So we find out what the excitement at Baron was all about, after it had more than doubled. New analysis puts Chuditch West as part of the main Chuditch-1 structure, doubling its size to 1350bcf, although Chuditch SW now looks more complicated than first thought. Overall they could have 75% of 3.6tcf - can see the interest, as Shell found gas at Chuditch-1 in 1998. CPR underway ahead of possible farmout.
88 Energy have a drilling site for the Hickory well in H1, but will need more finance to pay for it.
Predator are making progress in Morocco, with a rig contract for MOU-2 targeting a net 500bcf soon.
Mosman make progress with Cinnabar (likely 150-200bopd by analogy with similar wells) and have a CPR promising some big numbers for CH4/H2/He in their "other" permit, not the one where the partner blabbed a few weeks ago.
Zephyr are waiting the final permit for LNW-CC and do a deal to drill a joint well with a neighbour.
Petrel have the begging bowl out again for £250k - tomorrow, Rodders, we'll be rich! TomCo pay off the last of their convertible loan but still no news of the deal completing. Trinity launch another buyback whilst Union Jack bounce as they join the dividend club (2.8%) and start buybacks.
Harbour sell down a big chunk of their Egdon holding. Coupled with them not buying back any more, it feels like they're up to something.
Oh and Schlumberger have rebranded as SLB which is obviously a high-tech green company that is not at all associated with oil. Yep, definitely.
Brent=$93.28(October) WTI=$84.89(November,Brent-8.39) Nymex gas=$5.17(October)
NBP =178p(October,Nymex+14.97) TTF=€96.775(November,Nymex+22.83) JKM=$32.470(December,Nymex+27.30)
Today 14:59 Echo Energy PLC (ECHO)
Result of General Meeting
https://www.investegate.co.uk/echo-ener ... 59519170D/ all resolutions were duly passed.[>99.8%]
Today 14:05 Angus Energy PLC (ANGS)
Issue of Options
https://www.investegate.co.uk/angus-ene ... 05269113D/the Company has agreed the grant of 165.5 million share options, representing 5.72% of the Company's issued share capital, under the Company's existing Employee Incentive Schemes (the "Options") to Directors and other staff.
Today 14:00 Union Jack Oil PLC (UJO)
Price Monitoring Extension
https://www.investegate.co.uk/union-jac ... 00559110D/https://uk.finance.yahoo.com/quote/UJO.L/chartOn the day it's jumped +14.5% with a spike to +24%. Over the last 2 weeks it's been in the usual range.
Today 13:17 PAO Novatek (NVTK)
Noteholders' Consent Solicitation Launch
https://www.investegate.co.uk/pao-novat ... 17579058D/announced the launch of consent solicitation process ("Consent Solicitation") in relation to the outstanding USD 1.0 billion notes (ISIN XS0864383723 - Reg S, ISIN US66989PAC41 - Rule 144A) due December 2022 with annual coupon rate 4.422%..Due to current disruptions in the international payment infrastructure, as well as recent regulatory changes in the Russian Federation regarding the servicing of bonds issued by foreign organizations, there is a material risk a payment under the Notes could not be performed to the Noteholders...
In order to secure proper and timely payments to the Noteholders, NOVATEK is seeking the consent of the Noteholders to approve appointment of the new Trustee, new Share Trustee, as well as a number of amendments to the transaction documents under the Notes, including the Trust Deed, the Paying Agency Agreement and the Loan Agreement.
https://direct.euronext.com/api/PublicA ... 158ddbb70f Today 11:26 Egdon Resources PLC (EDR)
Notification of Major holdings
https://www.investegate.co.uk/egdon-res ... 26388946D/On 21-Jul-2021, Harbour Energy plc reduced from 15.14% to 8.85%
Today 11:00 Baron Oil PLC (BOIL)
Price Monitoring Extension
https://www.investegate.co.uk/baron-oil ... 00398893D/https://uk.finance.yahoo.com/quote/BOIL.L/chartOn the day it's dropped -28% with a high of +46% and a low of -40%. Over the last 2 weeks it's jumped +85.8% with a spike to +276%.
