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Surge Energy Inc (Alberta) T.SGY

Alternate Symbol(s):  T.SGY.DB.B | ZPTAF

Surge Energy Inc. is a Canada-based oil focused exploration and production (E&P) company. The Company's business consists of the exploration, development and production of oil and gas from properties in Western Canada. It holds focused and operated light and medium gravity crude oil properties in Alberta, Saskatchewan and Manitoba, characterized by large oil in place crude oil reservoirs with low recovery factors. It offers exposure to two of the five conventional oil growth plays in Canada: the Sparky and SE Saskatchewan. It holds a dominant land position and is drilling a mix of horizontal multi-frac and horizontal multi-lateral wells in the Sparky area. Sparky is a large, well established oil producing fairway in Western Canada. SE Saskatchewan is a focused operated asset base with light oil operating netbacks. SE Saskatchewan operates low-cost wells with short payouts and offers potential for continued area consolidation.


TSX:SGY - Post by User

Post by Carjackon Mar 13, 2024 12:19pm
152 Views
Post# 35930729

Ukrainian drones damage Russian oil refineries in second day

Ukrainian drones damage Russian oil refineries in second day

Summary

Drone causes fire at Ryazan refinery, Rosneft's biggest

Novoshakhtinsk operations resume after stoppage, say two sources

Ukrainian drone downed near Kirishi refinery

Putin says Ukraine trying to disrupt Russia's election

Ukraine struck Russian oil refineries in a second day of heavy drone attacks on Wednesday, causing a fire at Rosneft's biggest refinery in one of the most serious attacks against Russia's energy sector in recent months.

Oil prices rose 2% partly due to concerns about supply disruption following the attacks which President Vladimir Putin said were an attempt to disrupt his country's presidential election this week.

Russia and Ukraine have both used drones to strike critical infrastructure, military installations and troop concentrations in their more than two-year war, with Kyiv stepping up attacks on Russian refineries and energy facilities in recent months.

A day after seriously damaging Lukoil's (LKOH.MM) NORSI refinery in Nizhny Novgorod, Ukrainian drone attacks hit refineries in the Rostov and Ryazan regions, Russian officials said.

In Ryazan, 180 km (110 miles) from Moscow, a drone attack caused a fire at Rosneft's (ROSN.MM) refinery, Russia's seventh largest and there were initial reports of injuries, governor Pavel Malkov said. In a later update he said the fire had been extinguished.

Two sources familiar with the situation told Reuters that the refinery had been forced to shut down two primary oil refining units. Rosneft did not reply to a request for comment.

In Rostov, there were no casualties but the Novoshakhtinsk refinery was forced to halt production, regional governor Vasily Golubev said. Two sources later told Reuters that operations had resumed at the refinery.

A Ukrainian source told Reuters the drone attacks were conducted by Ukraine's SBU security service. "We are systematically implementing a detailed, calculated strategy to reduce Russia's economic potential," the source said.

Ukrainian defence forces, the SBU source added, also conducted overnight drone attacks on a Russian airbase in Buturlinovka and a military airfield in Voronezh region.

Strikes on oil refineries - a key source of Russia's income - have the potential to reduce the country's output of gasoline and diesel and push up prices.

Putin, in remarks published on Wednesday, accused Kyiv of attempts to interfere with the March 15-17 presidential election through its attacks.

"The main goal, I have no doubt about it, is to - if not to disrupt the presidential elections in Russia - then at least somehow interfere with the normal process of expressing the will of citizens," Putin told Russia's RIA state news agency and Rossiya-1 state television in a wide-ranging interview.

Putin, who launched a full-scale invasion of Ukraine two years ago, is nearly certain to win the vote.

DRONE WAR

Russia's RIA state news agency said four Ukrainian drones attacked the Ryazan plant in the early hours of Wednesday, leading to a 175 square metre blaze.

Video footage geo-located by Reuters showed black smoke billowing above flames at the plant, which refines about 12.7 million metric tons of oil a year, or 4.6% of the Russian total, according to industry sources.

It accounts for about 6.4% of Russia's gasoline production, 4.1% of diesel, 7.7% of fuel oil and 8% of aviation fuel, according to the sources. Full Russian production figures are no longer published.

Russian media said around 60 drones had been destroyed over Russian sovereign territory over several hours on Wednesday.

 

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