Proactive Oil & Gas weekly highlights: 88 Energy, COPL, Block Energy, Bahamas Petroleum, United Oil
88 Energy Ltd (LON:88E) started rig mobilisation for the Merlin-1 well, in Alaska, where drilling is scheduled to start in the first week of March.
“Commencement of drilling at Merlin-1 is now just around the corner, targeting the extension of the highly successful Nanushuk play,” said Dave Wall, managing director. “Success would underpin a company making development project for our shareholders, with the proven resource at the recently acquired at Umiat Oil Field adding substantial value.”
The company noted that once underway the drill programme is expected to take three to four weeks to complete, including logging.
Canadian Overseas Petroleum Ltd (LON:COPL) said a US$65mln senior credit facility has been approved by its lender, unnamed but described as ‘US based global investment firm’.
The company, in a statement, highlighted that it is “significant positive step” towards closing the company’s transformative acquisition of Atomic Oil and Gas, an onshore US producer. The approval secures a four-year facility with an initial borrowing base of US$45mln, plus an additional US$20mln to provide funds for future developments.
Block Energy PLC (LON:BLOE) told investors that gas sales have begun at the West Rustavi field, in the Republic of Georgia, following the connection of Bago LLC’s pipeline to the main Georgian Oil & Gas Corporation pipeline.
The company described it as a “major milestone” which represents a significant step change in its progression in becoming a sustainable energy provider to Georgia.
Bahamas Petroleum Company PLC’s (LON:BPC) attention is switching to Trinidad and Suriname in the near-term, with new wells planned before the end of the first quarter.
Drilling will start on the Saffron appraisal well in Trinidad, which could potentially unlock a value-rich follow on campaign of up to seven production wells this year. Elsewhere, in Suriname, the company intends to drill an appraisal well and carry-out an extended well test at the Weg Naar Zee block.
United Oil & Gas PLC (LON:UOG) said the ASH-3 production well at the Abu Sennan project, in Egypt, will begin initial testing in the coming days.
A company statement reported the well encountered 27.5 metres of net pay in the Alem El Buieb (AEB) reservoir. It was spudded on January 4 and reached a target depth of 4,087 metres on February 8, which was around five days ahead of schedule and was delivered under budget.
ADM Energy PLC (LON:ADME) is considering a fundraising for a possible investment in Nigeria as it noted the recent movement in its share price. The natural resources investing company confirmed it was in discussions with its shareholders, funding partners and prospective and new investors in connection with a possible equity fundraising, such as a placing, and investment opportunity in an existing discovery in the African country.
TomCo Energy PLC (LON:TOM) said it will decide when to restart the TurboShale field testing programme in the second quarter this year. The energy firm had to suspend activities when the pandemic started, while its joint venture activity with respect to Greenfield is not expected to be significantly affected by COVID-19, it said.
The company said it expects the FEED (Front-End Engineering and Design) study to be completed in the first quarter following third-party verification works.
Genel Energy PLC (LON:GENL) earlier this week provided details from its annual reserves statement, confirming 117.2mln barrels of proved and probable (2P) reserves across its assets in the Kurdistan region of Northern Iraq.
Reserves as of 31 December 2020 comprised 69.4mln barrels in the Proved (1P) category, up slightly from 68.8mln a year ago, 117.2mln 2P reserves compared to 123.8mln in 2019, and 177.2mln barrels of proved, probable and possible (3P) versus 194.9mln.