Today 10:35 S.N.G.N. Romgaz S.A. (SNGR)
Notice of OGMS on November 28 (29), 2022
https://www.investegate.co.uk/s.n.g.n.- ... 35088782D/S.N.G.N. ROMGAZ S.A. convenes the Company's shareholders at the Ordinary General Meeting of Shareholders (OGSM) on November 28 (29), 2022.
Today 09:00 Baron Oil PLC (BOIL)
Price Monitoring Extension
https://www.investegate.co.uk/baron-oil ... 00378548D/https://uk.finance.yahoo.com/quote/BOIL.L/chartOn the day it's dropped -28% with a high of +46% and a low of -40%. Over the last 2 weeks it's jumped +85.8% with a spike to +276%.
Today 08:34 Thalassa Holdings Ltd (THAL)
Correction
https://www.investegate.co.uk/thalassa- ... 3433EPBSD/Thalassa is correcting an inaccuracy in the detail of the 2022 June Interim Report and Accounts published on the 15th of August 2022.
The book value per share for the comparative prior year (June 2021) was incorrectly reported as £0.82; The correct value is £1.33, as was reported in the June 2021 Interim Report issued on 28th September 2021.
Today 08:00 88 Energy Limited (88E)
Quarterly Activities Report and Appendix 5B
https://www.investegate.co.uk/88-energy ... 00018445D/In August 2022, the Company reported a maiden, independently certified Prospective Resource estimate for Project Icewine East (~75% net WI) of a total 1.03 Bbbls of oil1,2 gross mean unrisked (total unrisked net mean entitlement prospective oil resource to 88 Energy of 647 MMbbls of oil2)....
In September, the Company selected the drilling location in Icewine East for the planned Hickory-1 exploration well scheduled for 1H 2023, following completion of the interpretation of the recently licenced FB3D seismic data set which covers a significant area of the Project Icewine East leases...
Results from this analysis and interpretation have been used to define 'sweet spots' for each of the mapped Shelf Margin Delta (SMD), Slope Fan System (SFS), Basin Floor Fan (BFF) and Kuparuk (KUP) play fairways. This analysis has played a key role in identifying the drilling location for the planned 2023 exploration well, Hickory-1, which is designed to intersect and test all four key play fairways....
The Company has finalised detailed analysis of all data obtained from the Merlin-2 drilling program....Results of the independent basin modelling study, coupled with abundant oil shows across Merlin-1 and Merlin-2, are encouraging for untested Harrier (comprising the N14 and N15 Nanushuk sequences) and Harrier Deep (Torok sequences) prospects to the North....
Production from the Longhorn wells was delivering ~450 BOE per day gross (~70% oil) at the end of September 2022, which represents an overall output increase of ~60% since the completion of the acquisition in mid-February 2022. The investment has resulted in net cash flow returns to 88E of A$2.8M since the acquisition. The Company expects production to reach over 500 BOE per day by end of 2022, given the impact of the decision to not proceed with the planned sixth work-over....
At quarter end, the Company had cash reserves of A$17.5M and no debt. [placing paid for Hickory long-lead but imply will need more for actual drilling]
Today 07:00 Baron Oil PLC (BOIL)
Chuditch PSC Update
https://www.investegate.co.uk/baron-oil ... 00097915D/a further update on the TL-SO-19-16 Production Sharing Contract, offshore Timor-Leste ("Chuditch", the "Chuditch PSC" or "PSC") and the preliminary interpretation of the reprocessed Chuditch 3D seismic data....
· Best case aggregate gross Gas-In-Place estimate of approximately 5,500 BCF versus an equivalent estimate of 3,889 BCF prior to 3D seismic data reprocessing
· Best case Recoverable Resource estimate of 3,625 BCF, using preliminary gas recovery factors of between 50% and 75%, versus an equivalent estimate of 2,924 BCF prior to 3D seismic data reprocessing
· Chuditch-1 gas discovery best case Recoverable Resource estimate of 1,350 BCF is materially larger and may independently represent a Liquefied Natural Gas ("LNG") scale resource...
· Chuditch SW prospect Gas-In-Place estimate has increased, but greater structural complexity may imply a lower recovery factor...
Mapping indicates a greater concentration of resources into the Chuditch-1 discovery in a simplified and robust structure with relatively high gas recovery expected....[originally 713bcf but 405bcf Chudutch West now merged into it]
Consultancy group ERCE has been engaged to prepare a CPR to provide an independent validation of Baron's internal resource estimates to a SPE PRMS compliant standard...
Baron will hold an investor webinar for existing and potential shareholders at 6.00 p.m. (London time) on 26 October 2022.
[Shell found gas at Chuditch in 1998, but it wasn't the time, they found 25m of pay in the flank, in water depth of 50-100m]
Today 07:00 Predator O&G Hldgs (PRD)
Operations update and Board Changes
https://www.investegate.co.uk/predator- ... 00097935D/has executed a rig contract with Star Valley Drilling Ltd. to use its Rig 101, which successfully drilled and completed for rigless testing the MOU-1 gas discovery well, to drill the upcoming MOU-2 well in the Guercif Licence onshore northern Morocco...MOU-2 is a high impact/high reward well to test the range of Best Estimate and High Estimate net contingent gas resources to the Company of between 295 BCF to 708 BCF respectively...
A location for the MOU-NE well (now designated MOU-3) was finalised during the recent site visit...will test a 35km² area within a larger Jurassic oil prospect....
Thomas Evans is stepping down from the Board as a Non-executive Director with immediate effect to spend more time on his other existing commitments...Carl Kindinger has been appointed Non-executive Director with immediate effect. Carl is a former Non-executive Chairman of the Company who stepped down in 2020 to focus on family matters
Today 07:00 Petrel Resources PLC (PET)
Placing to Raise £250,000
https://www.investegate.co.uk/petrel-re ... 00097919D/the company has arranged a placing with Monecor (London) Ltd trading as OvalX to raise £250,000 (before expenses) via the issue of 20,833,333 new ordinary shares (the "Placing Shares") at a placing price of 1.2p per Placing Share. Each Placing Share has one warrant attached with the right to subscribe for one new ordinary share at 1.8p per new ordinary share for a period of two years....
Petrel had previously conducted a Technical Cooperation Agreement on the Merjan oil-field in west-central Iraq, in a 50% partnership....as of October 2022 a new administration is being formed.
Today 07:00 Mosman Oil & Gas (MSMN)
EP145 Prospective Resource Est - Helium & Hydrogen
https://www.investegate.co.uk/mosman-oi ... 00087886D/a third-party technical report confirms that its 100% owned and operated permit EP 145 in Northern Territory, Australia has the essential ingredients for Helium and Hydrogen prospectivity, in addition to hydrocarbons....
Based on the Geognostics report, and data from other wells in the Amadeus basin, Mosman has estimated gross Prospective Resource volumes for hydrocarbons, helium, and hydrogen associated with the Walker Creek Anticline...[440bcf gas, 26.4 helium, 26.4 hydrogen]...
The ongoing exploration work programme on EP 145 is to acquire seismic prior to drilling an exploration well. Mosman has applied for the required regulatory and Central Land Council ("CLC") approvals. The CLC has conducted a site survey as a pre-requisite to land access approval for seismic acquisition.
[note this is the 100%-held EP145, not EP155 which is the one that
their partner Georgina let the cat out of the bag on 27 September where Mosman are farming down to 10% of a claimed 910/111/102bcf of CH4/He/H2]
Today 07:00 Mosman Oil & Gas (MSMN)
Cinnabar Well Moving to Production
https://www.investegate.co.uk/mosman-oi ... 00087881D/the Cinnabar development well in Tyler County, Texas has completed wireline logging, casing has been run and cemented, and operations are now progressing towards production....estimated 97 feet net pay in the Wilcox sands...Mosman owns a c.75% working interest in the Cinnabar well
[analogies with other wells suggest initial production of 150-200bopd]
Today 07:00 Zephyr Energy PLC (ZPHR)
Cooperation agreement and operations update
https://www.investegate.co.uk/zephyr-en ... 00097936D/ provides an update on operations and related investor webinar on its project in the Paradox Basin, Utah, U.S. (the "Paradox project") and announces the signing of a Cooperation Agreement with Kirkwood Oil and Gas LLC related to data sharing and planned joint drilling in the Paradox Basin....
The Company has completed all preparations needed to commence drilling the fully-funded State 36-2 LNW-CC well, pending receipt of the final Federal drilling permit. While Federal drilling permit approvals have slowed markedly across the entire U.S. domestic oil and gas industry, the Company remains confident it will be able to commence drilling in the near-term...the Company recently completed construction of the shared pad on which the State 36-2 LNW-CC and the State 36-3 LN-C9 wells will be located.... third well is expected to be drilled outside of the [White Sands Unit], and will be drilled in partnership with, and operated by, Kirkwood Oil and Gas LLC, the Paradox Basin's largest operator...
The State 16-2 LN-CC well was successfully drilled, completed and tested in late 2021, although rates were constrained throughout the production test due to surface equipment limitations...the wellbore has been re-entered to prepare for the commencement of the additional well test, currently envisioned to begin mid to late November 2022....
Zephyr and Kirkwood agree to co-operate and collaborate on the extension and further development of the Cane Creek play in Grand County, Utah - including the drilling of a new, Kirkwood-operated well....The Agreement allows for the sharing of certain proprietary data in order to assist both companies with the development of their individual acreage positions. In addition, the Agreement also allows for the planning and drilling of a 2-mile horizontal well targeting both Zephyr and Wesco held acreage. The planned well will be located in Grand County, Utah immediately to the south of the Wesco-operated Cane Creek Field...each party will hold a 50% working interest with all expenses shared pro-rata....
it has elected to delay the webinar until the State 36-2 LNW-CC Federal permit is granted and the rig contract awarded, so that the webinar can be as detailed, accurate and informative as possible.
Today 07:00 Union Jack Oil PLC (UJO)
Maiden Special Dividend, Share Buy-back Programme
https://www.investegate.co.uk/union-jac ... 00067728D/ is pleased to declare a Maiden Special Dividend, announce a Share Buyback Programme and confirm details of the Company's Capital Allocation and Distribution Policy...The Board declares a gross Maiden Special Dividend of 0.8 pence per Ordinary Share [2.8%]...
The Company will now implement a share buyback programme, funded from the Company's existing cash resources, and within the limitations of the authority granted by shareholders at the recent AGM...
· Maintaining a strong Balance Sheet which is debt free throughout the oil price cycle
Today 07:00 Trinity Exploration (TRIN)
Further Share Buyback
https://www.investegate.co.uk/trinity-e ... 00097902D/it intends to conduct on-market purchases under a second share buyback programme (the "Programme") pursuant to the shareholder authorities obtained at the Company's last annual general meeting held on 29 June 2022 "AGM") to return up to US$ one million to shareholders of the Company.
Today 07:00 TomCo Energy PLC (TOM)
Partial Conversion of Convertible Loan Notes
https://www.investegate.co.uk/tomco-ene ... 00097907D/has received a conversion notice from certain Convertible Loan subscribers to convert £162,500 principal amount of the second tranche of the Convertible Loan and the associated interest of £8,125 (5%), into new Ordinary Shares. Following this latest conversion, there is no principal amount outstanding under the Convertible Loan.
Today 07:00 Synergia Energy Ltd (SYN)
AGM - Notice of Meeting
https://www.investegate.co.uk/synergia- ... 00105544D/its Annual General Meeting will be held on Wednesday, 23 November 2022 at 4pm AWST (Meeting) at PKF Perth Level 5, 35 Havelock Street, Perth, Western Australia.
Today 07:00 Global Petroleum Ltd (GBP)
Holding(s) in Company
https://www.investegate.co.uk/global-pe ... 00107910D/On 20-Oct-2022, Monecor (London) Ltd Trading as ETX Capital reduced from 8.22% to 7.668%.
Today 07:00 Southern Energy Corp (SOUC)
DIRECTOR/PDMR DEALING
https://www.investegate.co.uk/southern- ... 00107925D/Non-exec buys £28k
Today 07:00 Diversified Energy (DEC)
Transaction in Own Shares
https://www.investegate.co.uk/diversifi ... 00077849D/They bought back 750,000 shares at 128.06p = £960,450
Today 07:00 Jadestone Energy PLC (JSE)
Transaction in Own Shares
https://www.investegate.co.uk/jadestone ... 00097913D/They bought back 35,000 shares at 70p = £24,500
Today 07:00 Pharos Energy PLC (PHAR)
Transaction in Own Shares
https://www.investegate.co.uk/pharos-en ... 00097923D/They bought back 14,721 shares at 24.8p = £3,651