Oil and Gas Exploration

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Pelican Acquisition Corporation (NASDAQ: PELI) Announces Definitive Merger Agreement with Greenland Exploration Limited and March GL Company, with the combined company to be named Greenland Energy Company
Globenewswire· 2025-09-10 12:30
Core Viewpoint - Pelican Acquisition Corporation has signed a definitive Agreement and Plan of Merger with Greenland Exploration Limited and March GL Company, aiming to create Greenland Energy Company, which will focus on hydrocarbon exploration in the Jameson Land Basin in East Greenland [1][4][8] Company Overview - Pelican Acquisition Corporation is a publicly listed special purpose acquisition company (SPAC) that is set to merge with Greenland Exploration and March GL, transitioning to Greenland Energy Company post-merger [1][15] - Greenland Exploration Limited is focused on developing strategic positions in North American energy assets, aiming to deliver long-term shareholder value [12] - March GL Company has entered into an agreement for drilling in the Jameson Land Basin and will fund exploration wells to delineate the energy potential of the area [13] Industry Insights - The Jameson Land Basin has significant hydrocarbon potential, with recoverable resources estimated in the multi-billion-barrel range, although it has remained undrilled due to past corporate and macroeconomic conditions [2][6] - March GL has reprocessed legacy seismic data, identifying over 50 distinct oil and gas targets, which positions the company to accelerate drilling efforts in the basin [3][5] - The Greenland Government has approved the mobilization of heavy equipment for drilling activities, indicating a supportive regulatory environment for resource development [4][5] Transaction Highlights - The merger is expected to close in the fourth quarter of 2025, with an implied valuation of $215 million for up to 70% ownership in the Jameson Land Basin [7][15] - Existing shareholders of Greenland Exploration and March GL will receive a significant number of shares in the new Greenland Energy Company, with Pelican shareholders receiving one share for each share they hold [15] Leadership and Governance - Post-merger, the leadership team will include Larry G. Swets, Jr. as Executive Chairman and Robert Price as CEO, with representatives from all three companies involved [10]
ReconAfrica CEO discusses Kavango West drilling progress – ICYMI
Proactiveinvestors NA· 2025-09-06 15:16
Core Viewpoint - Reconnaissance Energy Africa Ltd is making significant progress in drilling the Kavango West Well in Namibia, with expectations to reach the Otavi reservoir soon, which could have a transformative impact on the company and the region [1][3][4]. Drilling Progress - Drilling commenced in late July and has reached a depth of approximately 1,900 meters, with plans to set the next casing string at around 2,400 meters in the coming weeks [1][3]. - The next casing string at 2,400 meters is crucial as it precedes drilling into the main objective, the Otavi reservoir [3][5]. Significance of the Area - The Damara Fold Belt is identified as a new play in Namibia, with the Kavango West Well being drilled following encouraging results from a previous well [4]. - Estimates suggest the potential for around 340 million barrels of oil un-risked and approximately 30 million barrels risked, indicating a significant opportunity if successful [4]. Data Collection and Analysis - While drilling, the company collects data through cuttings and rock observations, but the main objective is not yet reached, and no significant findings are expected until drilling into the Otavi reservoir [5]. - The Otavi section is expected to be around 1,500 to 1,800 meters thick, presenting a highly prospective drilling opportunity [5]. Communication Strategy - The company plans to provide updates only after reaching total depth to ensure a comprehensive analysis and high certainty in disclosures [6]. - There is considerable industry interest in the well, highlighting its potential impact on the company and the broader sector [7].
