Latest Oil Exploration News

The week was split between big earnings reactions and small-cap rocks-and-rigs rallies. Pro Medicus sank despite record numbers, while a handful of explorers jumped on fresh discoveries and policy wins.

Explorers led the Materials tape as fresh drill stories and new ground deals pulled buyers into small caps. Big miners still delivered, but the loudest moves came from companies offering investors a near-term catalyst.

Condor Energy has unveiled a significant upgrade to its offshore Peru portfolio with the addition of the Raya West prospect, pushing the Greater Raya area’s prospective oil resources beyond 900 million barrels. This milestone enhances Condor’s position as a major player in the Tumbes Basin exploration landscape.

Lion Energy has locked in funding for its Bula Karang-1 well in Indonesia’s East Seram PSC, with drilling set for mid-2026. Meanwhile, the company is holding back on its green hydrogen project pending government grants.

Beach Energy’s Q2 FY26 report reveals a 9% production decline amid Otway Basin slowdowns, offset by flood recovery and the Waitsia Gas Plant ramp-up, with sales revenue down 17% to $445 million.

Lion Energy has struck a pivotal farm-out deal with OPIC, securing 88% funding for its 2026 Bula Karang exploration well in Indonesia’s East Seram PSC, significantly reducing its financial exposure while retaining substantial upside.

Pancontinental Energy NL has revealed significant progress in its Namibian Orange Basin exploration, spotlighting a massive 5 billion barrel oil prospect in PEL 87 and advancing farmout efforts to fund upcoming drilling.

Red Sky Energy has completed drilling the Killanoola-2 well in South Australia, confirming hydrocarbons but facing low permeability challenges. The well is now suspended, with plans for future completion and stimulation to unlock production potential.

Carnarvon Energy has made a significant A$86 million investment in Strike Energy, becoming its largest shareholder and gaining exposure to Western Australia’s growing gas market, while deferring Bedout drilling to early 2027 due to rig shortages.

Elixir Energy has commenced drilling the Diona-1 conventional gas-oil exploration well in Queensland’s Surat-Bowen Basin, aiming to unlock new production potential and secure long-term asset retention.

Invictus Energy has extended its Exclusive Prospecting Orders in Zimbabwe’s Cabora Bassa Basin for another three years, setting the stage for a high-impact exploration campaign including the Musuma-1 well targeting substantial gas and condensate resources.

Po Valley Energy reports steady gas production from its Podere Maiar-1 field and progresses permitting for new wells in Italy, supported by robust cash reserves and ongoing stakeholder engagement.