Union Jack Oil PLC (AIM:UJO) has welcomed Thursday's announcement by the UK prime minister, Liz Truss of the lifting of the moratorium on hydraulic fracturing in the UK onshore sector, where there is local support.
In a brief statement, the UK-focused onshore hydrocarbon production, development and exploration company said its directors welcomed today's announcement "as it could have a material and positive benefit when applied to progressing the company's ongoing development, appraisal and exploration activities across its various UK onshore licence interests".
The energy price cap had been in the vicinity of £1,042 to £1,277 since it was introduced in 2019 - until April 2022 when it was hiked to its current level of £1,971.
So, the price threshold that is to be introduced in October is approximately double the historical level households and businesses are used to paying for energy.
Prime Minister Liz Truss is set to announce how she intends to tackle the energy price crisis at around midday on Thursday.
The energy price cap currently stands at £1,971 but was scheduled to surge 80% to £3,549 from the beginning of October.
Publicity by BP PLC (LSE:BP.), Shell PLC (LSE:SHEL, NYSE:SHEL), Chevron Corporation (NYSE:CVX), Exxon Mobil Corporation (NYSE:XOM), and TotalEnergies SE (NYSE:TOT, EPA:TTE) about their investment in low-carbon projects far surpasses the actual investment in low-carbon projects.
While the oil supermajors spend US$750mln a year publicising their climate credentials, according to research from climate finance thinktank InfluenceMap, just over a tenth of their capital is dedicated to low-carbon projects.
Shares in British Gas owner Centrica PLC (LSE:CNA) and gas and renewables electricity generator SSE PLC (LSE:SSE) jumped after new prime minister Liz Truss ruled out a windfall tax on energy companies, while expectations on new support for fracking were played down.
SSE shares rose 5% and Centrica's almost 4% as Truss answered her first Prime Minister's Questions in her new role, saying: “I am against a windfall tax. I believe it is the wrong thing to be putting companies off investing in the United Kingdom just when we need to be growing the economy.”
Pantheon Resources PLC (AIM:PANR, OTC:PTHRF) said it has qualified to trade on the OTCQX Best Market, having been upgraded from the Pink Market.
OTCQX is the highest quality tier of New York-based OTC Markets Group Inc, the operator of regulated markets for 12,000 US and international securities.
Kistos PLC (AIM:KIST) reported a massive jump in revenue and underlying earnings for the first half of the year as the Netherland-based producer increased output and benefited from high gas prices.
Revenue jumped 745% to €285.10mln and adjusted EBITDA increased 768% to €260.98mln.
Union Jack Oil PLC (AIM:UJO) has reported a maiden profit in its latest interim results which the company described as transformative.
The company recapped a period that saw revenues at its Wressle field continue to beat expectations. The company’s flagship project has to date produced more than 225,000 barrels of high-quality oil, gross.
Arrow Exploration Corp has announced better than expected results from testing at the East Pepper well on the Pepper Block in the Alberta basin, Canada.
The production test for the Montney zone was run over a 27.8-hour period and natural gas production tested at a peak rate of 21,206 million cubic foot per day (mcf/d) - 3,534 barrels of oil equivalent per day (boe/d) - a stabilized rate of 9,220 mcf/d - 1,537 boe/d - and an average rate of 10,921 mcf/d - 1,820 boe/d, the company said.
Chariot Limited said it has signed a pipeline tie-in agreement securing access to the major Maghreb Europe Gas Pipeline in Morocco.
The GME pipeline, owned and operated by ONHYM, runs from eastern Morocco through to Tangiers in the north and subsequently across to Spain.
Chariot’s feasibility studies with Total Eren on ‘Project Nour’, a proposed large-scale green hydrogen project in Mauritania, is another meaningful step for its Transitional Energy business, says Peel Hunt.
The JV focus on permitting, local content and stakeholder engagement, alongside progressing detailed feasibility work and potential offtake for produced green hydrogen builds on its growing portfolio of renewable energy/mine site clean power deals across Africa.
Arrow Exploration Corp (TSX-V:AXL, AIM:AXL, OTC:CSTPF) is on track to deliver its target production of 3,000 barrels of oil per day (bopd) and its current assets have considerable further growth potential, according to analysts at Canaccord Genuity (TSX:CF, LSE:CF) Ltd, which has initiated coverage on the oil producer with a ‘Buy’ rating.
Analysts set a target price for the company’s TSX Venture Exchange and United Kingdom AIM-listed stock of C$0.54 (£0.36). Arrow is currently trading at C$0.26 (£0.17).
The Organisation of Petroleum Exporting Countries and its allies (OPEC+) have confirmed an agreement to slash oil production by 100,000 barrels per day (bpd), albeit accounting for just 0.1% of global demand, to help support prices.
Russian deputy prime minister Alexander Novak revealed that expectations of slower global economic growth is the reason behind cutting output.
Capricorn Energy PLC (LSE:CNE, OTC:CRNZF) told investors it still believes its proposed merger with Tullow Oil PLC (LSE:TLW) can deliver significant long-term value for shareholders.
Chief executive Simon Thomson, in Capricorn’s interim results statement, said that the arrangement will create a leading, Africa-focused energy company.
Enquest PLC (AIM:ENQ) highlighted strong production and high sales prices as it reported on its first half of 2022, in which free cash flow soared to US$332mln.
The North Sea and Malaysia oil and gas firm averaged production of 49,726 barrels of oil equivalent per day, with an average realised oil price of US$89.90 per barrel (versus US$62.80 in H1 2021).
Chariot Ltd (AIM:CHAR, OTC:OIGLF) said it is forming a joint venture with France’s Total Eren to develop the Nour green hydrogen project in Mauritania.
With a 50-50% partnership agreed with the Paris-based renewable energy specialist, the pair will now launch in-depth feasibility studies to co-develop the Nour project and said they may also evaluate further green hydrogen opportunities together in other African countries.
Pantheon Resources PLC (AIM:PANR, OTC:PTHRF) said it has demobilised the rig used for drilling Alkaid #2 and perforated, stimulated and plugged off the well in sections prior to the commencement of flow testing, anticipated in early October.
Alkaid-2 was Pantheon’s first horizontal well on the Alaska North Slope and drilled down to a depth of 5,300ft.
In a week of news from the housebuilding sector, London and South East-focused Berkeley Group Holdings PLC (LSE:BKG) is the first to report.
Scandals such as cladding and upward-only ground rents have seen share prices suffer despite decent numbers, with concerns about the impact of rising mortgage costs adding to the unease.
Gas prices leapt by approximately a third on Monday as buyers adjusted to news that Russia’s largest gas supply pipeline will remain shut indefinitely, sparking further shortage and rationing fears.
Nord Stream, which runs under the Baltic Sea to Germany, used to supply roughly a third of the gas Russia exported to Europe, although it was operating at 20% of capacity prior to flows being stopped last week for maintenance.
Britain’s small-cap oil and gas jumped higher in Monday’s deals as Liz Truss was confirmed as the new Prime Minister, and, investors positioned amidst speculation that the government will intervene in the energy sector.
The big punt is that having promised action to alleviate the energy crisis, Truss is preparing to give a greenlight to the shale gas industry by lifting the moratorium that currently prevents fracking in the UK.
88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF) told investors that it has now selected the location of Hickory-1, the company’s next well in the Icewine East area of its Alaskan North Slope acreage.
The well is to be positioned adjacent to the Trans Alaskan Oil Pipeline route and the Dalton Highway.