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ATP 2077 Awarded - Initial Contingent Resource Booking
HIGHLIGHTS
- ATP 2077 awarded by Queensland Government
- ATP is prospective for both deep and shallow gas
- Independently certified 2C resources of 173 billion cubic feet
As advised to the market on 20 June 2024, Elixir was appointed as Preferred Tenderer for a new exploration area (PLR2023-1-7) in Queensland located adjacent to its existing ATP 2044 licence (see map below). This tender block has now been formally awarded to Elixir as ATP 2077.
Location map of ATP 2077
The licence has an initial term of 6 years, has been awarded to Elixir on a 100% basis and does not contain any Government domestic market restrictions. The licence has 3 geographically separate sub-blocks as follows:
- Sub-block A – this is located immediately proximate to ATP 2044 and contains similar Taroom Trough geology. The recent work undertaken on Project Grandis has underpinned an independently certified contingent resource booking in this sub-block - summarized in this announcement.
- Sub-block B – this also overlies the Taroom Trough. However, given the distance from Project Grandis it has been considered premature to book contingent resources on this area at this point in time. Elixir will assess the prospective resources for this block in due course.
- Sub-block C – this area lies outside the Taroom Trough and is adjacent to existing gas infrastructure such as the currently largely dormant Silver Springs gas storage asset. Work undertaken by Elixir’s technical team to date has identified some possible shallow drilling targets in this Sub-block.
Based on the work undertaken by Elixir in ATP 2044, the Company sought an independently certified contingent resource estimate (from international firm ERC Equipoise Pty Ltd – “ERCE”) for ATP 2077 Sub-block A – see table below. The subclass of Contingent Resources (as defined under the PRMS) is “Development Unclarified”, as of 16th August 2024.
Click here for the full ASX Release
This article includes content from Elixir Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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Elixir Energy
Overview
Elixir Energy (ASX:EXR) is a gas exploration and development company currently focused on its portfolio of natural gas assets in Queensland, Australia and Mongolia. As an early mover in both areas, Elixir Energy has been the first company ever to free-flow gas from the deep Taroom Trough in Queensland and flow gas of any description in Mongolia.
Elixir Energy’s Grandis Gas project in Queensland is located in the Taroom Trough in the Southern Bowen Basin, where Australia’s premier physical and commercial gas hub – Wallumbilla – is immediately adjacent. Market factors are now driving new rounds of drilling in the Taroom Trough contributing to its reputation as an emerging energy super basin with major electricity as well as gas infrastructure.
A successful free-flowing test was conducted on the Lorelle Sandstone and has indicated it could produce a commercial flow rate of gas, with the breakeven commercial initial flow rate estimated at 2.5 million cubic feet per day.Gas flow from Stage 1 Lorelle Sandstone post stimulation
Elixir Energy’s Nomgon coal-bed methane (CBM) project is located in Mongolia.
The Nomgon CBM project is in the South Gobi region of Mongolia and on the Chinese/Mongolian border. The ideal location of the asset provides access to excellent infrastructure, including planned pipelines and local mines as customers. The Nomgon project includes a CBM pilot production plant, which flowed gas in its early stages and is now moving to progressively de-water with a view to building up a sustained gas flow rate.
The company is led by a highly experienced team with direct histories in Queensland, Australia and Mongolia and expertise in the natural resources industry, community engagement and working with government stakeholders.
Company Highlights
- Elixir Energy (ASX:EXR) is an exploration and development company with energy assets in Australia and Mongolia, targeting natural gas and renewable energy/hydrogen.
- The company’s Grandis Gas project in Queensland is located in an established gas and oil region, with exceptional access to existing infrastructure and high gas prices.
- The region is currently hosting multi-operator activity, including by Shell.
- Elixir has discovered a deep free-flowing gas zone in Grandis – the first of its kind.
- The company was also the first to flow natural gas in Mongolia, pioneering production in the country.
- A management team with a wide range of expertise in the natural resources sector provides leadership for maximising the value of Elixir Energy’s assets.
