Orcadian Energy plc has been awarded two central North Sea licences, each in separate partnerships, in the 33rd licensing round. STRATEGY The mid-North Sea High licence contains shallow gas prospects and leads with up to 336bcf of gross prospective recoverable resource on a P50 basis, estimated by Orcadian as a guide. The two largest prospects of […]
Tag: North Sea
Deltic marks rise in estimated Pensacola oil and gas
Deltic Energy plc said the estimated oil and gas resources have nearly doubled for the joint venture (JV) Pensacola discovery on licence P2252 in the UK North Sea. ANALYSIS The company’s post-well analysis now estimates the structure to contain gross P50 initially in place volumes of gas and oil of 342 million barrels of oil […]
Harbour on course to cut 350 UK positions
Harbour Energy plc today said it had started to review its activities in the United Kingdom and is on course to cut some 350 onshore jobs. TAX The review, due to complete during H2 2023, is forecast to save the company $50 million annually from 2024. In its Q1 2023 unaudited trading and operations report, […]
Reabold CPR bolsters farm-out plans for licences
Reabold Resources plc said its aim to farm-out its North Sea assets has been bolstered by a new competent person’s report (CPR). POTENTIAL RPS Group’s report covers licences P2464, P2504 and P2605, in which Reabold has a 100% working interest, and licence P2478 containing the Dunrobin complex (36%). Reabold acquired the licences in May 2022 […]
Hurricane Q1 revenues reach $39.3m
Hurricane Energy plc recorded revenues of $39.3 million for the first quarter of 2023 from its operations on the Lancaster field, west of Shetland in the North Sea. OPERATIONS The company’s unaudited trading report shows production of 0.66 MMbbls with an average of 7,311 bopd, and oil sales of 0.5 MMbbls from one cargo. At […]
Harbour to cut UK investment and jobs
Harbour Energy plc said that increased UK tax rates on oil and gas had prompted it to reduce its future activity and investment in the country, including job cuts, and plan more international growth. EXPENDITURE In the company’s unaudited trading and operations report for the year ended 31 December 2022, chief executive Linda Cook added […]