Hurricane Energy PLC (LON:HUR) warned it will likely take a material downgrade on its estimated resources across its West of Shetland projects, sending shares down more than 33% this week.

A technical review (which is ongoing) was launched in parallel with management changes following performance problems at the Lancaster field’s early production system (EPS).

In an update on Thursday, Hurricane told investors that whilst final conclusions have yet to be made findings to date mean there’s reasonable probability that the oil-water contact in the Lancaster field is shallower than previously envisaged in a 2017 competent persons report.

“Consequently, the company believes there is a risk of a material downgrade to estimated reserves attributable to the Lancaster Early Production System, and that there will also be a material downgrade to estimated contingent resources across the West of Shetland portfolio,” Hurricane said in a statement.

i3 Energy PLC (LON:i3E) on Friday revealed a quick-flip of recently-acquired Canadian oil and gas assets and a new £30mln funding via a share sale.

A month ago I3E agreed the reverse takeover of Gain Energy, a producer in the ‘Western Canadian Sedimentary Basin’, via a C$80mln (US$59mln) deal and today it announced a follow-on deal to sell the Gain assets located in Saskatchewan for C$45mln (US$33mln).

It will now sell the asset package to Harvard Resources Inc immediately following completion of the reverse takeover. The company noted that the transaction means that the net consideration to acquire Gain drops to C$35mln (US$26mln).

On Thursday, Genel Energy PLC (LON:GENL) chief executive Bill Higgs highlighted the North Iraq-focused oil firm’s robust business model in its financial results for the six months ended June 30, 2020. Net production averaged 32,100 barrels of oil per day (bopd), versus 37,400 bopd in the comparative period of 2019. It generated some US$88.4mln of revenue for the six months compared to US$194.3mln in the first half of last year.

Genel’s earnings (EDBITDAX) totalled US$65.1mln, from US$167.3mln in H1 2019. Genel reported a US$340mln operating loss, a US$32.2mln operating loss and a US$354.7mln net loss. Cash flow from operating activities amounted to US$85.5mln.

“Genel’s robust business model, which is designed to provide resilience in a challenging environment, has demonstrated its value as the company negotiates the headwinds facing the sector in 2020,” Higgs said in the results statement.

Union Jack Oil PLC (LON:UJO) told investors that drilling is due to kick off in “the next few weeks” at the West Newton project, where an appraisal well will follow up last year’s successful discovery. The plan also includes the combined testing of the new well, West Newton B-1 (WNB-1), and the existing West Newton A-2 (WNA-2) discovery well.

The base-case estimates for the project see some 146.4mln barrels of oil initially in place and 211.5bn cubic feet of gas, whilst the upside version anticipates 283mln barrels of oil and 265.9bn cubic feet of gas.

On Monday, United Oil & Gas PLC (LON:UOG) revealed it has received approval from the Jamaican Government to take forward the Walton Morant Licence, Jamaica, on a 100%-operated basis, with the initial exploration period also extended for 18 months.

The high growth oil and gas company, with a portfolio of production, development and exploration and appraisal assets said it has been assigned Tullow Jamaica Ltd’s 80% equity in the Walton Morant licence for a nominal fee, leaving the company as operator and 100% equity holder.

Mosman Oil And Gas Ltd’s (LON:MSMN) Champion project’s Falcon-1 site preparation is now complete and drilling is due to start shortly. Contracts are now being finalised and a rig is available with drilling operations expected to take a few weeks.

Elsewhere, at the Greater Stanley project, the operator has now submitted all paperwork to the Texas Railroad Commission and this workover is expected to commence shortly. It said that it is awaiting details on the progress of the Stanley-1 workover from the operator and expects to update the market in due course.

Canadian Overseas Petroleum Limited (LON:COPL) said its 50% owned joint venture ShoreCan has executed definitive agreements with Essar (Mauritius) to resolve their dispute over the OPL 226 block in Nigeria. Each party will bear their own costs of the legal actions.

ShoreCan will return 70% of the shares in Essar Nigeria to Essar Mauritius in return for a 10% carried interest (capped at US$5mln net) on all costs for a first well at OPL 226. It will also have the option to increase its shareholding in Essar Nigeria from 10% to 30% by paying 20% of historic expenditures of Essar Nigeria.

San Leon Energy PLC (LON:SLE) revealed that it is investing US$15mln in Energy Link Infrastructure (Malta) Ltd, the company which owns the Alternative Crude Oil Evacuation System project. The ACOES is being constructed to provide a dedicated oil export route from the OML 18 asset, comprising a new pipeline from OML 18 and a floating storage and offloading vessel.

Once commissioned, the system is expected to reduce the downtime and allocated pipeline losses currently associated with the Nembe Creek Trunk Line to below 10%. In addition, it is anticipated that the floating storage vessel will improve overall well uptime.