Key Projects
Grandis Gas Project
The company’s asset in Queensland, Australia, covers approximately 1,000 square kilometers in an established oil and gas province. The project is well-suited for cost-effective transportation to domestic and international gas markets.
Project Highlights:
- Strong Local Infrastructure: The region's long history of oil and gas production has resulted in a robust infrastructure, including gas transportation and electricity transmission access – and community support for the industry.
- Adjacent to Current and Proposed Pipelines: The asset is located close to existing – and proposed gas pipelines to assist in efficient and low-cost transportation as production commences.
- Impressive Initial Flow Test Results: After a successful suite of DFITs, free-flowing test on the Lorelle Sandstone has been successfully stimulated. Elixir’s technical and economic modeling indicates the Lorelle Sandstone alone could produce a commercial flow rate of gas, with the breakeven commercial initial flow rate estimated at 2.5 million cubic feet per day.
Daydream-2 Lorelle Sandstone Flow Testing*
Nomgon CBM Project
Elixir Energy’s 100-percent-owned coal-bed methane (CBM) project is ideally located in the South Gobi region of Mongolia. This location gives the asset access to robust local infrastructure and close access to Chinese energy markets – the world’s largest.
Project Highlights:
- CBM Pilot Project In Production: The pilot plant passed a key production milestone of 200,000 square cubic feet per day in its early stages. Water production has progressed since these early flows with a view to de-pressuring the CBM reservoir, leading to sustained gas flows.
- District-scale Asset: The Nomgon project covers a significant 30,000 square kilometers in Mongolia. Initial exploration campaigns have been promising and indicate the potential for the asset to become a significant producer of regional energy markets.
Management Team
Richard Cottee - Non-executive Chairman
Richard Cottee was appointed as the non-executive chairman of the company on April 29, 2019. Cottee was the managing director of coal-seam-gas(CSG)-focused Queensland Gas Company (QGC) during its growth from a $20-million market capitalization junior explorer through to its acquisition by BG Group for $5.7 billion. QGC’s CSG assets are now operated by Shell and produce gas that is sold to China and other LNG markets.
Originally a lawyer, Cottee has spent the vast majority of his career in senior executive roles in the energy industry, including as CEO at CS Energy, NRG Europe, Central Petroleum and Nexus Energy. A 32-year veteran of the industry, Cottee is a strong business development professional and a graduate of The University of Queensland.
Neil Young - Managing Director and Chief Executive Officer
Neil Young was appointed to the board of Elixir on December 14, 2018, as its chief executive officer. Young has more than 20 years of experience in senior management positions in the upstream and downstream parts of the energy sector, focusing on business development, new ventures, gas marketing and general commercial functions. He has worked for a range of companies in the UK and Australia, including EY, Tarong Energy and Santos. Young founded Golden Horde Ltd in 2011 to explore gas on the Chinese border in Mongolia. He has also developed various new ventures in other countries including Kazakhstan, Japan and the USA. Young has an M.A. (Hons) joint degree in economics/politics from the University of Edinburgh.
Stephen Kelemen - Non-executive Director
Stephen Kelemen was appointed as the non-executive director of the company on May 6, 2019. Kelemen led Santos’ coal seam gas (CSG) team from its inception in 2004 and drove the growth in this area that allowed Santos to become one of Australia’s leading CSG companies.
An engineering graduate from Adelaide University, Kelemen served Santos for 38 years in multiple technical and leadership roles.
Kelemen is currently an adjunct professor at the University of Queensland’s Centre for Coal Seam Gas and also acts as a non-executive director on the boards of Galilee Energy (ASX:GLL) and Advent Energy.
Anna Sloboda - Non-executive Director
Anna Sloboda was appointed as the non-executive director of the company on October 1, 2020. Sloboda is a joint Belarusian/Australian citizen and has more than 20 years of experience in corporate finance, and in developing junior resource companies operating around the world.
Sloboda is currently an executive director of Red Citadel Resources Pty Ltd, a privately owned mineral resources exploration company with a range of projects in Africa and South America.
