Home Energy company Diversified Energy Company PLC, Union Jack Oil PLC, 88 Energy Ltd, Mosman...

Diversified Energy Company PLC, Union Jack Oil PLC, 88 Energy Ltd, Mosman Oil and Gas, Providence Resources PLC, Zephyr Energy Plc,

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It was another busy week in the small-cap oil and gas sector.

(,) Managing Director Rusty Hutson described today’s third quarter update as a strong set of operating and financial results, as the company confirmed record net daily production. Third quarter production averaged 128,000 barrels of oil equivalent per day for the quarter, with an exit rate of 133,000 boepd.

Covered profits were US $ 92 million and margins were “nearly 50%”. He noted that the quarter saw higher commodity prices and a favorable outlook supporting its hedging strategy. Some 115 wells have been removed in its Appalachian territory, which it says is 144% of the level required under its agreements with state authorities.

CED is due to pay an interim dividend of 4.25 cents per share for the quarter, up 13% from the same period last year.

() said the £ 1million in net income generated by the Wressle field in north Lincolnshire since mid-August was “financially transformational” and that the income for 20201 is “guaranteed to eclipse” the last year.

Daily production remains “well above” the initial target of 500 barrels of oil per day for the field, the oil and gas explorer told investors, and the well continues to produce under natural flow. The production is very profitable at current oil prices, Union Jack added.

Chariot Limited has signed a preliminary gas sales agreement with what is described as a leading international energy group prior to the proposed development of the Anchovy project off Morocco. A memorandum of understanding has been signed regarding possible key terms of the gas drawdown and partnership agreement, Chariot said in a statement.

The agreement provides that future gas sales agreements will be for 40 million cubic feet per day for a period of up to 20 years, on a buy-or-pay basis, which should underpin the development of the field. offers.

(,,) signed a contract with Doyon Drilling Inc for the use of the Arctic Fox platform to drill the Merlin-2 appraisal well in Alaska. It is expected that Merlin-2 will be drilled in February 2022. The well is expected to depth of about 8,000 feet, targeting reservoirs estimated to contain up to 652 million barrels of oil equivalent.

The company, in a statement, said it has so far identified several evaluation drilling locations east of the Merlin-1 well, where improved reservoir thickness and quality is expected.

() updated on its assets in the Amadeus Basin in Central Australia. The company, in a statement, said its exploration activities continued throughout the current calendar year, including the acquisition of airborne gradiometry and related geological interpretation work.

Mosman said he wanted to undertake a follow-up study and is in talks with his contractor Geognostics about the work. She added that she intends to update the geological model and the oil / helium game.

Earlier this week, () confirmed the start of drilling the Stanley-5 well in Polk County, east Texas. Stanley-5 is a development well targeting the Yegua formation. It will be drilled to a depth of 5,000 feet.

Mosman’s share of the cost of the well is estimated at US $ 350,000 and will be met from existing cash resources.

(,) told investors that the well site survey for the Barryroe project is now imminent.

The Celtic Voyager investigative vessel mobilized on October 24 at Barryroe and once underway it will take up to seven days to complete. The program will include a shallow seabed geophysical and environmental baseline study. It is a precursor to a well drilling project.

Zephyr Energy Plc said the United States Bureau of Land Management has approved the formation of a new 25,000-acre federal unit at its flagship Paradox Basin project in Utah, which will be operated by the company.

The unit, to be named White Sands Federal Unit (WSU), covers all of the company’s existing leases covered by its historic 3D seismic survey. It includes the lease that houses the state well 16-2LN-CC.

Zephyr described the move as a key step in the ongoing development of the Paradox project. As a result, the company said it could focus more optimally on its long-term development plans, as the move consolidates more than 20 leases into one comprehensive land deal.

On Monday, Zephyr said production testing would begin on the State 16-2LN-CC well in Utah later Monday after a “smooth” and successful completion process. In the ten days since the last update, the well, which is in the oil and gas-rich Paradox Basin, was stimulated in 14 distinct stages horizontally over 4,020 feet.