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Guerilla Investing

Tag: Bowleven

  • The Smallcapcap Oil & Gas round Up.

    The famous, witty BMD smallcap oil & gas round up!
    The famous, witty BMD smallcap oil & gas round up!

    Busy week for me personally next week. We head back to the Royal Courts of Justice. Watch this space. Great on-going story developing.

    Eland Oil & Gas (LON: ELA)
    An oil & gas development and exploration company operating in West Africa with an initial focus on Nigeria, announces that Elcrest Exploration and Production Nigeria Ltd, Eland’s joint venture company, has received approval of a five year tax exemption on the OML 40 licence. On 13 March 2014, the Company announced that Elcrest was in discussions with relevant government departments in Nigeria regarding its tax status. These discussions have now been concluded successfully and Elcrest has received approval of the five year tax holiday on its OML 40 development. This five year period begins immediately through to Q2 2019.

    Global Energy Development (LON: GED)
    Updated on the fracturing of the Catalina #1 Simiti formation in the Company’s Bolivar Association Contract located in the northern section of the Magdalena Valley in Colombia, South America. Steve Voss, Global’s Managing Director, commented, “The Company is pleased with the favourable reservoir information confirmed during the preliminary water flow back stage of our Simiti stimulation project. We are still flowing back the extensive amount of injection water used in the hydraulic fracturing operation. The flow back is anticipated to be affected by the degree of reservoir connectivity which will affect how deeply the stimulation water has penetrated the reservoir. To accelerate the process, we are planning to install a hydraulic jet pump capable of lifting up to 3,000 barrels of fluid per day to remove the stimulation water from the Simiti formation in order to produce the available oil. After a period of testing, the Company estimates that it will have further information available prior to the end of July. We continue to be pleased with the project.”  The Simiti Hydraulic Stimulation Project has been managed in several segments including Planning, Logistics, Stimulation Operations, Flow back Operations and Production Testing. The Company is providing a detailed update which can be read by clicking HERE

    Jubilant Energy (LON: JUB)
    Two operating subsidiary companies in India entered into funding arrangements with Tower Promoters Private Limited for unsecured loan facilities aggregating to INR 57,00,00,000 (Rupees Fifty seven Crores) equivalent to approximately USD 9.5 Million. The Loan has a tenor of one year and an interest rate of 15.5% per annum. These funds will be used for funding the operations of the Group including debt repayments and servicing. The Loan is deemed to be a related party transaction pursuant to AIM Rule 13. The Independent Directors of the Company, having consulted with its nominated adviser, consider that the terms of the Loan are fair and reasonable insofar as its shareholders are concerned.

    Leni Gas & Oil (LON: LGO)
    More good news this week from Mr Marmite. Well GY-666 has been successfully drilled to a total depth of 3,357 feet measured depth and that analysis of the electric logs has indicated the presence of a total of at least 394 feet of net oil pay; with 185 feet of net oil pay in the Goudron Sandstone, as previously announced, and a further 209 feet of net oil pay in the Gros Morne Sandstone.

    Madagascar Oil (LON: MOIL)
    Released their full year results for the year ended 31 December 2013 with an operational update. Much too lengthy for the smallcap oil & gas round up. Click HERE to read it.

    Max Petroleum (LON: MXP)
    Has commissioned a new oil pipeline, and associated Makat oil terminal facility, connecting its Zhana Makat field with the regional oil export pipeline approx. 10km away. It is now possible to deliver oil directly from the Zhana Makat Central Processing Facility to the national Kazakh pipeline network enabling direct delivery of both domestic and export oil sales. Oil produced at the Zhana Makat, Borkyldakty, Sagiz West and East Kyzylzhar I fields can now be transported to end users using this pipeline at a transport cost saving of approximately US$4.0/ barrel. Asanketken field production will continue to be transported to a terminal closer to that field. The quantity of oil being delivered via the pipeline is now ramping up to a total of approximately 3,400 barrels of oil per day, being the total volume that is currently available to be transported via this route. It is expected that there will be an annualised transport cost saving of approximately US$4.9 million once this ramp-up is complete. The volume of oil being transported via the pipeline is expected to increase further as production is increased from Sagiz West and East Kyzylzhar I once continuous Trial Production commences from these fields, expected in 2015.

    Mosman Oil & Gas (LON: MSMN)
    Careful here campers. With money burning a hole in the Mosman pocket; MSMN has entered into a binding Bid Implementation Agreement pursuant to which it is proposing to acquire all of the issued shares in Trident Energy, an Australian unlisted public company with onshore and offshore oil interests in Australia The Company released another “weekly” progress on its drilling programme at the Petroleum Creek Project, New Zealand. The Drill Force Rig #1 crew is moving the rig to the Crestal-1 location and drilling on this well will start in a few days. Anticipated activity this week is to drill to total depth of 250 m, complete wireline logs, and then suspend the well for future testing. (How big are these discoveries? No word from Mosman.) Mosman has started to acquire the additional seismic required to rank the following prospects, to select the best locations in order to drill a further four wells during 2014: Crestal-2, Blair Road, Big Rock, Killeen, Molloy’s Creek, Bells Gully, Pipers Creek and Onganui (a new prospect resulting from further SRK work on the seismic data base). Geological and geophysical work continues. (How big are these discoveries? No word from Mosman.) This foundation work is essential to ensure the sensible exploration of the permit. Seismic data obtained in the next few months will be incorporated in models, and decisions on which wells to drill next will be made in October, with the next phase of drilling expected to commence in November 2014. (Once again. How big are these discoveries? No word from Mosman.) (Sorry yes there was. Another “weekly report” but still no word on just how big these discoveries are…..)

    New World Oil & Gas (LON: NEW)
    An oil and gas operating company, currently focused on Belize and Denmark, released its final audited results for the year ended 31 December 2013. The audited accounts are being sent to shareholders on or around 1 July 2014 and are available on the Company’s website: www.nwoilgas.com.

    Northcote (LON: NCT)
    Provided its final results for the year ended 31 December 2013. In addition, the Company gives notice that its Annual General Meeting will be held at 10.00am on Thursday 10 July 2014 at the offices of Kerman & Co LLP, 200 Strand, London, WC2R 1DJ. The Notice of AGM will be posted to shareholders and will be available on the Company’s website today at www.northcoteenergy.com where the full Report and Accounts for the period under review can also be found.

    Northern Petroleum (LON: NOP)
    The AIM quoted oil company focusing on production led growth, released an operations and production update on the Virgo redevelopment project in north west Alberta, Canada. Click HERE to read it.

    Oilex (LON: OEX)
    Announces that a Stage 1 fracture stimulation has been successfully completed. Subsequently, Cambay-77H started unaided flowback with indications of gas at surface within 24 hours while other operations were ongoing.

    Petrel Resources (LON: PET)
    The Company announces it has posted the Annual Report and Accounts for the year ended 31 December 2013 to shareholders, together with Notice of the Annual General Meeting to be held at 11am on 31 July 2014 in The Westbury Hotel, Grafton Street, Dublin 2. Copies of the Annual Report are available on the Company’s website at www.petrelresources.com

    Petro Matad (LON: MATD)
    Final Results. Click HERE to read them

    PetroNeft (LON: PTR)
    Updates on the Licence 61 Farmout to Oil India Limited. All Russian Regulatory Approvals received. Completion of transaction expected in the coming days. All debt to be repaid. Drilling to re-commence at Licence 61. On 30 June 2014 Russian Regulatory Approval was granted in respect of the Licence 61 Farmout. Formal completion of the transaction and receipt of funds is expected in the coming days, with all debt due to Macquarie and Arawak repaid from the initial proceeds of US$35 million due at completion. PET expect to commence drilling at Tungolskoye in mid-July. The T-5 well will be the first horizontal well drilled by the Company and is expected to take approximately 60 days to drill. Dennis Francis, CEO, commented: “I’m delighted to confirm that all of the conditions precedent on the Licence 61 Farmout are now fully satisfied and I look forward to formally confirming to shareholders that the transaction has been completed and all funds received. We will re-commence drilling at Licence 61 shortly and I look forward to updating shareholders with the results of this exciting programme.”

    Providence Resources (LON: PVR)
    3D seismic surveying operations have commenced on its Drombeg oil exploration prospect in the southern Porcupine Basin, offshore south-west Ireland. The Drombeg prospect, which is situated in Frontier Exploration Licence (FEL) 2/14, is a significant Lower Cretaceous stratigraphic amplitude/AVO supported exploration target. The prospect is located in c. 2,500 metre water depth and is c. 220 kilometres off the west coast of Ireland. FEL 2/14 is operated by Providence (80%) on behalf of its partner Sosina Exploration (20%). Providence has agreed to licence c. 1,100 km2 of 3D seismic data over Drombeg, which is being acquired by Polarcus MC Limited as part of a minimum c. 4,300 km2 non-exclusive multi-client survey. This is one of the largest ever 3D seismic surveys to have been acquired offshore Ireland and is utilising the M/V Polarcus Amani, which is an ultra-modern, super high ice-class, next generation seismic vessel that is one of the most advanced in the world.

    Salamander Energy (LON: SMDR)
    Has spud the North Kendang-2 exploration well, a re-drill of the North Kendang-1 well in the South East Sangatta PSC. Salamander has a 75% operated interest in the South East Sangatta PSC. NK-2 will be drilled to a depth of approximately 2,878 m total vertical depth sub-sea in order to evaluate the Upper Miocene section. The Ocean General semi-submersible rig, which has now been fitted with managed pressure drilling equipment to enable it to manage the anticipated pressure regime, will be used to drill the NK-2 well. NK-1 was drilled to 2,535 m TVDSS when it encountered a high pressure wet gas kick in the Upper Miocene, which led to it being plugged and abandoned on 13th April 2013. Costs related to the NK-1 well control incident, and to drilling the NK-2 well to this same depth, are covered under the Company’s insurance policies.

    San Leon Energy (LON: SLE)
    The AIM listed company focused on oil and gas exploration in Europe and North Africa, released its audited final results for the year ended 31 December 2013. Click HERE to view them. SLE has signed a joint venture agreement with Palomar Natural Resources across seven Concessions in Poland’s Permian Basin initially focused on developing the discovered, unproduced Siekierki and Rawicz gas fields. In return for a 65% working interest in the Southern Permian Basin and Northern Permian Basin Concessions, PNR has paid upfront to San Leon $5 million and $15 million, respectively, in cash and will carry San Leon for a defined initial work programme aimed at bringing the Rawicz and Siekierki fields into production as soon as possible. PNR will become the operator of all of the Concessions.

    Sirius Petroleum (LON: SRSP)
    Final Results Click HERE to read them.

