United Oil & Gas PLC, Bahamas Petroleum Company PLC, Diversified Gas and Oil PLC, Mosman Oil and Gas Ltd, i3 Energy PLC, Jersey Oil and Gas PLC, Genel Energy PLC, 88 Energy Ltd, Zephyr Energy PLC
It was another active week in the small cap oil and gas sector.
The well encountered the lower Bahariya and Abu Roash C (ARC) reservoirs, and, performed positively in short term testing. In the Lower Bahariya reservoir, the well flowed at a maximum rate of 2,187 barrels oil equivalent per day (boepd) meanwhile the ARC reservoir measured a maximum rate of 1,489 boepd. United highlighted that the headline results exceed the company’s own internal expectations.
Bahamas Petroleum Company PLC (LON:BPC) started the countdown for the start of drilling at the Saffron-2 appraisal well in Trinidad, with rig mobilisation due this weekend. The company, which is soon to be relaunched as Challenger Energy Group, in a statement said it is targeting the start of drilling on or around May 23.
It also highlighted efficiencies built into the programme including the re-use of certain equipment from the Perseverance-1 well in the Bahamas and a well design that will allow immediate oil production and sales, subject to results.
Diversified Gas and Oil PLC (LON:DGOC) enacted its name change and will now be called Diversified Energy Company PLC. The London listed shares will now trade under the ticker ‘DEC’.
Looking ahead, under its new moniker, the company said it is excited about its development in 2021 and said it intends to tie its name change in with a more comprehensive rebranding which will be revealed in greater detail in due course.
Mosman Oil and Gas Ltd (LON:MSMN) updated investors on its operations in the Amadeus basin, in EP145 located in Australia’s Norther Territory, where planning is underway for an exploration programme. The work in Australia is being managed by Dr Julie Daws in consultation with the technical director Andy Carroll.
i3 Energy PLC (LON:I3E, TSE:ITE) told investors that its production in Canada outperformed expectations in the first quarter, with output averaging 8,856 barrels oil equivalent per day (boepd).
It was achieved despite adverse weather conditions and the performance remains above what had been estimated in the competent persons report commissioned last year, at the time of the asset acquisition. The rate of 8,856 boepd comprised 3.16mln cubic feet of gas, 2,123 barrels of natural gas liquids and 1,466 barrels of oil per day.
Jersey Oil and Gas PLC (LON:JOG) said it is delivering on its growth strategy with the Greater Buchan Area project in the North Sea. The company, in its results statement for 2020, highlighted that during the year it successfully aggregated its portfolio of discovered resources into GBA, along with what it described as significant exploration upside. It also bolstered its in-house expertise during the period.
Genel Energy PLC (LON:GENL) chief executive Bill Higgs, in its AGM statement, said it is expecting to end the year with a material cash position. The company highlighted improved oil pricing and noted that “catch up” payments from the Kurdistan region of Northern Iraq have begun.
Black Bear Energy Resources PLC (BBER) hired Tim Lines as the company’s new technical director.
The company, in a statement, said Lines will lead the supervision and management of the technical aspects of the company’s critical M&A, drilling, surface facilities, and pipeline initiatives. In collaboration with the wider management team, he will lead the design and execution of field development, technical standards, processes, and safety efforts.
88 Energy Ltd (LON:88E) appointed Ashley Gilbert as the company’s new managing director. Gilbert moves over from his position as 88 Energy’s chief financial officer and company secretary to replace Dave Wall who departs on May 10.
Zephyr Energy PLC (LON:ZPHR) revealed it is hitting the ground running in North Dakota where all recently acquired wells are now expected to be online for production ahead of schedule by the end of July.
The Iverson 11-14HU well was designated as a producer at the time of acquisition and the company has confirmed its first oil payment, with US$140,663 received for volumes produced in February (when the well yielded some 110 barrels of oil per day net to Zephyr).
Read More: United Oil & Gas PLC, Bahamas Petroleum Company PLC, Diversified Gas and Oil PLC, Mosman Oil and Gas Ltd, i3 Energy PLC, Jersey Oil and Gas PLC, Genel Energy PLC, 88 Energy Ltd, Zephyr Energy PLC