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Chariot (CHAR) announced a gas discovery at its Anchois-2 well. Evaluation of the well has been undertaken and preliminary interpretation of the data confirms the presence of significant gas accumulations in the appraisal and exploration objectives with a calculated net gas pay totalling more than 100 metres, compared to 55 metres in the original Anchois-1 discovery well. The Stena Don rig next will move to Anchois-1 to perform re-entry operations with the objectives of assessing the integrity of the previously drilled well, and if successful, providing a future potential production well for the development of the field. Now 11.7p, CHAR has been a nice easy double or more for private blog subscribers who bought post-placing last summer.
Predator Oil & Gas (PRD) announced a corporate update. The new CPR has established gross contingent resources of 393 billion cubic feet of gas, with an estimated un-risked net present value for PRD's interest of $592 million. The company also says it is fully funded for MOU-1 well testing operations, planned for the second quarter of this year. Pre-drill preparations for the MOU-4 step-out well on the same structure de-risked by MOU-1 is progressing as planned, although the company states that evaluation of the licence area will require securing longer term financing and joint venture partnerships. PRD was a previous winner for private blog subscribers and went from a low of 1.21p to a high of 22.5p prior to the MOU-1 spud last year.
Advance Energy (ADV) announced a Buffalo-10 drilling update. The well has now reached a depth of 2,707 metres and the rig will be drilling ahead to a planned depth of 3,500 metres with the aim of encountering the Elang reservoir, which will be logged to determine if the well will be completed and suspended for potential future production. Chance of success is stated as an 85% probability of confirming a sanctionable development project based on the minimum economic field size and the company claims that in the success case, there is potential to deliver a gross production rate of around 40,000 barrels per day by the end of 2023. ADV has been another easy double for private blog subscribers who bought post-placing.
IOG (IOG) announced an update on Southwark drilling operations. The Noble Hans Deul rig has experienced an increasing challenge with seabed conditions that, if not rectified, would compromise rig stability, thus the temporary re-location of the rig will be required to facilitate seabed remediation. Meanwhile, the Saturn Bank project is about to start producing. Final pre-first gas commissioning activities are underway and sales are expected to start this month, looking set to capitalise on strong gas prices. The company is targeting a gross peak production rate of 140 million cubic feet of gas per day so potential revenues are substantial. IOG has been covered in the private blog each week from as low as 9p. It’s now more than four times that price.
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Canadian Overseas Petroleum (COPL) announced confirmation of a significant oil discovery. The company reckons the total reservoir volume is 1.5 billion to 1.9 billion barrels of oil in place, of which 1.275 billion to 1.64 billion barrels of oil in place underlays COPL lands, estimating the Frontier formation element of the discovery to cover an area of approximately 51 square miles with the capacity of up to three horizontal wells per square mile each initially producing 1,000 to 3,000 barrels per day.
Eco (Atlantic) Oil & Gas (ECO) announced the strategic acquisition of a material offshore petroleum exploration asset base in Namibia and South Africa. Consideration is in the form of new common shares to the vendor who will own 16.65% of the enlarged group and also be issued warrants exercisable upon a producible commercial discovery. An exploration well is planned to be drilled on Block 2B, South Africa in the second half of this year, subject to funding.
Empyrean Energy (EME) announced drilling operational status of the Jade prospect. Survey engineers have now provided a greater sea swell tolerance to conduct the well site survey over the drilling location, requiring only 3 to 4 days of swell less than 1.7 metres before rig mobilisation and drilling. Permitting is in progress and expected to be completed in the coming weeks, although the last of the eight permits requiring the well site survey is still necessary to finalise the process.
Pantheon Resources (PANR) announced approval of the Theta West drilling permit. The Nordic Calista #3 rig now is on location at Talitha #A where it will complete works to prepare the well for testing, prior to being mobilised to Theta West #1 for the spudding of that well. The ice road to Theta West is still under construction and following this, the pad will be constructed prior to the move of the rig. As I warned in the private blog, PANR appears to have left funding too late for a decent pre-spud run.