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Catching up on the last two weeks, Pantheon Resources (PANR) announced the spudding of Alkaid #2, the company's first horizontal well on the Alaska North Slope. The main objective is to gain production test data to accurately assess the ultimate potential of the reservoir. The long-term test through the horizontal section also will define the resource and aid future development potential. If successful, it has the added benefit of starting to generate revenue for the company.
Trading at a fraction of Pantheon’s market capitalisation, 88 Energy (88E) announced an update for its adjacent Icewine East acreage. It has licensed 3D seismic survey data covering an area over the SMD, SFS and BFF reservoir units, which are interpreted to extend from PANR's tracts onto Icewine East. A new exploration well is currently being planned for 2023 and if you understand the timing with this one (explained several times in the private blog) it’s invariably good for a nailed on 100% run.
Eco (Atlantic) Oil & Gas (ECO) announced another fundraise. The company raised a further $12.3 million, again at 30p, a premium to the market. The proceeds will enable settlement of the cash consideration for the increased interest in Block 3B/4B, South Africa, allowing the company to retain its current cash resources to drill the Gazania-1 well on Block 2B in September. Additional near-term wells on the Guyana Orinduik Block and on Block 3B/4B also are planned.
Deltic Energy (DELT) announced confirmation that a rig contract has been signed for the drilling of the Pensacola exploration well. The spud date remains scheduled in the second half of September with seabed operations for placing of the rig due to commence towards the end of this month. Deltic estimates the prospect to contain gross P50 prospective resources of 309 billion cubic feet of gas, with a 55% geological chance of success, and the company remains funded for its 30% share of the well costs.
Longboat Energy (LBE) announced completion of its farm-in to two near-term, gas weighted exploration prospects on the Norwegian Continental Shelf, targeting combined gross unrisked mean prospective resources of 223 million barrels of oil equivalent. Oswig is expected to spud this month and Velocette is expected to be drilled in the second quarter of 2023. Separate to the farm-in, a further exploration well, Copernicus, is expected to commence drilling before the end of this quarter.
IOG (IOG) updated in its latest investor presentation. The company exited the half year with Saturn Banks producing 60 million cubic feet of gas per day gross, double the level of one month ago. After completing Southwark East in the coming days, IOG will resume drilling the Southwark West well, with both wells targeted for first gas in the third quarter. This will be followed directly by two appraisal wells at Goddard and Kelham targeting further growth opportunities.
PetroTal (PTAL) announced its second quarter operations and liquidity update. Production averaged approximately 14,500 barrels of oil per day, a new quarterly record. The latest four-day average production ending on 3 July was a record 22,376 barrels of oil per day, with a peak production of 26,000 barrels. To accommodate sales availability, the company expects to maintain production between 18,000 and 19,000 barrels of oil per day until the Northern Peruvian Pipeline repairs are completed.
Tower Resources (TRP) announced a financing and resource update. It has executed a term sheet with BGFIBank for a medium term loan of approximately $7.1 million as partial (approximately 40%) financing of the NJOM-3 well on the Thali block, Cameroon. The loan is subject to the availability of the remaining funding required for the well. Tower says it expects to complete shortly a letter of intent with Shelf Drilling to cover the drilling and testing of the well in the fourth quarter.
More in the private blog this evening: