Proactive Oil & Gas weekly highlights: 88 Energy, Zephyr, Jersey Oil and Gas, Tower Resources, Baham

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88 Energy Ltd (LON:88E) this week launched a A$12mln (£6.7mln) share placing to support its ongoing evaluation of the conventional and unconventional prospectivity on the North Slope of Alaska.

The exploration company seeks to sell new shares at a price of 0.8 Australian cents per share, equivalent to 0.45p, which puts the placing at a 27% discount to Tuesday’s closing price in Australia.

It comes as the company is preparing for the drilling of the Merlin-1 exploration well alongside a joint venture partner. The company is on schedule to spud the well in late-February or early-March.

The new funds will also allow the company to identify and exploit new opportunities in the region … more

Zephyr Energy Plc (LON:ZPHR) on Friday revealed new estimates for the Paradox project based on current commodity prices, following the initial findings of the State 16-2 well.

Contingent recoverable resources are estimated to exceed 12mln barrels of oil equivalent, based on 30 wells, the company said in a statement.  It also estimates a net present value of US$120mlm, based on a US$55 per barrel oil price, and, US$148mln at US$60 … more

Jersey Oil and Gas PLC (LON:JOG) told investors the company’s September 2020 North Sea licence award has been formalised.

The company was awarded Merged Licence P2498 in last year’s 32nd Offshore Licensing Round and it was executed on 10 February 2021. This additional acreage is located within the area referred to by the company as a the Greater Buchan Area (GBA) which spans the Buchan oil field and the J2 oil discovery, and is the basis of the company’s field development strategy … more

Tower Resources PLC’s (LON:TRP) partner in the Algoa-Gamtoos license, offshore South Africa, has provided a new prospective resource estimate which details the potential for some 5.27bn barrels of oil to be present.

The company, in a statement, highlighted that the new estimates are triggered by the reprocessing of 4,500 kilometres of 2D seismic data which improved the image quality, improved confidence, and identified new targets. Altogether, the new estimates have increased prospective resources by 54% … more

Bahamas Petroleum Company PLC’s (LON:BPC) Perseverance-1 exploration well, offshore Bahamas, encountered hydrocarbons but commercial volumes were not discovered. The company, in a statement, highlighted that the well has successfully validated the structural model and the petroleum system. It fulfilled the core technical objectives of the well, the company added.

“The validation of a competent seal, good reservoir quality, charge and the presence of oil points to significant hydrocarbon potential remaining in various independent, untested play systems and structures within BPC’s extensive acreage,” BPC noted … more

Block Energy PLC (LON:BLOE) told investors that the WR-38Z and WR-16aZ wells at the West Rustavi field have been brought back online safely, with oil and gas now flowing into the field’s Early Production Facility (EPF).

“I am pleased to announce recommencement of production from our West Rustavi field, with the expected revenue from both our oil and gas production providing a welcome boost to Block’s cashflow position, further strengthened by the current higher oil price,” said Paul Haywood, Block chief executive … more

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