Oil News Round Up – ECHO, SAVP, RPT, MATD, AAOG, PVR, EOG, PXOG, RBD, AEX and SOLO

Echo Energy (ECHO) started the week by announcing the succesful completion of drilling of the CSo-2001(d) well in which a notable gas column was interpreted from the wireline logging suite. Savannah Petroleum (SAVP) announced the result of the Kunama-1 exploration well as an oil discovery and Regal Petroleum (RPT) announced the successful workover of the SV-12 well at its Mekhediviska-Golotvshinska and Svyrydivske (SV) gas and condensate fields.

Petro Matad (MATD) announced the spud of the Snow Leopard-1 well targeting 90 MMBO. Drilling is expected to take up to 70 days to complete.  Anglo African Oil & Gas (AAOG) announce the mobilisation of the SMP-102 rig which has been contracted by the Company to drill the TLP-103 well on the Tilapia field.

Providence Resources (PVR) announced that Gardline’s M/V Kommandor site survey vessel has commenced demobilisation following the acquisition of data suitable for input to an application for the permitting of a Newgrange exploration well.  The Newgrange partners also confirmed that discussions in relation to a potential farm-out of equity in the Newgrange licence to third parties are continuing. Europa Oil & Gas (EOG) announced that its first well is targeted for mid-2019 on the Inishkea prospects in the Slyne licence LO 16/20.  In addition, EOG has launched a farmout process for three of its licences in the South Porcupine Basin, FELs 1/17, 2/13 and 3/13, which together are estimated to hold gross mean un-risked prospective resources of 4.3 billion barrels of oil equivalent. Some big numbers here for a company with a £14 million market cap.

Prospex Oil & Gas (PXOG) announced an update on the ongoing work programme to test known gas bearing sandstone sequences at the Tesorillo Project.  Tesorillo covers 38,000 hectares in a proven hydrocarbon region and contains a known gas discovery, which a Competent Person’s Report undertaken by Netherland Sewell and Associates estimated could hold best estimate gross unrisked prospective resources of 830 billion cubic feet of gas with upside in excess of 2 trillion cubic feet of gas.  Reabold Resources (RBD) announced that an independent review of the Parta appraisal programme (in which Reabold has an interest via its 29 per cent. shareholding in Danube Petroleum Limited) has recently been completed. The assessment includes the two planned appraisal wells in the Parta exploration license and recently acquired Iecea Mare production license and confirms previously announced contingent resource estimates.

Perhaps of more interest, Aminex (AEX) announced a transformational Ruvuma farm-out establishing an early production system to achieve accelerated first gas to a minimum gross rate of 40 million cubic feet of gas per day (equivalent to approximately 6,700 barrels of oil per day). JV partner Solo Oil (SOLO) now is reviewing its options following AEX’s announcement, which it sees as validation of the commercial and technical viability of the Ntorya development. Initial discussions are being held with potential project financing partners for SOLO’s 25% of the Ntorya development. One to keep an eye on.

The author holds one or more investments in one or more of the companies mentioned so this post cannot be viewed as independent research.  This post does not constitute investment advice or a recommendation to buy or sell and may be incorrect or outdated.