OGV Energy’s weekly oil and gas update

Jersey Oil and Gas PLC is taking full ownership of Licence P2170, which hosts most of the Verbier discovery and is one part of the Greater Buchan Area (GBA) development project. The company said the deal simplifies licence ownership ahead of the planned GBA farm-out process.

Genel Energy PLC has declared ‘first oil’ at the Sarta field, where the company has a 30% stake alongside Chevron. First oil flowed from the Sarta-3 well into the Early Production Facility, Genel said.

Kistos PLC shares were on the front foot as they began trading on AIM on Wednesday. Non-executive chairman Andrew Austin previously ran IGas Energy Plc and then founded Rockrose Energy before selling it earlier this year for £247.5mln.

Bahamas Petroleum Company PLC said that to provide appropriate financial headroom, a previously announced conditional convertible note facility has been increased by £4.75mln to £15mln in total. There is an initial subscription notice issued for £3mln and the balance of the facility to be provided in a timeframe consistent with the demands of operations.

Union Jack Oil PLC said final commissioning of the Wressle oil field, in near Scunthorpe, Lincolnshire, has been deferred to January. It comes amidst anticipated supply chain disruption including ongoing coronavirus (COVID-19) pandemic related restrictions and the upcoming festive holidays.

Mosman Oil and Gas Ltd said it is confident that it can grow production and create value after the recent success with the Falcon well in Texas. Mosman has been focussed on well work-over operations at the Stanley project plus new wells across multiple sites in the Champion and broader Stanley project areas.

Falcon Oil & Gas Ltd said it and partner Origin Energy will conduct further well operations in order to deliver a flow test for the  Kyalla 117 N2-1H ST2 well. Some gas shows have been observed, but, a measurable gas breakthrough has yet to occur, the group added.

EnQuest PLC told investors that full-year production will be slightly below the mid-point of its guidance range, after an unplanned outage for one producing asset. The oiler reported that group production averaged 60,777 barrels oil equivalent per day in the ten months to the end of October.

Block Energy PLC told investors it has now completed the acquisition of Schlumberger Rustaveli Company Limited (SRCL), securing the transformational licences for Georgian onshore blocks IX and XI.

Eco Atlantic Oil & Gas Ltd said it remains well placed to capitalise on its strategic acreage in prolific hydrocarbon provinces as it reported its half-year results. The explorer is preparing for its next well in Guyana, expected in the second half of 2021. The envisaged well programme is fully funded.

Deltic Energy PLC has updated on its Cupertino exploration area, in the North Sea, where new analysis has identified around 904 billion cubic feet (BCF) of gas resource potential (estimated as P50 prospective resources) across three targets. The estimate range sees the potential resources from 205 BCF in the P90 estimate and 2.97 trillion cubic feet (TCF) in the ‘blue-sky’ P10 estimate.

Diversified Gas & Oil PLC has announced that the company's bank lending group, led by KeyBank National Association has reaffirmed the existing $425mln borrowing base with no changes to pricing, covenants or other material terms. The FTSE 250-listed group’s liquidity exceeds $220mln, comprised of cash on hand and availability under the credit facility.

Scirocco Energy PLC has said it is now better able to advance a sales process for its 25% stake in the Ruvuma project in Tanzania. It comes after partner Aminex PLC has completed its farm-out transaction which has brought in APT into the project.

Inspired Energy PLC has received London Stock Exchange's Green Economy Mark in recognition of its environmental and strategic advice, service and support to customers.

Source: proactiveinvestors.co.uk

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