A fourth leak has been found in the Nord Stream 2 gas pipeline that connects Russia to the European Union, though gas prices have continued to fall.
Sweden finding the fourth on Thursday, adding to gas leaks reported by Denmark and Sweden in either the Nord Stream 1 or 2 pipelines earlier this week.
ADM Energy PLC (AIM:ADME, ETR:P4JC) described “good progress” in the first half of 2022 as the company released interim financial results.
In the statement, covering the six months ended 30 June 2022, chief executive Osamede Okhomina said: “The conclusion of PetroNor's acquisition of Panoro's stake in the asset demonstrated confidence in the potential of Aje. The completion of the transaction is expected to accelerate the JV Partners' Final Investment Decision on the long-term field development plans to take Aje to the next stage.
Union Jack Oil PLC (AIM:UJO) chair David Bramhill described the West Newton, in Yorkshire, as “a highly valuable onshore project” following the publishing of a new competent persons report, authored by consultant RPS Energy.
The new assessment of the project determined ‘best case’ recoverable gas (specifically termed as ‘unrisked contingent technically recoverable sales gas’) amounting to 197.6bn cubic feet in the Kirkham Abbey formation, and, estimated that it would have an 85.5% geological chance of success.
i3 Energy PLC (AIM:I3E, TSX:ITE, OTC:ITEEF) announced the resignation of chief financial officer Graham Heath, who is to focus on personal health issues and pursue other interest.
At the same time Ryan Heath, currently president of I3’s Canadian subsidiary, will be added to the company’s board. And the company will launch a search for a replacement CFO.
Diversified Energy Company PLC (LSE:DEC, OTCQX:DECPF) confirmed the completion is its latest acquisition in its ‘Central Region’ (Oklahoma, Texas, Louisiana) adding 9,000 barrels oil equivalent production in a US$240mln deal (US$210mln net).
The deal covers 31mln barrels of proved developed producing (PDP) reserves, with the acquisition cost marked at 2.5x PDP-only assets. The acquired assets are expected to contribute US$82mln of annual earnings (adjusted EBITDA) based on cash margins of around 70%.
Reabold Resources PLC (AIM:RBD) has agreed a low transaction cost acquisition of Simwell Resources Limited, a company which holds interests in four North Sea licences, including one operated by Shell PLC (LSE:SHEL, NYSE:SHEL) that has some near-term promise.
Simwell owns 30% of licence P2332 which is operated by Shell and is positioned adjacent to the licence hosting the Pensacola well – where Shell and AIM-quoted Deltic Energy are testing a significant gas target.
Serica Energy PLC (AIM:SQZ) reported £312mln of first-half operating cash flow, up from £72.8mln, boosted by higher production volumes and higher oil and gas prices
The independent North Sea producer saw interim profit after tax balloon to £116.7mln, from £1.3mln last year.
Europa Oil & Gas (Holdings) PLC (AIM:EOG) reassured investors the Serenity appraisal well in the North Sea is designed to be drilled “quickly and cost-effectively” and it “has more than sufficient funds to cover all of its ongoing obligations”.
The Serenity well is not designed to be converted into a production well once the data gathering programme is complete, the group said in a stock market statement
Diversified Energy Company PLC (LSE:DEC, OTCQX:DECPF) told investors it will launch a share buyback programme to benefit from the weakness in the British pound.
The London-listed firm with oil and gas production in the United States said it believes the current volatility and general weakness of the stock market combined with the strength of the US dollar versus the pound creates an opportunity to create value for shareholders.
i3 Energy PLC said its Canadian production hit 22,000 barrels of oil equivalent per day (boepd) in September.
Sales during the month comprised 6mln standard cubic feet of gas per day, 6,470 barrels per day of natural gas liquids and 4,030 barrels per day of oil & condensate.
WH Ireland’s oil and gas analyst Brendan Long has today highlighted what he sees major upside for Pantheon Resources PLC (AIM:PANR, OTC:PTHRF), after the explorer this morning updated on progress with the Alkaid #2 horizontal well in Alaska.
Pantheon told investors that it has now completed a programme of well stimulation and a workover rig now en route to prepare the well for a pivotal flow test.
Pantheon Resources PLC (AIM:PANR, OTC:PTHRF) said it completed stimulation of the Alkaid #2 horizontal well in Alaska with a workover rig now en route ahead of flow testing.
The rig will install production tubing prior to commencing flow testing operations.
Kinetiko Energy Ltd (ASX:KKO) has passed a key milestone with the spudding of core hole KV-14C within sight of the Majuba power station in South Africa and which has strong potential to provide a supply source to the gas generator within the power station complex.
The hole spudded on September 21 and the conventional gas and coal bed methane explorer aims to test the productivity potential of the surrounding gassy geology.