    UK Oil & Gas Investments (LON: UKOG)
    Announced a 230% increase in oil production from the conventional Lidsey Oil Field, near Bognor Regis south of London, from 34 barrels of oil per day in May 2014 to a current rate of 113 bopd of 34 API oil after a successful recompletion programme on the Lidsey-1 well. David Lenigas, UKOG’s Chairman commented: “This is an excellent result for Lidsey. Each phase of well workovers on the Lidsey-1 well has been successful since the workover programmes started on the field at the end of last year. UKOG looks forward to the drilling of the proposed new Lidsey-2 well later this year, which is designed to access the crest of the Greater Oolite reservoir and the majority of Lidsey’s Oil in-Place. UKOG (DOR, SOLO, STG,) also look forward to a very active programme over the coming 6 months with our partners Angus Energy here in the UK, especially with the drilling of the Horse Hill-1 well near Gatwick later this month and the drilling of the proposed Brockham side-track well in the same geographical area once final approvals have been granted.” The Lidsey Oil Field is a long standing producing oil field in the Weald Basin near Bognor Regis, and is held under United Kingdom Production Licence PL 241. Lidsey has a fully permitted and operation 2,000-barrel storage facility and its oil is regularly trucked and sold to the Perenco Oil Refinery. On 13 March 2014, UKOG announced the conclusions of the independent reserve and resource reports (“CPRs”) prepared by RPS Energy Consultants Limited (“RPS”) for both the Lidsey and Brockham Fields in the Weald Basin, a copy of which is available from the Company’s website at www.ukogplc.com

    Xcite Energy (LON: XEL)
    Announces that its 100% subsidiary, Xcite Energy Resources, has entered into a Memorandum of Understanding with Aibel AS, which sets out the principles for executing the Engineering, Procurement and Construction of the Ove Arup & Partners designed self-installing ACE platform selected for the Bentley field. Aibel will work with AMEC, the international engineering and project management company, acting as XER’s Project Management Contractor, to deliver the ACE platform. XER believes that the combination of the AMEC, Arup and Aibel project management, engineering, and construction experience will deliver a quality and cost effective asset.

  • The Smallcap Oil & Gas Round Up.

    The Smallcap Oil & Gas Round Up.

    The famous, witty BMD smallcap oil & gas round up!
    The famous, witty BMD smallcap oil & gas round up!

    Another week has passed in the Smallcaps underverse. What a cracking week it’s been. Dominated by LGO, SOU, CAZA & NTOG. Oilers that have been highlighted over the last year or so as ones to watch. I’ve taken a shine to http://www.malcysblog.com/ good information/opinion  coming through. I interviewed David Lenigas this week Read it HERE.  What a funny guy! Told him to pack those fags in! Not sure he understood that one. Started rambling on about Hampstead Heath. I thought he was talking slang for “Teeth” told him to get his cavity drilled and filled. Double-entendres galore. Right that’s enough of that! Great write up this week. Enjoy it.

    Bowleven (LON: BLVN)
    Said this week that a significant milestone has been achieved in the development of the Etinde Permit. Following a Special Operating Committee Meeting, held between the Cameroon State and the Contractor (EurOil and its partner CAMOP) on 21 May 2014, a formal resolution confirming the State’s support and approval of the Etinde Exploitation Authorisation Application (EEAA) has been signed. The formal decree is expected to follow in due course.

    Caza Oil & Gas (LON: CAZA)
    Has drawn an advance of US$10,000,000 pursuant to its Note Purchase Agreement with Apollo Investment Corporation, an investment fund managed by Apollo Investment Management. With this advance, the Company has drawn an aggregate of US$45,000,000 from the facility, which contemplates Apollo purchasing up to US$50,000,000 of senior secured notes, subject to specified performance and financial requirements. The Company plans to use proceeds from this advance to fund development drilling at West Copperline, Gramma Ridge, Forehand Ranch, Marathon Road and Jazzmaster properties. Forehand Ranch development drilling will concentrate on the Cherry Canyon formation, while development drilling on the other properties will focus on the Bone Spring formation. Heavily tipped at 8p by one of my twitter followers @ABMckinley who just happens to be an offshore oilman. Knows his stuff does @ABMckinley.

    Faroe Petroleum (LON: FPM)
    Announced the spudding of the Centrica-operated Butch South West exploration well 8/10-6S (Faroe 15%). Butch South West, which is adjacent to the Company’s 2011 Butch discovery, is situated in approx. 65 metres water depth in the Norwegian North Sea, close to significant existing infrastructure with the giant Ula field approximately seven kilometres to the north-west, Tambar approximately ten kilometres to the south west and Gyda approximately 20 kilometres to the south. The significant Butch Main oil discovery (Faroe 15%) was made in late 2011 and contains a light crude oil in a high quality reservoir, the Upper Jurassic reservoir of the Ula formation. The Butch South West exploration well is located in a separate segment from both the Butch East well, the results of which were announced on 12 May 2014, and the Butch Main well. How many times do they need to keep using the word “Butch?”

    Independent Reources (LON: IRG)
    Are proposing to raise funds of up to £2.76 million (before expenses) by way of an equity fundraising of up to 91,903,213 New Ordinary Shares at an issue price of 3 pence per share, through the Placing and Open Offer.

    Leni Gas & Oil (LON: LGO)
    The champagne corks have been popping this week. What a week it’s been for LGO share-holders. Goudron oil production has kicked in at 240 bopd on a restricted choke. The well is flowing under its own pressure through a 7/32-inch choke at a wellhead pressure of 660 psi, without any water or sand production. While the 2nd development well, GY-665, in the 30 well drilling campaign, has already intersected approx. 310 feet of gross oil sand in the Goudron sandstones. Neil Ritson, LGO’s Chief Executive, commented: “This is a very significant outcome and I am sure it will be completely transformational for the field and the Company. As the first new production well on the field for over 30 years, GY-664 was drilled with an on-balance mud system and completed with modern tubing conveyed guns. The initial flow rate demonstrates the value of this approach; exceeding the historic averages four-fold. We fully expect many more similar results as the drilling campaign progresses and indeed well GY-665 is already showing consider able potential.” LGO also announced that it has completed the full Equity Swap Agreement with YA Global Master SPV, which has now agreed to provide a total of £1,407,404 in cash funding under the Placing and Equity Swap Arrangements of 23 December 2013. The swap has been terminated. Hooray!

    Mosman Oil & Gas (LON MSMN)
    Drilling has started (spudded) today, on the first of its three planned wells in the 2014 drilling programme, at its Petroleum Creek Project in New Zealand. On the first well, Cross Roads-1, Mosman plans to test Eight Mile and Cobden Limestone formations known to contain oil in offset wells. The well is being drilled vertically from a newly constructed well pad to an expected total depth of 400 m.

    Nostra Terra Oil & Gas (LON: NTOG)
    Released their Final Results for the year ended 31 December 2013. You can read them by clicking HERE

    Ophir Energy (LON: OPHR)
    Said the successful results of the Taachui-1 & subsequent Taachui-1 ST1 well in Block 1, Tanzania has resulted in a new gas discovery. Ophir holds 20% of Blocks 1, 3 and 4. BG Group operates with 60%. The Taachui-1 well was drilled by the Deepsea Metro I drillship close to the western boundary of Block 1. The well was sidetracked for operational reasons to complete as the Taachui-1 ST1 well and was drilled to a Total Depth of 4215mMD. The well encountered gas in a single gross column of 289m within the targeted Cretaceous reservoir interval. Net pay totalled 155m. Observed reservoir properties are in-line with those encountered at Mzia, the other Cretaceous-aged discovery on Block 1. Estimates for the mean recoverable resource from the discovery are c.1.0 TCF. The size of the gas column is such that the discovery could extend into a second compartment to the west which has the potential to be of a similar size. An appraisal well will be required to confirm this upside and is under consideration by the JV partners. A Drill Stem Test will now be performed on the Taachui discovery with results expected before the end of June.

    Petroceltic International (LON: PCI)
    More debt & dilution came this week from the Serial debtors/diluters as they yet again passed the hat around to the tune of $100,000,000 million dollars! Using the very same cock reasons as the last time and the time before that and… The bullshitters also released an operations update this week. Click HERE to read it.

    Petrel Resources (LON: PET)
    The board of the Company announces that the legal proceedings being pursued in the High Court in Accra, Ghana in relation to the Tano 2A exploration licence have been temporarily adjourned while discussions take place. Settlement?

    Providence Resources (LON: PVR)
    Presented 2 papers at an industry conference in Dublin this week. The company provided a general overview of its Irish portfolio as well as a technical paper on the Drombeg oil prospect. Copies of these presentations are now available for download from the company’s website, www.providenceresources.com

    Range Resources (LON: RRL)
    Released a Company update with the following highlights: As a result of the recent debt repayment, the total outstanding debt of the Company is forecast to reduce from $US10.5 million (as reported on 30 April 2014) to approximately GBP 75,000 by the end of June 2014. The Company’s equity interest in Citation Resources Limited (ASX: CTR) has reduced to 6.67%. Following this change, Range will have a direct and indirect interest of approximately 24% in the Guatemalan Project (previously 32%).

    Rockhopper Exploration (LON: RKH)
    Announced that a drilling unit has been contracted by Premier Oil to drill a minimum of four firm wells in the North Falkland Basin. RKH also released their finals today. Which can be read by clicking HERE

    Roxi Petroleum (LON: RXP)
    Updates the market with operational progress at its Galaz and BNG assets and released their final results which can be read by clicking HERE

    Tethys Petroleum (LON: TPL)
    Has completed drilling and logging of the AKK20 exploration well, the fourth well in its 2014 shallow gas drilling programme in Kazakhstan. The well was drilled to a depth of 681 metres with hydrocarbon shows and electric logs indicating the presence of hydrocarbons within the target Tasaran sand, although testing will be required on this well to confirm commerciality.

    Tower Resources (LON: TRP)
    The AIM-listed Africa-focussed oil and gas exploration company, announces the completion of its farm-in to Block 2B, onshore Kenya. Click HERE to read it!

    Union Jack Oil (LON: UJO)
    Announced a potential material unconventional shale oil and gas in place within the northern section of PEDL201, in which Union Jack holds a 10% interest. An independent technical review has been undertaken by Molten Limited. The results of this work indicate that the mean gross unrisked deterministic in place volumetric estimates approximate to 5.4 billion barrels of oil and over 2.7 trillion standard cubic feet (scf) of gas. The technical report, prepared by Molten, examines the shale resource potential of part of PEDL201 within the Widmerpool Gulf

  • The Smallcap Oil & Gas round up.

