Proactive weekly oil & gas highlights: Diversified Energy, United, San Leon, Europa, Mosman, Scirocc

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Diversified Energy Company PLC (LSE:DEC, OTCQX:DECPF) confirmed it is to host a Capital Markets Day event in Texas, including a tour of assets in its ‘Central Region’ to showcase examples of its Smarter Asset Management and ESG operating initiatives.


The company, in a statement, said the event will take place on November 17.


“I am looking forward to offering our shareholders and the analyst community a deep-dive into our strategy driving our rapid growth and highlighting the important work we are undertaking to address sustainability in all facets of our operations,” said chief executive Rusty Hutson.


United Oil & Gas PLC (AIM:UOG) told investors that production has begun from the ASX-1X well in the Abu Sennan licence, onshore Egypt.


It follows exploration success and the declaration of ASX-1X as a new discovery, with the project operator sufficiently confident to move straight to production after the initial well result. It is the second exploration well of the current programme to be delivered straight to production.


The initial production rate was marked at around 870 barrels of oil per day gross.


San Leon Energy PLC (AIM:SLE, AQSE:SLE, OTC:SLGYF) noted that associate Decklar Resources has begun operations to complete the Oza-1 well re-entry, in Nigeria, and the programme is due to be finished in 7 to 10 days. It will see the well initially configured for production from the L2.6 zone, which tested at rates up to 2,463 bopd as previously announced.


The company, in a statement, noted that all early production facilities have been installed and function tested including a separator crude oil storage tanks and export pumps.


Europa Oil & Gas Holdings Plc, in its results on Thursday, highlighted milestones achieved during the past year across its portfolio, including the key ramp up of production at the Wressle field.


Achievements such as the delivery of Wressle as a 500 barrel per day operation have laid the foundations for an exciting new phase in the company’s growth trajectory, said chief executive Simon Oddie. At 500 bopd, Europa’s share of production is around 200 bopd, and more recently it has performed ahead of expectations. In September, Wressle yielded an increased rate of around 950 boepd.


Mosman Oil and Gas Ltd (AIM:MSMN) said the Winters-2 well in Polk County Texas was drilled to target depth and encountered potential pay in the Yegua and Wilcox sands.


Winters-2 was drilled to the target depth of 7,011 feet and wireline logs, side wall cores and formation pressure tests were completed, the company said in a statement. It is being completed in the Third Wilcox which has a gross thickness of 54 feet, Mosman said. Flow rates will be made available when known after production facilities are installed.


The drilling rig will move to the Stanley-5 well location where drilling is slated to start next week.


Scirocco Energy PLC (AIM:SCIR) said US-based investor Prolific Basins LLC invested a further US$1mln in the company under an existing investment facility. The proceeds will fund investments within sustainable energy and circular economy markets, the company said in a statement after Wednesday’s close.


UK Oil & Gas PLC (AIM:UKOG) shares dropped more than 13% in Wednesday morning deals as it announced the Isle of Wight Council’s planning committee denied consent for an appraisal and testing programme for the Arreton oil and gas discovery.


UKOG holds a 95% interest in the PEDL331 license that hosts the Arreton discovery. The council refused planning for the project despite a recommendation last week by its own planning officers to approve the proposal.


The AIM-quoted firm, which has a history of local government battles over planning, said it will consider its position and whether to lodge an appeal with the UK Planning Inspectorate.


Providence Resources PLC (AIM:PVR, OTC:PVDRF) announced that chief executive Alan Linn has quit, effective yesterday, October 18. In a statement, Linn said: “I have decided to step down from the board to devote more time to my other business interests.

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