Second Cuban Offshore Oil Well Also a Bust

Source: Bloomberg Businessweek, Peter Orsi (8/6/12)

"A second deep-water exploratory well in the Gulf of Mexico has proved a bust, Cuba's state oil company announced Monday, dealing another blow to the island's dreams of petroleum riches."

Bloomberg Businessweek, Peter Orsi

A second deep-water exploratory well in the Gulf of Mexico has proved a bust, Cuba's state oil company announced Monday, dealing another blow to the island's dreams of petroleum riches.

The drilling operation carried out by PC Gulf, a subsidiary of Malaysia's Petronas, and Gazpromneft of Russia, concluded July 31 off the western province of Pinar del Rio, Cuban state oil company Cubapetroleo said in a statement.

Analysis of the findings revealed an "active petroleum system that could extend to other parts of the four blocs contracted by PC Gulf and Gazpromneft, and even beyond their limits," read the statement, which was published by Communist Party newspaper Granma.

"Nevertheless, at that point the rocks are very compact and do not have the capacity to deliver significant quantities of petroleum and gas," it continued, "so it cannot be qualified as a commercial discovery."

Exploratory wells commonly turn out to be dry or not viable, and experts say production was always at least three to five years out from any confirmed strike. . .View Full Article

Option Partner to Continue Operations at Energy Firm's Texas Oil & Gas Project
Source: Streetwise Reports (01/23/2021)

The efforts will meet Torchlight Energy Resources' development requirements at Hazel.

Target Price Raised on Energy Firm Making 'Transformative Acquisition'
Source: Streetwise Reports (01/06/2021)

The terms and benefits of Earthstone Energy's purchase of an oil and gas company, an "eye-catching act of deal making," are presented in a ROTH Capital Partners report.

Energy Firm to Combine with Materials, Nanocomposites Company
Source: Streetwise Reports (12/16/2020)

Torchlight Energy Resources sees the transaction providing its shareholders "access to the multibillion-dollar markets that Metamaterial serves."

Oil & Gas Producer Reports on Thailand Operations
Source: Streetwise Reports (12/02/2020)

Pan Orient Energy Corp. reports on continuing drill operations in Thailand.

Energy Company Boosts Thailand Oil Production, Offers 'Low Risk Production Growth'
Source: Streetwise Reports (11/19/2020)

The highlights of Pan Orient Energy's third quarter are presented in a Mackie Research Capital Corp. report.

Texas Oil & Gas Firm to Sell Its Stake in Delaware Basin Project
Source: Streetwise Reports (11/18/2020)

For its interest, Torchlight Energy Resources is to receive $350,000.

Oil & Gas Firm Reports Q3 Operational, Financial Results
Source: Streetwise Reports (11/16/2020)

Pan Orient Energy and its joint venture partner continue producing and selling oil from its L53 Concession in Thailand, which are funding ongoing exploration work there.

Texas Oil & Gas Explorer Completes Fracking of Midland Basin Well
Source: Streetwise Reports (11/11/2020)

The next step for Torchlight Energy's well at Hazel is flowback, which is to start next week.

Altus Midstream Shares Flow Higher on Q3 Earnings and Plans for $1.50/Share Dividend in Q1/21
Source: Streetwise Reports (11/05/2020)

Shares of Altus Midstream Co. traded 170% higher after the firm reported Q3/20 financial results and announced plans to pay a quarterly dividend of $1.50 per share beginning in March 2021.