Proactive weekly oil and gas highlights: ExxonMobil, Westmount Energy, Union Jack Oil…


Westmount Energy Ltd (AIM:WTE) (AIM:WTE) has noted the start of drilling for the Sapote-1 well, on the Canje Block, offshore Guyana. The Exxon operated programme is using the Stena DrillMAX drillship and is expected to take 60 days to complete, with results expected in late October.

Exxon Mobil Corporation (NYSE:XOM) (NYSE:XOM) (NYSE:XOM) and its exploration partners will take more time to plan the next well in the Kaieteur Block, offshore Guyana, to allow additional data analysis. Kaieteur immediately neighbours Exxon’s prolific Stabroek licence which hosts some 8bn barrels of oil discoveries, including the Liza field which came online producing up to 120,000 barrels of crude per day.

The Wressle oil field has produced at its targeted rate of 500 barrels in testing, boosting the prospects for AIM-quoted stakeholders Union Jack Oil PLC (AIM:UJO) (AIM:UJO) and Europa Oil & Gas (Holdings) PLC (AIM:EOG).

Challenger Energy Group PLC (AIM:CEG) (AIM:CEG) told investors that commercial production rates have been established at the Saffron-2 well, though rates will be maximised by additional clean-up and optimisation work that is presently underway.

John Wood Group PLC (LSE:WG.) announced first-half earnings in line with guidance and said a strong order book gives it confidence that it will return to growth in the latter half of this year.

Empyrean Energy PLC (AIM:EME, FRA:E1E) (AIM:EME, FRA:E1E) said it remains on track to start drilling in China later this year at the Jade prospect.

Helium One Global Ltd (AIM:HE1) (AIM:HE1) is looking ahead to a “very low cost” winter exploration programme at the Rukwa project, chief executive David Minchin has told Proactive. Minchin, in an interview following the results of the Tai-2 well, explained that the findings of the latest well have opened up and de-risked an opportunity to explore for and, subject to results, potentially develop shallow helium resources at Rukwa.

TomCo Energy PLC (AIM:TOM, FRA:NI41) (AIM:TOM, FRA:NI41) is to take full ownership of the Greenfield Energy LLC vehicle in a share-based transaction with partner Valkor.

Pantheon Resources PLC (AIM:PANR, OTC:PTHRF, FRA:P3K) (AIM:PANR, OTC:PTHRF, FRA:P3K) remains focused on finding a suitable partner to farm in to one or more of its projects on the Alaska North Slope and the process is ongoing, the AIM-quoted oil and gas company said ahead of a webinar presentation to investors.

Scirocco Energy PLC (AIM:SCIR) (AIM:SCIR) has completed its deal to buy into Energy Acquisitions Group Ltd (EAG), the vehicle that aims to build opportunities within the anaerobic digestion (AD) and biogas market.

i3 Energy PLC (AIM:I3E) told investors it has now completed its transaction to acquire assets in central Alberta from Cenovus Energy Inc (TSX:CVE) (TSX:CVE) for C$65mln.


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