Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
Columbus Energy Resources PLC Saffron 2 - drilling application to Ministry
28/05/2020 7:00am
UK Regulatory (RNS & others)
Columbus Energy Resources (LSE:CERP)
Intraday Stock Chart
Thursday 28 May 2020
Click Here for more Columbus Energy Resources Charts.
TIDMCERP
RNS Number : 1306O
Columbus Energy Resources PLC
28 May 2020
28 May 2020
COLUMBUS ENERGY RESOURCES PLC
("Columbus", "CERP" or the "Company")
Saffron 2 - submission of drilling application to Ministry
Columbus, the oil and gas producer and explorer with operations in Trinidad and Suriname, is pleased to announce that it has submitted to the Ministry of Energy and Energy Industries (Trinidad & Tobago) a drilling application ("Drilling Application") for the Saffron 2 well in the South West Peninsula.
Summary
-- Saffron 2 to be drilled as a twin to Saffron 1, from the same drill pad
-- Saffron 2 to target the Lower Cruse intervals encountered in drilling Saffron 1, with a targeted Total Depth of 4557 feet
-- The key objective of Saffron 2 is an extended production test and subsequent conversion to a production well aimed to produce the circa 40deg API oil encountered in Saffron 1
-- Drilling Application consistent with commercial arrangement for a full carry of Saffron 2, as announced 27 April 2020
-- Approval of the Drilling Application by the Ministry would allow drilling in Q3 2020
Leo Koot, Executive Chairman, commented:
"We are delighted to have submitted a DRL2 application to the Ministry of Energy and Energy Industries to drill the Saffron 2 well, a follow up to the Saffron 1 well drilled earlier this year. Saffron 2 will be a twin to Saffron 1 and target the same Lower Cruse intervals where we discovered light, high quality oil (circa 40deg API) from two test intervals. The logging of Saffron 1 showed over 300 feet of high-quality sands so we are very excited to test and appraise these sands with Saffron 2.
As previously announced, we are pleased to have signed a Term Sheet with a third party drilling contractor to drill Saffron 2 subject to a stabilised oil price (above US$35 for a sustained period) and operating environment. I am pleased to note that the oil price has, in general, recovered from its recent lows in April 2020 and we are hopeful of a stabilised oil price in Q3 2020."
Tullow Oil PLC CNOOC elects not to pre-empt in Uganda
28/05/2020 7:06am
UK Regulatory (RNS & others)
Tullow Oil (LSE:TLW)
Intraday Stock Chart
Thursday 28 May 2020
Click Here for more Tullow Oil Charts.
TIDMTLW TIDMTTM TIDMTTM
RNS Number : 1950O
Tullow Oil PLC
28 May 2020
News Release
CNOOC elects not to pre-empt sale of assets in Uganda
28 May 2020 - Tullow Oil plc (Tullow) announces that CNOOC Uganda Limited (CNOOC) has informed both Tullow and Total that it will not pre-empt the sale of Tullow's assets in Uganda to Total.
On 23 April 2020, Tullow announced that it had agreed the sale of its assets in Uganda to Total and that CNOOC had rights of pre-emption to acquire 50% of these assets on the same terms and conditions as Total. CNOOC has now informed Tullow and Total that it has elected not to exercise its pre-emption rights. Accordingly, there are no changes to the previously announced transaction or timeline and Tullow continues to expect the transaction to complete in the second half of 2020.
The transaction remains subject to a number of conditions, including approval by Tullow's shareholders, customary government and other approvals and the execution of a binding tax agreement with the Government of Uganda and the Uganda Revenue Authority that reflects the agreed tax principles previously announced. Tullow will now look to progress the tax agreement following CNOOC's decision not to pre-empt.
RNS, OR Non payment
Gulf Keystone Petroleum Ltd. Shaikan Payment Update
28/05/2020 7:03am
UK Regulatory (RNS & others)
Gulf Keystone Petroleum (LSE:GKP)
Intraday Stock Chart
Thursday 28 May 2020
Click Here for more Gulf Keystone Petroleum Charts.
TIDMGKP
RNS Number : 1430O
Gulf Keystone Petroleum Ltd.
28 May 2020
28 May 2020
Gulf Keystone Petroleum Ltd. (LSE: GKP)
("Gulf Keystone", "GKP" or "the Company")
Shaikan Payment Update
Gulf Keystone notes the recent announcements from international oil companies operating in the Kurdistan Region of Iraq regarding the payment for crude oil sales during April 2020. The Company confirms that it has submitted an invoice to the Kurdistan Regional Government ("KRG") for a nil amount as the monthly average Dated Brent price in April was below the Shaikan crude discount.
