Bahamas Petroleum Company PLC on Friday told investors that Stena Drilling’s Stena IceMAX vessel will be used to drill the Perseverance-1 exploration well. The company revealed that Stena has formally notified the group that it has nominated IceMAX for the well, which is consistent with the existing rig contract.
Stena also indicated that the start of the contracted window - stated as December 15, 2020, – will be the approximate time for the arrival of the drill ship in the field. Bahamas Petroleum pointed out that IceMAX is one of the most advanced drillships in the world.
Genel Energy PLC confirmed a flush of liquidity, receiving US$10.8mln from oil sales and completing a US$300mln bond issue.
Pareto Securities was bookrunner and manager for the bond issue which sees Genel issuing senior unsecured bonds, carrying a 9.25% coupon and maturity set for October 2025. The company also confirmed it will use US$223mln to repurpose existing unsecured bonds, due December 2022.
San Leon Energy PLC's interim results illustrated a company with a strong financial position and outlook. In 2020 to date, the company with investments in Nigerian oil assets received US$41.5mln in payments from operators, via loan note arrangements. Some US$88.7mln of future loan note payments remain.
With US$35.6mln in cash at the end of the half-year - US$22.6mln by September 18, 2020, after US$6.8mln was put in escrow – the company said it is positioned to invest and grow further. In early September, new deals were announced which will see San Leon secure an interest in the Oza field, onshore Nigeria.
"Whilst the world and the industry has been through turbulent times, we have taken advantage of the opportunities presented by this as well as utilising our cash position to further build our portfolio in Nigeria in line with our strategy,” Oisín Fanning, San Leon's chief executive said in the results statement.
On Thursday, TomCo Energy plc has updated on the Greenfield Energy LLC venture in Utah, where upgrades are underway on the Petroteq Energy oil sands plant (POSP) at Asphalt Ridge.
The project aims to demonstrate POSP’s commerciality and to establish a 10,000 barrel per day production facility. It is currently planned that the plant will restart in November.
Block Energy PLC highlighted significant operational progress with the early production facility (EPF) at the West Rustavi project, in Georgia, where gas sales are expected in the fourth quarter of 2020.
Oil production at West Rustavi was suspended in April amidst coronavirus (COVID-19) restrictions, lower oil prices, and to preserve reserves. Today, Block revealed that some US$570,000 worth of crude was sold from its inventory, taking advantage of improving oil prices.
The EPF is a key component in enabling the company to advance gas sales from West Rustavi and it arrived on-site back in June. It has now been installed and connected to the WR-16aZ well, and under test conditions has produced dry gas over a continuous 25 hour period.
Canadian Overseas Petroleum Limited is confident that the exploration licence for OPL 226 will be extended, with confirmation expected in the fourth quarter.
Earlier this year, in August, shareholders in COPL’s Nigerian affiliate executed an agreement to resolve their disputes and that agreement was subject to OPL 226 being extended beyond September 30, 2020.
The Nigerian affiliate applied in June to extend the exploration licence and since then a number of constructive meetings with the National Petroleum Corporation (NNPC).
In Alaska, 88 Energy Limited gave investors an exploration update on Project Peregrine on Alaska's North Slope, which is an area picked up in the recent acquisition of XCD Energy.
The explorer told investors that seismic reprocessing and analysis - including amplitude vs offset or ‘AVO’ studies - has identified several similarities between the key prospects at Project Peregrine and existing discovered fields nearby. It said that the findings are very encouraging.
Specifically, the company’s Harrier and Merlin prospects are described as analogous to Conoco’s large Willow oil field which is located to the north of exploration area. The group noted that the signatures observed in the seismic, particularly fluid factor, were seen to be “very similar”. 88 Energy has now opened a data room to potential exploration partners as part of the farm-out process for Project Peregrine.
Onshore UK firm, Union Jack Oil PLC said that rig and equipment has been mobilised to the West Newton B-1 well site. The company, in a statement, said that the preceding programme to drill and set was completed down to a depth of 74 metres.
Rigging up for the main well will take one to two weeks, before a borehole is sunk down to a depth of 2,000 metres. The programme will take six to ten weeks to complete. West Newton B-1 is targeting the same conventional reservoirs that were encountered in the recently drilled West Newton A-2 well.
Mosman Oil and Gas Ltd has now spudded the Falcon-1 well at the 50% owned Champion project in East Texas. The well is being drilled directionally to penetrate two prospective target zones in the Frio sandstone, a prolific production zone in the area. The targets, Hartburg and Nodosaria, are located between 7,400-7,500 feet.
"Falcon-1 well is the first well that Mosman has participated in at the Champion Project,” John Barr, Mosman chairman said in a statement.
Operations have resumed for Falcon Oil & Gas Ltd at the Kyalla 117 N2-1H ST2 well at the Beetaloo project in Australia’s Northern Territory, with a fracture stimulation of the well. A production test is expected to follow during the fourth quarter, with results due in the first quarter of 2021, the group said.
Results from the Kyalla well will help inform an anticipated decision to either further evaluate this liquids-rich gas play or commence activities in the Velkerri liquids-rich gas play, it added.
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