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Proactive Oil Highlights: Chariot Oil & Gas, Eco (Atlantic), Solo Oil, Mosman Oil & Gas ...

This week saw a UK gas shortage, new discoveries, and share placings
Offshore Oil Rig
Dramatic weather in the UK provided ammunition for proponents of the shale gas industry

Chariot Oil & Gas Limited (LON:CHAR) was one of the big features in the oil & gas sector this week after it raised US$15mln via a placing at 13p a share to test Prospect S, offshore Namibia.

This new prospect is in addition to its 10%-owned Rabat Deep exploration well, offshore Morocco, which will be drilled later this year by Eni.

In another financing move, Solo Oil PLC (LON:SOLO) launched a £2mln share placing and revealed it would acquire an additional stake in the Horse Hill oil project in southern England.

The company agreed a deal with Primorus Investments PLC (LON:PRIM) to acquire a 5% stake in the HHDL vehicle which owns 65% of Horse Hill. The transaction increased Solo’s holding in HHDL to 15%, giving the company an effective 9.75% interest in the underlying oil project.

Speculative interest in Eco Atlantic Oil & Gas Ltd (LON:ECO, CVE:EOG) was piqued this week by news of yet another new Exxon discovery in the waters offshore Guyana.

Exxon’s new Pacora-1 well, which was the latest to strike black-gold, is the closest of the US oil major’s discoveries to Eco’s Orinduik block.

Mosman Oil And Gas Ltd (LON:MSMN) shares advanced after the company confirmed it was exercising its right to buy into the Arkoma oil project in Oklahoma.

Through a series of deals and amendments the company ends up with a 27% stake in the project - it started with 10%, the option exercise gave it 30%, a separate agreement saw it assign 15% to partner Blackstone, and in compensation for its recent project spending Mosman received another 2%.

SDX Energy Inc (LON:SDX, CVE:SDX) told investors that it has begun drilling operations for the SAH-2 development well on the Sebou permit, onshore Morocco.

The company said that the SAH-2 well is expected to take between 15 and 20 days to drill.

Cabot Energy PLC’s (LON:CAB) soon to be acquired Civita gas field in Italy has been affected by temporary operational problems.

In June 2017, the company agreed a deal with Rockhopper Exploration Plc (LON:RKH) which sees it acquire a portfolio of Italian assets including Civita but on Monday, Rockhopper revealed that production at the field had been suspended due to pipeline problems.

G3 Exploration Ltd (LON:G3E) - previously known as Green Dragon Gas - revealed this week it has drilled 45 coal bed methane (CBM) production wells at GGZ in China and in doing so de-risked 30bn cubic feet of gas which were valued at US$300mln.

"The GGZ Block has progressed from exploration into development and is an exciting proposition as it contains multiple prospective coal seams,” said Randeep Grewal, chairman and chief executive.

United Oil & Gas Plc (LON:UOG) told investors on Friday that it had completed the farm-in and transfer of a 20% stake in the Walton-Morant Licence offshore Jamaica.

The junior oil firm is now the minority partner in the Tullow Oil-operated project, where a new 3D seismic exploration programme is due to start in March.

In more general events, dramatic weather hitting the United Kingdom provided ammunition for the proponents of the embryonic shale gas industry.

After more than 24 hours of snow and freezing conditions, with most of the country’s kids staying home from school, National Grid PLC (LON:NG.) cautioned on Thursday that it was running low on gas, although on Friday it rescinded that scaremongering.


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