Altai Provides Update on Quebec Litigation
Globenewswire· 2025-09-05 22:39
Core Viewpoint - Altai Resources Inc. is facing significant legal challenges and financial burdens due to a claim against the Government of Quebec regarding the expropriation of its oil and gas exploration assets in 2022, leading the company to abandon its legal representation as it deems further pursuit of justice futile [1][5]. Group 1: Legal Proceedings - The company filed a claim in the Superior Court of Quebec in 2022 against the Ministry of Energy and Natural Resources and the Attorney General of Quebec for compensatory damages due to expropriation [1]. - Progress in the legal proceedings has been significantly delayed since the company's case was joined with other similar actions, with no hearing date set for the first phase [2]. - The company proposed advancing certain test cases to streamline the process, but this approach was rejected by the defendants, leading to concerns about escalating legal costs [3]. Group 2: Financial Implications - The company has incurred considerable legal costs and is facing a motion from the defendants seeking security for costs amounting to $250,000, which could further strain its financial resources [4]. - The company believes that the ongoing litigation and the defendants' tactics will continue to impose a crippling financial burden, prompting the decision to abandon legal representation to protect its working capital [5]. Group 3: Company Overview - Altai Resources Inc. is based in Toronto, Ontario, and has an oil property in Alberta along with a Canadian investment portfolio consisting of cash and cash equivalents [6].
ReconAfrica Provides Kavango West 1X Drilling Update
Globenewswire· 2025-09-02 12:00
Core Insights - Reconnaissance Energy Africa Ltd. has provided a drilling update on the Kavango West 1X exploration well, which commenced on July 31, 2025 [1][3] - The drilling operation is progressing efficiently and safely, with expectations to reach total depth by the end of November 2025 [2][3] Drilling Progress - The Kavango West 1X well is currently drilling at a depth of approximately 1,910 meters, with plans to set the final casing string at around 2,400 meters [3] - The drilling plan includes penetrating approximately 1,500 meters of the Otavi reservoir, with a total depth target of 3,800 to 4,250 meters [3] Company Overview - ReconAfrica is engaged in oil and gas exploration in the Damara Fold Belt and Kavango Rift Basin, holding petroleum licenses over approximately 13 million contiguous acres [4] - The company is committed to minimal habitat disturbance and adheres to international environmental and social best practices [4]
TAG Oil Provides Financial Results and Operating Updates for Q2-2025
Newsfile· 2025-08-29 22:53
Financial Performance - As of June 30, 2025, the company reported C$5.3 million in cash and cash equivalents, an increase from C$3.2 million as of March 31, 2025 [2] - Working capital was C$4.9 million, slightly down from C$5.0 million in the previous quarter [2] - The company has no debt [2] Production and Operations - During the quarter ending June 30, 2025, the Badr Oil Field ("BED-1") wells produced an average of 110 barrels of oil per day [2] - Crude oil sales for the same period averaged 91 barrels of oil per day [2] Strategic Initiatives - The company is participating in an open bid for a strategic asset acquisition in Egypt, with the process scheduled to close on September 30, 2025 [3] - TAG Oil is seeking to secure an industry partner to accelerate further drilling at the BED-1 field, with Expressions of Interest from qualified parties due by September 30, 2025 [3] Company Overview - TAG Oil is a Canadian-based international oil and gas exploration company focused on operations and opportunities in the Middle East and North Africa [4]
The Gross Law Firm Reminds Shareholders of a Lead Plaintiff Deadline of September 26, 2025 in Sable Offshore Corp. Lawsuit – SOC
GlobeNewswire News Room· 2025-08-27 20:33
Core Viewpoint - The Gross Law Firm has issued a notice to shareholders of Sable Offshore Corp. regarding a class action lawsuit due to alleged misleading statements made by the company during a specific period [1][4]. Group 1: Class Action Details - The class period for the lawsuit is from May 19, 2025, to June 3, 2025, including transactions related to the company's secondary public offering on May 21, 2025 [3]. - Shareholders are encouraged to register for the class action and can do so without any cost or obligation [5]. Group 2: Allegations Against Sable Offshore Corp. - The complaint alleges that Sable Offshore Corp. falsely claimed to have restarted oil production off the coast of California when it had not, leading to materially false and misleading statements about the company's business and operations [4]. - The lawsuit claims that investors suffered damages when the true details about the company's operations were revealed [4]. Group 3: Next Steps for Shareholders - Shareholders who register will be enrolled in a portfolio monitoring software to receive updates throughout the case [5]. - The deadline for seeking lead plaintiff status is September 26, 2025 [5]. Group 4: Law Firm Background - The Gross Law Firm is a nationally recognized class action law firm dedicated to protecting investors' rights against deceit and fraud [6].
