Proactive weekly oil & gas highlights: Diversified Energy, Empyrean, Genel, Quadrise Fuels Internati


Diversified Energy Company PLC (LSE:DEC, OTCQX:DECPF) struck its latest deal in the United States, picking up a package of predominantly gas producing assets in Oklahoma for US$218mln in cash.

It is acquiring interests in around 600 operating wells from Tapstone Energy Holdings. They presently yield about 12,000 barrels of oil equivalent per day, of which around 80% is either gas or natural gas liquids. The deal is part of DEC’s rapid expansion into what it refers to as its ‘central region’ which comprises areas in Oklahoma, Louisiana, Texas, and Arkansas. It is a second leg to the business which previously established itself through a series of acquisitions in America’s Appalachia region.

“Replicating our success in Appalachia, we have quickly established ourselves as a significant operator in the Central Region, which positions us for additional growth,” said DEC chief executive Rusty Hutson.

Empyrean Energy PLC (AIM:EME) has contracted China Oilfield Services Limited (COSL) for a well site survey over the Jade prospect, offshore China.

The company, in a statement, said that it has agreed with COSL the comprehensive scope of the survey which will provide sufficient data to fully assess potential top-hole drilling hazards at the proposed well location and to ensure the rig can be secured safely onsite. COSL is expected to begin the survey operations in late October.

Genel Energy PLC (LSE:GENL, OTC:GEGYY) in a statement confirmed payments for oil sales in the Kurdistan region of Iraq for the month of July. It received a total of US$32.8mln from the Kurdistan Regional Government.

Some US$14.3mln was from the sale of oil produced at the Tawke field, plus US$9.1mln for the Tawke override facility. It received US$1.9mln for oil from the Taq Taq field and US$2.6mln from the Sarta field.

Quadrise Fuels International PLC (AIM:QFI) chair Mike Kirk highlighted “great progress” as the company filed its final results for the 12 months ended June 30. In particular, Kirk pointed to the launch of the Quadrise low-carbon bioMSAR fuel as a key achievement for the period, along with what he described as a hugely successful fundraise and other project milestones.

“Quadrise is now strongly positioned to deliver on its promise and, having undertaken a progression in my role as chairman since January 2020 when Jason Miles was appointed as chief executive officer to ensure a seamless migration in executive duties, I believe that now is the right time for me to be handing over to a new non-executive chairman.”


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