Touchstone Exploration (LSE:TXP) sat at 12.3p on Tuesday morning after launching a £3.8m private placement to support the development of its highly prospective Ortoire block in Trinidad. The raise is directed towards UK-based institutional investors and will see Touchstone issue c.31.7m shares at 12p each. This represents a 4pc discount to the business’s 12.5p closing…
Both Red Emperor Resources (LSE:RMP) and 88 Energy (LSE:88E) were trading down on Monday despite announcing the spudding of a well at their shared prospect on the North Slope of Alaska. Operator 88 Energy revealed that the drilling of the Winx-1 exploration well began on Friday. The well was drilled to 600 feet before the…
Anglo African Oil & Gas (LSE:AAOG) advanced 0.5pc to 9.8p on Monday morning after announcing that it has received some of the funds owed to it by the Congolese national oil company. The business has received an initial $663,000 payment from the Société Nationale des Pétroles du Congo (SNPC). State-backed SNPC owes Anglo African a…
Both Red Emperor Resources (LSE:RMP) and 88 Energy (88E) were trading up on Friday after announcing that the spudding of a well at their shared prospect on the North Slope of Alaska is on schedule. Red Emperor and 88 Energy owns 31.5pc and 36pc positions respectively in the Western Block, where the Winx-1 exploration well…
President Energy (LSE:PPC) sat at 9.1p on Friday morning after revealing a significant increase in the oil and gas reserves present across its assets in Argentina. A new, independent hydrocarbon reserves report found that the firm’s net 1P and 2P reserves in the country’s Neuquén Basin increased over the previous year by 82pc and 41pc…
London’s junior markets remain flooded by companies looking to find the next significant oil or gas resource. But how do they find that oil and get it out of the ground, and, crucially, how did it get there in the first place? Here, we go back-to-basics with a refresher lesson on where petroleum comes from…