Latest Offshore Exploration News

Red Sky Energy reports steady cash flow from Innamincka’s Yarrow 3 well, progresses a key farmin deal at Killanoola, and unveils maiden resource estimates offshore Angola, despite some project delays.

Pilot Energy has issued $600,000 in convertible notes under a previously approved $1.8 million facility with Discovery Investments, correcting a minor contractual reference without altering terms.

Condor Energy has significantly enhanced its exploration prospects offshore Peru through advanced reprocessing of legacy 2D seismic data and a comprehensive geochemical review, boosting confidence in large prospective oil resources.

Winchester Energy has signed a non-binding term sheet with Jaguar Exploration to jointly pursue offshore exploration rights in Peru, while maintaining steady production and implementing cost reductions in its Texas operations.

Bounty Oil and Gas NL reported steady progress in Queensland oil production and development, increasing reserves to 313,000 barrels, while pursuing a Federal Court review of the PEP 11 offshore permit refusal. The company also completed a modest $231,000 entitlement offer to support ongoing exploration and development.

Bounty Oil & Gas, through its joint venture operator Asset Energy, has initiated a judicial review against the refusal to vary and extend the PEP-11 offshore petroleum exploration permit. The legal challenge could reshape the future of this key Sydney Basin asset.

Advent Energy, with BPH Energy as a significant stakeholder, has launched a judicial review against the Federal Government’s refusal to extend the PEP-11 offshore petroleum permit, seeking to overturn the decision and force reconsideration.

Bounty Oil & Gas NL has been notified of the refusal of its Joint Venture Applications for the PEP 11 permit, which remains valid for two months. The company is now considering a legal challenge to this decision.

Karoon Energy has concluded drilling at the Who Dat West exploration well, reaching its target depth but finding no significant hydrocarbons. The joint venture now shifts focus to development options for prior discoveries in the area.