She also serves as an advisory committee member, maritime archaeology, at the Western Australian Museum.
Previously she was a co-founder of Trans-Tasman Resources and in that capacity had substantial experience in dealing with Chinese off-takers and partners. Other prior employers include Lehman Brothers, Clough and Curtin University.
Sloboda has a Master of Economics from Belarusian University and an executive MBA from Melbourne Business School.
Victoria Allinson - Company Secretary and Chief Financial Officer
Victoria Allinson is a fellow of The Association of Certified Chartered Accountants, a fellow of the Governance Institute of Australia and an NSX-nominated advisor. She has more than 30 years of accounting and auditing experience, including senior accounting positions in a number of listed companies and was an audit manager for Deloitte Touche Tohmatsu. Allinson has gained professional experience while living and working in both Australia and the United Kingdom.
Her previous experience has included being company secretary and CFO for a number of listed companies, including ASX-listed: Kiland, Safety Medical Products, Marmota Limited, Centrex Metals, Adelaide Energy, Enterprise Energy NL, and Island Sky Australia as well as several unlisted companies.
New Seismic Studies Upgrade Raya Prospect
Condor Energy Ltd (ASX: CND) (Condor or the Company) is pleased to advise that Quantitative Interpretation (QI) and AVO studies on the legacy 3,800km2 of 3D seismic data covering most of the Company’s Tumbes Technical Evaluation Agreement (TEA or Block) have potentially identified a highly porous sandstone fairway spanning the Raya Prospect, significantly enhancing the probability of success.
Highlights
- Leading Quantitative Interpretation (QI) company, e-Seis Inc, completes LithSeis and amplitude versus offset (AVO) volumes on legacy 3D seismic data covering the Company’s Peruvian Tumbes TEA.
- New seismic inversion and AVO studies have produced indications of high-quality reservoirs and hydrocarbon fill at the Raya Prospect, significantly upgrading its prospectivity.
- A robust fairway of highly porous sandstone has been delineated coincident with the location of the Raya Prospect.
- This is complemented by recently completed field work which mapped sediment input points leading into the Tumbes TEA during deposition of the Zorritos Formation.
- Reprocessing of the 3D seismic data is nearing completion. Once delivered, these data will be interpreted to allow for the estimation of resources in the Tumbes TEA.
Figure 1 – Peru TEA with Prospects and areas selected for 3D seismic reprocessing.
The Raya Prospect is defined as a structural high against an east-west fault within the Zorritos Formation, the primary reservoir in the basin, with a combined 46km2 structural and stratigraphic trap with shales overlying the Zorritos Unconformity providing a regional seal1 (Figure 2).
Figure 2 – Raya structure map and illustrative seismic sections.
The Company notes that results from the adjacent Delphin and Barracuda wells confirm the presence of oil charge in the area and, in order to determine resevoir quality, has conducted Quantitative Interpretation (QI) studies of the seismic data covering the Raya prospect.
eSeis Inc., a leading Houston-based QI company, has provided LithSeis and Amplitude Versus Offset (AVO) volumes over the entire 3D data set.
The LithSeis cube, although uncalibrated by well data, is a pre-stack seismic-based petrophysical analysis that yields lithology, porosity, and possible hydrocarbon fill. In the LithSeis section (Figure 3b), yellow colours are interpreted to represent porous sandstones, with red reflectors interpreted to represent very high porosity and/or where hydrocarbons are present. In this case, several layers of high porosity at the top of potential reservoir zones (such as layer SC 1) are evident.
The AVO sections illustrate the responses of seismic reflections to increasing angles of offset and uses a colour bar to differentiate between the five commonly recognised classes of AVO responses; in this area, Class 2 or Class 3 responses are of particular interest as they may be indicative of a hydrocarbon- filled reservoir (either gas or oil).
The highly encouraging culmination of these analyses are the mapped responses of LithSeis and AVO across the SC 1 layer (Figure 4). The strong and consistent LithSeis response suggests the presence of a highly porous sandstone fairway running NE-SW across the Raya prospect, potentially derived from one of the feeder systems identified during field mapping.
