Latest Oil And Gas News

Omega Oil and Gas Limited has successfully completed drilling and testing of its Canyon-1H horizontal well, revealing encouraging reservoir conditions that set the stage for upcoming fracture stimulation and flowback testing.

Carnarvon Energy reports a robust cash balance of A$187 million amid delays in the Dorado project development following Santos' decision to pause FPSO acquisition. The renewal of Bedout Basin exploration permits offers a pathway to future drilling in 2026.

Australian Oil Company Limited has secured an increased consideration in its Red Earth Assets divestment, receiving A$660,000 upfront while deferring A$540,000 to March 2025.

Sagalio Energy reported stable production of 510 tons of oil and sales revenue of nearly US$124,000 for the December 2024 quarter, navigating slight price volatility while expanding output modestly.

Key Petroleum Limited progresses Potential Commercial Area applications for ATPs 920 and 924 in Queensland’s Cooper Eromanga Basin, supported by a recent capital raise despite a constrained cash balance.

FAR Limited reports robust production from Senegal’s Sangomar field and a solid cash position, while anticipating a contingent payment from Woodside Energy that could reach US$55 million.

IPB Petroleum has appointed a new chairman and is intensifying efforts to secure funding for drilling its key Browse Basin assets, while maintaining a strong cash position and exploring new project opportunities.

Santos delivered a robust Q4 2024 with over US$1.4 billion in sales revenue and strong free cash flow, while progressing key LNG projects and expanding its decarbonisation initiatives.

Buru Energy is progressing steadily on its Rafael Project, aiming for commercial agreements in early 2025 and production by late 2027, while implementing significant cost reductions to sharpen its financial position.

Carnarvon Energy and its partners have deferred key milestones in the Dorado Phase 1 liquids development, pushing back the Final Investment Decision and FPSO purchase. Despite the delay, the Joint Venture remains confident and plans further exploration drilling in 2026.

Horizon Oil has successfully completed the WM29 well and commenced drilling WM30 in the Mereenie Development Program, aiming to boost gas production and meet new Northern Territory gas sales commitments.

Helios Energy has engaged Houston-based W.D. Von Gonten Engineering to apply advanced geological and engineering expertise to its flagship Presidio Project in West Texas, signalling a strategic push to unlock its full potential.