Latest Oil And Gas News

Forte Energy has bought nine more months to secure funding for the required Idris Prospect well after regulators suspended work-program conditions on WA-424-P. The extension preserves the permit, but drilling finance and the prospect’s technical credentials remain unresolved.

Bass Oil has returned to profit for the first half of 2026, with EBITDA rising 80% and cash reserves strengthening while the company remains debt-free. The result comes as it moves towards first gas from Vanessa, advances the Kiwi project and prepares to tie in the stronger-than-expected Bunian 6 well.

Otto Energy’s attempt to sell its Gulf of America assets as a package has produced no actionable transaction, with GC 21’s decommissioning liabilities emerging as the central obstacle. The company will now pursue a separate sale of SM 71 while weighing other ways to manage GC 21.

H3 Energy says four prospective partners have completed initial evaluations of its Warro gas project and been invited to submit commercial proposals. At Alinya, multiple global energy companies have signed confidentiality agreements and entered the data room, but no binding farm-out deal has yet been secured.

Red Sky Energy has started drilling Yarrow 5 in South Australia, the second well in a three-well development program operated by Santos. The well is expected to reach 2,775 metres by 14 September, with a further re-entry planned before first gas from Yarrow North 1 is targeted for early 2027.

Australian Oil Co says Emu Apple-1 is producing 10-20 barrels of oil a day after intervention with no water cut observed so far. Stronger oil prices are prompting assessments of further well restarts, while Californian gas output and the Major-4 offtake plan advance in parallel.

Conrad Asia Energy has completed the sale of a 75% non-operated interest in the Duyung PSC, triggering a US$4 million payment from PT Nations Natuna Barat. The company says the transaction leaves it with a 22.875% operated interest and fully funds the US$320 million Mako gas development.

Amplitude Energy has approved completion of its Juliet-1 exploration well after preliminary testing indicated at least 49 metres of net pay, strong reservoir quality and estimated carbon dioxide below 2 mol%. The well is ahead of schedule and budget, but flow rates, gas composition and recoverable resource estimates remain outstanding.

Elixir Energy has confirmed it is in an exclusive due diligence and negotiation process with Beach Energy over a potential strategic farm-in to its Taroom Trough portfolio. The process runs until 1 October, but no transaction has been agreed or assured.

Echelon Resources delivered a sharp FY26 earnings increase after selling its Cue Energy stake, repaying debt and simplifying its portfolio. The headline profit includes a substantial disposal gain, leaving Palm Valley drilling and Amadeus Basin production to demonstrate the next phase of value creation.

Red Sky Energy will seek to turn a suspended 2008 exploration well into a new gas production point in South Australia, targeting 0.52 Bcf of gross incremental raw gas. The proposed work carries an estimated A$0.60 million net cost for Red Sky, but still requires joint venture approval and confirmation of the well’s downhole condition.

Bass Oil has confirmed oil in the previously unproduced M sand at its Bunian 6 well in Indonesia, with a short cleanup flow reaching approximately 2,400 barrels per day without water. The completed well is expected to lift field production from 250 to at least 750 barrels per day, subject to testing and tie-in work.