Click here for the full ASX Release
This article includes content from Condor Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Daydream-2 Operations Update
Elixir Energy Limited (“Elixir” or the “Company”) is pleased to provide an update on the Daydream-2 program in its 100%-owned Grandis Project in Queensland’s Taroom Trough.
HIGHLIGHTS
- Lorelle Sandstone flows gas at stabilized flow rates of 2.1 and 2.5 MMSCFPD
- Flow rate of Lorelle zone alone approaching the modelled economic hurdle
- Five stage stimulation program now underway
The flow test of the Lorelle Sandstone post stimulation was completed yesterday. On-site operations have now moved to the stimulation of the 5 upper zones.
Gas flare of approximately 3 MMSCFPD from Daydream-2
The Lorelle Sandstone was flow tested from 4,200 meters to 4,217 metres directly through the 4 1/2” casing without a completion. The well was tested at multiple rates and multiple choke sizes. The well flowed gas at a maximum rate of 3.5 Million Standard Cubic Feet Per Day (MMSCFPD) and on multiple occasions stabilized rates were observed between 2.1 and 2.5 MMSCPFD throughout the flow period (see Appendix 1 for full disclosures required under Listing Rule 5.30).
As the test progressed, it has become clear that stimulation fluid in the wellbore was accumulating and suppressing the stabilized rate. Running a completion string in the hole in any future production test would resolve this issue and significantly improve the gas production rate. Engineering calculations suggest that with the appropriate completion string in the hole, the well would flow at a stable rate of 3.0 MMSCFPD. Towards the end of the testing, minor amounts of condensate were recovered.
Daydream-2 wellsite during Lorelle Testing operation
The unstimulated rate achieved in April 2024 from the same zone was 1.3 MMSCFPD. The results of the test show that the stimulation was successful and caused a material increase in gas flow.
Click here for the full ASX Release
This article includes content from Elixir Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Top 10 Countries for Natural Gas Production (Updated 2024)
Natural gas is an important energy fuel, even as the world transitions to a carbon-free economy. When investing in this industry, it's key to know the ins and outs of natural gas production by country.
Global natural gas production increased slightly in 2023 to 4.05 trillion cubic meters, up from 4.04 trillion cubic meters in 2022, according to the Energy Institute.
The United States registered a 4.2 percent uptick in natural gas production in 2023, while Russia’s natural gas production fell by 5.2 percent during the period on lower exports to Europe.
Although the country is still the world’s second largest natural gas producer and the second largest exporter of the fuel, the EU is looking to phase out Russia-sourced natural gas by 2027 due to the country's war with Ukraine. The EU reports that Russia only supplied 14 percent of its member countries' natural gas requirements in 2023, down from 45 percent in 2021. For its part, Russia has pivoted its energy export trade to the east, with China and India propping up its natural gas export market.
Conversely, global natural gas demand grew by a modest 0.5 percent in 2023, as increases in China, North America, Africa and the Middle East were partially offset by declines elsewhere.
China’s continued pandemic recovery positioned the nation as the world's largest LNG importer, with a 7.2 percent rise in natural gas demand.
In contrast, Europe saw a 6.9 percent drop in natural gas consumption, reaching its lowest level since 1994. This decline was driven by the rapid growth of renewables and increased nuclear power availability, which reduced the need for natural gas and pushed prices lower.
Read on for a look at the top 10 natural gas-producing countries in 2023 based on data from the Energy Institute.
1. United States
Production: 1.35 trillion cubic meters
The US is by far the largest producer of natural gas in the world, representing nearly a quarter of global natural gas production. Its output has increased by more than 350 billion cubic meters in the past decade owing to the increasing cost of coal, and advancements in extraction technology such as horizontal drilling and hydraulic fracturing, also known as fracking.
In addition to being a major natural gas producer, the US is also the biggest consumer of the fuel. In 2023, US demand for natural gas totaled 886.5 billion cubic meters, primarily for home heating and generating electricity. In the first half of 2022, Reuters reported that the US became the world’s largest exporter of liquefied natural gas (LNG) as the country increased shipments to Europe due to Russia’s war in Ukraine, and it continues to hold that title.