    Several of our researched success’s are mentioned this week. Urals Energy researched at 5p hit 12p now trading at 10.6p. Nighthawk researched at 6p hit 12.25p now trading at 10.25p and  Exillon Energy tipped at 98p hit 274p now trading at 259p!

    A bit of a free one here for the chaps. Positions are being taken in the fight for the Urals Energy Crown. It’s going to get very dirty. One Russian wag thinks they’ll have to up the anti (Offer) if they want Urals!

    Caza Oil & Gas (LON: CAZA)
    The West Copperline 29 Fed #1H horizontal Bone Spring test well reached its intended total measured depth of approximately 15,035 feet in the 2nd Bone Spring Sand interval on October 11, 2013, and was subsequently fracture stimulated beginning on November 1, 2013. Under controlled flowback the producing rates have remained steady, and the well produced at a peak 24 hour gross rate of 800 barrels of oil and 1.21 million cubic feet of natural gas, which equates to 1,002 bbls of oil equivalent on November 15, 2013. The well continues to clean up and is producing on a 22/64ths adjustable choke at 1,835 pounds per square inch flowing tubing pressure. Caza currently has a 62.5% working interest (approx. 47.25% net revenue interest) in the West Copperline 29 Fed #1H well.

    Chariot Oil & Gas (LON: CHAR)
    Confirms that the Special Resolution proposed to shareholders at the EGM held on 21 November 2013 was duly passed. The Company’s Articles of Incorporation will now be amended and Chariot will no longer be prohibited from holding Board Meetings and General meetings of shareholders in the United Kingdom.

    Exillon Energy (LON: EXI)
    Notes the announcement by Flowdale Investments Limited, the ultimate beneficial owner of which is Mikhail Gutseriev, that states Flowdale holds 24,065,588 shares in Exillon, which represents approximately 14.9% of the Company’s issued share capital. The formal sale process that was described in the Company’s announcement dated 18 September 2013 is proceeding as planned. The acquisition of this 14.9% stake by Flowdale was undertaken without the knowledge or consent of the Board of Exillon.

    Fastnet Oil & Gas (LON: FAST)
    Notes that its partner in the Foum Assaka license, offshore Morocco, Kosmos Energy provided a Technical Update on its exploration assets on 14 November 2013. In its presentation to analysts and investors, Kosmos covered the Foum Assaka permit, offshore Morocco following its farm-out agreement with BP plc (LSE: BP) Kosmos indicated that well planning is underway at the Eagle-1 Well in the Foum Assaka Block, which is estimated to contain 360 mmboe of Pmean resources. The well is scheduled for drilling in Q1 2014 and will target lower Cretaceous reservoirs and multiple deepwater reservoir objectives with a planned target depth of 4,500 metres in water depth of 600 metres.

    Forum Energy (LON: FEP)
    Said yesterday that an agreement had been reached with the Philex group of companies to increase and extend the repayment date of the current loan facility which was provided to the Company’s wholly-owned subsidiary, Forum Philippines Holdings Limited in 2010. The US$15 million Facility, which was US$10 million when first announced on 24 November 2010, and has been fully drawn down, has now been increased to US$18 million. In addition, the repayment date for all amounts drawn under the Facility has been extended for three years to 24 November 2016. Terms of the Facility remain otherwise unchanged, with funds continuing to be borrowed at an interest rate of LIBOR + 4.5% and with Forum Energy remaining as the guarantor under the Facility.

    Max Petroleum (LON: MXP)
    Yawnnnnnnnnnn. http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11778222

    Parkmead Group (LON: PMG)
    Announces that a new gas field has been discovered in the UK Southern North Sea by the Pharos exploration well. Parkmead holds a 20% working interest in the new discovery at Pharos. The other joint venture partners are Dana Petroleum (operator), Dyas Exploration UK Limited, MPX North Sea Limited and Hansa Hydrocarbons Limited.

    Petro Matad (LON: MATD)
    Mongolian geophysical contracting company Khet Co., completed acquisition of 200 km of 2D seismic on Blocks IV and V on 19 November, 2013. Preliminary analysis indicates that initial brute stacks of seismic across the prospect area in Block V confirm the previous interpretation and subject to further processing are expected to result in the delineation of at least two prospective drilling locations for 2014. The initial brute stacks across the prospect area in Block IV shows the presence of a cross fault that indicates an additional trap closure in this area. In light of the encouraging result from the seismic acquisition, Petro Matad has contracted with Khet to acquire a further 30 kms of seismic to confirm this closure as a potential drilling prospect for 2014. his seismic will commence immediately and is anticipated to be completed within one to two weeks.

    Range Resources (LON: RRL)
    Peter Landau came out fighting this week shouting that he would like to? A/ Silence his detractors. b/Resign for failure? C/ Release a Guatemala Update and draw attention to the announcement released by Citation Resources Limited (ASX:CTR) with respect to the Company’s interest in Guatemala?

    Solo Oil (LON:  SOLO)
    Starts the infill seismic survey planned to assist in the appraisal of the Ntorya discovery and to finalise locations for future exploration drilling in the Ruvuma onshore Petroleum Sharing Agreement in Tanzania. The operator, Ndovu Resources Limited, a subsidiary of Aminex plc has indicated that a contract has been signed with AGS and that the survey will shortly commence with 2D seismic data intended to be collected at Ntorya and to support future exploration drilling.

    Sound Oil (LON: SOU)
    Updated on the Casa Tiberi onshore gas discovery in the Marche region, Central Italy. Following Board approval to develop the Casa Tiberi gas field, an Engineering, Procurement, Construction and Lease contract has been awarded to TESI Srl, a local company with proven experience in onshore processing plants in Italy. The contract is for a total of Euro 300,000 and involves the three month construction and subsequent lease of a production skid in anticipation of first gas from the field in early 2014. The plant will be based on modular skids with nitrogen used for both gas dehydration and as “service gas” providing an effective and extremely environmental friendly solution to deliver the gas to the local low pressure network.

    Tullow Oil (LON: TLW)
    Good news came today from TLW as the company announced that the Agete-1 exploration well in Block 13T, onshore Northern Kenya, has discovered and sampled moveable oil with an estimated 100 metres of net oil pay in good quality sandstone reservoirs. The Agete-1 wildcat well is part of a major exploration campaign and has made the fifth consecutive oil discovery in the first of a chain of multiple rift basins across Tullow’s acreage in the region. This discovery de-risks several follow-on prospects located to the north and is on trend with the Twiga South, Ekales, and Ngamia oil discoveries and adds to the significant resource base already discovered. The Sakson PR5 rig drilled Agete-1 to a total depth of 1,930 metres. Following completion of logging operations the well will be suspended for future flow testing which will confirm the net pay count. The rig will then move to drill the Ewoi-1 wildcat in the east of this basin, targeting a rift flank prospect similar to the recent Etuko oil discovery. Tullow operates the Agete-1 well with a 50% interest and Africa Oil (50%) has a non-operated interest.

    Urals Energy (LON: UEN)
    The independent exploration and production company with operations in Russia, released an Operational update, tanker loading and alleged debt repayment agreement update/RNS. You can read it by CLICKING HERE.

    Wentworth Resources (LON: WRL)
    Yet more dilution at Wentworth for private share-holders. This is after the company got off a Private Placement of 61,696,024 new Shares to raise USD 40.0 million in October last month. Now we get the euphemistically titled “Over Subscribed Offering” RNS which effectively dilutes by another 9,000,000 million shares on top of the 61 million already soaked up by PI’s. Yes a thumping 70% dilution. What’s the betting that there’s another dilution within the next 12 months?

  • The Smallcap Oil & Gas round up

    The Smallcap Oil & Gas round up

    “Quiet” week in the Smallcaps world of oil & gas. Nostra have taken a hiding while trench warfare has broken out over at Urals Energy. Rita from MAGP keeps on rolling along while wonders never cease Max Petroleum NEVER released an RNS this week!”

     

    Antrim Energy (LON: AEY)
    Routine maintenance of the North Cormorant Platform has been completed and oil production from the Causeway Field in UKCS P1383 Block 211/23d (Antrim working interest 35.5%) and the Cormorant East Field in UKCS P201 Block 211/22a Contender Area (Antrim working interest 8.4%) has resumed. Production rates from the Causeway Field are expected to rise over the next year with the startup of the electrical submersible pumps and commencement of water injection.

    Caza Oil & Gas (LON: CAZA)
    Trousered £500,000 pursuant to its £6 million Standby Equity Distribution Agreement dated November 23, 2012 between the Company and YA Global Master SPV Ltd., an investment fund managed by Yorkville Advisors Global, LP. Caza has issued and allotted 5,263,158 common shares to Yorkville at a price of £0.095 per New Common Share. Following admission, the Company will have 182,965,097 common shares outstanding.

    Egdon Resources (LON: EDR)
    The UK-based exploration and production company primarily focused on the hydrocarbon-producing basins of onshore UK and France, announces that its Preliminary Results for the year ended 31 July 2013 will be announced on Wednesday 6 November 2013. An analyst meeting will be held at 9.30am on 6 November 2013 at the offices of Buchanan, 107 Cheapside, London, EC2V 6DN.

    Europa Oil & Gas (LON: EOG)
    Announced this week the completion of a 1,500 sq km 3-D seismic acquisition programme on Frontier Exploration Licences (`FELs’) 2/13 and 3/13 in the South Porcupine Basin, offshore Ireland. Kosmos Energy Ireland Ltd (`Kosmos’) is operator and holder of an 85% interest in both licences with Europa holding the remaining 15%. Processing of the newly acquired seismic data has already commenced and delivery of the processed data is expected in Q1 2014.

    JKX Oil & Gas (LON: JKX)
    Reports that it is reaching the end of the flowback period following the 10 stage multi-stage frac in well R-103. The gas rate is settling at around 3 MMcfd with 25 bpd of condensate. The rate of frac fluid recovery has fallen to 7 cubic metres per day (45 bpd) and the total frac fluid recovered is now 1,900 cubic metres (12,000 bbl), approx. 35% of the total volume injected during the frac operation and in line with expectations. A production logging tool is currently being run on coiled tubing to assess the relative production from each of the fracced intervals as part of the post frac evaluation. The well will continue to be monitored closely for confirmation of the plateau gas flow rate and the well’s ultimate performance capability.JKX’s Chief Executive, Dr Paul Davies, commented: “Whilst the well performance to date is at the lower end of our expectations, the frac has been effective and the drainage area of the well has been considerably increased. We have commenced correlation of the production results with the existing reservoir data and are looking to identify a location for the next well. Based on our improved knowledge of multi-frac operations, we will be seeking to design our next multi-frac well at a lower cost with improved production rates.” A targeted high resolution 3D seismic programme to aid in the evaluation of the reservoir distribution is under consideration for early 2014 and, based on the PLT results from well R-103, drilling options could include a multi-frac vertical well over the anticipated reservoir thickness of 300 metres. Evaluation work also continues on the northern part of the Rudenkovskoye field where younger, but no less deep reservoirs form the main targets.

