WTI (Jan) $70.71 -58c, Brent (Feb) $74.31 -18c, Diff -$3.60 +40c
USNG (Jan) $3.22 -6c, UKNG (Jan) 101.05p +1.51p, TTF (Jan) €40.205 +€0.44

Oil price

Oil has fallen today as thoughts of a ceasefire in the Middle East ring around the area ahead of Christmas. With indifferent news from China and Reuters throwing cold water on GDP growth potential by saying that nothing much can happen until political decisions are made in March investors withdrew ahead of tomorrows Fed decision on rates…

Arrow Exploration

Arrow has announced that it has reached target depth on the Alberta Llanos-1 (“AB-1”) well on the Tapir Block in the Llanos Basin of Colombia using the contracted Petroworks rig.

AB-1 Well

The AB-1 exploration well was successfully spud on November 30th, 2024 and reached target depth on December 13, 2024. The well targeted a large, three-way fault-bounded structure with multiple high-quality reservoir objectives. The well was drilled to a measured depth of 9,960 feet (8,846 feet True Vertical Depth).  

According to initial log interpretation, the well encountered four main hydrocarbon bearing reservoirs with a total true vertical depth value of 121 feet, including the C7, Gacheta, Guadalupe, and Ubaque, and intends to start production testing shortly. 

Marshall Abbott, CEO of Arrow commented,
“We’re extremely pleased with the log results on the exploration well at the Alberta Llanos prospect on the Tapir Block.” 

“The success of this well could result in additional production, additional reserves and a new core area for Arrow with additional follow up development wells.”

“At this time, the Ubaque and Guadalupe reservoirs indicate significant potential for horizontal well exploitation.  The next steps are to put the well on production.  Once AB-1 is on production, the rig will immediately move to drill AB-2 to further evaluate this discovery.”

“We look forward to updating stakeholders with the near-term completion news at AB-1 and further updates as we continue our extensive work program in Colombia.”

This is yet another success for Arrow, all one could wish for, another core area and a great deal of potential once this and the AB-2 are completed. With a huge programme across its amazing portfolio and increasingly on a horizontal basis, the outlook for the company is simply extraordinary, worthy of any investors scrutiny and will be amply rewarded.

Diversified Energy Company

Diversified Energy Company PLC (LSE: DEC) announced on August 15, 2024 a dividend in respect of the quarter ended June 30, 2024 in the amount of 29 cents per share (the “Q2 2024 Dividend”.)  The Company will pay the Q2 2024 Dividend on December 27, 2024 to those shareholders on the register on November 29, 2024.  

The Company announces that shareholders who have elected to receive their dividends in GBP sterling will receive an equivalent dividend payment of 22.786 pence per share, based on the December 12, 2024 exchange rate of GBP 0.78573=US $1.00.

As always I reproduce this for the sake of investors records, but also to remind all of what they get in terms of income…

Sintana Energy

As always I note news from Sintana, just for those interested in Namibia of course.

Sintana has announced the entry of QatarEnergy into the Petroleum Exploration License 90 (“PEL 90”) joint venture through its acquisition of a 27.5% working interest in the petroleum exploration license and petroleum agreement associated with Block 2813B operated by Harmattan Energy Limited, an indirect subsidiary of Chevron Corporation (“Chevron Harmattan”). Upon completion of the acquisition the license owners will be 52.5% Chevron Harmattan as operator, 27.5% QatarEnergy, 10% National Petroleum Corporation of Namibia (“NAMCOR”) and 10% Trago Energy, a wholly owned subsidiary of Custos Energy (Pty) Ltd. (“Custos”). Sintana maintains a 49% indirect interest in Custos.

Located approximately 200 kilometers offshore in Namibia’s Orange Basin and approximately 70 kilometers north of TotalEnergies’ Venus discovery, in which QatarEnergy is as well increasing its ownership, Block 2813B’s license covers an area of 5,433 kilometers in a water depth of 2,400 to 3,300 meters.

Earlier this year, the PEL 90 joint venture contracted Northern Ocean’s semisubmersible drilling rig Deepsea Bollsta for its inaugural exploration campaign in PEL 90, which lies directly north of TotalEnergies’ Venus and Mangetti discoveries and directly west of Galp’s Mopane find.

The rig is mobilizing to PEL 90 to drill the Kapana-1X well in the second half of December 2024.

“The entry of QatarEnergy into PEL 90 provides further evidence of the quality and potential of our portfolio at the heart of the Orange Basin.” said Robert Bose, Chief Executive Officer of Sintana. “We look forward to the initial drilling campaign on PEL 90 to commence over the next few weeks.” he added.

Original article   l   KeyFacts Energy Industry Directory: Malcy's Blog