Operational Update

1947 Oil & Gas PLC

26 October 2026

 

1947 OIL & GAS PLC

(“1947” or “The Company”)

26 October 2026

1947 Provides Operational Update

1947 Oil & Gas plc (“1947” or the “Company”), the newly formed oil and gas production company focused on aggregating and redeveloping assets in the United States Gulf Coast and Gulf of America, is pleased to announce several operating updates since its listing on the London Stock Exchange’s AIM market and closing its transaction with Renaissance Offshore, LLC (“Renaissance”).

At the Eugene Island 331 Field production was restored in late September 2026, following an extended shut-in period due to repairs in a downstream condensate gathering facility.  Production was restored at a rate of 1,200 barrels of oil equivalent (“boepd”) gross and approximately 1,000 boepd net, which is 81% oil weighted.

Further, a production increase was seen in the Ship Shoal 198 field due to a recent workover campaign prior to closing the Renaissance transaction at the end of September 2026.  Production of this asset has increased to 1,275 boepd gross, 1,060 boepd net, after averaging 545 boepd net in the first half of 2026. 

Additionally, the Company has been awarded two offshore lease blocks by the Marine Minerals Administration (“MMA”) as part of the Big Beautiful Gulf 3 Lease Sale which took place on 12 August 2026. This is the third offshore oil and gas lease sale in the Gulf of America required under the One Big Beautiful Bill Act established to advance responsible redevelopment of the USA’s offshore energy resources.

The two blocks awarded are West Delta 133 and South Timbalier 314 in the Gulf of America, which will add 10,000 gross acres to the portfolio, increasing 1947’s acreage under lease. The two lease blocks were previously in the Renaissance portfolio; however, both leases now carry a lower 12.5% royalty rate, which will improve the economics in the re-development opportunities available to the company. The bid for the two lease blocks totalled approximately $260,000.

Tim Duncan, Executive Chairman of 1947 commented; “We are excited to have Eugene Island 331 back on-line and the increase in production at the Ship Shoal 198 field, both in-line with our expectations. This will ensure a positive end to 2026 as we look forward to more catalysts in 2027.  Since closing the Renaissance transaction, the Company is high-grading organic opportunities internally while continuing to look at market opportunities externally and we are excited about our path forward in being a reliable consolidator and counterparty of choice for the Basin.”

About 1947 Oil & Gas plc

1947 aims to build a leading independent producer, through the roll-up of mature conventional oil-weighted assets that benefit from new technology and new investment, specifically in the Gulf of America and along the US Gulf Coast.  The Company was founded by Jeff Currie and Ivan Murphy and is led by Executive Chairman, Tim Duncan.

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the European Union (Withdrawal) Act 2018.

Website: 1947plc.com

Enquiries:

Contacts

1947 Oil & Gas plc Via Celicourt Communications
SP Angel – Nominated Adviser and Joint Broker Caroline Rowe, Ewan Leggat, Devik Mehta	[phone]
Cavendish Capital Markets – Joint Broker Neil McDonald, Pete Lynch, Pearl Kellie	[phone]
CREST Corporate Broking – Joint Broker Jerry Keen	[phone]
Celicourt Communications – Public Relations Mark Antelme, Sophie Brand	[phone] [e-mail]

This announcement does not constitute an invitation or offer to acquire, subscribe for or dispose of any securities in 1947 Oil & Gas plc or any other entity. This announcement is for information purposes only.

 

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