88 Energy Ltd (LON:88E), earlier this week, confirmed it is counting down to the spud of the Merlin-1 exploration well in Alaska. It follows the approval of a permit to drill, and, sets up the expected spud on February 12.
The company said that the permit was deemed complete by the Alaska Bureau of Land Management (BLM) on the January 28, 20231, and was submitted to the Deputy Assistant Secretary for Land and Minerals Management.
There, it was approved on January 29, ahead of an expected spud date of February 12.
“After a brief hiatus in activity, it is now back to full operations with ramp up towards the spud of Merlin-1, which is expected in around four weeks,” said 88 Energy managing director Dave Wall in a statement.
Cadogan Petroleum PLC (LON:CAD) highlighted a 1.5% increase in annual output, with 2020 net production totalling 106,400 barrels. Moreover, this annual gain came despite the disruption caused by the coronavirus (COVID-19) pandemic and a five and a half month shutdown for the Blazhiv-3 and Blazhiv-Monastyrets-3 wells – which had licences expire, and subsequently renew in June.
The Ukraine-focused oil and gas company noted that it established administrative and healthcare measures to provide safe working conditions for its employees – there were a total of 10 cases of its employees testing positive for COVID-19 and all recovered.
The company told investors it has terminated its letter of intent with Sun Seven Stars Investment Group (SSSIG), a move that closes the door on the previously proposed and protracted deal for the London Critical Metals Market (LCMM).
Curzon has, at the same time, announced the signing of a separate letter of intent with Poseidon Enhanced Technologies Limited. The Poseidon deal envisages a reverse takeover which would see the AIM-quoted entity become a producer of low-cost recycled plastics for the food and beverage industry.
Canadian Overseas Petroleum Ltd (LON:COPL) (CVE:XOP) told investors that its 50%-owned joint venture company Shoreline CanOverseas Petroleum has extended the completion date of its agreement with Essar to April 30, 2021. Following initial agreement in August 2020 the parties have been working to resolve their disputes.
“ShoreCan and Essar Mauritius, the shareholders of COPL’s Nigerian Affiliate, are engaged in the process to reach completion to the agreements announced on August 4th. As we indicated in October of last year, face to face or in person meetings are required,” said Arthur Millholland, COPL chairman in a statement.
Mosman Oil and Gas Limited (LON:MSMN) on Monday provided a further update on the Stanley project, in east Texas, which last week averaged 210 barrels of oil per day (bopd) gross. That outperforms the average rate of 139 bopd reported over the six months ended December 31, 2020.
The company noted that the Stanley-3 and Stanley-4 wells continue to produce oil without artificial lift – with the former yielding 50 bopd and the latter showing 120 bopd – whilst Stanley-1 is now operating with a pump-jack and last week yielded 40 bopd.
A workover programme has begun for Stanley-1 to install a pump-jack. The company noted that it is still anticipated that Stanley-5 will be drilled in the second quarter of the calendar year, after Stanley-1 is back on full production.
A farm-out process of the Walton prospect offshore Jamaica starts shortly with first gas from Italy also due this quarter, said the AIM-listed junior.
Production from the time it acquired its Egypt assets from Rockhopper at end-February 2020 averaged 2,195 barrels equivalent daily (boepd), generating total revenues of US$9-9.2mln net with an average U$37.7 price per barrel.
In 2021, United said it sees production rising to between 2,300 and 2,500 boepd on average in the first half with a reserve upgrade likely following the success of the El Salmiya 5 and ASH 2 wells.
The well was placed on a continuous production test. The well subsequently entered a normal clean-up phase, and, Union Jack highlighted that the well is being brought online carefully.
San Leon Energy PLC (LON:SLE) reported progress on a loan agreement to fund a fast-track redevelopment of the Oza oil field in Nigeria. Following the completion of due diligence and a technical report, loan documents are anticipated to be issued by the end of this week.
As part of a deal struck in September, San Leon will invest in US$7.5mln of loan notes issued by Decklar Petroleum, a subsidiary of Asian Mineral Resources (CVE:ASN), and roughly US$4,600 for a 15% stake in Decklar.