Tag: Caza Oil & Gas

The Smallcap Oil & Gas round up.
Very quiet week in the Smallcap Oil Underverse.

Afren Energy (LON: AFR)
More bad news from Afren this week. The Board has temporarily suspended Iain Wright and Galib Virani, both Associate Directors of the Company. This is in addition to the 31 July 2014 suspension of the CEO, Osman Shahenshah, and the COO, Shahid Ullah, pending investigation in relation to the receipt of unauthorised payments potentially for the benefit of the CEO and COO. No conclusive findings have yet been reached and the investigation is ongoing. The investigation has not found any evidence that any Board members, other than Osman Shahenshah and Shahid Ullah, were involved.

Amerisur Resources (LON: AMER)
Updated on Platanillo-18 in the Platanillo Field, Colombia, the 14th new well of the current drilling campaign, in addition to three successful sidetracks.
The well has been successfully drilled to a total depth of 9,511ft MD. The reservoir section was logged and log analysis indicated the presence of 20ft gross, 7ft net oil column in the U sand formation and the presence of 13ft gross, 12ft net oil column in the N sand formation. AMER tested the N sand. A total of 5ft of the 12ft net oil pay was perforated and flowed 340 BOPD of 18.0 API oil on test.The Company subsequently completed the well for commercial production from the U sand. A total of 5ft of the 7ft net oil pay was perforated and flowed 530 BOPD of 29.7 API oil on test. The well has now been placed on commercial production at approximately 360 BOPD. Current field production remains constrained in the range 7,000 to 7,500 BOPD. The Colombia and Ecuador bi-national agreement has been ratified and provides for the movement of oil and gas between those countries under favourable terms. Ecuadorian documentation has been submitted and formal approval is expected soon. In the meantime the Colombian environmental license process is underway. All indications are that the transfer line will be in operation by the end of the year.

Bowleven (LON: BLVN)
Said that all parties to the LUKOIL/NewAge Etinde farm-out agreement announced on 24 June 2014 have agreed to an extension to the longstop date. With the majority of conditions to transaction completion now satisfied, the longstop date has been extended by two months, to 31 October 2014, to enable satisfaction of the few remaining conditions. The principal condition still to be met is approval by the Cameroon government of the transfer of the equity interest and operatorship. The approval process by the Cameroon authorities has commenced and the longstop extension provides additional time to enable logistical arrangements to be made for this requisite step in the process.

Cadogan Petroleum (LON CAD)
Released their Half Yearly Report for the Six Months ended 30 June 2014. You can read t by clicking HERE

Caza Oil & Gas (LON: CAZA)
Announce THE result at Gramma Ridge and provided a drilling update at Lennox. Both properties are operated by the Company. Click here to read it.

Chariot Oil & Gas (LON: CHAR)
Update on its Namibian portfolio, its repositioning in the region and forward work programmes across these licences. Click HERE to read it. Also announced today that all conditions of the Placing Agreement relating to the GBP8.8 million Placing of 58,596,038 new ordinary shares in Chariot have been fulfilled and the Placing Shares will be admitted to trading today at 8am.

Circle Oil (LON: COP)
Some good news from COP re’ the El Mediouni-1 well. EMD-1 was spudded on 8 June 2014 and drilled to a TD of 1,200 metres MD in the Upper Ketatna carbonates. The stratigraphy encountered in the well was exactly as prognosed and very good light oil shows were encountered both in the Lower Birsa carbonate primary target and the Upper Ketatna carbonates secondary target over a combined interval of 133 metres. Strong hydrocarbon indications encountered in the Birsa and Ketatna carbonates confirm the existence of a working petroleum system in the Mahdia Permit for this and other prospects. The robustness of the El Mediouni trap has also been proven. The losses incurred within the target formations, as described below, give further confirmation of high quality permeability. The gross oil zone interval in the Lower Birsa is 77 metres and the Upper Ketatna has a minimum interval of 48 metres, subject to confirmation by logs. Using known reservoir and fluid parameters from equivalent formations in the Gulf of Hammamet, the internally estimated most likely recoverable prospective resources discovered by the EMD-1 well are approximately 100 MMBO. The hole conditions in the well deteriorated rapidly and multiple attempts at open hole logging by wireline and tough logging conditions equipment failed. Ultimately the decision was taken to terminate further efforts and suspend the well.

Falcon Oil & Gas (LON: FOG)
Announces that it has filed its results for the three and six months ended 30 June 2014. To read them CLICK HERE

Gulf Keystone petroleum (LON: GKP)
Issued its results for the six months ended 30 June 2014. Click HERE to rad it.

