The explorer, meanwhile, added that talks are continuing in regards the Yukon acreage to optimise the monetisation strategy and permitting continues. The plan is to bring this project area to a farm-out also. 88 Energy noted that it ended the quarter with A$4.68mln of cash and equivalents.
Europa Oil & Gas Holdings PLC (LON:EOG) has been granted a one-year extension to the initial phase of the Inezgane exploration permit, offshore Morocco.
The extension makes up for the time lost on the project due to the coronavirus (COVID-19) pandemic and allows sufficient time for the company to complete its technical work programme. This work sees the company derisking 30 prospects and leads, estimated to host some 10bn barrels of unrisked oil resources.
Europa owns a 75% stake in the project which spans some 11,228 square kilometres.
ADM Energy PLC (LON:ADME) revealed on Tuesday that it has teamed up with a Dubai-based investment vehicle to source and develop upstream oil and gas field investment opportunities jointly in Sub-Saharan Africa.
Under the terms of the cooperation agreement, privately-owned Dubai Bridge Investments (DBI) will be responsible for providing or sourcing funding for any agreed projects that ADM finds. Projects for investment or acquisition that are approved are likely to be incorporated into new joint ventures, subject to a separate agreement each time.
The following day, ADM Energy updated investors on Superdielectrics Ltd, which it deems a ‘legacy investment’, though the firm has just closed a funding round that results in a significant mark-up on the group’s initial investment. Superdielectrics owns a patent on what ADM describes as a highly disruptive technology with “the potential to help solve the world’s renewable energy storage problem.”
The technology company raised £13mln, pricing new shares at £4.50 each. ADM holds some 195,000 which were bought in 2017 and 2018 at an average cost per share of £1.025. ADM’s shareholding was valued by the latest funding round at £877,500, versus a total of £199,875 spent to buy the shares.
Zephyr Energy PLC (LON:ZPHR) revealed that it is counting down to spudding of the US government-funded State 16-2 well in Utah, with the programme slated to start before the end of 2020.
The company is working with a project team led by University of Utah’s Energy & Geoscience Institute (EGI), as previously announced, and, the project is sponsored by the US Department of Energy (DOE) and its National Energy Technology Laboratory.
It means that the first US$2mln of well spending is funded via a DOE grant, and up to US$1mln of incremental funding will be covered by Zephyr – using funds raised in its recent oversubscribed placing.
US Oil & Gas PLC (USOP) said it believes that well drilling in the fourth quarter of 2020 remains a reasonable expectation, and it has finalised plans for the programme as it awaits regulatory approval.
The company plans to drill the Eblana-9 well, at Railroad Valley in Nevada, as a straight hole with no deviation, down to a target depth of 5,300 feet. It also aims to test three potential producer zones of interest. Once drilled, it is the company’s intention to carry out a drill stem test to determine if the well is likely to produce at commercial rates.
Bahamas Petroleum Company PLC (LON:BPC) updated investors regarding its £10mln convertible loan note financing, announced earlier this month, as the deadline to satisfy all lending conditions is extended to December 15, 2020.
The explorer, which has these funds earmarked to support a drill programme, said that the revised timetable of the financing continues to be reflective of the current plan and schedule for the Perseverance-1 well.
And Valeura Energy Inc (LON:VLE) agreed a deal to sell its shallow conventional gas business in Turkey for US$15.5mln in cash.
It will also receive US$2.5mln in future royalty payments. The company noted that the sale will boost its already strong cash position, which at the end of September stood at US$31mln.