    Magnolia Petroleum (LON: MAGP)
    Lot of RNS releases this week from Rita. For the purposes of clarity I’ll concentrate on just two. MAGP released an operations update across its portfolio of interests in proven US onshore formations including the Bakken, North Dakota and Mississippi Lime, Oklahoma. This update is in line with the Company’s strategy to rapidly build production through drilling and in the process prove up the reserves on its leases. As at 1 August 2013 production stood at 214 boepd. But what is it as of today Rita?Magnolia also announced it has entered into a US$5 million three year Credit Facility. Don’t you mean debt facility?

    Nostra Terra (LON: NTOG) * RNS Released at 12pm today
    Hit back at BBLoons this afternoon. The AIM quoted oil and gas producer with projects in the USA, commented on speculation about the Company in the context of the recent share price movement and significant volume of trades in recent days. There has been recent speculation on certain message boards (BBLoons/Bashers/DayTraders) regarding a potential placing by the Company of new ordinary shares. These are false rumours and completely unfounded. The Company confirms that it has no intentions to undertake a placing. Matt Lofgran, Chief Executive Officer of Nostra Terra, commented: “We previously announced that in January we had surpassed cash flow positive on an operational basis. This still remains the case, where free cash flow generated from production has been reinvested into additional wells throughout the year. Since that time we have also collected in excess of $1,400,000 from Richfield, and these funds will also be used for upcoming leasing and drilling.”

    Ophir Energy (LON: OPHR)
    Noted media speculation that it is looking to sell down its interests in Blocks 1, 3 and 4, Tanzania.The Company confirmed it has a process ongoing to sell down a part interest in these Blocks but there is no certainty that this process will conclude successfully nor can there be any certainty over the value of any such deal if it were to complete. Ophir will update the market further on this process as appropriate.

    San Leon (LON: SLE)
    Further to the Company’s announcement on 25 September 2013, and following the admission of the 542,631,579 Second Placing Shares to trading on AIM this week, San Leon Energy completed the second tranche of the Placing, raising gross proceeds of £25,775,000 million. The Company’s share capital, as enlarged by the Second Placing, now comprises 2,531,726,642 ordinary shares. SLE also released news on the next operational steps for the vertical hydraulic fracture stimulation of the Lewino-1G2 well on its 221,000 acre Gdansk W Concession in Poland’s northern Baltic Basin. The initial vertical frac was performed to test both the fracture stimulation and flow potential of the lower Ordovician shale and to gather necessary data for future horizontal drilling and multi-staged hydraulic fracture stimulation. The Company announced on 16 September 2013 that, in conjunction with United Oilfield Services and other specialist frac consultancies, it would use the data to optimise further frac operations in the well. That design work has now been completed, materials and services have been ordered, and mobilisation of the snubbing unit to prepare the well for the fracs will commence shortly. As with any drilling operation, the timescales can be subject to some variation, however, the snubbing unit will be mobilised in the coming days and the Company expects flowback, clean-up and testing to begin at the end November or early December. During these operations, two further fracs will be performed on Lewino-1G2. The first will be a re-frac of the existing zone, while the second will frac a new overlying part of the Ordovician Caradoccian formation. The design work is expected to optimise these operations by changing several parameters relative to the initial frac, including the use of ceramic propant, which has significantly higher strength than sand, reducing propant crushing, and therefore expected to yield better frac conductivity and communication to the wellbore. Although this is believed to be the first time that ceramic propant has been used in Poland, it is very widely used in the US.

    Sterling Energy (LON: SEY)
    Still clinging on SEY released its Interim Management Statement for the period beginning 1 July 2013. Click HERE to read it.

    Tangiers Petroleum (LON: TPET)
    Received a price query today from the Australian Securities Exchange in relation to the rise in the Company’s share price in recent days. In response, the Company noted:
    That it is not aware of any additional information which, if known, could be an explanation for recent trading in the Company’s securities; and Interest in offshore Morocco by oil companies and the impending drilling program in the neighbouring blocks to the Company’s Tarfaya Offshore Block in Morocco, which is due to commence shortly, have contributed to the increase in activity and price movement in the Company’s fully paid ordinary shares on AIM and ASX. In addition, the Company’s $0.16 listed options (ASX: TPTOA) ceased trading as at the close of business on 24 October 2013 and this may have also increased trading in the fully paid ordinary shares.

    Urals Energy (LON: UEN)
    It’s getting dirty over at UEN as the Company came out with a hard hitting RNS titled “Alleged Debt Repayment Agreement” Following receipt by the Company of a requisition notice signed by Alpcot Capital Management Ltd and Fire East Corporation on 25 September 2013, the Company issued a notice convening an EGM to be held on 27 January 2014. Resolutions proposed by the Requisitioners to be considered at the EGM would, if approved by the Company’s shareholders, remove the existing directors, save for Mr. Torbjorn Ranta, and appoint Mr. Maxim Barsky and Mr. Jonathan Kollek to the Company’s board of directors. On 14 October 2013, the Company also announced that a credible third party had approached the Company regarding a potential offer for up to 100% of the issued ordinary share capital of the Company.

    The Company has recently received a facsimile copy of a purported ‘Debt Repayment Agreement’, expressed to have been entered into in December 2010 between the Company and a Cyprus company owned by Mr. Vyatcheslav Rovneiko, UEN Cyprus Limited. Under the Alleged Agreement, the Company is expressed to be liable to pay UEN Cyprus Limited the sum of US$41,652,000 on 15 December 2013. The Company has no reason to believe the Alleged Agreement to be a genuine document, and therefore does not accept that the Company could be bound by its terms. Prior to the Alleged Agreement’s production, the Company had no knowledge of its existence whatsoever. The Company has no record of entering into such an agreement and the Alleged Agreement does not carry the Company’s seal. In addition there are other inconsistencies in the Alleged Agreement and this has led the Board of Urals to conclude the Alleged Agreement is a forgery and an attempt by a third party to defraud the Company and, by extension, its shareholders.

    The Company has appointed a Committee of the Board to undertake an enquiry and take all available legal steps to establish the origin of the Alleged Agreement and to recommend all appropriate actions necessary to defend the Company, including any possible legal action. The Alleged Agreement was passed to the Company’s Chairman, Mr Andrew Shrager, following a conversation between Mr. Shrager and a Moscow based investment banker who stated that he was acting as an intermediary on behalf of Mr. Maxim Barsky and Mr. Dmitry Bosov (the owner of Alltech and Pechora LNG among other ventures). In this conversation the investment banker stated that Mr. Barsky and Mr. Bosov had acquired the benefit of the Alleged Agreement and that they would publicise the existence of the Alleged Agreement unless the directors of the Company (with the exception of Mr. Ranta) stood down immediately. Similar threats were made to Mr. Leonid Dyachenko and Mr. Alexei Ogarev (both directors of the Company) in a meeting held over the weekend with Mr. Barsky and Mr. Bosov in Moscow. The Board believes that the most logical inference to draw from this sequence of events is that any disclosure of the Alleged Agreement, which, as stated above, the Board believes to be a forgery, would be intended to influence shareholders’ decision making in respect of the resolutions to be proposed at the EGM. The Board intends to investigate fully the Alleged Agreement and will not hesitate to take appropriate legal action against any parties associated with it, including making appropriate reports to the serious fraud authorities in all applicable jurisdictions. The Gloves are off! Ding! Ding!

    Victoria Oil & Gas (LON: VOG)
    Released a “Chairman’s Statement & Review of Operations” that started with “Dear Shareholders” a favoured opening gambit when things aren’t going well. I wrote to you on 10 October providing an update on many operational matters and whilst I may be repeating myself here, the update included some key messages that I believe are important enough to state again. This year has been a challenging one for Victoria and its shareholders. Like you, I am concerned about the low share price, which I believe grossly undervalues our business and does not reflect the Company’s achievements to date. In less than four years, our Company, backed only by its shareholders, has succeeded in drilling two complex wells, installing gas processing facilities for 20mmscf/d, laying 22km of pipeline and is selling gas and collecting revenue….. Of course there’s a little matter of the massive dilution that has occurred here over the last 4 years. No mention of this years 1,465,329,020 billion placing at 1.6p or the fact that there’s 4,348,552,329 billion shares in issue! Yawnnnnn if you want to read this in full click HERE

  • The Smallcap Oil & Gas round up. Souvenir Victory Edition!

    The White Flag is flying over the London offices of Uber Expensive City solicitors Pinsent Masons this morning, as I and comrade Tom Winnifrith accept their signed terms. (Surrender) No doubt a tsunami of shame will hit the beaches of Hawaii in due course. I will be signing at 12 noon today! The matter is now closed.

     

    Bridge Energy (LON: BRDG) Advises that the Asha East well has been drilled to its total depth. The primary target in Asha East was Hugin (Jurassic) sandstone with a secondary target in the Skagerrak Fm (Triassic). A 55m core has been retrieved from the Jurassic section. Preliminary assessment of the acquired data indicates that, despite oil shows, there are no signs of movable hydrocarbons in the well. As a consequence, no drill stem test will be carried out. After completion of the on-going data acquisition, the well will be plugged and abandoned.

    Egdon Resources (LON: EDR) Announced the completion of the acquisition of a 3D seismic survey to the south and east of Dorchester in the County of Dorset, onshore U.K. The survey, which covers parts of Petroleum Exploration and Production Licence PEDL237 and Production Licence PL090, was acquired by Tesla Exploration International Ltd. and comprised the acquisition of a total of 2,631 vibroseis source points covering an area of approximately 68.5 square kilometres. The survey was designed to provide detailed structural data over a number of leads and prospects at various reservoir levels including the Sherwood Sandstone, the primary reservoir at the nearby Wytch Farm oilfield. The main focus of the survey was over the area of the Casterbridge and Broadmayne structures where, based on previous 2D seismic data, Egdon evaluated combined gross Best Estimate Prospective Resources of around 50 million barrels of oil. The data will now be processed by a specialist contractor to generate a 3D image of the geological structure of the area to enable the licence group to identify locations for possible future exploration drilling.

    Fastnet (LON: FAST) The listed E&P company focused on near term exploration acreage in Morocco and the Celtic Sea, is pleased to note that its partner, Kosmos Energy (NYSE: KOS), announced that it has entered into a farm-out agreement with BP plc (LSE: BP) (NYSE: BP) to earn a 26.325% stake in the Foum Assaka permit Offshore Morocco.

