Upcoming Drills and Midweek Oil News Round Up
Fully funded companies with forthcoming, potentially transformational oil drills plus news for LBE PPC 88E EEENF PVR LOGP EME ZPHR ZPHRF I3E ITE.V TLOU MNRG UJO ZEN AXL PXEN MSMN ANGS CRS and HUR
Starting with the news so far this week
Longboat Energy (LBE) announced a material discovery at the Egyptian Vulture exploration well in PL939 (15% LBE interest), the second well in its fully-funded, seven well exploration programme. The operator Equinor's preliminary estimate of recoverable resources in the Egyptian Vulture discovery is 19 to 63 million barrels of oil equivalent (gross) and the oil-in-place volume has been estimated at 220 to 440 million barrels of oil equivalent (gross). The well was drilled 20 km from the Åsgard field and 23 km from the Kristin field, both of which are also operated by Equinor and offer development options for Egyptian Vulture. Meanwhile, the Mugnetind exploration well is underway and the fourth well in the programme, Ginny/Hermine, is anticipated to spud before year end. More on LBE in the subscriber section.
President Energy (PPC) updated in relation to its subsidiary Atome Energy PLC. Steps continue to be made with regard to the spin-out of Atome from the company and the intended separate flotation of Atome on the AIM market of the London Stock Exchange. Further announcements are expected to be made during the course of November both in respect of this and also the dividend in specie in respect of President's shares in Atome. Other important news coming up in the near future concerns the progressing to a conclusion of the farm-out in Paraguay. More on PPC in the subscriber section.
88 Energy (88E EEENF) announced execution of the rig contract for drilling of the Merlin-2 appraisal well at Project Peregrine. Permitting and planning remain on track for a spud now scheduled in February 2022. 88 Energy has identified several appraisal drilling locations to the east of the Merlin-1 well, closer to the shelf break where enhanced reservoir thickness and quality are expected and the company plans to announce the final drilling location and further details of the appraisal well in the coming months. Merlin-2 is targeting 652 million barrels of oil, with a geological chance of success of 56%. More on 88E EEENF in the subscriber section.
Providence Resources (PVR) and Lansdowne Oil & Gas (LOGP) announced operational updates in relation to the Barryroe field. A wellsite survey has been commissioned and the Marine Institute’s Celtic Voyager survey vessel mobilised on 24 October to Barryroe, where it will undertake a seabed, shallow geophysical and environmental baseline survey over the K area of the field. The site survey is expected to take up to 7 days depending on operating conditions. The companies believe they have a compelling proposition with regards to the Barryroe prospect, but to date have been unable to raise the necessary funding. More on PVR and LOGP in the subscriber section.
In other news, Empyrean Energy (EME) announced further 12p warrant exercises totalling £90,000 (more on EME in the subscriber section), Zephyr Energy (ZPHR ZPHRF) announced a State 16-2LN-CC operations update (production testing operations have commenced), i3 Energy (I3E ITE.V) announced a third quarter operational and financial update (Q3 2021 average production was approximately 13,740 boepd with September averaging approximately 18,985 boepd), Tlou Energy (TLOU) announced an operational report for the quarter ended 30 September 2021 (the company progresses its three project areas), MetalNRG (MNRG) updated on its Italian waste to energy plant (the site has been cleaned and the technology items ordered) and Union Jack Oil (UJO) announced a Wressle Update ($1 million net revenues have been reached).
Zenith Energy (ZEN) announced the successful workover of ROB-1, onshore Tunisia (the company says it intends to report flow rates from ROB-1 shortly), Arrow Exploration (AXL) announced its first day of dealings on AIM (this TSX company has raised £8.8 million in London to fund operations in Canada and Colombia), Prospex Energy (PXEN) updated on the Selva field development in Italy (delays and increased costs), Mosman Oil & Gas (MSMN) announced the Stanley-5 Spud (the company’s interest in the well is around 36.5% and drilling costs are around $350,000), Angus Energy (ANGS) announced the revised Saltfleetby competent persons report (the P90 sum of future cashflows to Angus is £31.7 million) and Crystal Amber Fund (CRS) announced an increased holding in Hurricane Energy (HUR) (it’s now up to 27.15%).
Further on all these in the Sunday blog at the weekend.
On to the Upcoming Drills