Market ReportWeekly News Round-up

Proactive’s weekly oil & gas highlights: Solo Oil, Sound, Eland, Block Energy, Union Jack Oil, 88 Energy, Eco Atlantic, Hurricane Energy

It was another active week in the junior oil and gas sector with project updates, strategy reviews and financial results

oil rig
Hurricane Energy is looking to open up a new oil play in the West of Shetland area

Diversified Gas & Oil PLC (LON:DGOC) said after Wednesday’s close that it had launched a US$225mln equity raise to help fund a new US$400mln acquisition for its Appalachian basin portfolio.

The acquisitive AIM-quoted firm, which had a £634mln market value prior to the announcement, has agreed to pick up 107 additional gas production wells from HG Energy II Appalachia.

Anglo African Oil & Gas

Anglo African Oil & Gas PLC (LON:AAOG) shares gushed higher in mid-afternoon Friday after oil was produced from its TLP-103C well at the Djeno reservoir in the Republic of the Congo.

The exploration firm said the result had confirmed previous calculations in January by oilfield services group Schlumberger that the well had hit oil at the Djeno reservoir after drilling operations were completed on 26 January.

Eco Atlantic

Eco Atlantic Oil & Gas Ltd (LON:ECO) and its partners at the Orinduik Block offshore Guyana have selected the location of the second well of the 2019 drilling programme. In addition to Eco Atlantic (15%), oil and gas supermajor Total (25%) and the regional arm of FTSE 250-listed Tullow Oil plc (LON:TLW) (60%) also have stakes in Orinduik.

Hurricane Energy 

Hurricane Energy PLC (LON:HUR) chief executive Dr Robert Trice said on Thursday that it is set for an “exciting period”.

The AIM-quoted firm is now counting down to the first production from the Lancaster field’s ‘early production system’ which will yield some 17,000 barrel of oil per day, and, perhaps more importantly, de-risk a much larger field development.

Touchstone Exploration

Touchstone Exploration Inc (LON:TXP, TSE:TXP) chief executive Paul Baay, in 2018’s financial results statement, highlighted a substantial improvement in all key performance indicators during a year in which his company cemented its place as the most active onshore upstream group in Trinidad. #Production for the 12-month period averaged a rate of 1,718 barrels of oil per day, up 25% from 1,375 bopd in 2017.

Oil rig contractor Ades International Holding PLC (LON:ADES) posted revenues 30% higher in 2018 as new rigs contributed for the first time and utilisation rates rose. Underlying profits rose by 26% to US$101mln, helped by a rise in the number of rigs under operation to 28 from 12 in 2017.

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