Following the increase in the Dated Brent price over recent weeks, the invoice to be submitted for crude oil sales during May 2020 will return to a positive amount.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.
RNS
Genel Energy PLC: Receipt of payments for KRI oil sales
28/05/2020 7:00am
UK Regulatory (RNS & others)
Genel Energy PLC (GENL)
Genel Energy PLC: Receipt of payments for KRI oil sales
28-May-2020 / 07:00 GMT/BST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
28 May 2020
Genel Energy plc
Receipt of payments for KRI oil sales
Genel Energy plc ('Genel' or 'the Company') announces that payments have
been received from the Kurdistan Regional Government for oil sales during
April 2020.
The Taq Taq partners have received a gross payment of $1.9 million, with
Genel's net share of the payment being $1.1 million.
The Tawke partners have received a gross payment of $8.5 million, with
Genel's net share of the payment being $2.1 million.
-ends-
2nd bit
- More compelling impedance contrasts / high amplitude events on 3D seismic across Seabee and Torok formation targets
-- Seismic inversion indicates that the Torok geobodies in the Heavenly area are likely separate to those in the Malguk/Charlie area, supporting geological model for different hydrocarbon phase (Fig. 5)
Media and Investor Relations:
88 Energy Ltd Tel: +61 8 9485 0990
Dave Wall, Managing Director Email: admin@88energy.com
Finlay Thomson, Investor Relations Tel: +44 7976 248471
Hartleys Ltd Tel: + 61 8 9268 2829
Dale Bryan
Cenkos Securities Tel: + 44 131 220 6939
Neil McDonald/Derrick Le
21/05/2020 7:00am
UK Regulatory (RNS & others)
88 Energy (LSE:88E)
Intraday Stock Chart
Thursday 21 May 2020
Click Here for more 88 Energy Charts.
TIDM88E
RNS Number : 5540N
88 Energy Limited
21 May 2020
21(st) May 2020
This announcement contains inside information
88 Energy Limited
Operations Update
88 Energy Limited ("88 Energy" or the "Company", ASX:88E, AIM 88E) is pleased to provide the following update related to operations for the recently drilled Charlie-1 appraisal well, located on the North Slope of Alaska.
The attached pdf - http://www.rns-pdf.londonstockexchange.com/rns/5540N_1-2020-5-20.pdf - contains graphics and information referred to in the following commentary
Highlights
-- Average API gravity of liquid hydrocarbon in the Torok Fm confirmed as 50 degrees
-- Compelling indications of oil updip from Charlie-1 in Torok and possible intraformational seal identified, supporting geological model for alternate phase
-- Oil interpreted in the Seabee at Malguk-1/Charlie-1 as well as updip at Heavenly-1
-- Additional results from laboratory testing expected over coming weeks
Detail
Laboratory tests from fluid hydrocarbons retrieved from the Lower Stellar discovery in the Torok Formation have confirmed gravity of 49-52 degrees API, with an average of 50 degrees API. This gravity is near the typical crossover between volatile oil and condensate; however, constant composition expansion confirms that the phase at this location is condensate gas. The gas oil ratio ("GOR") as measured from the most representative sample is 17,000 - 23,500 cf per bbl. This may be higher than the actual GOR in the reservoir due to the sampling procedure and drawdown pressure. The main implication of having high GOR is that gas would need to be re-injected into the reservoir to maintain pressure during production, an already common practice on the North Slope for both oil development and at the Pt Thomson condensate stripping operation.
88 Energy originally preferred drilling location: Regional integration of early Charlie-1 results
The graphic in the attached pdf (Fig.1) depicts the preferred drilling location marketed by 88 Energy during the 2018/19 farm-out process. This location has several advantages over the Charlie-1 location, selected by the farminee, and will continue to form the basis of the ongoing farm-out for drilling on the acreage:
-- Greater certainty of data due to the higher quality log suite obtained from the 2002 Heavenly--1 well vs the 1991 Malguk-1 well, which encountered drilling / logging issues below 10,700' MD
-- Located in more optimal thermal maturity window for generation of oil / volatile oil (Fig. 1)
-- Evidence of oil in the Torok formation based on shows and oil saturations from side wall cores take from Heavenly-1 (Fig. 2,2a)
-- More ideal intersection of targets in the Seabee formation where oil was observed from logs / shows