SDX Energy (SDX) kept on announcing good news last week, this time a successful production test at its SD-4X well in Egypt. The well flowed at a maximum rate of 30.4 MMscfd, equivalent to 5,240 barrels of oil per day. In contrast, Alba Minerals (ALBA), Gunsynd (GUN), Primorus (PRIM), Solo Oil (SOLO) and UK Oil & Gas Investments (UKOG) all announced the much hyped Horse Hill flow test results. However, the highest observed hourly rate at Horse Hill was equivalent to an implied daily rate of 352 barrels of oil per day, so not quite the gusher that was being touted.
Zenith Energy (ZEN) has pulled out of its Indonesia acquisition. The vendor is not too happy and has refused to give them their deposit back. Frontera Resources (FRR) announced an operations update. Their UD-2 well is now to be plugged and capped. Tlou Energy (TLOU) also announced an operations update. The Company is planning to drill production wells, commencing in Q3 2018. Of greater substance, Diversified Gas & Oil (DGOC) announced the completion of its EQT asset acquisition increasing the Company’s daily production by approximately 115% to over 60,000 barrels of oil equivalent per day, establishing DGOC as the largest gas and oil producer on AIM.
Again at the more serious end of things, Independent Oil & Gas (IOG) announced that FDP approval is now targeted for the end of September 2018. Following that, IOG expects to commence the process of full recommissioning to export its 303 BCF of 2P gas reserves across five proven fields and additional 314 BCF of development and appraisal assets. Providence Resources (PVR) also announced progress with the evaluation of its assets. Seismic data interpretation has confirmed the presence of the large Dunquin South Prospect. Much further news is due across the rest of PVR’s portfolio and now may be the time to start watching this one more closely.
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 This post does not constitute investment advice or a recommendation to buy or sell and may be incorrect or outdated.