Santos has booked 100 million tonnes of carbon storage resource within South Australia's Cooper Basin while reporting a substantial increase in reserves on the back of its Oil Search merger.
Keiran Wulff has resigned as managing director of Oil Search after just 17 months, with the company citing both health issues and recent complaints about his behaviour.
88 Energy has confirmed the presence of hydrocarbons in core samples at depths that showed good oil flows during drilling of the Merlin-1 well at its Peregrine project in Alaska. The company is targeting a gross mean prospective resource of 645 million barrels of oil from the well. Geochemical analysis to better understand the quality of oil and its migration pathways continues.
ASX-listed 88 Energy is cutting more than US$1 million of annual finance costs and adding US$2.6 million to its treasury with the US$18.7 million sale of oil and gas tax credits in Alaska. The balance-sheet reset strengthens the company's position as it strives to expand oil and gas resources at its 100 per cent-owned Peregrine project in the US state.
ASX-listed 88 Energy has the drill bit spinning at its Merlin-1 exploration test site as the Alaskan oil hopeful looks to cash in on recent spectacular success by other oil explorers in the neighbourhood around its ground. 88 Energy spudded the Merlin-1 test well yesterday with 14 days of drilling now needed to reach the target reservoir in the oil-rich Nanushuk formation.
The Australian share market has rallied as coronavirus-fuelled volatility continues, even as the Reserve Bank released minutes showing members were worried about the likelihood of a recession.
The Australian share market has shaken off a weak lead from Wall Street to rise early as government prepares to announce further economic support measures for businesses amid the COVID-19 pandemic.
Australia's share market has rallied from a near eight-year low with the US Federal Reserve taking drastic action to shore up markets and new coronavirus cases seeming to plateau in Italy.
Engineering and construction contractor Monadelphous no longer expects its revenue to grow by 10 per cent this financial year, saying the economic slowdown and uncertain outlook meant it was unable
The Australian stock market has shed more than $100 billion as it sinks to its lowest level in over a year, following US markets lower after a rise in the number of coronavirus cases.
Oil Search shares have dropped more than 10 per cent in value after negotiations on developing a new gas field in Papua New Guinea fell apart over the weekend.
Former Buru Energy managing director Keiran Wulff will replace outgoing Oil Search managing director Peter Botten, with the long-serving leader to hand over the reins in February.
Oil Search says both its second-quarter production and revenue have dipped by 5 per cent as expected, but analysts were reportedly looking for a more substantial first-half recovery after last year's earthquake in Papua New Guinea.
Oil Search has exercised a $US450 million ($A642 million) option to double its stake in a string of Alaskan exploration leases, while also affirming plans to sell off a portion of its first major venture outside Papua New Guinea.
Oil Search has signed an agreement with the Papua New Guinean government for the Papua LNG Project, enabling initial work to begin on the giant development.
A joint venture comprising local engineering group Clough and Finnish corporation Wartsila has won a contract to build a power station in Papua New Guinea for an undisclosed sum.
A joint venture between Monadelphous Group and Jacobs Engineering has struck an agreement to provide services to Oil Search's operations in Papua New Guinea, in a deal worth up to $US250 million.
A strong fourth-quarter performance has helped Oil Search narrowly beat its full-year production guidance, and the company forecasts steady output for 2017.
The share market has closed at its highest level in a month after major oil producers surprisingly agreed to cut production, giving energy and resource stocks a boost.
AGL Energy has forecast a lift in underlying profit for the current financial year while also announcing a near $600 million share buy-back and a higher dividend payout as it benefits from strong electricity margins.
The Australian share market lost its early morning gains to close at its lowest level since July on concerns about future stimulus programs by central banks.