In 2023, the Appalachia region led US natural gas production, contributing 29 percent of the total output. However, production growth has been hampered by limited pipeline capacity, restricting the transport of gas to demand markets.
High international demand and steady domestic consumption growth will keep the US a net exporter of petroleum products and natural gas through 2050. Despite the shift to renewable electricity generation, US natural gas production is expected to rise due to increased international demand for liquefied natural gas, according to the US Energy Information Administration’s Annual Energy Outlook 2023.
2. Russia
Production: 586.4 billion cubic meters
As the second largest exporter and the next largest producer of natural gas in the world, Russia also holds the biggest-known natural gas reserves on the planet. The country’s state-owned energy group Gazprom reportedly holds a 16.3 percent share of global natural gas reserves. Novatek is another of the country’s main gas producers.
“Historically, production was concentrated in West Siberia, but investment has shifted in the past decade to Yamal and Eastern Siberia and the Far East, as well as the offshore Arctic,” according to the International Energy Agency.
Europe's rejection of Russian natural gas products led to a 41 percent decline in revenues for the country's producers in the first three quarters of 2023, reported Reuters.
3. Iran
Production: 251.7 billion cubic meters
Iran is the third largest natural gas-producing country, representing about 6 percent of global output. The Middle Eastern nation ranks second in terms of natural gas reserves. However, its natural gas infrastructure is far behind the top two natural gas producers.
Iran has tripled its natural gas production in the past decade, becoming the Middle East's largest producer. Iran and Qatar share the world's largest natural gas field. Iran's portion is known as South Pars and Qatar's, North Dome.
Iran plans to boost its production capacity by 30 percent within five years, supported by an US$80 billion investment in its gas fields, according to the nation’s Oil Minister Javad Owji. However, Qatar's expansion of liquefied natural gas production in North Dome poses a challenge to Iran's output ambitions.
Turkey and Iraq are major importers of Iranian natural gas, while Turkmenistan and Armenia have swap deals with Iran.
4. China
Production: 234.3 billion cubic meters
In recent years, China’s government has incentivized the transition from coal to natural gas to reduce air pollution and meet emissions targets. Since 2013, natural gas production in China has grown by 92.3 percent, from 121.8 billion cubic meters in 2013 to 234.3 billion cubic meters in 2023, an all-time record.
China still relies on imports to meet about half of its demand. Australia, Turkmenistan, the US, Malaysia, Russia and Qatar are some of its biggest providers.
“In March 2022, China’s government released its 14th Five-Year Plan (2021-25), which sets the domestic natural gas production target at 22.3 (billion cubic feet per day) by 2025, or 3.0 (billion cubic feet per day) more than domestic production in 2021,” according to the US Energy Information Administration (EIA).
Unconventional gas sources such as shale, coal-bed methane, and natural gas hydrates accounts for an estimated 43 percent of China’s total gas output.
5. Canada
Production: 190.3 billion cubic meters
Canada holds 83 trillion cubic feet of proved natural gas reserves, and the Western Canadian Sedimentary Basin (WCSB) is the prime source of the majority of Canada’s natural gas production. In addition to the WCSB, offshore fields near Newfoundland and Nova Scotia, the Arctic region and the Pacific coast hold significant natural gas reserves.
Canada is also a top natural gas exporter, relying exclusively on pipelines, with the US as its only trading partner. In 2022, 99 percent of all US natural gas imports came from its neighbor to the north. The fact that Canada lacks LNG infrastructure makes it an unlikely potential source for meeting Europe’s natural gas needs in lieu of Russia.
According to the data from the Government of Canada, natural gas production rose in 2023, averaging 17.9 billion cubic feet per day. In December, output hit 18.8 billion cubic feet per day. Notably, production levels exceeded 18 billion cubic feet per day for eight of the 12 months.
