jack Oil PLC (AIM:UJO) (40%), Europa Oil & Gas (30%) and Egdon Resources (30%).
The NSTA also approved Wressle entering their production phase, which will continue through to 2039.
i3 Energy PLC told investors it has contracted Petrofac for well engineering, operations management and operator services for the drilling of the Serenity appraisal well in the North Sea.
It is a three-year contract and is in addition to an existing contract with Stena Drilling for the use of the Stena Don semi-submersible drilling rig later this year.
Diversified Energy Company PLC (LSE:DEC, OTCQX:DECPF) told investors it has closed an asset backed securitisation (ABS) of substantially all of its remaining unsecuritised upstream producing natural gas and oil in Appalachia.
A US$445mln ABS note was issued to lenders, carrying a fixed coupon of 5.78% and a December 2030 maturity.
Hartshead Resources NL (ASX:HHR) has passed a major milestone for the development of its United Kingdom Southern Gas Basin assets, submitting a concept select report (CSR) for Phase 1 gas development of the Anning and Somerville gas fields to the North Sea Transition Authority (NSTA).
The CSR describes the preferred development concept of the Anning and Somerville gas fields developments, ranked against other potential development options and including a detailed description of subsurface interpretation, planned development wells, production forecasts and facilities, gas transportation routes to market, QHSE and commercial and economic aspects of the development.