Proactive weekly oil & gas highlights: Diversified Energy, United Oil & Gas, Europa, Quadrise Fuels

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Diversified Energy Company PLC (LSE:DEC, OTCQX:DECPF, FRA:DG2) chief executive Rusty Hutson said he is thrilled with the performance in what is described as an active first half of 2021.


During the period, the firm launched a new leg in its growth strategy, establishing the ‘central’ focus area including territories in Louisiana, Texas, Oklahoma and Arkansas. It bolstered the portfolio in this area with the acquisition of three asset packages for a total of US$342mln.


DEC’s production business continued to perform well, setting a new record with an average rate of 106,000 barrels oil equivalent per day for the six-month period and exited the half with 116,000 boepd.


United Oil & Gas PLC (AIM:UOG, FRA:1UO) has released its latest positive well results from Egypt, with the Al Jahraa-8 (AJ-8) well flowing up to 2,819 barrels oil equivalent per day in testing.


Preliminary short-term tests yielded a maximum rate of 2,819 boepd, comprising 2,093 bopd and 3.63mln cubic feet of gas per day, and a rate of 1,433 boepd on a more constrained choke. The results exceed the company’s pre-drill expectations for the well, which will now be brought into production.


Europa Oil & Gas (Holdings) PLC has launched a formal process for the farm-out of a stake in the Inezgane Offshore Permit, an 11,228 square kilometre area offshore Morocco. The company describes it as a “high-impact exploration opportunity in a highly underexplored area” whilst highlighting that the acreage is on the same geological trend with major oil and gas discoveries along the west coast of Africa.


Europa has to date identified more than 2bn barrels of exploration potential across its ‘top 5’ ranked prospects.


88 Energy Ltd (AIM:88E, ASX:88E) has been granted a two-year extension for its obligations at the Umiat oil field, to August 2023, as it continues to advance its understanding of the acreage. It intends to continue analysis of extensive historic data along with the findings of the Merlin-1 well data from the adjacent Project Peregrine permit.


The company said it expects to optimise development plans for Umiat during the extension period, including synergies with Project Peregrine, and maximise its chance of success at Umiat.


During the extension, 88 Energy plans to investigate prior scoping studies and explore possible alternative development scenarios, revise sensitivity analysis for the development incorporating knowledge from Merlin-1, identify and map potential future drilling locations.


Earlier in the week, the company hired Philip Byrne as the company’s new non-executive chairman, succeeding Michael Evans, who retires from the position after seven years. The company announced two further appointments designed to strengthen the management team. Robert Benkovic has been installed as the company’s new chief operating officer and Joanne Kendrick is a new non-executive director.


Quadrise Fuels International PLC (AIM:QFI, FRA:8QF) has received a sample of produced oil from Greenfield Energy LLC’s Utah operations and will conduct its own analysis. The sample, three drums of oil, was produced at the Petroteq Oil Sands Plant (POSP) and it arrived at the Quadrise Research Facility in Essex. It will undergo an extensive programme of testing which is expected to have concluded by the end of August.


Quadrise will determine whether commercial MSAR and/or bioMSAR fuel products can be produced from the oil. It will also assess whether it would be suitable for the potential power and marine end-user markets.

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