Mosman Oil & Gas (LON: MSMN)
The Australia and New Zealand focussed oil exploration and development company, advises that it has entered into an agreement to acquire the entire issued share capital of OilCo Pty a wholly owned subsidiary of High Peak Royalties Limited (formally Torrens Energy Limited).

Northcote Energy (LON: NCT)
Has completed the acquisition of its interest in the 1,670 gross acre producing Shoats Creek Project in Beauregard Parish, Louisiana, US. Northcote is now the operator of this project, which further strengthens the Company’s portfolio beyond its operations in Oklahoma, where the Company has work ongoing across its properties, with the main focus being on the non-operated Zink Ranch Project.

Ophir Energy (LON: OPHR)
Announced a successful Mzia-3 flow-testin Block1 Tanzania which was completed in November 2013 having successfully encountered gas in the main Lower and Middle sand targets. A Drill Stem Test has now been successfully completed. The well flowed slightly ahead of expectations at an average controlled rate of 90mmcfd for 6 days with peak flow of 101mmcfd, constrained by equipment limits. The Deepsea Metro I drillship will now move to Block 4 to drill the Kamba-1 exploration well which will also target the shallower Pweza North structure. The Tonel North-1 appraisal well has been completed on Block R, Equatorial Guinea. The Tonel North-1 well was drilled approximately 5km north-east of the original Tonel-1 discovery well. The well encountered gas pay combined in the lower target sands but the upper sands appear to be low gas-saturation. Analysis of the well data is ongoing. The result is expected to marginally reduce the discovered volumes in the Tonel field but will not impact the commerciality of the base case 2.5mmtpa FLNG project. The Vantage Titanium Explorer drillship has now moved to complete the Silenus East-1 exploration well which is targeting ca.420bcf of low-risk mean prospective gas resource as a primary target and will be deepened to test a secondary, high-impact but high-risk oil target that on current mapping could be a potentially extensive play across the Block.

Salamander Energy (LON: SMDR)
Announces its half year results for the six months ended 30 June 2014. Click HERE to read them.
29 August, 2014
The Smallcap Oil & Gas Round up.

Lot of angst among UK Retail Investors this week over placings.

When will these CEO’s learn to manage these highly dilutive events with integrity? Sneaking around the City of London with their finger against their lips saying sssshhh! Isn’t the way to behave. Take note David Lenigas!

UKOG shot themselves in the foot this week!

Caza Oil & Gas (LON: CAZA)
Talk about over egging the pudding! Caza is pleased to announce another excellent result for the second 3rd Bone Spring well drilled on its West Copperline Property, and to provide an update on drilling activities at Gramma Ridge and Broadcaster properties, all of which are located in Lea County, New Mexico. Click here to read the full RNS

Chariot Oil & Gas (LON: CHAR)
The Atlantic margins focused oil and gas exploration company, is pleased to announce that, following the launch of a proposed placing on 21 July 2014, it has successfully placed 58,596,038 new Ordinary Shares at a price of 15 pence per share to raise gross proceeds of US$15 million (approx. £8.8 million). The Placing Proceeds will be (Pissed away again!) used to further the Company’s 2014/15 portfolio development activities, facilitate the acceleration and completion of its 3D seismic work commitment in Brazil and add an additional new venture opportunity in a current country of operation to increase option value and sustain the growth potential of its portfolio.

Egdon Resources (LON: EDR)
Has commenced drilling operations at the Wressle-1 conventional oil exploration well in Lincolnshire Licence PEDL180 located to the East of Scunthorpe. Drilling operations are expected to take around 38 days. The planned well will be drilled as a deviated well to a total depth of about 2,300 metres (ca. 1,850 metres TVDSS). It has been designed to intersect a number of prospective Upper Carboniferous age sandstone reservoirs in a structurally favourable position near the crest of the Wressle structure. The Prospect is located on trend with the producing Crosby Warren oil field and the Broughton-B1 oil discovery, both to the immediate northwest, and the Brigg-1 oil discovery to the immediate southeast. All contain oil in various different sandstone reservoirs within the Upper Carboniferous succession. The gross mean Prospective Resources at Wressle, as calculated by Egdon, are estimated to be 2.1 million barrels of oil. The interests in PEDL180 and the Wressle-1 well are: Egdon Resources 25.00% (Operator). Celtique Energie Petroleum 33.33% Europa Oil & Gas (LON: EOG)33.34%. Union Jack Oil (LON: UJO) 8.33%

Empryrean Energy (LON: EME)
If any one ever wanted to learn about some of the various ways underhanded Boards grant themselves massive options that make them millionaires then you only have to CLICK HERE!

Faroe Petroleum (LON: FPM)
Announces that production has recommenced at the Njord and Hyme fields (Faroe 7.5%) in the Norwegian Sea.