    Fortune Oil (LON: FTO) Said it was “pleased” on the signing of a US$300 million (GBP188 million) loan agreement by Fortune Oil PRC Holdings Limited, the Company’s principal intermediate holding company in Hong Kong. (Why any company would be “pleased” to be racking up further debt is a mystery to me!) The facility is denominated in US$ with a term of three years and a margin of 2.75% over LIBOR. The facility is guaranteed by Fortune Oil and secured by share charges over its various investment holdings subsidiaries. The facility structure is similar to the Company’s US$180 million three year loan facility signed in April 2011. This new facility will be used to repay the existing syndicated debt, provide the Company with working capital, and finance new investment. (And ever more debt!)

    The directors of Forum Energy (LON: FEP) noted the recent movement in the Company’s share price and confirmed that they are not aware of any reason for such a movement. They then went on to say; “However, the Company notes the speculation in relation to the status of the Phase II development wells being drilled at the producing Galoc oilfield offshore the Philippines (in which Forum Energy has a 2.27% participating interest). Otto Energy Limited, the operator of the permit, has announced that the results from the flow test of the first development well, 5-H, are still in line with the previous forecast of an overall field production rate of 12,000 bopd gross (272 bopd net to Forum Energy), to be delivered once Phase II is brought in to production which is expected to be in late November 2013. The Company also announces that it is in the process of negotiating the refinancing of its US$15m related party loan facility with Philex Mining Corporation. The directors of the Company expect this process to be concluded in the coming weeks. A further announcement will be made as soon as these negotiations have been concluded.” Now which is it? You are either non-plused as to why your sp is moving or your not! Call me a cynic but some Boards will try to use any opportunity to move their sp!

    Ithaca Energy (LON: IAE) Provided an update on third quarter 2013 (“Q3-2013”) operational activities, including recent key milestones achieved on the Greater Stella Area development and production performance. The Company’s Q3-2013 financial results are scheduled to be published on 11 November 2013. Much too long for the smallcap round up. Click HERE to read

    Max Petroleum (LON: MXP) Has completed drilling the SAGW-14 appraisal well to a vertical depth of 1,423 metres without encountering sufficient hydrocarbons to be commercial and it will be plugged and abandoned. The results of the well will be analysed and integrated into the geotechnical evaluation of the field. The Zhanros ZJ-30 rig will next move to drill the SAGW-9 well, one of seven wells remaining in the current appraisal programme in the field. In the Uytas field, the UTS-9 appraisal well reached a total depth of 550 metres, without encountering sufficient hydrocarbons to be commercial and will also be plugged and abandoned. The Zhanros mobile truck mounted rig is now moving to the UTS-18 appraisal well, which will be drilled to a total depth of approximately 450 metres targeting Cretaceous and Jurassic reservoirs. After UTS-18, an additional three wells remain to be drilled as part of the initial appraisal programme in the field.

    Mediterranean Oil & Gas (LON: MOG) Released a Q3 operational update today. You can read it by clicking this LINK

    Range Resources (LON: RRL) International Petroleum announced it had entered into two binding conditional terms sheets for the sale of its assets in Kazakhstan and Russia for US$60 million. As previously announced, Range had proposed a merger with International Petroleum, subject to various conditions being met, which when announced was likely to be conducted as an off-market takeover offer by Range to International Petroleum shareholders. In conjunction with the proposed merger Range has advanced US$8 million in secured loan financing to International Petroleum. While the sale process for the Russian Assets was known to and supported by the Range board, the final terms of the proposed transaction, and the sale of the Kazakhstan Assets have only now been defined. As a result of clarity on the sale of these assets, the likely proceeds from this sale and the associated shift in focus of International Petroleum to its African assets, Range will now identify and consider a range of corporate alternatives to the original merger proposal, which may or may not include a merger of the two companies – albeit on terms to be renegotiated. (Is it on or is it off?  Simple question! No wonder the sp is in the toilet!)

    Sefton Resources (LON: SER) Noted the recent press speculation regarding a settlement of the legal action initiated against Tom Winnifrith and Daniel Levi, as announced by the Company on 25 February 2013. The Company can confirm that it is in negotiations regarding a settlement of the legal action but no agreement has as yet been signed by the parties. All over bar the shouting?

    Tethys Petroleum (LON: TPL) The E&P Company focused on Central Asia and the Caspian Region, provided an update on operations in Kazakhstan. Click the LINK to read it.

    Urals Energy (LON: UEN) The independent exploration and production company with operations in Russia, announced that following the requisition of an EGM, further details of which were announced on 25 September 2013, it has posted a notice convening an extraordinary general meeting of the Company’s shareholders for 11.00 a.m. on Monday 27 January 2014 at Evagoras Building, Office 34, 3rd floor, 31 Evagorou Avenue, Nicosia, CY-1066, Cyprus. The key points in the Circular are: Removal of Ingeborg Srenger from the Board will be an ‘Event of Default’ under the Petraco Oil Company debt restructuring agreement giving Petraco the right to require immediate repayment of the amounts owing to it. Urals Energy would face litigation from Petraco and this would be extremely detrimental to the Company and its shareholders. Potential cash offer received at an indicative price of 12.25 pence per share for 100% of the entire issued share capital of Urals Energy. Potential cash offer is subject to due diligence from a highly credible purchaser with previous Russian operational oil experience. Uncertainty as to who has ultimate control and ownership of Fire East Corporation.The requisitioners have failed to provide any information on their future plans for Urals Energy. The Board believes that the requisitioners are planning on using the Company to acquire a high risk asset. Existing management have saved Urals Energy from near bankruptcy. The resolutions proposed are not in the interests of shareholders. The Board of Urals Energy recommends that shareholders vote against all the resolutions proposed by the requisitioners. Copies of the Circular convening the EGM are available from Urals Energy’s website in accordance with Rule 20 of the AIM Rules for Companies www.uralsenergy.com

    Wessex Exploration (LON: WSX) Released their final results for the year ended 30 June 2013. (It’s been a terrible year for them. A real stinker.) Time for heads to roll! In the year to 30 June 2013, the loss before taxation was £3.39m (2012: loss £1.64m) and loss per share was 0.47p (2012: loss 0.26p). Operations continue in Guyane on the GM-ES-5 well, a prospect located down-dip from the Zaedyus discovery. Election made to conserve up to £1.5m of cash resources by diluting interest in Guyane Maritime venture to around 1.1% (from 1.25%). New 2D seismic data being acquired in Southern England (P1928), major reprocessing effort completed and now being interpreted. Renewal Application for Juan de Nova Est Permit made with Wessex having the right to hold 50% if awarded. Cash as at 30 June 2013 was £4.4m, of which the Company had projected further commitments of £3.3m, almost all relating to Guyane (pre-dilution) as the current four well drilling campaign draws to a conclusion.

  • The Smallcap Oil & Gas round up

    The Smallcap Oil & Gas round up

     

     

    Quiet week in the Smallcap Oil & Gas Underverse. Don’t forget to Sign the Sefton Resources e-petition DEMAND AN INVESTIGATION NOW!http://epetitions.direct.gov.uk/petitions/52766

    Cadogan (LON: CAD)
    Announced an improvement in well performance at Borynya 3 following a light acid wash and further testing in the 2745-2685m range interval. Flaring and hydrocarbon samples were collected and oil, condensate and gas were evident. There was no evidence of formation water in the fluids produced. Persistent completion brine leakage from annulus to bottom packer is still preventing sustainable production at this stage. The Company plans to release the work-over rig in the next days after re-completion and well testing will continue in order to properly purge the formation without brine interference in production. As anticipated, an acid-frac will be planned for next year in order to obtain and support sustainable and commercial production at Borynya 3. Further updates on these activities will be provided in due course.

    Sign the Sefton Resources e-petition DEMAND AN INVESTIGATION NOW!http://epetitions.direct.gov.uk/petitions/52766

    Europa Oil & Gas (LON: EOG)
    The AIM listed oil and gas exploration, development and production company focused on Europe, announced its final results for the 12 month period ended 31 July 2013.
    The full Annual Report and Accounts will be available today on the Company’s website at www.europaoil.com

    Gulf Keystone (LON: GKP)
    Confirms that, further to a communication received from the Ministry of Natural Resources of the Kurdistan Regional Government, commercial production from its Shaikan field in the Kurdistan Region of Iraq has recommenced. As previously announced, the Company plans to ramp-up ((THE SP) sorry typo!)) production from the first Shaikan production facility to 20,000 barrels of oil per day, while ((((paying themselves tens of millions! sorry typo again!))) completing the construction and commissioning of the second Shaikan production facility, which will add a further 20,000 bopd of production capacity.

    Ithaca Energy (LON: IAE)
    Came out all trumpets blaring on how super dooper it is that they have; extended and improved long term senior bank debt financing facilities and oil sales agreements. Increased existing Reserve Based Lending facility from $430 million to $610 million, with enhanced terms in the form of a reduced margin cost and greater flexibility over future unallocated capital. This has enabled retirement of the $350 million bridge credit facility established to facilitate the Valiant Petroleum acquisition in April 2013. What a fine piece of business this is increasing your debt via an RBL (Reserve based lending). Spend it before you get it! Ithaca have also established a new five year $100 million corporate facility, providing additional funding flexibility to add new appraisal / development opportunities to the existing portfolio. How about just giving the $100 million back to share-holders as a special divi? Not a chance! The trough needs to be kept full!

    Sign the Sefton Resources e-petition DEMAND AN INVESTIGATION NOW!http://epetitions.direct.gov.uk/petitions/52766

    Leni Gas & Oil (LON: LGO)
    Good news came this week as the Company reached the significant milestone of achieving net oil production of over 500 barrels per day from combined operations in Trinidad and Spain. The majority of this production growth has come from the Company’s assets in Trinidad where the on-going programme to work-over and reactivate wells is proving successful. LGO’s post-tax profit from operations now exceeds US$300,000 per month and the Company sees this financial position as sustainable and will be further strengthened as new wells continue to be put on production in Trinidad and well enhancement work is undertaken in Spain. Neil Ritson, the Company’s CEO, commented: “Reaching this operational milestone is very encouraging and is a further demonstration of the potential in the Goudron Field in Trinidad. It is also very significant that this production increase, when combined with the recently implemented reduced overriding royalty rates in Trinidad, have seen the Company’s overall cash flow strengthen significantly in the last few months. “ Well done Neil Ritson. Now surely on the way to 1,000bopd.

