Energy Sector Update: New Investments, Project Updates, and Market Reactions
Key Ideas
  • Seascape Energy Asia secures a 28% interest in the DEWA complex cluster, enhancing gas exploration in Malaysia.
  • EnergyPathways chosen by the UK government for the Hydrogen Storage Business Model, leading to a significant stock price increase.
  • Deltic Energy progresses with the Selene project, expecting positive results in gas exploration and cost reduction efforts.
  • Ariana Resources reviews promising data for the Dokwe gold project in Zimbabwe, anticipating substantial gold production potential.
Seascape Energy Asia has obtained a 28% participating interest in a gas-rich production sharing contract over the DEWA complex cluster offshore Sarawak, Malaysia. The area, near the coast, contains 12 gas discoveries, with a focus on six that hold 500 billion cubic feet of gas. The company plans to invest $600,000 in resource assessment and field development. This news led to a significant 172% increase in their share price. EnergyPathways has been selected by the UK government for the Hydrogen Storage Business Model, boosting their stock price by 138% as they work on defining a new investment support scheme. Deltic Energy, with a 25% stake in the Selene project, is progressing well in gas exploration, as drilling has reached target depth with positive gas shows. They are also exploring cost reductions and new opportunities, potentially in sub-Saharan Africa. Ariana Resources is optimistic about the Dokwe gold project in Zimbabwe, with plans for drilling and potential annual gold production of up to 100,000 ounces for 15 years. Despite various positive developments, there have been declines in other companies like Haydale Graphene Industries, Ethernity Networks, Merit Group, and Caledonian Trust, due to various reasons like fundraising, financial challenges, and market conditions.
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