Falcon Oil & Gas Ltd (LON:FOG, CVE:FO) provided details of what’s described as an exciting work programme for the remainder of 2021 at the Beetaloo basin project. It will see the completion of clean-up operations at the Kyalla 117 well followed by an extended production test. In January, the company reported encouraging initial gas composition data from Kyalla 117.
The forward programme also includes the drilling of a vertical well into the Velkerri play – the well will have the Velkerri 76 S2-1 moniker – and it will be a pilot and data acquisition well.
Mosman Oil and Gas Ltd (LON:MSMN) raised £1.5mln to fund exploration at EP-145 project in Northern Territories Australia and maintain its stake at 100%.
The company said it had considered bringing in a partner at EP-145 but now believes it to be better to carry on exploring itself especially as drilling results in nearby permits have demonstrated the commercial production of hydrocarbons and the presence of significant amounts of helium (up to 6% in Magee-1) and hydrogen.
SDX Energy PLC (LON:SDX) released financial results for the 12 months ended December 31 2020, a period which saw the company grow despite the challenges and disruptions caused by the pandemic. “I am extremely pleased to announce a set of results featuring record production, a strong balance sheet and successful drilling results,” said chief executive Mark Reid.
Canadian Overseas Petroleum Ltd (LON:COPL) on Thursday outlined how production will expand following the recent completion of the acquisition of US-focused Atomic. “Beginning April 1, injection gas volumes (produced and make-up gas) are expected to increase dramatically, peaking in the fourth quarter of 2021”, said the London-listed group.
Purchased monthly make-up gas volumes will increase in April to 126,000 Mcf, from 15,600 Mcf in February, peaking at 200,000 Mcf in the fourth quarter.
Genel Energy PLC (LON:GENL) highlighted its growth prospects and confidence in ‘material and sustainable dividend distribution’ as it provided its financial results.
“2020 was a uniquely challenging year for everyone,” said chief executive Bill Higgs. “As for Genel, our continued progress and strong performance in 2020 has laid the foundation for a year of growth and operational catalysts in 2021.
Bahamas Petroleum Company PLC (LON:BPC) highlighted multiple value drivers as it updated investors on its preparations for drilling in Trinidad and Suriname. First on the slate is the Safron-2 appraisal well which is expected to begin in mid-May, following mobilisation in April.
If successful, Saffron-2 is expected to deliver production of around 200 to 300 barrels of oil per day (bopd).
A further five to nine follow up wells are then lined up for drilling in the second half of 2021 as part of a field development which would eventually comprise around 30 wells. This initial programme of wells is presently projected to yield some 1,000 to 1,500 bopd by the end of 2021, to generate an estimated US$8-12mln of annual cash flow (at US$$60 per barrel crude).
Jersey Oil and Gas PLC (LON:JOG) unveiled plans to raise up to £15mln through a placing and subscription to strengthen its balance sheet ahead of what it said were anticipated commercial negotiations for its Greater Buchan Area (GBA) project in the North Sea. The AIM-listed firm said the placing will be via an accelerated bookbuild at a price of 165p per share, a 1.2% premium to its closing price on Tuesday, which will open immediately following the announcement.
On Tuesday, San Leon Energy PLC (LON:SKLE) updated the market on its operations in Nigeria. In common with many oil and gas projects, operational activity on the OML 18 licence remains low whilst OPEC quota restrictions are in place. In addition, appropriate budget restrictions have been implemented which are designed to preserve cash.
Resulting from its investment in OML 18, San Leon is due to receive its final payments of over US$98mln in three equal instalments, commencing in July 2021 and completing by December 2021.
Zephyr Energy PLC (LON:ZPHR) on Monday said it aims to begin production at its project in the Paradox Basin, Utah by drilling a side-track lateral well off the initial well later this year. The lateral well will target production from the Cane Creek reservoir and will utilise the pre-existing roads, pad and wellbore from the State 16-2 well, the AIM-listed company said.
Since the completion of the State 16-2 well in late January, Zephyr and its project partners have been analysing the reservoir data obtained from the prime Cane Creek reservoir target and from multiple other shallower reservoirs.
Initial analysis of the Cane Creek continuous core data provides further evidence of hydrocarbon saturation across the Cane Creek reservoir, the company said.
Eco (Atlantic) Oil & Gas Ltd (LON:ECO) reported the renewal of the Orinduik licence has been signed off by the oil authorities in Guyana. Colin Kinley, Eco Atlantic’s chief operating officer, said: “We very much appreciate the Government of Guyana’s continued support of our exploration and expanding partnership on the Orinduik Block.
Scirocco Energy PLC (LON:SCIR) completed the disposal of its 28.56% interest in the Ausable Reef gas assets, though not exactly as planned.
Union Jack Oil PLC (LON:UJO) acquired a royalty interest in revenues generated from three fields in the Central North Sea. The royalty is a 2.5% interest over 20% of oil and gas revenues produced at the Claymore, Scapa and Piper complex.