6. Qatar
Production: 181 billion cubic meters
Qatar is the sixth largest natural gas producer and hosts the third largest proved natural gas reserves in the world. The majority of its reserves are located in the world’s largest natural gas field, the offshore North Field, which it shares with Iran.
The Middle Eastern country also ranks as the third largest natural gas exporter and is third in the world in LNG exports as of October 2023. In recent years, Qatar has made moves to capitalize further on its resources in an effort to expand its footprint in the international natural gas market. Statista reports that state-owned Qatar Petroleum is looking “to increase its LNG export market to compete with Russian LNG deliveries.”
7. Australia
Production: 151.7 billion cubic meters
Since 2009, Australia has added 113 billion cubic meters of natural gas production. Nearly all of Australia’s natural gas resources are located in the massive gas fields on the North West Shelf, “providing feedstock to seven LNG projects.”
Australia’s LNG exports have grown exponentially over the past decade as several new production facilities have come online. Today, Australia has the second largest operating LNG export capacity in the world.
In late 2023, major Australian energy company Santos said it expects a decline in its natural gas production for 2024 as its Bayu-Undan offshore gas field in the Timor Sea is nearing depletion.
8. Norway
Production: 116.6 billion cubic meters
Norway is the world’s eighth largest natural gas producer and third largest natural gas exporter. The Scandinavian country has understandably replaced Russia as the major supplier to the European natural gas market. In 2023, Norway reportedly accounted for 30.3 percent of natural gas supplied to the EU.
Norway’s natural gas companies have ramped up production in response to increased demand, and in mid-2023 the government gave the green light to 19 oil and gas extraction projects in the country.
In early 2024 some concern arose that the industry may face headwinds from a proposal by a climate change committee to temporarily suspend new licenses while the government decides on a climate strategy. However, in May the government offered licenses for 37 new blocks and emphasized the industry's importance to Norway and Europe.
9. Saudi Arabia
Production: 114.1 billion cubic meters
The ninth largest natural gas-producing country, Saudi Arabia has seen its output steadily increase since 2013, reaching a record 116.7 billion cubic meters in 2022.
Mordor Intelligence reports that this production growth was due in large part to increased development of standalone natural gas wells. State-run Saudi Aramco has awarded contracts to energy companies looking to develop the country’s largest unconventional gas field, Jafurah, located near the Persian Gulf.
Currently the country does not export its natural gas production; however, the government plans to begin natural gas exports by 2030. According to the EIA, Saudi Arabia is working to replace “crude oil, fuel oil, and diesel-powered electric generators with natural gas and renewable energy generation by 2030, which will likely increase domestic natural gas demand.”
In late 2023, Saudi Arabia began investing in the LNG market with Saudi Aramco buying a stake in MidOcean Energy, which is set to acquire interests in four Australian LNG projects. In July 2024, Aramco awarded contracts worth US$12.6 billion to expand production in the Jafurah field.
10. Algeria
Production: 101.5 billion cubic meters
Rounding out the top 10 natural gas-producing countries is Algeria, which produced 101.5 billion cubic meters of natural gas in 2023. The country’s output increased year-over-year from 97.6 billion cubic meters in 2022.
Algeria has the fifth largest LNG export capacity in the world. In 2022, nearly 85 percent of the country's exports went to feed Europe’s natural gas demand. Italy signed an agreement with Algeria last year to increase the amount of natural gas it imports from the North African country.
From 2023 to 2028, the Algerian government expects to see its natural gas production increase by 1.4 percent annually.
FAQs for gas investing
What is natural gas made of and how is it formed?
Natural gas is a mixture of methane and other naturally occurring gases. As fossil fuels, both crude oil and natural gas are formed via the same geological process. It isn't surprising then that the two materials are often found together. Natural gas is the product of ancient decomposed organic matter that mixed with sediment, became buried and was subject to immense pressure and heat over millions of years.
How is natural gas produced?
Natural gas is extracted via wells drilled into subsurface rock formations, or via hydraulic fracturing or "fracking" technology from shale formations. Following extraction, natural gas is separated from other liquids, including oil, hydrocarbon condensate and water. This separated gas then needs to be further processed to meet specific requirements for end-use quality and safe pipeline transmission.
