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Catching up on last week’s more interesting news, 88 Energy (88E) announced a NSAI certified 2C resource estimate of 136 million barrels of hydrocarbon liquids and 628 billion cubic feet of gas for the Project Phoenix BFF reservoir. This confirms discovery status for that reservoir prior to the planned testing operations at Hickory-1, which, if successful, will enable the certification of additional contingent resources in the shallower reservoirs and move another step closer to appraising the discovery. Testing operations are expected Q1 2024. Next door neighbour Pantheon Resources says it facilitated the matter by allowing NSAI to repurpose a prior analysis for PANR, whose next announcement is expected to be on the subject of financing. The company probably will want to raise funds before next month when the next convertible debt repayment falls due.
Predator Oil & Gas (PRD) announced completion of the acquisition of the Trinidadian Cory Moruga exploration and production licence interest. This was not the news the market wanted and the share price reacted negatively to what was almost an afterthought at the end of the announcement mentioning that testing in Morocco still had not started, notwithstanding a statement in the previous announcement that rigless testing of MOU-3 was forecast to begin on or before 16 October 2023 and the company would provide an update if there was to be any change to this date.
Union Jack Oil (UJO) announced a positive Biscathorpe appeal decision and the resumption of production at Wressle. Biscathorpe is one of UJO’s highest ranked projects with gross mean prospective resources of approximately 6.5 million barrels of oil. Union Jack holds a 45% economic interest. Meanwhile, the Wressle-1 well has been brought back into production following the installation of a downhole jet pump and associated surface facilities to optimise flow-rates, which have been recorded in excess of 950 barrels of oil per day since resumption. Union Jack holds a 40% economic interest. Potentially impactful upcoming events are the Keddington and West Newton B-2 drills.
United Oil & Gas (UOG) announced a Jamaica and Egypt update. Regarding the former, the company says it is currently engaged in discussions with a preferred potential partner to participate alongside United in the Walton Morant licence. That expires at the end of January next year and UOG is engaging with the Jamaican authorities to secure an extension to provide sufficient time to progress additional technical work on the block to support the drilling of an exploration well. Egypt unfortunately remains challenging due to the economic situation there and no USD payments have been received since August.
Bowleven (BLVN) announced full year results. The company owns a 25% non-operated interest in the offshore shallow water Etinde permit, where the JV partners are assessing options for a staged development of the discoveries. The operator, New Age, has signed a conditional agreement to sell operatorship and their 37.5% gross stake in Etinde to Perenco SA and completion is awaited. Meanwhile, Bowleven is running out of money and the company's major shareholder has proposed providing equity capital at a very substantial discount to the BVLN share price. It’s an interesting situation and worth keeping an eye on.
Now on to what I’m investing in.