Helium Evolution Announces $8.3 Million Convertible Note to Fund Soda Lake Helium Production Facility and Drilling Campaign
Globenewswire· 2025-08-26 11:00
Core Viewpoint - Helium Evolution Incorporated (HEVI) has secured a strategic financing agreement with ENEOS Xplora Inc. for a convertible note valued at $8.3 million, increasing ENEOS Xplora's total investment in HEVI to $12.8 million, which will support HEVI's operations and growth in the helium sector [1][3]. Financing Details - The proceeds from the convertible note will fund HEVI's 20% working interest in the Soda Lake Facility and support drilling activities in the Mankota area, with operations expected to commence in Q4 2025 [2]. - The financing is set to close on August 29, 2025, and the note is convertible into common shares at a minimum price of $0.205 per share, subject to certain milestones [4][5]. Production and Royalties - HEVI has granted ENEOS USA a gross overriding royalty (GORR) on production from three designated wells tied into the Soda Lake Facility, structured on a sliding scale based on gross sales [6][9]. - The GORR includes 5% of gross sales in the first year, decreasing to 2% thereafter, which aligns with HEVI's production strategy [9]. Strategic Importance - This financing is viewed as a significant step in HEVI's growth trajectory, enhancing its financial foundation and positioning the company as a near-term helium producer [3]. - The Soda Lake Facility is considered a cornerstone project that will provide stable processing capacity and growth opportunities for shareholders [3]. Company Background - Helium Evolution is recognized as holding the largest helium land rights position in North America among publicly traded companies, with over five million acres under permit in southern Saskatchewan [14]. - The company aims to become a leading supplier of sustainably-produced helium to meet the growing global demand [14].
Sinopec deploys 65,000 Sercel land nodes for complex 3D survey in Mexico
Globenewswire· 2025-08-26 05:30
Sinopec deploys 65,000 Sercel land nodes for complex 3D survey in Mexico Paris, France – August 26, 2025 Viridien has announced that its Sensing & Monitoring business line, marketed under the Sercel brand, has sold and successfully delivered a complete land nodal acquisition system to Sinopec, one of the world’s leading energy companies. The system, featuring 65,000 WiNG nodes, is currently being deployed to acquire a 3D seismic survey spanning approximately 3,000 square kilometers in the Tabasco and Veracr ...
Sinopec deploys 65,000 Sercel land nodes for complex 3D survey in Mexico
GlobeNewswire News Room· 2025-08-26 05:30
Sinopec deploys 65,000 Sercel land nodes for complex 3D survey in Mexico Paris, France – August 26, 2025 Viridien has announced that its Sensing & Monitoring business line, marketed under the Sercel brand, has sold and successfully delivered a complete land nodal acquisition system to Sinopec, one of the world’s leading energy companies. The system, featuring 65,000 WiNG nodes, is currently being deployed to acquire a 3D seismic survey spanning approximately 3,000 square kilometers in the Tabasco and Veracr ...
ReconAfrica Announces Second Quarter Filings
Globenewswire· 2025-08-25 22:00
Core Viewpoint - Reconnaissance Energy Africa Ltd. has filed its fiscal second quarter disclosure documents for the period ended June 30, 2025, including unaudited consolidated financial statements and Management's Discussion and Analysis [1] Operational and Corporate Update - The company spud the Kavango West 1X exploration well on July 31, 2025, and drilling is currently on schedule [2][3] - The company expects to penetrate the Otavi reservoir by late October and reach total depth by the end of November 2025, with well results anticipated around year-end [2][3] Financial Update - On June 17, 2025, the company closed a C$19 million equity financing, which was upsized from the originally announced C$10 million offering [7]