Falcon Oil & Gas Ltd (LON:FOG, CVE:FO) was the standout stock of the week thanks to a long awaited clearance for the group's Australian shale venture.
It is now clear to get to work with its major shale discovery after the regional government lifted its moratorium on hydraulic fracturing.
The long awaited good news allows the junior oil and gas firm to end its 15-month hiatus and get back to work with its 6.6 trillion cubic feet (TCF) gas project - a five well programme could be underway in 2019.
The lifting of the moratorium followed a scientific review which recently concluded that the risk associated with the controversial well treatment could be managed.
The busy driller unveiled a new, bigger than expected new gas discovery on Friday.
The LNB-1 exploration well, in the Lalla Mimouna permit onshore Morocco, encountered gas bearing horizons in a significantly over-pressured section - mudlog data indicated elevated gas readings of more than 20%, and above 50% in multiple sections - though further logging could not be undertaken by conventional methods.
Additionally, the company said gas shows in this section contained heavier hydrocarbon components throughout which is indicative of a thermogenic hydrocarbon source rock, and these types of shows have not been seen to date in other parts of the basin. This, according to SDX, indicates that a new petroleum system has been encountered in this area.
An in-house estimate sees the new discovery area containing some 10.2bn cubic feet of conventional natural gas and 55,000 barrels of condensate - which, it says, is significantly larger than the traps typically encountered in the Sebou area.
It also uncovered a separate gas discovery that's similar to the company's other recent finds at the Sebou permit.
On Wednesday, Echo said it exported its first cargo of oil produced at the Fraccion C and Fraccion D projects on 14 April 2018.
The AIM-listed oil and gas company said its share of oil production in the first quarter of 2018 from the two sites was around 25,000 barrels, with a final realised sale price based on the average Brent crude price (currently US$71.6 per barrel) for the 5 days following cargo loading with a US$6 discount per barrel.
The group added that it had sold all its sales gas produced in the first quarter, totalling a net of 245.1mln standard cubic feet, to the Argentinian market for an average price of US$4.21 per million British thermal units (mmbtu).
Echo estimated that net sales receipts for the first quarter before royalty, tax and operating expenses will be around US$2.7mln.
The Nigeria focussed oil firm told investors it has restarted drilling at the Opuama-9 well, while also providing a reserves update for the whole Opuama field and releasing a financial results statement.
At Opuama-9, the company has remedied a problem with the rig's engines by bringing in back-ups and the well is again progressing. The company now expects to reach target depth of 9,000 feet by the end of April.
The well is expected to deliver between 4,000 and 6,000 barrels of oil production per day, giving Eland's Elcrest subsidiary 1,800 to 2,700 bopd of additional net production. "It is encouraging to see progress on the Opuama-9 well following the mechanical issues experienced with the engines on the rig," said George Maxwell, Eland chief executive.
The explorer has raised ?2.5mln of new capital to support exploration activities in UK and offshore Jamaica. It has earmarked ?1mln for its share of drilling costs for the Colter exploration well, off England's south coast and ?1.1mln will go to the 3D seismic work that's being advanced by operator Tullow Oil in Jamaica.
Together with around ?1.2mln of existing cash resources, the remainder of the new funds will be used as general working capital, the company said.
"We are extremely pleased to continue the progress on our portfolio and with this round of funding complete, we will be in a position to meet our development objectives across our asset base in Italy, Jamaica and the United Kingdom," said Brian Larkin, chief executive.
The currently unlisted explorer confirmed the start of drilling at the Hot Creek Valley project in Nevada, where the new Eblana well aims to follow up a previously encountered oil discovery.
The Eblana-3 well is described as an appraisal well. It is positioned 'updip' and around 1.2 kilometres from the Eblana-1 discovery well.
It is designed to "investigate reservoir and hydrocarbon characteristics", the presently un-listed explorer said. Also, it is hoped that the well will lift a portion of the company's estimated contingent resources into proved reserves.
Eblana-3 will be a vertical well and, according to the well plan, it will be drilled down to a depth of 7,000 feet although the company said drilling could continue deep in order to penetrate Palaeozoic zones. Rig operations are expected to last up to 45 days.