Frontier Resources (LON: FRI)
Released an operational update on its activities in Namibia, this week. Frontier’s Blocks 1717 and 1817, located in the Owambo Basin in northern Namibia, cover an area of approx. 18,933 square kilometres. Frontier are operator with a 90% working interest while NAMCOR, the Namibian National Oil Company, has a 10% carried interest in the licence. The Company recently retained the services of Earthfield Technology of Houston, Texas to undertake a study to evaluate the depth to magnetic basement of aeromagnetic data purchased from the Geological Survey of Namibia. As part of the study Werner Deconvolution depth profiles were generated every 2 kilometres across the Blocks. Werner Deconvolution is an automated function for determining the depth to magnetic rocks in the subsurface, including the basement, from carefully processed magnetic data.Mapping of the depth to basement solutions shows a deep basin with sediment thickness up to 10 kilometres (~33,000 feet) in the central and northern part of the licence area, and shallow basement overprinted with near surface volcanic intrusives in the southern part of the license area. Interpretation of the data has revealed several deep seated basement structures. The mapped positions of these structures will serve as a guide to optimally locate the focus areas of the continuing exploration program which will include an additional geochemical soil gas survey to be integrated with the encouraging results of the 2013 survey, followed by the acquisition of 2D seismic data.

Ithaca Energy (LON: IAE)
The Tullow Oil Norge AS Tullow operated exploration well 31/10-1 on the “Lupus” prospect in licence PL507 in the Norwegian North Sea did not encounter hydrocarbons. Just say it! ‘Plugged & Abandoned’

Jubilant Energy (LON: JUB)
Announced an upward revision in its Reserves, Contingent Resources and Prospective Resources for the Kharsang Field in Arunachal Pradesh. The Reserves and Resources Estimation for the Kharsang Field, prepared by Gaffney Cline & Associates (“GCA”) in June 2014, gives the update as of 30 September 2013. Click here to read it.

Kea Petroleum (LON: KEA)
Commenced drilling of the Puka-3 well using the Drill Force Rig 6. Puka-3 is targeting Mt Messenger formation sands at about 1,580m True Vertical Depth which have been interpreted from the recent 50 square km 3D seismic reflection survey carried out in the south western part of PEP 51153. The drilling of Puka-3, from the same well pad as the producing Puka-1 and Puka-2 wells, is the major component of Phase 1 of the farm-out agreement with MEO New Zealand Pty Limited.

Leni Gas & Oil (LON: LGO)
Well GY-667, the 4TH of its planned 30 new development wells at the Goudron Field in Trinidad, and the third well from this drill pad, has intersected 187 feet of net oil pay in the Goudron sandstones based on analysis of the electric logging. The well has now been cased to a depth 1,905 feet in order to isolate the Goudron Sandstone and the high pressure Upper Gros Morne gas intervals and is now drilling ahead to the primary Gros Morne Sandstone oil target which is expected at approximately 2,180 feet true-vertical depth. Well GY-667 has a planned total depth of 3,600 feet TVD which is equivalent to 3,840 feet measured depth at a bottom-hole location that is approximately 590 feet south east of the surface location. The well will also investigate the presence of reservoir potential of the Lower Cruse at this location. Once TD is reached the well will be logged and cased ready for completion as a production well. The fourth well from the current pad, GY-668, will be drilled immediately following the end of drilling operations on GY-667. Further information will be provided once the well has reached TD. Looking very good for a massive spike on production data from not 1 but 4 wells!

Maple Energy (LON: MPLE)
Has received an approach which may or may not lead to a cash offer to acquire the entire issued and to be issued share capital of the Company. Shareholders should note that the approach is highly conditional and preliminary in nature. Accordingly, no assurances can be given that a formal offer will be forthcoming or that any transaction will occur. Further announcements will be made as appropriate.

Max Petroleum (LON: MXP)
Announces that it is launching a review of strategic options open to the Company with the intention of maximising value for shareholders. (It’s firesale! Max are in debt up to their eyeballs and are more than likely to go bust!) The review of strategic options may include a corporate transaction such as a merger with, acquisition of or subscription for the Company’s securities by a third party, a sale of the business or a farm down or disposal of assets. Discussions in relation to a merger with a third party or a sale of the Company will take place within the context of a “formal sale process” in accordance with Note 2 on Rule 2.6 of the City Code on Takeovers and Mergers, such that the Board of Max Petroleum is able to have discussions with third parties interested in such a transaction on a confidential basis.