    The week wouldn’t be complete without an RNS from Max Petroleum (LON: MXP) This week we get to learn of “production test results at the Sagiz West field and the spudding of wells at the Sagiz West and Uytas fields.” The SAGW-5 well in the Sagiz West Field is currently testing a Triassic reservoir from depths between 1,324 and 1,330 metres. The well has tested at initial rates on various choke sizes between 100 and 240 bopd and is currently flowing at a stabilized rate of 110 bopd on a 10/64″ choke. After testing for up to 90 days in this reservoir, the well will be recompleted in the next reservoir at depths between 1,283 and 1,296 metres. The Company has also commenced drilling the SAGW-14 appraisal well, the seventh well to be drilled in the field that will further evaluate the southern end of the Sagiz West structure. SAGW-14 will be drilled to a total vertical depth of approx. 1,400 metres targeting Triassic reservoirs. Dear Max expects to drill an additional seven appraisal wells after SAGW-14 as part of its ongoing appraisal programme for the field. At Uytas, the Company has commenced drilling the UTS-9 appraisal well, which will be drilled to a total vertical depth of approximately 550 metres targeting Jurassic reservoirs. After UTS-9, an additional four wells remain to be drilled as part of the initial appraisal programme in the field.

    Nighthawk Energy (LON: HAWK)
    Updated on production at its 100% controlled and operated Smoky Hill and Jolly Ranch projects in the Denver-Julesburg Basin, Colorado. Average gross oil production in the third quarter of 2013 was 1,528 bbls/day compared to an average of 631 bbls/day in the second quarter. The increase was driven by the successful drilling program at Arikaree Creek with a full quarter of production from the Big Sky 4-11 and Taos 1-10 wells and a first contribution from the Silverton 16-10 and Snowbird 9-15 wells which came on-stream in July 2013. As previously announced, production in September 2013 was affected by planned maintenance work and data collection at all five Arikaree Creek producing wells. As a result, average gross oil production in September 2013 was 1,408 bbls/day. All wells are now back on-line and the data gathered during the scheduled tests of pressure and fluid levels is being analysed. The production rate of Steamboat Hansen 8-10, the Arikaree Creek discovery well, increased during the third quarter. This well has now been in production for over ten months and has produced over 90,000 barrels of oil with no water production. The Company continues to benefit from strong oil prices, and generated net revenues of over US$10 million in the third quarter of 2013.

    Sign the Sefton Resources e-petition DEMAND AN INVESTIGATION NOW!http://epetitions.direct.gov.uk/petitions/52766

    Northcote Energy (LON: NCT)
    Released a pre placing ramping RNS READ IT HERE then quickly announced a few days later that it  Was “pleased” to dilute it’s own share-holders by announcing that it has raised £1.75 million through placing 159,090,910 new ordinary shares in the Company at a price of 1.1 pence per Placing Share. “Pleased” I think not!

    Petroceltic (LON: PCI)
    Confirms that it has received formal notification that Sonatrach, the Algerian State Oil Company, is exercising its right under the Isarene Production Sharing Contract to pre-empt the Company’s proposed sale of an 18.375% interest in the PSC. The commercial terms and proceeds of pre-emption are similar to those agreed between the Company and a potential third party purchaser and comprise a $20 million payment on completion, a $140 million development carry and two contingent payments of $10 million each based on the achievement of certain early production and technical completion milestones. Following the completion of the transaction, Sonatrach will hold a 43.375% participating interest, Petroceltic will hold 38.25% and Enel will hold the remaining 18.375%

    Peter Landaus’ ailing Range Resources (LON: RRL) received a share price query from the Australian Securities Exchange this week and in response has confirmed that: The Company is not aware of any information concerning it, that has not been announced and which, if known, could be an explanation for recent trading in the securities of the Company. Range notes the recent decrease in its share price on the AIM market and is not aware of any other information concerning it, that has not been announced and which, if known, could be an explanation for recent trading in the securities of the Company. Yes that’s right Peter you don’t know why your company SP is tanking. As the head honcho don’t you think you should know? Could this be one of the reasons. The failure to close the Texas sale? “The purchaser of its Texas assets continues to indicate that it is proceeding to complete settlement of the acquisition, Range is still awaiting receipt of the final consideration for the sale of these assets with Range agreeing to extend the settlement deadline……….

    Sign the Sefton Resources e-petition DEMAND AN INVESTIGATION NOW!http://epetitions.direct.gov.uk/petitions/52766

    Salamander Energy (LON: SMDR)
    Has spud the West Kerendan-1 exploration well (WK-1), which lies within the Bangkanai PSC, in Central Kalimantan, Indonesia. Salamander has a 70% operated interest in the WK-1 well. The WK-1 well has two main targets, the first of which is the Oligocene Berai Formation carbonates, which form the reservoir in the nearby Kerendan gas field. At West Kerendan, the Upper Berai forms the primary target and has mean recoverable resource potential of 330 Bcf. The WK-1 well’s secondary target comprises an underlying Eocene aged sandstone fairway in a large four way dip closed structure called Sungai Lahei. This higher risk Eocene target has mean recoverable prospective resource potential of 580 Bcf.

    Tangiers Petroleum (LON: TPET)
    Has terminated its Farm-out Agreement with CWH Resources Limited in relation to the offshore permits WA-442-P and NT/P81 located in the Joseph Bonaparte Gulf, northern Australia. Tangiers terminated the agreement because CWH did not meet the deadline to satisfy the conditions precedent.

    Trapoil (LON: TRAP)
    Updated in respect of its proposed farm-in to the Trent East Terrace Area and its existing interests in certain adjacent acreage. As announced previously, on 7 February 2013 Trapoil entered into a conditional sale and purchase agreement to potentially acquire a 33.33% working interest in Licence P.685 (Block 43/24a) containing the Trent East gas discovery, from Perenco UK. Holywell Resources is also a party to this Agreement under the terms of which it agreed to acquire Perenco’s residual 66.67% interest in TET. In the event that all of the conditions precedent were not satisfied or waived by 30 September 2013 any of the parties were thereafter entitled to provide 10 days notice of their intention to terminate their involvement. As at 30 September 2013 some legal documentation relating to certain conditions precedent, although acceptable to Trapoil, had not been agreed by Holywell. Given the circumstances Trapoil had no confidence that funds would be placed in an escrow account to cover the anticipated costs of an appraisal well. On 9 October 2013 Perenco issued a notice of its intention to terminate the Agreement in the event that the conditions precedent are not fulfilled by 19 October 2013. Trapoil’s subsidiary, Trap Oil Ltd, currently holds a 30% working interest in the Conrad prospect (Licence P.1923, Block 43/20c), an adjacent block to TET, which it acquired from Holywell last year for a nominal consideration. Trapoil’s partners in Conrad are Centrica Resources 40% working interest and operator and Holywell 30% working interest. A decision to either drill or drop this licence will need to be made by the partnership group by 30 January 2014.

    Trapoil also has an outstanding licence application under the Department of Energy and Climate Change’s 27th Seaward Licensing Round for acreage proximate to the Trent East Terrace Area containing the Opal discovery. This potential full or partial licence award by DECC remains pending. The Company has to date been assessing the possible development of Conrad, and the abovementioned potential additional licence award from DECC, as part of its envisaged development plan for TET which comprised a single well tie-back to the Trent platform operated by Perenco. In light of the termination of the TET farm-in opportunity, Trapoil will now proceed to review and evaluate its position with regards to the adjacent acreage.

    Sign the Sefton Resources e-petition DEMAND AN INVESTIGATION NOW!http://epetitions.direct.gov.uk/petitions/52766

    Victoria Oil & Gas (LON: VOG)
    Provided shareholders with an update on trading and operations with a (Love) letter from Kevin Foo, Chairman and Interim CEO. Click HERE to read it!

    Sign the Sefton Resources e-petition DEMAND AN INVESTIGATION NOW!http://epetitions.direct.gov.uk/petitions/52766

    SIGN THE PETITION!!!!
  • The Smallcap Oil & Gas round up.

    The Smallcap Oil & Gas round up.

    It’s been a quiet week in the Smallcaps Underverse. Today was piss poor for news!

    Bankers Petroleum (LON: BNK)
    Said this week that a claim has been filed in the Commercial Court of England and Wales against the Company’s subsidiary Bankers Petroleum Albania Ltd. (“BPAL”) by BP Oil International: BPO in connection with a dispute between BPAL and BPO over the termination by BPAL of a crude oil sales contract between BPAL
    and BPO. BPO has alleged that BPAL wrongfully terminated the Contract and is seeking damages of approximately US$ 54 million. The Company and BPAL believe that BPAL was fully within its legal rights to terminate the Contract, that BPO’s claim is without merit and that, in any event, BPO’s estimate of damages is exaggerated. The Company intends that BPAL will vigorously defend the claim.

    Bridge Energy (LON: BRDG)
    Takeover! Spike Exploration Holding AS, announces a recommended voluntary cash tender offer to acquire the entire issued share capital of Bridge Energy ASA at £1.62pence per BRDG share. Take the money & run!

    Desire Petroleum (LON: DES)
    Released their interim results for the six months ended 30 June 2013. Click HERE to view them

    Enegi Oil (LON: ENEG)
    The independent Oil and Gas Company with a portfolio of assets located in the UK North Sea, Newfoundland Canada, Ireland, and Jordan released an update on the Company’s strategy. Much too long winded for the smallcap round up. Click HERE to read it.

    Faroe Petroleum (LON: FDP)
    Announced the spudding of the Statoil-operated Snilehorn exploration well 6407/8-6 (Faroe 7.5%). The Snilehorn prospect is located four kilometres from the Hyme producing oil field (Faroe 7.5%) in the Norwegian Sea. Hyme produces into the Njord field facilities (Faroe also 7.5%). The well and a planned side-track will target oil and gas in the Jurassic Ile, Tilje and Åre Formations (analogous to the Hyme reservoir) and, if successful, the plan is to fast-track a development along similar lines to the Hyme development. The water depth is 282 metres and the well is planned to be drilled to a total depth of approximately 3,205 metres. The drilling operations are being undertaken by Statoil (50%) utilising the Songa Trym rig.

