88 Energy Ltd (LON:88E) told investors that the Charlie-1 well has reached target depth and it encountered ‘shows’ and ‘elevated log responses’ over several horizons.
The company, in a statement, said that the logging data to date is “largely consistent” with what was recorded at the Malguk-1 well.
Malguk-1 was drilled in 1991 by BP and is the discovery well that the Charlie-1 appraisal is designed to follow-up.
i3 Energy Plc (LON:i3E) shares jumped on Monday as it announced a new strategic acquisition, picking up producing assets in Canada at a discount, amid industry uncertainty triggered by the coronavirus (COVID-19) pandemic and following the collapse in crude oil prices.
In a statement, the company said it has secured terms to acquire Toronto listed Toscana Energy Income Corporation which owns assets in Alberta and Saskatchewan, within the ‘Western Canadian Sedimentary Basin’ (WCSB).
The acquisition will add around 4.65mln barrels of proved and probable (2P) reserves, stated as of 2019 year-end, which provides some 14.7 years of field life.
Production averages 1,065 barrels oil equivalent per day in 2019, generating some C$5.5mln.
United Oil & Gas PLC (LON:UOG) shares rose on Thursday as the firm highlighted strong production growth in Egypt whilst detailing its response to “considerable challenges” across the industry amidst the coronavirus (COVID-19) pandemic and weak crude prices.
In a statement, the group said production in Egypt measured around 8,400 barrels oil equivalent per day (boedp) gross, or 1,850 boepd net
On Friday, TLOU Energy Ltd (LON:TLOU) shares rocketed as it landed an interim power purchase agreement (PPA) for its coal bed methane fuelled gas-to-power project in Botswana.
The company said that the interim PPA had been agreed with the Botswana Power Corporation (BPC) and is now undergoing final regulatory formalities. It added that the commercial terms remain confidential, at BPC’s request.
Genel Energy PLC (LON:GENL) investors were evidently reassured as the Iraq-based oiler this week confirmed the latest round of payments from the Kurdistan Regional Government (KRG).
Columbus Energy Resources PLC (LON:CERP) looks forward to the next stage of continuous gas injection at the Inniss-Trinity project, in Trinidad. Inniss-Trinity is being progressed as a pilot project, testing enhanced oil recovery within a mature field.
It is being funded by joint venture partner Predator Oil & Gas Holdings PLC (LON:PRD) which has the right to acquire the project outright in due course.
Bahamas Petroleum Company PLC (LON:BPC) said that its Bahamian backer, a substantial institutional family-office investor, has exercised its right to convert some £800,000 of loan notes into equity.
This is the latest conversion, following £1.44mln in February, and the conversion price was marked at 1.28p per share. A total of 62.5mln shares will be issued to the investor, and, some £2.46mln of loan notes are presently retained by the investor.
The company in February drew-down the first £2.7mln of a £8mln convertible loan note facility with the Bahamian investor and later, in March, it doubled the borrowing limit to US$16mln.
Eco Atlantic Oil & Gas Ltd (LON:ECO, CVE:EOG) reported that it ended March with a strong balance sheet and remains funded for its anticipated share of appraisal and exploration drilling at Orinduik block, offshore Guyana.
The explorer had US$18.8mln (C$26.5mln) of cash and equivalents at the end of the month. In a statement, the firm said its “board believes Eco will be in a robust position to progress its exploration strategy when market conditions improve and operations are able to resume.”
Europa Oil & Gas Holdings PLC (LON:EOG) is cutting costs in response to the coronavirus (COVID-19) along with the associated stock market volatility and oil price weakness.
In a statement, the group added that it aims to conduct a comprehensive review and a phase of cost reductions across the company in order to retain enough cash to fund current and upcoming activity, including the Wressle field development project.
Farm-outs will continue to be sought, albeit work programmes in Ireland and Morocco are due to be reduced, it said.