Latest Oil And Gas Exploration News

Empire Energy Group Limited reported a significant cash outflow of $14.2 million in the December 2024 quarter, driven by exploration and evaluation activities, yet maintains a strong liquidity position with nearly $54 million in available funding.

Sagalio Energy Limited reported a net cash outflow of USD 79,000 in Q4 2024, ending the quarter with only USD 42,000 in cash and limited financing facilities. The company’s funding runway now stands at just over two quarters, raising questions about its near-term financial strategy.

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.

Invictus Energy has completed a key legal review and secured $12 million in funding, setting the stage for expanded drilling and development in Zimbabwe's Cabora Bassa Basin.

Whitebark Energy moves forward with its bid to acquire King Energy, initiating advanced remote sensing studies to pinpoint hydrogen, helium, and hydrocarbon emissions in South Australia's Officer Basin. These efforts set the stage for targeted geochemical surveys and seismic exploration in 2025.

Melbana Energy reports steady progress on its Cuban Block 9 project, including an imminent workover of Alameda-2 and upcoming drilling of Amistad-2, supported by a solid cash position of $9.7 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.

Condor Energy Ltd has raised A$3 million through a well-supported placement to advance its exploration and commercialisation efforts in the Tumbes Basin offshore Peru, focusing on the promising Piedra Redonda gas discovery.

88 Energy Limited reports solid progress in its Alaskan oil projects with key joint venture partner Burgundy reaffirming commitment, alongside strategic acreage expansion and operational cost reductions.

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.

Condor Energy announces a substantial 147% increase in contingent gas resources at its Piedra Redonda offshore field in Peru, now estimated at 1 trillion cubic feet (2C). This upgrade positions Piedra Redonda as one of South America's largest undeveloped gas discoveries, expanding commercial and exploration prospects.

Echelon Resources has agreed to acquire full ownership and operatorship of the EP145 exploration permit in the Northern Territory’s Amadeus Basin, aiming to unlock a discovered gas resource with modern technology.