WTI (June) $60.42 -$1.63, Brent (June) $64.25 -$1.61, Diff -$3.83 +2c
USNG (June) $3.39 +6c, UKNG (June)* 76.48p +0.48p, TTF (June)* €31.475 +€0.095
*Denotes May contract expiry

Oil price

Oil fell somewhat yesterday, partly due to poor US consumer confidence data, partly ahead of Opec+ on Monday and partly as the API stats showed a build of 3.76m barrels of crude although yet again the products tightened with big draws in gasoline and distillates.

Zephyr Energy

Zephyr has announced that the ongoing production test on the State 36-2 LNW-CC-R well, at its project in the Paradox Basin, Utah, U.S., is expected to conclude in the coming days with initial test results available shortly thereafter.

While the commencement of the test was slightly delayed due to minor operational and equipment availability issues, testing operations are currently progressing as planned and the Company looks forward to providing further updates in the coming days.

Production test in progress at the well

Zephyr is nearly finished the testing process at the Paradox basin and we will know the results before long. A holding announcement I suspect down to the slight delay as there have been minor technical issues.

Corcel

Corcel has announced the award of an Environmental Impact Assessment Contract at its operated Block KON-16, onshore Angola.

This contract award represents a significant milestone in the development of the KON-16 block, which forms part of Corcel’s strategy to develop sustainable natural resource projects. The EIA will evaluate the potential environmental and social impacts of planned 2D seismic acquisition activities and will establish appropriate mitigation measures in line with Angolan regulations and international best practices.  The conclusion of the EIA will allow for the acquisition of new 2D seismic lines across the KON-16 block which will ultimately lead to a decision on the location for the first exploration well being drilled on KON-16.

The EIA contract has been awarded to Eco-Eficiência Lda., a leading environmental consultancy with extensive experience in conducting impact assessments for resource projects in Africa. The assessment is expected to commence immediately with completion anticipated by July 2025.

On receipt of the EIA, and the relevant ministerial approvals, the Company will then be able to commence 2D seismic acquisition operations following completion of a seismic acquisition tender process. Technical and operational work is ongoing to finalise the locations of a seismic acquisition campaign and to optimally design suitable acquisition parameters for the project.

Richard Lane, Chief Operating Officer commented: 
“The award of this EIA contract represents an important step forward in our development plans for KON-16. We are committed to ensuring all our operations meet the highest environmental standards, and this comprehensive assessment will help guide our responsible development of the block. This milestone keeps us on track with our planned timeline for the project and demonstrates our commitment to sustainable development in Angola.”

An important step for Corcel as they move ahead on to develop KON-16, a block I consider to be most exciting. 

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