    Falcon Oil & Gas (LON: FOG)
    Has completed the purchase of 2,462,686 shares from certain of the remaining shareholders in Falcon Oil & Gas Australia Ltd. As previously announced, the consideration was 2.25 common shares in Falcon for every one FOGA ordinary share held. The valuation used in this offer was the same used in the recently completed acquisition of Sweetpea Petroleum Pty Ltd’s 24.2% holding in FOGA. As a result of this transaction, 5,541,044 new Falcon common shares have been issued. Application has been made to the London Stock Exchange for the new shares to be admitted to trading on the AIM Market of the London Stock Exchange. FOGA is a subsidiary of Falcon and is the registered holder of four exploration permits in the Beetaloo Basin, Northern Territory, Australia. Following the completion Falcon holds 202,462,686 shares in FOGA, representing 98.1% of the issued share capital of FOGA. The transaction is subject to final approval from TSXV.

    http://epetitions.direct.gov.uk/petitions/52766

    Frontier Resources (LON: FRI)
    Updated on its activities in the Sultanate of Oman. Frontier’s 100%-owned Block 38, located in the Dhofar Region of southwest Oman, covers an area of approximately 17,425 square kilometres. A 6 year Exploration & Production Sharing Agreement was signed on 25 November 2012. Frontier is the operator. From the declaration of commerciality, which under the Oman EPSA means the date on which the Government of Oman approves a field development plan for the commercial discovery of crude oil or natural gas and as appropriate a gas sales agreement becomes effective, an Oman Government company will be entitled to a 25% participating interest in the Oman EPSA. Having received bids from several data processing companies, the Company has selected BGP Inc., the U.S. subsidiary of the China National Petroleum Corporation, as the contractor to utilise its proprietary software package to provide high quality data processing services by re-processing selected 2-D seismic data from the vintage seismic data sets on the concession. These data sets were originally acquired by previous operators on the Block that included Phillips Petroleum, BP, Petroleum Development Oman and Sinopec. Frontier also expects to benefit from any new developments that result from work done at BGP’s recently established state-of-the art research and development centre in Houston, Texas. Data reprocessing uses the latest in signal processing technology to enhance the interpretability of the seismic data by extracting information from the older data that would not have been possible at the time of the original acquisition and processing. This is achieved mainly by suppressing noise and enhancing the signal reflected from the subsurface. Re-processed data quality will be strongly affected by the acquisition parameters used during the initial data recording. The results of the re-processing will be integrated into the overall seismic dataset on Block 38 to come up with an interpretation that will help guide Frontier to optimise the location of a planned 3-D seismic survey.

    Genel Energy (LON: GENL)
    Along with DNO International ASA, has signed a Gas Sales and Purchase Agreement with the Kurdistan Regional Government to supply gas from the Summail field in the Dohuk licence in the Kurdistan Region of Iraq. Earlier this week Gene “Noted” that DNO International ASA as operator of the Tawke Field in the Kurdistan Region of Iraq, issued the following statement on the field: “DNO International ASA, the Norwegian oil and gas company, announced that it has commenced extensive testing of the Tawke-23 exploration well in the Kurdistan region of Iraq. The well is the second horizontal well drilled by the Company in the Tawke field and has encountered continuous oil shows within a 930 metre horizontal section in the main Cretaceous reservoir. The test program, expected to last up to three weeks, will focus on ten fracture zones with production potential. The Company’s first horizontal well in the field, Tawke-20, tested 8,000 barrels per day from each of ten producing intervals in the Cretaceous reservoir and is currently on stream at an average rate of 25,000 barrels per day. Also currently drilling in Kurdistan are two other Tawke horizontal development wells, Tawke-21 and Tawke-22.”

    Leni Gas & Oil (LON: LGO)
    Said this week that their had been a positive impact of recent revisions to capital allowances and tax credits to be applied to the oil and gas sector in Trinidad. You can read the full RNS HERE

    Max Petroleum (LON: MXP)
    Not a good week for MXP! The BCHW-3 appraisal well in the eastern portion of the Baichonas West Field on Block E to a total vertical depth of 1,525 metres was plugged and abandoned. In the Uytas field, the UTS-16 appraisal well successfully reached a total depth of 200 metres, with electric logs indicating three metres of net oil pay in the Cretaceous Aptian reservoir over a 33 metre interval ranging in depths from 111 to 144 metres. Reservoir quality is excellent. Hydrocarbon shows were not encountered in the Albian section. The Company plans to complete the well and place it on test production as soon as practicable. The Zhanros mobile truck mounted rig is now moving to the UTS-15 appraisal well, which will be drilled to a total depth of approximately 200 metres targeting Cretaceous reservoirs. After UTS-15, an additional six wells remain to be drilled as part of the initial appraisal programme in the field.

    Nostra Terra Oil & Gas (LON: NTOG)
    Updated on the Verde Prospect, located in Colorado. The third well has reached total depth, drilling has ended and completion operations are now underway. Drilling in the primary pay zone was interrupted to perform two Drilling Stem Tests (DST). The second test resulted in free gas nearly reaching the surface and recovery of several hundred feet of liquids, a mixture of gas and oil, plus oil and gas cut drilling muds, the majority of which was oil. No free water was reported. Nostra Terra owns a 16.25% working interest in this program of development wells, but has recently increased its working interest in this well to 17.54%. The prospect is operated by Plainsmen Partners, LLC and is located in south-eastern Colorado.

    http://epetitions.direct.gov.uk/petitions/52766

    Petroceltic International (LON: PCI)
    Announced this week the successful tie-back of a new production well on the Kaliakra gas field, offshore Bulgaria. The well was completed with a subsea wellhead and connected to the existing Kaliakra pipeline for export via the Galata platform. The well and flow line works were performed by the GSP Prometeu jack-up drilling rig and Big Foot 1 lay barge and concluded on 10 September. The new well has been flow tested at rates in excess of 12 MMcfpd and is currently being produced through the Galata facilities, which are shared with the Galata and Kavarna fields. Once the production from the three fields has been rebalanced, the combined rate is expected to stabilise at around 30 MMcfpd. Petroceltic holds a 100% working interest in the fields and associated infrastructure.

    Range Resources (LON: RRL)
    Released a Texas & Trinidad update. You can read it HERE

    Salamander Energy (LON: SMDR)
    Has spud an exploration well in Block G4/50, Gulf of Thailand targeting the Ayutthaya prospect. Ayutthaya is located in the Western Central sub-basin, some 7 km northeast of the recent Surin oil discovery. The well will target oil in Miocene sandstones and is estimated to contain mean prospective recoverable resources of 30 MMbo. The well will be drilled to approximately 2,350 metres total vertical depth sub-sea using the Atwood Mako jack up rig.

    San Leon (LON: SLE)
    Two RNS’s this week from San. Preliminary results for the hydraulic fracture treatment performed on the Rogity-1 well on the Braniewo S Concession in Poland’s northern Baltic Basin. This was the first frac of a three-stage programme at Rogity-1 as part of the recently signed farm-out agreement with Wisent Oil & Gas, under which Wisent will fully design, perform, and fund the costs of the programme as well as any subsequent testing in the well. The objective of this first fracture was to understand the frackability and production potential of the tight Cambrian sandstones. It is anticipated that any future development would be with multi-staged fracced long offset horizontals. San Leon has mapped a large Cambrian structure at the Rogity-1 well, which the Company is analysing as a sweet spot for oil production via fractures. The frac was performed according to plan. Following a period of frac fluid clean up, oil accumulated and has been sampled at surface. This is seen as a highly encouraging result, and further clean up and testing of the Cambrian will be performed following fraccing of the upper two zones, scheduled for late September 2013.

    San have also Completed the flow back, testing and initial analysis of its first vertical hydraulic fracture stimulation of the Lewino-1G2 well on its 221,000 acre Gdansk W Concession in Poland’s northern Baltic Basin. This initial vertical frac was performed to test frackability and the flow potential of the lower Ordovician shale and to gather critical data necessary for future horizontal drilling and multi-staged hydraulic fracture stimulation, targeted on obtaining commercial flow rates from the Ordovician and Lower Silurian shales. The frac was performed through a 4.5-meter perforated interval, at a depth of 3,545.5 to 3,550 meters, in the highly prospective Ordovician Caradocian shale. The frac pumped over 11,000 barrels of fluid and 95 tons of sand propant at an average of 120 barrels per minute with a maximum pressure of 12,200 psi. This is the highest frac pump rate at pressure ever performed outside the US. Approx. 25% of the frac fluid was recovered along with a small, consistent flow of burnable gas. The well flared gas on several occasions including initial opening of the well after the frac and following a shut-in period after approx. 20% of the frac fluid was recovered.

    Trapoil (LON: TRAP)
    The independent oil and gas exploration, appraisal and production company focused on the UK Continental Shelregion of the North Sea, announced that it had been notified by the Athena field operator (Ithaca Energy LON: IAE) that further to its recent diagnostic testing, including an investigation of the ESP installed in the “P4” well in the Athena Field, the fault has yet to be rectified. The pump failure in the P4 well has reduced the gross field production by approximately 1,400 barrels of oil per day (210 bopd net to Trapoil). Current production from the field is therefore running at approximately 7,500 bopd (1,125 bopd net to Trapoil). The field’s partners are currently assessing the most appropriate remedial actions, which may include repairing or a work over of the existing well or the potential drilling of a new well. The Company considers that it is currently unlikely that production will be restored to its optimum level prior to Q2 2014. A further update will be provided in due course. In addition, Trapoil said that its unaudited interim results for the six months ended 30 June 2013 will be released on 27 September 2013.

    http://epetitions.direct.gov.uk/petitions/52766

  • The Smallcap Oil & Gas round up

    I have been critical of GKP in the past regarding their Executive pay structure so it’s with pleasure that I congratulate them. It’s been a momentous week for GKP holders as they finally came out on top in the Excalibur litigation fiasco. At last Kozel actually justified his pay and remuneration. Well done to him and good luck to GKP holders.

     

    Antrim Energy (LON: AEY)
    Maintenance of the North Cormorant platform has commenced as scheduled and oil production from the Causeway Field in UKCS P1383 Block 211/23d (Antrim working interest 35.5%) and the Cormorant East Field in UKCS P201 Block 211/22a Contender Area (Antrim working interest 8.4%) is currently shut-in. The maintenance work is expected to interrupt production from the Causeway and Cormorant East fields for approximately six weeks.

    Chariot Oil & Gas (LON: CHAR)
    Some big numbers were being thrown around at ailing CHAR this week. They updated on selected results from an independent audit by Netherland Sewell and Associates Inc. Prospect B, Chariot’s principal drilling candidate, is an Upper Cretaceous canyon-head trap in the shallower petroleum system and has an audited Unrisked Gross Mean Prospective Oil Resource of 469mmbbl, with an estimated probability of geologic success (Pg) of 22%. For this trap type and age of reservoir there are an additional three prospects (Prospects A, C and D) in the 3D seismic volume and three leads (Leads E, G, and H) in the 2D area. These additional prospects and leads range in Unrisked Gross Mean Prospective Oil Resource from 290mmbbl to 1,487mmbbl and success in Prospect B would offer significant follow-on exploration potential in these targets. Within and to the west of the 3D seismic area, Chariot has identified a fairway with Upper Cretaceous deep water fan and channel sands draped over an outboard structural high, with the base of those reservoir sequences eroding into the marine source rocks. In this shallower petroleum system there are two further prospects in the 3D area (Prospects 4 and 6) and three leads in the 2D area (Leads 3, 4 and 5) and these targets range in Unrisked Gross Mean Prospective Oil Resource from 213mmbbl to 758mmbbl. Encouragement in Prospect B would offer significant additional follow-on exploration potential in this fairway too. Chariot has initiated a partnering process to progress the exploration of these prospective licences.

