Zephyr, COPL, Deltic, United Oil & Gas, 88 Energy, Tower Resources, Union Jack, Eco Atlantic, Tlou
It was another active week in the oil and gas sector.
This latest deal sees the company pay up to US$36mln for wells currently producing close to 900 barrels of oil equivalent production per day, and a package of wells due online in 2022 to yield around 1,100 boepd. The assets are spread across 22 well pads in the Williston Basin, North Dakota.
It is expected to more than double Zephyr’s non-operated production levels and related cashflow over the next 12 months.
Canadian Overseas Petroleum Limited (LSE:COPL, CSE:XOP, OTC:VELXD) shares surged on Monday as it confirmed increased oil production volumes from the Barron Flats project in Converse County, Wyoming, USA. Production averaged 700 barrels of oil per day, marking a 35% improvement from volumes reported earlier this month.
Deltic Energy PLC (AIM:DELT) said its exploration venture partnered with Cairn Energy has completed a 3D seismic survey over Licence P2428 and surrounding areas. Cairn is paying 100% of the costs for the programme, as part of its farm-in to the project. It was conducted by contractor to ION Geophysical.
Some 680 square kilometres of 3D seismic data was captured, including the Plymouth zechstein reef prospect. Results of the data analysis is expected in the second quarter of 2022.
United Oil & Gas PLC (AIM:UOG) told investors it extended its exploration licence offshore Jamaica. The Walton Morant licence was approved by the Jamaican Cabinet for a two-year extension. The new expiry date is January 31, 2024.
The extension is a boost for United in Jamaica. The explorer sees the potential for some 2.4bn barrels of oil – with 11 high graded leads and prospects identified so far. Earlier this year the company started a farm-out process which seeks to bring a partner to help take the project forward.
88 Energy Ltd (AIM:88E, ASX:88E, OTC:EEENF) has selected the location for its planned Merlin-2 appraisal well on Alaska’s North Slope, where the explorer aims to begin drilling by February. The company told investors Merlin-2 will be drilled in a location east and downdip of Merlin-1, in an area expected to display thicker reservoir sections along with higher permeability and porosity.
Merlin is seen as a possible 652mln barrel exploration target with an estimated geological chance of success of 56%.
Tower Resources PLC (AIM:TRP) expects its farm-out deal with Beluga Energy will now advance though it still awaits formal approval from the Cameroon authorities. Under a process in the Cameroon Petroleum Code, the company on September 21 requested approval of the proposed transaction and a designated 60-day period has now elapsed without any notification that the government objects to the deal.
The company said it believes the conditions for the approval have been met and it now awaits a formal letter from the authorities to confirm.
Union Jack Oil PLC (AIM:UJO) told investors Rathlin Energy intends to submit a new planning application for the West Newton A site in Yorkshire after a previous request was refused by the local council. The new application will address local concerns over the project’s size and will be submitted before the end of 2021, a statement from Rathlin Energy, the project operator said.
Eco Atlantic Oil & Gas Ltd chief executive Gil Holzman said he’s pleased with another active period, as the explorer released interim results for the six months ended September 30.
“We have worked hard to offer a string of exploration and corporate catalysts, to create value for shareholders, and simultaneously maintain our balance sheet strength in anticipation of a busy 2022,” Holzman said in a statement. Eco ended the first half with US$6.22mln of cash and was debt free after raising US$4.9mln in a July share placing. Operationally the company has plenty to look forward to, as Holzman highlights.
Tlou Energy Limited (AIM:TLOU, ASX:TOU, BSE:TLOU) told investors it has hit a number of significant milestones in the past year, as it released a statement alongside today’s AGM. It expects these milestones bring the company closer to its goal of delivering ‘the first CBM project in Botswana to move into production’.
The Lesedi project is presently the company’s most advanced project, intended to be a 10MW gas-fired and solar operation, and, at the same time the company is advancing other ventures, in its new clean energy strategy.
Read More: Zephyr, COPL, Deltic, United Oil & Gas, 88 Energy, Tower Resources, Union Jack, Eco Atlantic, Tlou