Cabot Energy Plc (LON:CAB) was a standout in this week's small cap market as the Canada focussed junior's ongoing transformation marked by another key milestone.
The company, which recently bought-out its Canadian partner to take 100% of its oilfield assets, revealed that production averaged 827 barrels of oil per day through the first half of January, and output for 2017 averaged 400 bopd.
Thanks to the acquisition, Cabot is now targeting between 1,600 bopd and 2,000 bopd by the end of 2018 - with guidance set at 1,000 bopd to 1,200 bopd on average for the year.
Chief executive Keith Bush highlighted that achieving the targeted 2018 exit rate would be a material achievement that would deliver "significant positive cashflow benefits".
There was some notable deal-making in the sector. Angus Energy Plc (LON:ANGS) has teamed up with UK fracker Cuadrilla for the controversial Balcombe oil field in southern England.
The AIM-quoted company has agreed to acquire a 25% stake in Balcombe, where a new well testing programme is planned "at the earliest opportunity". It is paying ?2mln upfront, plus a further ?2mln upon approval of the transaction by the UK Oil & Gas Authority, and the company will also pay for the test of the horizontal Balcombe-2Z well.
Angus said in a stock market statement that the planned operations will be classed as 'conventional production' and added there'll be no fracking at the Balcombe site.
Paul Vonk, Angus Paul Vonk, said Balcome-2Z would add to the company's knowledge base and understanding of the Kimmeridge play - which is being tested by a number of wells including the Horse Hill project and Broadford Bridge well.
"This transaction complements our existing asset base and aligns with our goal of enhancing shareholder value," Vonk said. "This joint venture is an important milestone as we execute our business plan. Both the new partnership and Cuadrilla's and Lucas' recognition of Angus Energy's ability to manage and execute operations in a safe and efficient manner at Balcombe are gratifying to our entire team."
Elsewhere, Eco Atlantic Oil & Gas Ltd (LON:ECO) was put in the spotlight by research, with a Hannam & Partners note suggesting the explorer could be worth significantly more than the current share price.
Analyst Peter Hitchens said in a note that 2018 could be a pivotal year for the company as its exploration projects in Guyana and Namibia - which are partnered with major oil firms - are advanced towards drilling.
Hitchens highlighted a 'total risked net asset value' for Eco Atlantic of 113p per share, suggesting some 230% upside to the current price of 33.9p.
VSA Capital, meanwhile, wrote up UK onshore oiler Egdon Resources Plc (LON:EDR) with the broker saying there's still a strong case as it pursues planning approval for the Wressle project.
Earlier this month, the UK planning inspectorate rejected Egdon's appeals, which followed an unsuccessful planning application to North Lincolnshire County Council, and, subsequently the company said it would prepare and submit a new planning application for the proposed oil field.
The new application will be made before the expiry of the current planning consent for Wressle (the deadline is April 28), though it also intends to make a new application to extend the current consent period to allow the council sufficient time to consider the new application.
VSA Capital has repeated a 'buy' recommendation with a price target of 48.5p, which compares to Egdon's current share price of 6.86p.
Europa Oil & Gas Plc (LON:EOG),Egdon's partner, in the Wressle field, strengthened its board this week with the addition of Simon Oddie and Brian O'Cathain who are expected to "bring substantial and relevant experience of upstream exploration and production along with first class technical and commercial expertise."
Earlier in the week, SDX Energy Inc (LON:SDX, CVE:SDX) said that it expects to achieve higher production volumes in 2018. The project update comes as the company hosted an analyst visit in Morocco.
Driven by new drilling successes, the company said it will increase gas output volumes in line with new customer tie-ins. It is targeting production between 8mln and 10mln cubic feet per day.
The successful new well programme is set to continue, with SDX following the ONZ-7 well with two development wells and two exploration wells. Additionally, the company is to shoot 240 square kilometres of 3D seismic as part of the Rharb Centre project.
Among the bigger companies, Premier Oil PLC (LON:PMO) on Wednesday told investors that the Catcher field's first lifting of export cargo, some 500,000 barrels of crude, has been carried out ahead of schedule.
The oil was sold at a premium to the Brent price, the company added, and a second cargo (due in the third week of February) has also been sold at a premium price.
On Tuesday, fellow Catcher stakeholder Cairn Energy PLC (LON:CNE) said its full year net production for 2018 is estimated to be 17,000 to 20,000 barrels of oil per day (bopd), with plateau production from the Catcher and Kraken UK North Sea fields to be achieved by mid-year.
Both the Kraken and Catcher developments delivered first oil production in 2017 - Cairn has a 20% working interest in Catcher and a 29.5% working interest in Kraken.
BP PLC (LON:BP.) and Kosmos Energy Ltd (LON:KOS, NYSE:KOS), meanwhile, advanced an earlier stage venture - securing new exploration areas offshore West Africa. Together they were awarded two blocks in Sao Tome and Principe's exclusive economic zone (EEZ), where Kosmos already has acreage and is expected to drill next year.