FinancialBuzz.com’s latest Buzz on the Street Show: Featuring Our Corporate News Recap on “Torchlight Provides Update on Fracture Stimulation Results on the A35 #1H Well.”
Torchlight Energy Resources, Inc. (NASDAQ: TRCH), announced on January 8th, that the Company is flowing back frac fluid on the recently completed Cactus A35 #1H well and is seeing an initial positive oil and gas result early in the process.
Torchlight Energy Resources, Inc., based in Plano, Texas, is a high growth oil and gas Exploration and Production (E&P) company with a primary focus on acquisition and development of highly profitable domestic oil fields. The company has assets focused in West and Central Texas where their targets are established plays such as the Permian Basin. For additional information on the Company, please visit www.torchlightenergy.com.
A recent series of major geopolitical developments have caused volatility in Brent crude prices, which steadied on Friday after earlier losses. In particular, the volatility was triggered following renewed tensions in the Middle East after the United States slapped new sanctions on Iran as a response for the missile attack on an Iraqi military base where U.S. forces were present. Additionally, a Russian navy ship “aggressively approached” a U.S. Navy destroyer in the North Arabian Sea on Thursday, the U.S. Navy’s Bahrain-based Fifth Fleet said in a statement on Friday. “With the standing down of Iran there was a sense that oil supplies were pretty safe but now with the institution of sanctions and this report that a Russian ship was acting aggressively toward a U.S. ship, it’s put a little bit of fear back into the market place,” said Phil Flynn, oil analyst at Price Futures Group in Chicago, according to a report by Reuters. Brent crude LCOc1, the global benchmark, was up 11 cents to USD 65.48 by 10:32 a.m. Friday, while West Texas Intermediate crude CLc1 slipped 17 cents to USD 59.39.
Outside the world of geopolitics, oil exploration continued to gather steam in 2019. According to data estimates provided by Rystad Energy global oil and gas explorers discovered 12.2 billion barrels of oil equivalent (boe) in 2019, the highest volume since 2015. Last year also marked 26 discoveries of more than 100 million boe, with offshore regions dominating the list of new oil and gas deposits. The success of ExxonMobil in Guyana from 2018 continued in 2019, with Exxon adding four new discoveries within the offshore Stabroek block. Meanwhile, Tullow Oil’s Jethro and Joe exploration wells established the presence of working petroleum systems to the west of the Stabroek block. Overall, the discoveries in Guyana hold cumulative recoverable resources of around 1.8 billion boe according to Rystad Energy’s estimates. “ExxonMobil can be declared explorer of the year for a second year in a row thanks to its ongoing efforts and results in Guyana, along with significant investments in Cyprus. The supermajor was exceptional, both in terms of discovered volumes and value creation from exploration,” explained Palzor Shenga, a senior analyst on Rystad Energy’s upstream team.
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