Quadrise Fuels International PLC (AIM:QFI, OTC:QDRSF) (QFI) has told shareholders ahead of the company's Annual General Meeting (AGM) which commences on Friday, November 24, 2022, at 12.00pm, that it expects to achieve commercial revenues in its current financial year.
The supplier of innovative energy solutions noted that throughout its financial year ended 30 June 2022 and since the period end, it has seen material progress across its portfolio of international projects, and that commercial revenues will be achieved with the advancement of these projects.
United Oil & Gas PLC (AIM:UOG) (UOG) shares tumbled more than 20% lower in Thursday morning deals after a sudden drop-off in a new well resulted in downgraded expectations in Egypt.
The company, in a statement, told investors that production rates from the ASH-4 well, at the Abu Sennan licence, onshore Egypt, which was last week reported as producing around 1,685 barrels oil equivalent per day (boepd) - 371 boepd net to UOG - had declined sharply in subsequent days – suggesting that the well is connected to a smaller volume of oil than previously expected.
Enquest PLC (AIM:ENQ) told investors it remains committed to the UK despite the recently extended and expanded windfall tax which the North Sea producer described as “particularly disappointing”.
Chief executive Amjad Bseisu, in a statement, said the UK government's move to increase the levy to 35% from 25% (taking the effective rate to 75% of UK profits) and stretch the scheme out to 2028 threatens the delivery of UK's twin objectives of long-term energy security and decarbonisation.
The US government plans to announce a price cap on Russian oil in coming days and will provide detailed guidelines on how to legally participate in trading or financing Russian oil, according to a senior Treasury official, Yahoo Finance has reported.
The US has joined forces with the G7, the European Union (EU), and Australia to ban imports on Russian oil, part of sanctions that it and other nations have rolled out since Russia's invasion of Ukraine. The countries have also agreed to a price cap on Russian oil to keep it flowing onto the market, preventing a spike in global prices that could hurt consumers globally while also limiting Russia’s revenues.
Europa Oil & Gas (Holdings) PLC (AIM:EOG) said it has opted to exit the Inezgane licence offshore Morocco after time ran out on partnering efforts.
The company, in a statement, told investors that the initial phase of the licence has now come to an end and it has not taken up its option to extend into the ‘first extension period’.
Shell PLC (LSE:SHEL, NYSE:SHEL) has installed its rig on the Pensacola location in the North Sea and drilling operations have now commenced, partner Deltic Energy PLC (AIM:DELT) has reported.
Deltic has a 30% working interest in Licence P2252 which contains Pensacola and is located in the Zechstein Reef play fairway in the Southern North Sea.
Southern Energy Corp (TSX-V:SOU, AIM:SOUC, OTC:MAXMD) third quarter results showed a marked step-up from its second quarter, reflecting a full quarter's benefit from the three-well Gwinville pilot development programme, higher gas prices and a maintained low cost base.
That was the view of analysts at Canaccord, who said this positive trajectory looks set to accelerate in 2023 with the next stage of development drilling now underway.
BP PLC (LSE:BP.) has been upgraded to a 'buy' by US bank Citi, which sees oil and gas stocks as having further to run even though some US groups sit at all-time highs.
“History says energy equities usually perform well in an earnings recession,” the bank's analysts said noting that this is their base case for 2023.
Southern Energy Corp (TSX-V:SOU, AIM:SOUC, OTC:MAXMD), the oil and gas producer, reported net earnings of $6.6 million in the third quarter to end-September, up from $4.3 million in the year-earlier period, on sales of $19.2 million, which was 268% higher than in the third quarter of 2021.
Average production in the quarter came in at 3,408 barrels of oil equivalent per day (boe/d), of which 96% was natural gas. That was an increase of 67% compared to the year-earlier quarter.
Helium One Global Ltd (AIM:HE1, OTCQB:HLOGF) said it has changed rig supplier after legal complications, but still is targeting a spud date at the Rukwa licence in Tanzania in the first quarter of next year.
With the company believing legal issues around the previously announced Predator rig would have had an impact on its availability, it has now signed a memorandum of understanding with Exalo Drilling, an onshore drilling arm of Poland’s Orlen Group.
Barryroe Offshore Energy PLC (AIM:BEY) has told investors it expects to imminently secure an extension to its exploration period for the Barryroe project, offshore Ireland.
The company, in a statement, said that it has engaged with major shareholders and has substantially agreed a funding arrangement to satisfy a previous query from the Irish authorities.
Chariot Limited said that its Anchois gas project offshore Morocco remains on track after reports of a meeting with the government and state-run energy companies appeared in the French media.
UK-listed Chariot said it recently held a workshop with representatives of various ministries and institutions about the roadmap for the development of the gas field.
Tower Resources PLC (AIM:TRP) said its subsidiary, Tower Resources Cameroon SA (TRCSA), has had its medium-term loan of roughly US$7mln approved by a Cameroonian bank.
The loan is part of the financing for its Thali Production Sharing Contract (PSC) in the Rio Del Rey sedimentary basin offshore Cameroon.
Zephyr Energy PLC (AIM:ZPHR, OTCQB:ZPHRF) has kicked off drilling operations at the State 36-2 LNW-CC well at the Paradox project in Utah, where it is targeting the Cane Creek reservoir.
The company, in a statement, detailed that the well programme will comprise 20,456 feet of vertical and some 10,346 feet of horizontal drilling.
Chariot Ltd (AIM:CHAR, OTC:OIGLF) has formed a new joint venture through a 25% interest in a new South African electricity trading company, Etana Energy.
South Africa is the largest electricity market on the continent but has regular power outages due to insufficient supply.