The explorer has multiple exploration opportunities, being advanced concurrently and despite recent disappointment other potentially significant assets remain in the Alaska portfolio
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The 2019 drilling season is set to commence in May and success could deliver an upside significantly beyond the value of any oil discovered.
The company is generating positive cash contributions with field operating costs at or below US$25 a barrel.
Stockbroker Shore Capital sets a fair value estimate for Tlou at 25p per share, versus a market price of 5.5p
Three firm and up to 6 wells total under technical and corporate review and finalisation by the company.
Proved and probable reserves at the Albertan province project are 225,000 barrels of oil.
The company made a discovery earlier this year at the Wizard Lake Rex oil well.
“Analysis of the data is ongoing; however, it is deemed unlikely to change the current view in a material fashion,” said Dave Wall
The rebalance changes are effective at the open of trading on March 18, 2019.
Revenue from 4 months of production has already returned 60% of drilling and completion capex.
“Whilst it is still early days, we are well placed and look to the wireline program with measured optimism," Dave Wall said
"There are early signs of encouragement at multiple horizons in the Winx well; however, it is too early to say whether these will result in a commercial discovery at this stage as more data and analysis is required,” Dave Wall said
The company’s leasing and acquisition program is focused on seven high-grade development units in the liquids-gas condensate core of the SWISH AOI.
ED Garry Triglavcanin’s role will now take in a chief development officer posting.
The SNE oil field is being developed through a joint venture comprising of FAR Ltd, Woodside Energy and Cairn Energy.
The specialised NGD Rig 405 is expected to be mobilised in early April with the Ungani 6 well spud targeted for May 1.
The company has produced a dynamic model which allows development scenarios to inform the 1P and 2P cases.
A reconciliation of the hydrocarbons produced has revealed a 55% increase.
The placement will be conducted via a bookbuild to institutional and sophisticated investors.
The company continues to generate positive cash flow with field operating costs at or below US$30 a barrel.
The estimate represents the company’s first reserves with production on track to begin in 2020.
Over the last 11 years, Kvanefjeld has emerged as one of the largest undeveloped rare earth oxide resources in the world.
Chairman and CEO Maurice Brand today penned a letter to company shareholders.
Winx-1 is around four miles east of Horseshoe-1/1A, which significantly extended the highly successful Nanushuk play fairway to the south
The company has developed a fully tested method of transporting compressed natural gas (CNG).