Southern Energy Corp (TSX-V:SOU, AIM:SOUC, OTC:MAXMD) said it has completed its previously-announced US$31 million offering by issuing 46,371,927 new company common shares.
The natural gas exploration and production company noted net proceeds from the offering will be used to accelerate the initiation of a continuous organic drilling programme at its Gwinville field, as well as increase Southern Energy's financial flexibility for potential acquisition opportunities.
Shell PLC (LSE:SHEL, NYSE:SHEL) said it expects to generate adjusted earnings of between US$400mln and US$900mln from renewables and its energy solutions businesses for the second quarter, but investors will have to wait a bit longer for guidance on oil and gas earnings.
Earnings guidance for the group will be provided indirectly, based on expert consensus, later this month (July 21), the energy supermajor said. It reported that upstream oil and gas production for the quarter will amount to 1.85mln to 1.95mln barrels of oil equivalent per day (boepd) along with integrated gas production of 0.93mln to 0.98mln boepd.
Pantheon Resources PLC (AIM:PANR, OTC:PTHRF) said it has now spudded its Alkaid-2 well in Alaska with drilling reaching 300 feet on 6 July.
Alkaid-2 is Pantheon’s first horizontal well on the Alaska North Slope (ANS) and it is using Nabors 105AC, a larger rig than used in previous drilling, for the multiple functions planned.
British motorists experienced the highest monthly hike in petrol prices last month since records began in 2000.
RAC analysis highlighted the average cost of a litre of petrol rose by 16.6p to 191.4p in June, despite five consecutive weeks of declining wholesale costs for fuel retailers, increasing the cost of filling up an average 55-litre family petrol car by £9 in June alone.
Touchstone Exploration Inc (AIM:TXP, TSX:TXP, OTC:PBEGF) has updated on the status and progress of its application for a Certificate of Environmental Clearance for the Cascadura project, for which an environmental impact assessment (EIA) review is presently underway.
Cascadura is one of multiple new breakthrough assets for Touchstone in Trinidad, following a series of exploration success in 2019.
i3 Energy PLC announced its monthly dividend of 0.143p per share to be paid on 5 August.
The independent oil and gas company, with assets and operations in the UK and Canada, said it was paying out a total of nearly £1.7mln.
United Oil & Gas PLC (AIM:UOG) told investors that the ASV-1X exploration well on the Abu Sennan licence onshore Egypt has yet to flow hydrocarbons during testing.
The company, which owns a 22% stake in the well, said in a statement that the well was drilled safely and under-budget down to a total depth of 3,496 metres, with both primary and secondary reservoir targets encountered.
Energy supplier Uniper is set to be bailed out to the tune of US$9.4bn as the German government confirmed it would prefer to save giant suppliers rather than pass on surging prices to consumers.
In the UK, German group Uniper owns and operates a flexible generation portfolio of seven power stations, a fast-cycle gas storage facility and two high-pressure gas pipelines, it said on its website.
WTI $108.43 (Aug) n/c*, Brent (Sept) $113.50 +$1.87, Diff n/calc *
USNG $5.66 (Aug) n/c*, UKNG (Aug) 302.0p +57p, TTF (Aug) €171.50 +€23.50
Providence Resources PLC (AIM:PVR, OTC:PVDRF) has appointed Alan Curran as the company’s new interim chief executive, with James Menton’s role now reverting back to non-executive chair.
Curran most recently led a transformational restructuring strategy at Verus Petroleum, where he was chief executive between 2014 and 2019, Providence noted.
Kinetiko Energy Ltd (ASX:KKO) has demonstrated significant gas flow rates from its Korhaan 4 well in the Northern Karoo Basin of South Africa.
Notably, the company’s flow testing conducted last month delivered a stable three-day flow rate of 40,000 standard cubic feet per day despite equipment issues.