Zephyr Energy PLC, 88 Energy Ltd, Union Jack Oil PLC, Genel Energy PLC, Aminex

Zephyr Energy PLC () updated investors on its analysis of the State 16-2 well results which include positive indications of stacked, continuous oil and gas plays. The well, drilled in the Paradox Basin, Utah, USA, penetrated a total of 21 clastic reservoirs within the Paradox formation, and hydrocarbon saturation is indicated across most of them, Zephyr noted.

It added that substantial drilling gas shows were observed across five of the reservoirs including the primary target, Cane Creek. Robust drilling gas shows were observed across a further ten of the reservoirs.

() shares were boosted as field operations for the Merlin exploration well are expected to get underway in Alaska in the next few days. It followed regulatory uncertainty amidst changes to the permitting for oil and gas projects in the United States, following the inauguration of Joe Biden as America’s new president.

Nonetheless, the company in a statement last night said that the Alaska branch of the Bureau of Land Management (BLM) is currently reviewing the company’s permit to drill and the authority has indicated that it is now very close to being complete with only minor outstanding items

On Thursday, () chairman David Bramhill said that, in the company’s opinion, considerable upside remains in the West Newton project in Yorkshire.

The company’s chairman made the comments as the group relayed details from a new technical presentation about the results of the West Newton B-1 and B-1Z appraisal wells. It noted that the presentation gave new significant technical data that is material to the ongoing commercial evaluation of the West Newton project.

() reported on the latest round of crude oil payments from the Kurdistan Regional Government, for sales made in the month of December 2020.

It told investors that the partners in the Tawke fields have received US$43.1mln gross, with Genel’s net share amounting to US$10.5mln. For the Sarta field the gross payment was US$2,9mln, Genel’s share is US$1.4mln.

() is to restructure its board and further cut costs, as it seeks to take advantage of opportunities provided by the recently sealed farm-out deal for the Ruvuma project.

The company said it plans to reduce gross general and administrative costs by 30% this year plus by a further 25%-30% next year. It aims to lower these costs to below £1mln per year, which would equate to a 75% reduction since 2018.

On Wednesday, () said its average production increased by 18% to around 100,000 barrels of oil equivalent per day (boepd) in. 2020, marking a new company record.

The company noted that its ‘Smarter Asset Management’ programme continued to offset natural declines within the portfolio. It also pointed out that operating expenses were marked at US$5.58 per barrel, whilst total cash costs equated to US$6.93 per barrel. A robust hedging portfolio, meanwhile, provides the company with cash flow and dividend stability, the group added.

Looking ahead, DGOC highlighted an improved pricing outlook which it says is a constructive backdrop.

() is a ‘buy’ and could more than double in value, that’s according to an initiation note by stockbroker SP Angel. The small-cap oiler bucked the trend of its peers in 2020 with a year of operational development, highlighted analyst Sam Wahab.

“Against a challenging market backdrop, the company successfully transitioned into a low cost, high margin producer, exiting the year with a transformed production profile,” Wahab said in a note.

Eco Atlantic Oil and Gas Ltd (LON:ECO) said it has launched plans that will see it become a “diversified, growth-oriented energy company”. The firm has set up a new company, Eco Atlantic Renewables, which will seek to source, acquire, and develop exclusive renewable solar energy projects.

The new company is a joint venture with Nepcoe Capital Partners, a UK based renewables investment firm,…