Proactive Oil & Gas Weekly highlights: San Leon Energy, Union Jack, Touchstone Exploration, Chariot
San Leon Energy PLC (LON:SLE) highlighted that preparations for the well re-entry programme at the Oza field in Nigeria is advancing apace with the major drill rig components due on site this week. Re-entry work is then expected to start at the site within two weeks.
Oza-1’s re-entry programme will also include the testing of three oil zones, each independently, and a combined production test.
Union Jack Oil PLC’s (LON:UJO) 40%-owned Wressle field in Lincolnshire, is clear to hit its production target as the project has now has been approved for crude oil storage. A newly awarded planning approval gives consent for the full use of a 2,000 barrel storage facility. It allows the Wressle operation to run up to full production which is expected at around 500 barrels of oil per day (bopd) gross, which will be around 200 bopd net to Union Jack.
Earlier in the week, told investors that equipment to complete and test the West Newton B-1Z well, in Yorkshire, had now been mobilised.
Touchstone Exploration Inc (LON:TXP) provided an update on the Cascadura Deep-1 well, in the Ortoire block in Trinidad, which has been boosted by new well pressure data. The company, in a statement, noted that pressure gauges were recovered from the well on May 17 and analysis of the data confirms Cascadura Deep as a significant ‘liquids rich’ discovery. Touchstone’s findings indicate a pool of “significant size and reserves potential”.
Chariot Oil & Gas Ltd (LON:CHAR) raised £11.7mln of new capital to fund an appraisal well at the Anchois Gas Development offshore Morocco. Funds will also support work in the acreage surrounding the Anchois discovery, to set up the additional resources for development in the future.
Significantly, the capital injection will also support its ‘transitional power’ unit which is focussing on renewable energy opportunities in Africa. Here, the financing helps with the integration of the team along with cash to fund near term projects.
Completion of a new CPR is the next step in the agreed scope of the Barracuda risk sharing agreement and the independent report is expected to provide a full technical and economic review of the field. Included will be new estimates of the field’s gross in-place and recoverable oil and gas volumes.
Genel Energy PLC (LON:GENL) noted the receipt of payments from the Kurdistan Regional Government (KRG) covering oil sales in March 2021. The company, in a statement, said it had received a total of US$19.8mln from the KRG. It comprises US$14.3mln for sales from the Tawke asset, US$2.1mln and US$3.4mln from the Taq Taq and Sarta field’s respectively.
Deltic Energy PLC (LON:DELT) noted that Fugro GB North Marine Ltd has been hired to conduct a geophysical and geotechnical site survey ahead of the planned drilling of the Pensacola exploration well. The survey programme is slated for July, before drilling which is anticipated in 2022.
It comes after exploration partner and operator Royal Dutch Shell earlier this year committed to drill the high impact Pensacola prospect.
88 Energy Ltd (LON:88E) highlighted “encouraging evidence of oil” as it provided an update on its projects in Alaska. The company’s comments, in a stock market statement, related to down hole samples gathered from the Merlin well that were then sent for more detailed lab analysis.
Coro Energy PLC (LON:CORO) struck a deal to divest its legacy Italian gas assets for €300,000 in cash. The deal marks a material milestone in the company’s energy transition strategy which is focused on South East Asia.
Coro, in a statement, highlighted that incremental capital spending on its renewable energy assets and the Duyung gas project is a more value accretive use of the company’s resources. These projects have a greater possibility of generating higher returns for shareholders, it added.