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Providence Resources PLC

Proactive weekly oil & gas highlights: Providence Resources, Touchstone Exploration, Diversified Gas & Oil, Genel Energy…

A look back at some key stories from the oil & gas sector

Providence Resources PLC - Proactive weekly oil & gas highlights: Providence Resources, Touchstone Exploration, Diversified Gas & Oil, Genel Energy…
Providence received regulatory approval for its proposed well site survey at Barryroe

Providence Resources PLC (LON:PVR) was granted regulatory approval for its proposed well site survey at Barryroe.

Ireland’s minister of state for the Department of Communications, Climate Action and Environment granted permission for a seabed debris clearance, environmental baseline and habitat assessment site survey.

It is a key precursor to planned new drilling which was originally slated to begin later this year.

The firm has also extended the deadline for an outstanding payment of US$10mln related to the farm-out of the Barryroe oil field, in Ireland’s Celtic Sea.

The ‘backstop date’ has now moved to 12 August 2019, after the prior deadline of 2 August passed without payment.

Touchstone Exploration Inc (LON:TXP) told investors that drilling operations have kicked off in the Ortoire block, in Trinidad.

The Coho-1 well was spudded on 7 August. The well is targeting the Herrera formation, anticipated between 5,200 and 8,500 feet.

This will be the first of four planned exploration wells under the Ortoire exploration and production licence.

Diversified Gas & Oil PLC’s (LON:DGOC) chief executive told investors that the strategy to build scale within Appalachia continues to prove successful.

The acquisitive US-based gas and oil firm, in its interim results statement, out today, revealed that net production rose to 76,000 barrels oil equivalent per day – up 292% on last year’s half yearly figure and up 22% on the preceding six months.

Genel Energy PLC (LON:GENL) said it expects production this year to rise by 10% after a strong performance over the first six months.

Net production averaged 37,400 barrels per day or 17% higher than a year ago, as both the Tawke and Taq Taq fields in Iraqi Kurdistan saw higher output.

The company also resumed a US$10mln share buyback as part of an effort to boost its share price value, which it said currently undervalued its assets “significantly”.

Anglo African Oil & Gas PLC (LON:AAOG) said it intends to drill a sidetrack from its last well to access the deeper Djeno structures at Tilapia in the Republic of Congo.

The sidetrack, TLP-103CST1, will vertically intersect the Top Djeno and then continue into the Middle Djeno, which was below the total depth of the original TLP-103C well.

Mosman Oil & Gas Ltd (LON:MSMN) expected initial oil in mid-September as a third well was spudded at the Stanley project in east Texas.

The primary objective of Stanley-3, where Mosman has at least a 14.85% working interest in the well as part of an alliance with privately-owned Baja Oil & Gas, is to reach the multiple Yegua sands that have seen oil flowing at 244 barrels per day at Stanley-1 and 130-135 barrels of oil equivalent per day at Stanley-2.

United Oil & Gas PLC (LON:UOG) noted an update on the Abu Sennan concession in Egypt from Rockhopper Exploration PLC (LON:RKH), from which it is acquiring a 22% stake in the project.

Block Energy PLC (LON:BLOE) began preparations to drill a second well at its promising West Rustavi field in Georgia.

Well 38Z, which is one of four wells to be sidetracked across the wholly-owned oilfield, is nearby and has very similar characteristics to well 16aZ, which produced at an average rate of approximately 360 barrels of oil equivalent per day when it began testing last month.

Quick facts: Providence Resources PLC

Price: £0.08

Market: AIM
Market Cap: £46.74 m
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