    Gulfkeystone Petroleum (LON: GKP)
    The champagne corks were popping this week at Gulfkeystone. As finally Kozel did what he should have been seen to be doing for the last 2 years. Earn his vast pay cheque and share options by actually getting on with righting the company. The English High Court dismissed all of Excalibur’s claims and decided all issues in favour of the Defendants.The hearing was adjourned to a date to be fixed, for argument on costs and any application for permission to appeal. Commenting on the Judge’s decision today, Gulf Keystone’s CEO Todd Kozel said: “We are very pleased to have achieved the best possible outcome from the point of view of the Company and our shareholders. We look forward to pursuing the Company’s stated objectives for the future, now that we have the Court’s decision regarding these historical events. We understand that the legal process must take its course once a claim has been lodged, but it has been unfortunate that the Company and its shareholders have experienced significant uncertainty and concern over the last two and a half years and that its executives have been engaged in a protracted and costly dispute to protect the position of the Company and its shareholders. The Board and management will now focus on progressing the ramp-up in production and development of the Shaikan world class discovery in the Kurdistan Region of Iraq. On the corporate front, our next objective is to complete the move to the standard segment of the Official List by the end of 2013.”

    Gulfsands Petroleum (LON: GPX)
    Announced the appointment of Alan Charles John Cutler to the Board as Director: Finance and Administration. Cutler, aged 54, is a Chartered Accountant with 28 years of experience in the oil and gas exploration and production sector including substantial roles both in the UK and internationally. Alan has been appointed to the board after having initially joined the company in June as Head of Finance and Administration from Setanta Energy, where he was CFO of this company involved in exploration and pre-development activity in the offshore energy sector of Gabon.

    Ithaca Energy (LON: IAE)
    Announces completion of a highly successful flow test on the first development well drilled on the Stella field and provides a progress update on the Greater Stella Area development activities. The first Stella field development well, “A1”, flowed at a maximum rate of 10,835 barrels of oil equivalent per day on a 7/8-inch choke, with the full production potential of the well limited by the capacity of the well test equipment on the drilling rig. Fluid samples have confirmed the high oil content of the hydrocarbons that will be produced from the well. The maximum rate of 10,835 boepd corresponds to 6,499 barrels of oil per day and 26 million standard cubic feet per day of “liquids rich” gas. The well intersected a high quality net reservoir interval of 1312 feet, with reservoir properties in line with previous wells drilled on the field. The oil is of high quality, approximately 42° API. The facilities that will be used on the “FPF-1” floating production facility to separate and export oil and gas produced from the field will increase the overall oil relative to gas production rate associated with the A1 well, by processing more efficiently than the simple separation facilities available for the purposes of the well test.

    Jupiter Energy (LON: JPRL)
    Issued the results of two independent reserves reports for the various accumulations on the Block 31 permit. Click HERE to read them.

    Mediterranean Oil & Gas (LON: MOG)
    Wholly owned subsidiary Medoilgas Italia S.p.A. was informed by the operator ENI that on the morning of 30 August 2013, production from the short string of well Guendalian-3 was shut down due to low pressure at the manifold. An operations team was on site and production recovery operations were started immediately to assess the issue. Diagnostic temperature and pressure profiles were collected which indicate a reduction in the performance and permeability of the well completion. As at 10 September 2013, the production from the short string of Gue-3 remains shut-in. The short string accounted for approximately 49% of the production at Guendalina prior to the shut-in. Post shut-in, the Guendalina Field is producing approximately 34,000 scm per day net MOG (MOG: 20%, ENI: 80% working interest). Remedial operations are planned and a further update will be provided to the market in due course.

    Nighthawk Energy (LON: HAWK)
    More good news came today from HAWK. Gross average oil production in August 2013 was 1,661 bbls/day, a record month for Nighthawk. Production from the Arikaree Creek oilfield increased over July 2013 levels with the Silverton 16-10 and Snowbird 9-15 wells contributing a combined average of 257 bbls/day. Production from Snowbird 9-15 was impacted by engine problems causing some downtime during the month. A new engine is expected to be installed in September 2013. Nighthawk is also planning a program of preventative maintenance and pressure testing at Arikaree Creek in September 2013 in preparation for the coming winter. This will result in some further downtime during the month. Once this program is completed, Nighthawk anticipates a return to growth in monthly production during the fourth quarter. A number of new drilling permits are being progressed, and subject to final confirmation of these and the drilling rig contract, Nighthawk anticipates further development of Arikaree Creek will commence in mid-October 2013, ahead of the Company’s initial expectations. The first two planned wells in the program are in the same structural block as the Silverton 16-10 and Snowbird 9-15 wells. Subject to successful completion of these two development wells, the Company intends to retain the drilling rig for an expanded program in Q4 2013 that is expected to include exploration wells as well as further development wells at Arikaree Creek. The Company is also seeking a permit to drill a salt water disposal well at Arikaree Creek which, when operational, will substantially reduce operating costs. With the earlier than anticipated resumption of drilling at Arikaree Creek, and the substantial amount of new information that will be available from the new wells, work on the Competent Person Report (“CPR”) will now continue through the fourth quarter. In particular, Nighthawk plans to core one of these wells providing valuable additional information for the CPR and the processing and analysis of this core information will take two to three months.

    Nostra Terra Oil & Gas (LON: NTOG)
    It’s a win, win for NTOG this week. The week began with the spudding of the next development well in the Verde Prospect, located in Colorado. The first well reached payout in approximately 10 months and continues to be a strong producer with expectations that net proceeds will reach 200% of the initial well and acreage costs by the end of this year. (The second well was a disappointment) The drilling of the third well is expected to take less than 20 days, followed by completion and initial production testing. Nostra owns a 16.25% working interest in this program of development wells, but has recently increased its working interest in this well to 17.54%.

    On 2 April 2013, a judgment was entered in favour of Nostra Terra on its claims against Richfield Oil & Gas Company for approximately $1,500,000, plus continuing interest, attorneys’ fees and collection costs all in an amount still to be determined by the court. On 6 September 2013, Richfield filed a Motion with the Court advising of its intent to pay into the Court approximately $1.3 Million in partial satisfaction of the judgment and to seek an Order to cancel the upcoming Sheriff’s Sale of certain oil and gas interests owned by Richfield in Russell County, Kansas and staying further collection efforts by Nostra Terra until a final determination is made by the Court on whether additional sums are owed to Nostra Terra.

    On 10 September 2013, the Court held a hearing, at which it granted the Motion. Nostra Terra has confirmed that following the Motion the funds have been deposited with the Court and, as such, the Sheriff’s Sale scheduled to occur on 12 September 2013 and all outstanding writs of execution have been cancelled. A hearing is scheduled for 1 October 2013 to determine any additional sums owed to Nostra Terra, including attorneys’ fees, costs of collection, and reimbursement for operating expenses incurred by Nostra Terra while operating certain Russell County leases throughout the duration of this matter. It is expected following this hearing, that the Court will order distribution of the funds paid into the Court. In addition, if the Court determines that there are additional sums owed to Nostra Terra, Richfield will have fourteen days thereafter to satisfy the judgment in full or the stay on Nostra Terra’s collection efforts will end. The Court further ordered that Richfield is prohibited from transferring any assets outside of the Court’s jurisdiction or encumbering such assets in any way. Matt Lofgran, Chief Executive Officer of Nostra Terra, commented: “We are pleased to see this situation coming to a satisfactory conclusion for Nostra Terra. Nostra has been building a strong portfolio of assets and the $1.3 million cash, when received, puts us in an even stronger cash position which will help us further expand our asset base.”

    Petroceltic (LON: PCI)
    The independent oil and gas exploration development and production company focused on the Middle East North Africa, the Mediterranean and the Black Sea regions announces its results for the six month period ended 30 June 2013. Click HERE to read them

    Petroneft (LON: PTR)
    Said this week that they Were encouraged by the stability of production in recent months, which is currently steady at 2,500 bopd. The pressure maintenance programme that commenced at Arbuzovskoye in April 2013 is continuing and is working well. In recent weeks, they have begun to see some positive impact in the production well nearest to the injection well – similar to the response seen earlier at Lineynoye. This should expand to other nearby production wells in the coming months. Production at Lineynoye also remains very stable with little decline evident. We have also benefitted from strong realised oil prices in recent months. Discussions continue on both the re-financing and planned farmout of Licence 61 with particularly good progress on concluding a re-financing of the existing Macquarie Bank facility. PTR continue to make the principal repayments of $650,000 per month to Macquarie Bank from operational cash flows. The current balance on this facility, net of cash held by Macquarie in the Debt Service Reserve Account, is US$13.6 million.

    Tethys Petroleum (LON:TPL)
    Has commenced drilling of the AKD08 (DOTO) Exploration well in Kazakhstan. The AKD08 Exploration well is located to the south-west of the Company’s producing Doris field and
    north of its Dione oil discovery in Kazakhstan. The well is designed to target several potential zones, including the Lower Cretaceous sandstone and Upper Jurassic carbonate sequences as proven in Doris, and also the deeper Triassic sequence which gave significant hydrocarbon shows in nearby wells, including the Company’s AKD01 well (Doris oil discovery). Prospectivity may also exist in the Jurassic sandstone sequence which flowed oil in the Dione (AKD03) well. The Doto prospect has 22 million barrels gross mean unrisked recoverable prospective oil resources attributed to it (Gustavson & Associates, April 30, 2012) in the Cretaceous and Upper Jurassic sequences. The deeper Triassic sequence has not yet been independently assessed, and as such the Company is currently unable to quote a reportable resource estimate for this horizon. However, the Company believes it to be an attractive prospect. The Doto well is expected to take approximately 70 days to drill to a planned total depth of 3,500 metres using Tethys’ own ZJ70 “Telesto” rig. The AKD09 (“Dexa”) Exploration well is now expected to commence drilling in mid October due to a minor delay in
    mobilisation of equipment and integration of services with the Doto well.

    Wessex Exploration (LON: WSX)
    An application has been filed to renew the Juan de Nova Est permit for a five year term and that Wessex will have the right to participate for a 50% interest if such renewal is granted. Juan de Nova is a French overseas territory in the Mozambique Channel, north-west of Madagascar.

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