Shell PLC (LSE:SHEL, NYSE:SHEL) today confirmed the departure of Ben van Beurden, ending a 39-year association with the Anglo-Dutch oil major, nine of them as its chief executive.
His replacement will be Wael Sawan, who runs its gas, renewables and energy solutions business, with effect from the start of next year.
Analysts at Goldman Sachs (NYSE:GS) forecast the price of gas will more than likely halve this winter as European countries effectively tackle avoiding shortages.
The investment bank said it expects the price of gas to drop from €215 a megawatt hour to below €100MWh by the end of the first quarter of next year.
IGas Energy PLC (AIM:IGAS, OTC:IGESF) is keeping the spotlight on the UK government, as it told investors that along with last week’s lifting of the fracking ban the authorities must also support the industry by streamlining the regulatory process.
“We welcomed the government's announcement last week on the lifting of the effective moratorium on hydraulic fracturing in England and the review of energy regulation,” said Chris Hopkinson, interim executive chairman of IGas, in today’s financial results statement.
Diversified Energy Company PLC (LSE:DEC, OTCQX:DECPF) announced it has been given the ESG Investing ‘Best Sustainability Reporting Award’ for 2022, recognising its documentation for 2021.
The company, in a statement, said that the award reflects “the company's commitment to incorporate sustainability into the fabric of its financing and operating strategies, and highlights the company's commitment to ESG reporting transparency within its sustainability and annual reports.”
Parkmead Group (AIM:PMG) told investors it will now increase its interest in the Skerryvore prospects in the Central North Sea, where UK authorities have approved plans for the drilling of a new exploration well.
In a statement, Parkmead said its stake in the project will rise to 50% from 30% - with partners Serica Energy and CalEnergy holding 20% and 30% respectively.
Longboat Energy PLC (AIM:LBE) announced that the Copernicus exploration well, offshore Norway, was unsuccessful.
The company, in a statement, said the well was "dry" and will now be plugged and abandoned.
Scirocco Energy PLC (AIM:SCIR) has noted the announcement by Reabold Resources PLC (AIM:RBD) regarding the conditional sale of its investee company, Corallian Energy Ltd.
In 2018, Scirocco invested a minor stake in Corallian via the subscription of over 83,000 shares at £1.50 each.
Mosman Oil and Gas Ltd (AIM:MSMN) has told investors that it now expects drilling to start on the Cinnabar-1 well, in Texas, in approximately seven days.
The company, in a statement, noted that the timing of drilling remains subject to final rig availability.
Canadian Overseas Petroleum Limited (LSE:COPL, CSE:XOP) (COPL) has noted that a hearing on the application by its affiliate, Southwestern Production Corporation to flare additional gas volumes at its Barron Flats Shannon Unit (BFSU), located in Converse County Wyoming, has been delayed.
Southwestern has made an application to the Wyoming Oil and Gas Conservation Commission (WOGCC) to temporarily flare additional gas at its operated BFSU miscible flood project. The WOGGC hearing on the application was scheduled for September 13, 2022.
New Prime Minister Liz Truss is being pressured by the fracking industry to reduce the limits on earthquakes caused by the activity, after her government announced an end to the ban.
Despite criticism that the gains will not be worth the hassle, the government will remove the fracking ban via a written ministerial statement once the mourning period for Queen Elizabeth II is over, Downing Street said last week.
Chariot (AIM: CHAR), the Africa focused transitional energy company, highlighted a significant offshore gas discovery in Morocco and two new renewable energy projects in South Africa and Zimbabwe as it published interim results.
The AIM-listed group said the loss after tax for the six months ended June 30 was US$7.76mln compared with a loss of US$2.01mln previously.
Zephyr Energy PLC (AIM:ZPHR, OTCQB:ZPHRF) told investors it is picking up additional acreage in Utah, in the vicinity of the company’s flagship Paradox.
The company said in a statement it agreed to buy a package of oil and gas assets including natural gas infrastructure, five existing well bores and acreage that’s contiguous with its White Sands Unit (WSU) which forms one part of the Paradox project.
Tullow Oil PLC (LSE:TLW) said it is “fully committed” to the US$1.4bn merger agreed with Capricorn Energy PLC (LSE:CNE, OTC:CRNZF), which said last week it is exploring alternatives following criticism of the deal by major shareholders.
Alongside its half-year results, Tullow said both companies’ boards continue to recommend the deal on the agreed terms and it "firmly believe(s) that the proposed merger has the potential for material value creation by implementing a combined business plan which accelerates investment in key projects and delivers very significant synergies".
Helium One Global Ltd (AIM:HE1, OTCQB:HLOGF) has announced a milestone partnership ahead of phase II drilling at its Rukwa project in Tanzania.
The company said it has signed a letter of intent with international oil and gas consultants Baker Hughes (BH), which will provide integrated services ahead of the ‘spudding’ of an evaluation well in January or February next year.
Union Jack Oil PLC (AIM:UJO) has published findings from an expert assessment of the reservoirs at the Wressle field, onshore UK, that indicate the potential for a significant upgrade to resources.
The company noted that consultant Gaffney, Cline & Associates saw potential for an extra 10.12mln barrels of oil-initially-in-place and 2.43mln barrels of potentially recoverable resources, based on its analysis of ‘speculative deeper oil-water contact’ for the Ashover Grit reservoir.
Deltic Energy is raising up to £17mln in a placing and separate open offer to fund the Selene well and licences offered in the latest North Sea round.
Selene is being drilled in partnership with Shell, which committed to the well in July, and contains an estimated 318 billion cubic feet (bcf) of gas on a P50 basis, worth an estimated US$624mln.
i3 Energy PLC (AIM:I3E, TSX:ITE, OTC:ITEEF) today released what it described as ‘a solid set of results’ for the first half of 2022, reflecting progress in the UK and Canada.
The company generated some £101.6mln of first-half revenue leading to £68.8mln of net operating income and £48.6mln of cash flow from operations.
Canadian Overseas Petroleum Limited (LSE:COPL, CSE:XOP) said it has upgraded its reserves following the completion of the acquisition of Cuda Energy’s assets on July 26, 2022.
Net working interest 1P or proven reserves after royalties increase 47% to 17.3mln barrels equivalent (boe), with discounted net present value 93% higher at US$255mln.