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- The crude prices in the international market have been rising steadily since the Russia-Ukraine war started.
- The current price of crude oil is well above the average prices witnessed in the last few years and is beneficial for oil explorations companies.
The crude prices in the international market have been rising steadily since the start of the Russia-Ukraine war. On Monday, Brent crude oil prices surged near USD 140 per barrel mark, the highest level since 2008. However, positive commentary by the United Arab Emirates (UAE) to encourage other OPEC+ members to boost crude oil output and release additional oil into the market eased some pressure.
OPEC+ cartel has been resisting calls from the United States and other oil-importing countries to boost daily crude oil production and decided to stick to its initial production rise before the Russia-Ukraine war. However, after the war, fear of supply concerns led to a substantial rise in crude oil prices, which might push OPEC+ nations to take a U-turn after the call from UAE and increase production output.
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The current price of crude oil is well above the average prices witnessed in the last few years and is beneficial for oil explorations companies. Let us explore 3 AIM-listed oil & gas companies amid the rise in crude oil prices:
FTSE AIM listed company explores and develops oil projects in the UK and US. Tomco Energy’s wholly-owned subsidiary Greenfield Energy LLC has entered into a Memorandum of Understanding with Vivakor Inc. for the proposed development of oil sands processing plant located in Utah, United States.
Tomco Energy Plc’s last close was at GBX 0.57 on 10 March 2022, with a market cap of £9.88 million.
The company is engaged in the development of oil gas projects. It holds exploration licenses for oil projects located in Namibia, Morocco, and Brazil.
In February 2022, Chariot Limited got a licence for its Rissana Offshore project located in Morocco. The company holds 75% interest in the project. As part of the licence agreement, it will carry out a 2D seismic survey at the project site to evaluate gas reserve potential in the Rissana Offshore region.
Chariot Limited’s last close was at GBX 10.28 on 10 March 2022, with a market cap of £84.98 million.
The UK-based company does the exploration of oil & gas resources in the African continent. The company is currently in the exploration stage and working on different projects along with its joint venture partners.
For the year ended 30 June 2021, Bowleven reported a loss of USD 2 million. The company is well capitalised with a total cash balance of USD 3 million as of 30 October 2021. Any significant oil & gas discovery might benefit the company’s future revenue.
Bowleven Plc’s last close was at GBX 3.25 on 10 March 2022, with a market cap of £10.51 million.
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