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It was another active week in the junior oil and gas sector.
Touchstone Exploration Inc (LON:TXP, TSE:TXP) confirmed its first-quarter results in-line with expectations as sales averaged 1,297 barrels per day and it advanced high-priority testing of wells in the Ortoire block.
Bringing the more prolific Ortoire wells to production has been the company’s focus, as it positions itself as a natural gas producer.
The wells were drilled in the fourth quarter of 2020 and in the first quarter of 2021 the company carried out production testing of the Chinook-1 and Cascadura Deep-1, along with preparations for new drilling. As announced recently, the Cascadura Deep well tested with a peak rate of 4,567 barrels oil equivalent per day.
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Advance Energy says its delighted with progress towards new Buffalo well We are delighted to hear progress from Carnarvon to ensure drilling of the Buffalo-10 well is on track for later this year,” said Leslie Peterkin
Advance Energy PLC (LON:ADV) said the Buffalo-10 well is currently planned to be drilled in the fourth quarter of 2021.
The company in April completed its acquisition of a 50% interest in Carnarvon Petroleum Timor, which owns the Buffalo, offshore Timor-Leste, which is presently estimated to host some 34.3mln barrels of contingent oil resources and previously produced around 21mln barrels of crude over five years.
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Proactive Oil & Gas weekly highlights: Bahamas Petroleum, Providence Resources, ADM, Union Jack, 88 Energy, Deltic, Advance Energ, Mosman
It was another active week in the small-cap oil and gas sector.
Bahamas Petroleum Company PLC (LON:BPC) will convene an extraordinary general meeting and it revealed a number of material changes to the business including a £6.9mln capital raise, a new chief executive, and a rebrand to ‘Challenger Energy Group PLC’.
Challenger Energy will in the near-term focus on cashflow and production whilst managing a cost cutting initiative to reduce its operational cost by at least 20% to 30%. Eytan Uliel, currently commercial director, will become the company’s new chief executive and Simon Potter is to transition to a non-executive director role, effective from May 20.
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It follows March s £21mln share placing and provides a high-potential, production-led growth project.
Advance Energy PLC (LON:ADV) told investors it completed the acquisition of an interest in the Buffalo PSC, offshore Timor-Leste.
The transaction, which constitutes a reverse takeover, sees the company acquire a 50% stake in the Carnarvon Petroleum Timor vehicle which owns 100% of the Buffalo PSC.
The company noted that shares in the enlarged company will begin trading on the London Stock Exchange at 8:00am today.
Along with the acquisition, the company recently issued new shares in a £21.84mln placing, selling 840.1mln new shares priced at 2.6p each.