Proactive weekly Oil & Gas highlights: i3 Energy, Tower Resources, Mosman, Providence, Chariot


i3 Energy Plc is to pay out GBP2.2mln, 0.2p per share, in interim dividends which added to July’s special dividend takes payments to 0.36p per share in the year to date.

The company’s interim results highlight the transformational period in which the company acquired producing assets in Canada which have delivered cash flow into what had been a pre-revenue exploration and field development company.

Acquired operations sustained an average production rate above 9,000 barrels oil equivalent per day over the six months ended June 30, and the production footprint was expanded further with the subsequent closing of the Cenovus acquisition which boosted volumes up to 18,741 boepd.

The first half results for Tower Resources PLC (AIM:TRP) was marked by important progress in Cameroon where a farm-out transaction was agreed, in August, and preparations are now underway for the hotly anticipated NJOM-3 well.

Tower agreed the farm-out deal with Beluga Energy which cover most of the anticipated drilling costs, in return for a 49% interest in the project and a royalty over future revenues.

In Thursday’s results statement Tower said that whilst a 2021 spud is theoretically possible management believes he most likely timing for the well is in the first quarter 2022, and presently two possible rig slots are being considered.

Mosman Oil and Gas Ltd (AIM:MSMN) told investors it expects the Winters-2 well in Texas to be spud in the next few days.

The company, in a brief statement, said equipment for the well programme has started to arrive on site. Spud is expected in a matter of days and once underway the drilling is slated to take seven to ten days to complete.

Providence Resources PLC (AIM:PVR, FRA:PZQA) expects to conduct a well site survey next month for the Barryroe oil and gas field appraisal, whilst a strategic review of the project continues. The review was triggered earlier this year by the Irish firm’s new management as a farm-out deal with Spot-On Energy was terminated.

In Wednesday’s interim results statement, the company said it expects to complete the review during the fourth quarter and the findings will determine the strategic plan for the development of the Barryroe Field.

Chariot Ltd (AIM:CHAR, OTC:OIGLF, FRA:C62) said it is on-track to start drilling at the Anchois project, offshore Morocco, in December.

This is a key step in monetising the Anchois gas development project, the African focused transitional energy group said as it released interim results for 2021. The Stena Don rig is contracted to the project and last week the company signed up Halliburton for well services. Anchois is one of two diversified streams of work for the company, the other being the recently acquired Africa Energy Management Platform (AEMP) which brings a pipeline of renewable energy projects that support mining projects.


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