May 2020 headlines
You can keep up with the news here with our digest of headlines about UK fracking, shale and onshore oil and gas, updated daily.
Two companies suspend production at some sites in response to low oil price
Two UK onshore companies announced today they were temporarily shutting-in some sites to cut production following falling oil and gas prices
“Oil prices to remain low and very volatile”
The former head of BP and the fracking firm Cuadrilla has warned that oil prices will remain low for “some considerable time”.
North west shale write-offs push up losses as IGas focusses on East Midlands
Losses in IGas more than doubled in 2019 to more than £50m as the company turned its back on shale exploration in north west England, annual accounts have revealed.
Egdon’s late life oil fields “unprofitable” at current prices
Egdon Resources has said it is cutting costs because low oil prices following the coronavirus outbreak have hit profitability in its fields.
Europa cuts costs to fund Wressle oil production
Europa Oil & Gas, one of the main investors in oil production plans at Wressle, announced today it had cut salaries and cancelled non-core contracts because of the coronavirus outbreak and oil price falls.
Wressle production will “break even at $17.62/barrel” – operator
Production from the Wressle oil site near Scunthorpe will break even at $17.62 a barrel, the operator, Egdon Resources, has said. In an update, the company’s managing director, Mark Abbott, said: “Our modelling shows that the Wressle development is economically robust at and below the current oil price […]
2019 – disappointing year for many onshore oil and gas investors
Shareholders in most UK onshore oil and gas companies could be forgiven for looking forward to the end of 2019.
Angus raises £3m for new acquisition and Weald operations
Angus Energy announced today it had raised just over £3m in a placing of more than 70 million new shares.
Lidsey oil production flow rates below expectation – Angus statement
Angus Energy has announced initial flow rates of 40 barrels of oil per day at its horizontal production well at Lidsey in West Sussex. Five months ago, Angus predicted a sustained 400 barrels a day at Lidsey (interview with IG Analysis).
DRILL OR DROP? 