What is natural gas used for?
Natural gas is well known as a fuel for heating, generating electricity and powering vehicles. However, it's also used to manufacture various products, such as vinyl flooring, carpeting, Aspirin and artificial limbs; in addition, it's a key component in the production of ammonia.
Is natural gas a clean energy?
According to the EIA, burning natural gas for power emits fewer greenhouse gas emissions and pollutants than other fossil fuels, since it burns more easily and contains fewer impurities. The EIA also notes that natural gas produces less carbon dioxide per equivalent amount of heat production.
Is natural gas cleaner than coal?
Although natural gas is a fossil fuel and was formed under the same conditions, it is often pegged as a "cleaner" energy option than coal or oil. The EIA states that, "burning natural gas for energy results in fewer emissions of nearly all types of air pollutants and carbon dioxide than burning coal or petroleum products to produce an equal amount of energy."
How much natural gas is left in the world?
Natural gas is not an infinite, renewable resource; however, its hard to determine how many untapped sources are left in the world. According to one estimate, natural gas reserves are sufficient to last another 53 years at current consumption rates. That figure doesn't take into account known natural gas resources under development or those yet to be discovered in underexplored regions.
How did the Ukraine war affect gas?
Russia was a leading supplier of natural gas to Europe prior to the country’s invasion of Ukraine, representing about 40 percent of the region’s supply. As a result of the war, energy prices shot up both in Europe and globally. According to S&P Global, the war has “accelerated” the globalization of the natural gas market as Europe turns to LNG. In the midst of this changing landscape, the US has become the world’s largest exporter of LNG as it stepped up shipments to Europe.
Can Europe survive without Russian gas?
The EU is working to phase out Russian natural gas exports by 2027. The growing global LNG market allows flexibility for European countries looking to source natural gas supply from producers as close to home as Norway (Europe's biggest gas supplier), other major natural gas suppliers in North Africa or from the world’s largest natural gas producer, the US.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: Melissa Pistilli and Georgia Williams hold no direct investment interest in any company mentioned in this article.
Source Rock Royalties Declares Monthly Dividend
Source Rock Royalties Ltd. ("Source Rock") (TSXV: SRR), a pure-play oil and gas royalty company with an established portfolio of oil royalties, announces that its board of directors has declared a monthly dividend of $0.0065 per common share, payable in cash on September 13, 2024 to shareholders of record on August 30, 2024.
This dividend is designated as an "eligible dividend" for Canadian income tax purposes.
About Source Rock Royalties Ltd.
Source Rock is a pure-play oil and gas royalty company with an existing portfolio of oil royalties in southeast Saskatchewan, central Alberta and west-central Saskatchewan. Source Rock targets a balanced growth and yield business model, using funds from operations to pursue accretive royalty acquisitions and to pay dividends. By leveraging its niche industry relationships, Source Rock identifies and acquires both existing royalty interests and newly created royalties through collaboration with industry partners. Source Rock's strategy is premised on maintaining a low-cost corporate structure and achieving a sustainable and scalable business, measured by growing funds from operations per share and maintaining a strong netback on its royalty production.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this release.
Tycoonstory Cite’s Charbone’s Innovative Green Hydrogen Tech
Tycoonstory, an online network for startups and entrepreneurs, has profiled Charbone Hydrogen (TSXV:CH,OTCQB:CHHYF,FWB:K47), citing the company as a leading startup making strides in innovation in green hydrogen production.
“With a mission to provide sustainable energy solutions, Charbone is well-positioned to become a key player in the green hydrogen market,” the article said.
A standout feature of Charbone, according to the article, is the company’s strategy to secure multiple production locations for its green hydrogen technology. There are currently 16 locations where Charbone has identified green hydrogen source.
“Charbone’s technological innovations are also noteworthy. The company has developed processes that require less pressure, reducing the risk and cost associated with hydrogen production,” the article said.
Read the full article here.
