Argos Resources (ARG ) shares jump 66.67% to 3.75p following government extension
In two weeks, this stock has doubled in value. Just last week, the oil and gas exploration company focused on the North Falkland Basin informed investors that the Falkland Islands government has extended the second term of its PL001 licence from May 1 to December 31.
The Company also noted that the extension would include no additional work commitments. Today, shares in the exploration firm were trading 66.67% higher at 3.75p in the afternoon.
Empyrean Energy (EME ) shares jump 15.29% to 11.65p as it lifts success rate of well
Today, Empyrean Energy said “excellent progress” has been made at the LH 17-2-1 well at the Jade prospect situated at the group’s 100% owned Block 29/11 permit offshore China, thereby pushing the current estimated geological chance of success to 65%, up from 41%.
To date, Empyrean Energy’s partner China National Offshore Oil Company (CNOOC) has confirmed comparable methane ranges in their oil discovery well LH 23-1-1d that is located 10km Southwest of the Jade prospect and which also had a “gas cloud” feature, it noted.
Based on the latest elevated methane (C1) readings thus far, Empyrean Energy has upgraded its internal Geological Chance of Success (“GCoS”) for the Block’s Jade prospect from 41% to 65% as well as the GCoS for its Topaz prospect from 35% to 47%, respectively.
The objective of the 2021 drilling campaign is to target a world class conventional oil target in the Jade prospect, to which Gaffney Cline & Associates (“GCA”) assigned a GCoS of 32%. The objective of the Jade well is to test for hydrocarbons down to TD of 2860 metres MD.
Arrow Exploration (AXL ) shares rise 15.38% to 15p as it forecasts ‘productive’ well outcome
The Company, which holds a portfolio of Colombian oil assets, said cementing at the Rio Cravo Este-2 well (“RCE-2 well”) on the Tapir Block in the Llanos Basin of Colombia is expected to be completed on 20 April, followed by a thorough production testing program.
Arrow, which told investors that testing is expected to take approximately five days per zone, has successfully drilled to a total depth of 9,674 feet (True Vertical Depth) and penetrated targeted formations at optimal structural elevations since the spudding of the well on 2 April.
“From the data we have, several of the pay zones are attractive and like the RCE-1 well, we believe more than one pay zone will be productive, said Chief Executive, Marshall Abbott.
Arrow said it will continue to provide additional updates on the RCE-2 well “as appropriate.”
JTC (JTC ) shares fell 7.22% to 752p despite upbeat forecasts and ‘buy’ analyst ratings
Shares in fund management service provider have fallen despite issuing a positive trading update in which the company increased its dividend and forecasted a positive outlook.
The stock also had its “buy” rating restated by analysts at Berenberg and Shore Capital.
JTC said pre tax profit had more than doubled for 2021 to £27.8m, up from £11.2m in 2020. While revenue rose 28% to £147.5m, EBITDA fell 34% to £26.6m. As a result, the board has declared a dividend of 7.67 pence, up from the 6.75 pence declared for the previous year.