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Catching up with recent interesting news, Aminex (AEX) announced that an agreement for the sale of gas from the Ntorya location has been signed by the company's subsidiary, together with the operator, ARA Petroleum Tanzania and the Tanzania Petroleum Development Corporation. The initial contract quantity is 40 million cubic feet of gas per day. Aminex now anticipates early issue of the development licence which will allow the award of a rig contract and enable the drilling of Chikumbi-1 and the workover of Ntorya-1. The testing of Ntorya-2 is now scheduled for mid-year using an in-country mobile test unit. Construction of the pipeline has been delayed and the Tanzanian authorities now expect it to be completed by the end of 2024. AEX owns a 25% non-operated carried interest.
Molecular Energies (MEN) announced a corporate and business update. Tapir x-1, the Paraguay exploration well, has been successfully spudded. Molecular has a 50% interest, with the state energy company of Taiwan being the other 50% holder. Target depth is approximately 3,800 metres with an estimated drilling time of 45 days. If successful, the well would unlock a complex of adjacent prospects estimated by the company to hold over 260 million barrels of oil of Pmean unrisked resources. Other news was that first monies have been received to the UK from the former Argentine business and the Green House Capital IPO continues to progress towards admission to trading on AIM.
Longboat Energy (LBE) announced the award of a new licence under the Norwegian 2023 APA Licensing Round to its Norwegian joint venture, Longboat JAPEX, together with partners Equinor (operator) and DNO. The licence is in an area in which Longboat has built a significant presence since 2021, including the Kveikje discovery, the Kjøttkake/Lotus exploration well, which is expected to spud in Q3 2024, and the Jasmine and Sjøkreps prospects, which were recently subject to a successful farm-down by Longboat JAPEX to Concedo. In addition to its Norwegian interests, Longboat also holds an operated 52.5% interest in Block 2A, offshore Sarawak, Malaysia, with multiple TCF potential.
Arrow Exploration (AXL) announced an operations update. The rig has arrived at the Carrizales Norte field and is currently being erected. Arrow expects the CN-4 well, targeting the Ubaque formation, will spud in the latter half of January. CN-4 will be followed by CN-5, which is expected to spud in February. Following CN-5, the rig will remain and continue development of the field targeting the C7 formation. At Mateguafa Attic, the plan is for the first well to spud in late Q1 or early Q2 using an additional rig. The company expects the Baquiano prospect to be drilled later in 2024. Arrow exited 2023 with a production rate exceeding 3,200 barrels of oil equivalent per day net and the 2024 work program includes 15 wells and a US$45 million net capital budget, which will be financed by current cash reserves and operating cash flow. Average production rates more than doubled over the year and the company believes it is capable of similar production growth in 2024.
On to the company of most interest.