Eco Energy (LON: ECHO) Increasing productivity to use LP: PTAL, FY21 EBITDA policy significantly increases SOA energy (SOA accelerates Ofek-2 with new OEC license. -Be beach Israel
Echo Energy (LON: ECHO) Increasing production to take advantage of strong commodity prices
PETAL (LON: PTAL) Temporary Results, FY21 EBITDA policy significantly increased
SOE Energy (Private) – The SOA is accelerating the OFEC-2 well on the coast of Israel with a new OFC license.
Brent Oil US $ 71.5 / bbl vs US $ 70.1 / bbl yesterday
WTI Oil US $ 67.5 / bbl vs US $ 67.3 / bbl yesterday
Natural gas US $ 4.12 / mmbtu vs US $ 4.01 / mmbtu yesterday
Fuel Price News
With the rise of COVID-19 infections, demand concerns interrupted a three-day meeting, and when production returned to Mexico, oil prices fell today at the beginning of trading.
New outbreaks in the Coronavirus Delta are raising concerns about the strength of the global economy, and are hitting demand for oil and other commodities.
US raw materials fell for the third consecutive week last week, helping to raise prices by about 10% on Wednesday, and overall oil demand has risen sharply since March 2020, according to the Energy Information Administration (IAA).
The fate of the subject was welcome news, but the slowdown in exports and the shortage of jet fuel prevented it from prolonging profits.
Divided stocks containing diesel and jet fuel rose last week to 0.3MMbbl from 0.6MMbbls to 138.46MMbbls, according to EIA data.
Oil stocks rose by 3MMBbbls to August 20 in a Reuters poll for 2.7MMbbl more than one analyst expected.
At 432.6 MBBL. , Raw shares have been low since January 2020
Findings in this week’s prices include a major injury in Mexico that killed at least five workers and left more than 400,000 bopd on Sunday.
Gas Price News
After a slight cooling in late August, climate models are becoming healthier for natural gas prices
After the data collection was so cool, the European 15-day outlook gained 12 days of gas (GWDD) due to tropical changes in the eastern half of the continent.
According to Besopock Climate Services, La Nina’s base is still in good condition, especially in mid-summer due to overheating.
This last week of August seems to be the main driver of change for those days in terms of GWDD.
The price action is pointing to the current low storage levels and the high summer temperatures in the US and Europe
The carbon dioxide emissions in the sector are estimated at 721 to 4.9 billion m2.
By 2020, the sector’s output is down 11%.
As summer approaches, which are usually the hottest months of the year, weather forecasts are once again a driving force for gas markets.
U.S. and European data each saw a difference of less than 2 degrees Celsius (CDD) over the next 15 days
Eco Energy (LON: ECHO) – Increasing production to take advantage of strong commodity prices
Stock price 0.6p, market capital – £ 7.8m
Eco has provided an update on the properties of Santa Cruz Sur on the coast of Argentina.
Following the installation of the pipeline to bring the liquid production line closed in April 2020, the infrastructure has been commissioned and closed wells are coming online.
This will provide enough energy to support the sustainable production of ten related wells following the improvement of the electrical infrastructure designed to support the first phase of production from the Campo Molino and Shorlos oil fields.
These improvements are part of the company’s strategy to take control of critical infrastructure previously leased to contractors.
To date, the Campo Molino oil field has returned to work from four closed wells from the Springfield reservoir.
This first refurbishment will increase the number of active production wells in Santa Cruz Sur to 18.
A.D. As of August 23, 2021, recently refurbished wells have contributed to a 50% increase in total liquid production in Santa Cruz Sur compared to the previous period (281 Bops total, 197 Bops network to Eco – between August 1 – 17) .
This marks an increase in Eco’s total 137 bops, 95 bops to Eco, and work continues to bring the rest of the original closed product line back.
Production rates from the first improved wells indicate that the closure period did not adversely affect storage behavior in the Campo Molino oil field. Prior to the closure, the total production of the 10 wells was approximately 138 bops, 96 bops to Eco, approximately the same level as the first four wells, with improved infrastructure.
At the base of the property in Santa Cruz Sur, daily operations will continue to be offered at a premium summer contract to supply industrial products to customers.