Trillion Energy Announces Successful SASB Gas Production, Highlighted by Accelerated Payback and Increased Production
Successful Production and Completion of 4 Workovers, Marks a Major Milestone in Trillion's Strategic Perforation Program, Increasing Gas Production Capacity at the Black Sea Asset
Trillion Energy International Inc.(“Trillion” or the “Company”) (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) is pleased to provide this production update for the SASB gas field.
SASB revitalization program is off to a great start having realized the complete payback of recent perforation costs in just 35 days of production. In first phase of workover all remaining gas pay on the Akcakoca platform was perforated including three long reach deviated gas wells Guluc-2, South Akcakoca-2, West Akcakoca-1 wells and the recompleted legacy well Akcakoca-3, all drilled in the 2022/2023 program. The wells started production over a staggered period from July 9 to July 28 and have already produced 140MMcf representing a 35-day payoff of the recent perforation CAPEX.
South Akcakoca-2 has been producing for 36 days, stabilizing at approximately 2.75 MMcf/d. Guluc-2 has produced for over three weeks with an average production of 2.0 MMcf/d and now produces at a stable rate of about 1.25 MMcf/d. West Akcakoca-1 has produced an average of 0.60 MMcf/d for over two weeks with some irregularities and has not yet stabilized. Akcakoca-3 was perforated and although gas flow did not initially occur the well head pressure (“WHP”) has steadily increased from 100 psi to 478 psi and is therefore anticipated to start producing soon.
Gas production from the Akcakoca Platform has averaged 4.6 MMcf/d since the perforation program concluded.
CEO Arthur Halleran stated:
“The wells on the Akcakoca Platform have been completed successfully with gas production and WHP continuing to increase. This early return on our investment is a clear indicator of the field’s robust production potential. The results are very positive, giving us good indications that decreasing the production tubing size from 4 ½” to 2 3/8” using velocity strings, should stabilize gas production at the targeted rates.”
Trillion also announces that the Board of Directors of the Company has authorized the granting of stock options under its Stock Option Plan to purchase 8,800,000 common shares of the Company at an exercise price of $0.14 per share for a five-year term expiring August 12, 2029. The stock options are being granted to certain directors, officers, employees and consultants of the Company.
About the Company
Trillion Energy International Inc is focused on oil and natural gas production for Europe and Türkiye with natural gas assets in Türkiye. The Company is 49% owner of the SASB natural gas field, a Black Sea natural gas development and a 19.6% (except three wells with 9.8%) interest in the Cendere oil field. The Company has a 50% interest in 3 oil exploration blocks in S.E. Türkiye. More information may be found on www.sedar.com, and our website.
Contact
Arthur Halleran, Chief Executive Officer
Brian Park, Vice President of Finance
1-778-819-1585
e-mail: info@trillionenergy.com;
Website: www.trillionenergy.com
Cautionary Statement Regarding Forward-Looking Statements
This news release may contain certain forward-looking information and statements, including without limitation, statements pertaining to the Company's ability to obtain regulatory approval of the executive officer and director appointments. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. Trillion does not undertake to update any forward-looking information except in accordance with applicable securities laws.
These statements are no guarantee of future performance and are subject to certain risks, uncertainties, delay, change of strategy, and assumptions that are difficult to predict and which may change over time. Accordingly, actual results and strategies could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors. These factors include unforeseen securities regulatory challenges, COVID, oil and gas price fluctuations, operational and geological risks, changes in capital raising strategies, the ability of the Company to raise necessary funds for development; the outcome of commercial negotiations; changes in technical or operating conditions; the cost of extracting gas and oil may increase and be too costly so that it is uneconomic and not profitable to do so and other factors discussed from time to time in the Company’s filings on www.sedar.com" target="_blank" rel="noopener noreferrer">www.sedar.com, including the most recently filed Annual Report on Form 20-F and subsequent filings. For a full summary of our oil and gas reserves information for Turkey, please refer to our Forms F-1,2,3 51-101 filed on www.sedar.com, and or request a copy of our reserves report effective December 31, 2022 and updated January 31 2023.
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