Latest Oil And Gas Exploration And Production News

Galilee Energy has raised A$3.5 million to fund a sidetrack drilling program at Zydeco-1, targeting 13.7 Bcf of gas and 610,000 barrels of condensate in Louisiana, while selling its Glenaras Gas Project to sharpen focus on US growth.

Karoon Energy's Who Dat East Joint Venture has given the green light to develop the Who Dat East field in the Gulf of America, aiming for production start in the second half of 2028 with attractive economics.

Australian Oil Co has lifted production at its Emu Apple-1 well to 15–20 barrels of dry oil per day post-acid wash, while advancing infrastructure upgrades at Riverslea and preparing Major Gas Field for near-term output.

Red Sky Energy reports progress on its Innamincka Dome drilling campaign, with civil works nearing completion for Yarrow wells and access approvals secured for the Willowie 2 appraisal well. Spud dates are set for late August and mid-October 2026, respectively.

Horizon Oil's 2026 reserves statement reveals a 51% jump in net 2P reserves to 13.6 million barrels of oil equivalent, driven by strategic acquisitions and record production.

Cue Energy Resources trimmed its 2P reserves by 9% to 4.5 million barrels of oil equivalent as of June 2026, driven by production and downward revisions across key assets. The company flagged a $3-$5 million non-cash impairment tied to Maari and Sampang fields amid a strategic exit from the Sampang PSC.

Beach Energy (ASX:BPT) reported a 742% jump in net profit to $281 million for FY26 despite a 9% revenue decline, driven by Waitsia Gas Plant reaching full capacity and stringent cost control. The company declared a fully franked final dividend of 2 cents per share.

Echelon Resources has finalised its divestment of Cue Energy shares, boosting cash and cutting debt, while progressing key drilling and gas supply agreements.

Jade Gas Holdings has secured regulatory approvals for Mongolia’s first coal bed methane reserves, completed a A$12 million capital raise, and signed a non-binding A$1.1 billion collaboration agreement to fund initial development of its Red Lake gasfield.

Equus Energy has completed a critical Pre-FEED study for its Equus Gas Project, confirming two cost-effective development pathways and initiating commercial partnerships. The company also strengthened its board and maintains a solid cash position heading into FEED.

Elixir Energy has advanced its Queensland Taroom Trough gas projects with successful stimulation and flow testing at Lorelle-3H, a new contingent resource booking at ATP2057, and a pipeline feasibility agreement with APA Group.

Finder Energy has secured key regulatory approval for its KTJ Project in Timor-Leste and raised $27 million to advance development, positioning for a Final Investment Decision in Q3 2026.