Production between January 1, 2021 and August 23, 2021 reached a total of 381,243boe networks, including 48,211bbls of oil and containers and 1,998MMscf gas.
Our action continues to make strong ecosystems, and increasing liquid production is an important milestone in our vision. By reopening previously closed wells, more produce will be available through the program. Combined with the continued growth in global commodities, the increase in production will have a positive impact on the liquidity of the company.
PETAL (LON: PTAL) Temporary Results, FY21 EBITDA policy significantly increased
Stock price – 15.8p, market capital – 121.8m
Strong interim results from PTAL today confirmed that the company has improved its Q2 2021 production guidelines by 2% and Q1 2021 production by 21% to a limited production volume of 8,839bopd.
This led to a significant increase of $ 32.8m (US $ 53.20 / bbl) from Q2 2021 to Q1 2021 with $ 32.4m (US $ 41.91 / bbl).
PTAL earned net and net earnings of. 36.88 / bbl and US $ 29.7m in Q2 2021 respectively.
The company generated $ 2.4 million in cash flow in Q2 2021 and US $ 11.5m in H1 2021 prior to cash and operating capital adjustments.
PTAL will remain in a strong financial position by building a 5% total over the quarter to $ 79.5 million by the end of January 1, 2021.
Net revenue for the quarter was $ 11.4 million, showing efficient operational structure, attractive capital base and supportive financial contracts.
The company incurred $ 40.6 million in debt insurance in Q2 2021, a 0.41x ratio.
While maintaining US $ 60 / Brent Brent prices, it continues to be at risk of a 44% increase in total corporate fencing for the remaining four months to 2021.
By the time the upgrades are completed in September, the field will be able to actively remove approximately 80,000bwpd and 100,000bwpd.
A good 7D refund is available, approximately 2.5 months after completion.
The current limited product is 8,513bopd (average of the last seven days until August 20, 2021).
Unrestricted production is expected to return in September.
The revised H2 2021 production guidelines were initially due to the impact of the COVID-19 protocol and the delayed drilling program due to delays in drilling wells.
The 2021 average production range now stands at 10,000-11,000bopd (11,000-12,000 bopd).
Since the impact of the BN-10H well will not be covered until the beginning of next year, production from December 2021 has improved by at least 17,000–18,000bopd (18,000–19,000bopd).
The company has updated its 2021 EBITDA guidelines from the current 2021 US $ 90m budget to $ 140-US $ 145m.
In operation, PTAL has now successfully completed the BN-8H after the end of the quarter and is expected to be on time and on budget.
Our Action – A strong set of results announced today by PTAL, highlighting the strength of the company’s position, which has been enhanced by strong commodity prices. The reopening of the Bretta and oil fields, despite the strongest oil prices in the world, has brought about a change in the company’s cash flow. In fact, the revised FY21 EBITDA guideline underscores the $ 140m convincing project economy and current net worth, so we consider the company’s current stock price as an attractive entry point for investors, given the significant development activity planned for the second half. this year. PTAL completed the 3WD well after successfully completing the 3D projection. The company will now start drilling the largest number of horizontal wells (including BN-8H), estimated to be halfway through the 2021 Capital Investment Program.
SOSA Power (Private) – SOSA is accelerating the OFEC-2 well on the coast of Israel’s new OFC license.
The SOA has confirmed that it has drilled the OFEC-2 well on the coast of Israel with a New Ofek license.
SOSA operates as the owner and operator of the license in collaboration with Israel’s largest oil and gas company, Dele Excavation (TAS): DEDR.L.
The OFC-2 side-track well offers low risk, short-term, production prospects and, according to PETEC’s bulk reports, has a capacity of 600Bcf gas and 30 mcg of fuel oil.
Today’s announcement marks the start of two excavation campaigns, followed by Yahel-1 exploration in early 2022.
Yahel Hope has 2.2Tff gas and 180MMbbls of oil capacity.
Our OFC-2 explosion marks the beginning of a viable drilling program for the company. Along with the excavation campaigns, SOA has 21% job demand off the coast of Israel in the promising Shimson Lease, which has added to its potential impact on the exploration assets portfolio.