Northern Petroleum (LON: NOP)
The firesale has started at cash strapped NOP. They’ve signed a sale and purchase agreements to sell the Company’s interests in all of its UK licences and assets for £1.5 million to UK Oil & Gas (LON: UKOG). Completion of the sale is subject to the approval of UKOG becoming an operator for certain licences by the DECC and the completion of an intra group transfer of certain asset interests within Northern Petroleum on or before 31st October 2014. The UK assets and licences comprise the 10 & 5 five per cent minority interests in the Horndean and Avington producing fields respectively, 50% interests in the Markwells Wood and Baxters Copse discoveries, and a 65% interest in a licence offshore the Isle of Wight. Net production to the Company during 2013 averaged approximately 20 barrels of oil per day and contributed €591,000 of revenue and €345,000 of gross profit to the Company for the 12 months ended 31 December 2013. The book value of the UK assets in the consolidated accounts for the Group as at 31 December 2013 was €300,000 and stated proven and probable reserves were 60,000 barrels of oil. The consideration from the sale will be reinvested in Northern Petroleum’s production and redevelopment project in north west Alberta, Canada.

Oilex (LON: OEX)
Announced that following successful mill-out operations the Cambay-77H well has commenced controlled flow-back of frac fluids with light oil/condensate being recovered to surface and separated for sale along with associated reservoir gas. Gas associated with the well flow-back is currently being flared to ensure safety of all well-site personnel. After carefully monitoring well flow-back operations under controlled conditions Cambay-77H continues to exhibit characteristics of a high performance multistage frac’d horizontal well. The well is currently cleaning up and Oilex will advise the market of a stabilized flow rate via a production test once frac fluid return and clean-up operations have been completed. The recovery of ~API 50 light crude during flow-back operations has been particularly encouraging indicating higher than expected liquid hydrocarbon production. Measuring these liquids will provide valuable information regarding the quality of the 8 fracture stimulations and the deliverability of the reservoir.

Rose Petroleum (LON: ROSE)
Director Richard Needham sold (flogged) 1,900,000 ordinary shares of 0.1 pence each in the Company at a price of 3.92 pence per Ordinary Share as part of restructuring his SIPP to allow a drawdown. (Pull the other one it’s got bells on!) Following this transaction, Richard Needham holds 2,096,666 Ordinary Shares in the Company representing 0.16% of the current issued share capital of the Company.

Sirius Petroleum (LON: SRSP)
Has conditionally raised gross proceeds of up to US$20,000,000 by way of a placing and a subscription. Conditional Placing of 63,530,215 Ordinary Shares and Subscription of up to 326,333,333 new Ordinary Shares, being an aggregate of up to 389,863,548 new Ordinary Shares at 3 pence per share to raise up to £11,695,906 (approx. US$20,000,000) before expenses.

Sound Oil (LON: SOU)
The Mediterranean focused upstream oil and gas company, announces the issue of shares in respect of the final equity tranche of the £14 million institutional funding first announced by the Company on 25 April 2014. The Company has issued a total of 64,287,500 new ordinary shares in the Company to Metano Capital S.A. The issue of the New Ordinary Shares represents the final of two tranches of the £7 million equity issue associated with the institutional funding. The remaining debt tranche, totaling a further £5.5 million, is expected to complete shortly. Application has been made for the 64,287,500 New Ordinary Shares to be admitted to trading on AIM and it is expected that dealings will commence on 28 July 2014. Following the issue of the New Ordinary Shares, the Company will have 415,300,815 ordinary shares in issue. As a result of the issue of the New Ordinary Shares, Metano Capital S.A., a wholly-owned subsidiary of Continental Investment Partners S.A., is now interested in 64,287,500 share or 15.48%. of the Company’s issued share capital. Marco Fumagalli, a director of the Company, is Managing Partner of, and a 25% shareholder in, Continental Investment Partners S.A. (Looking good here for some form of M+A in the not too distant future)

United Kingdom Oil & Gas (LON: UKOG)
Raised GBP2,000,000 before expenses by way of a Company arranged placing of 200,000,000 new ordinary shares of 0.01p each in the Company at a placing price of 1 pence per Placing Share to institutional and other investors. The proceeds of the Placing will be used to make further investments in accordance with the Company’s investing policy and provide further working capital. As announced yesterday, UKOG has conditionally agreed to acquire Northern Petroleum’s UK production and exploration oil and gas interests for a total consideration of GBP1.5 million. Following completion of the Placing the Company will no longer elect to issue the Consideration Shares but will satisfy the consideration wholly in cash. The Company will therefore have 1,293,230,175 Ordinary Shares in issue with voting rights and admitted to trading on AIM. This figure may be used by shareholders in the Company as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Service Authority’s Disclosure and Transparency Rules. David Lenigas, the Company’s Chairman commented: “The Placing significantly enhances the Company’s balance sheet and enables the Company to continue to pursue further investments in the conventional onshore and offshore oil and gas in the UK.”

Urals Energy (LON: UEN)
On 21 July 2014 the Moscow arbitration court dismissed the claim of UEN Cyprus Limited in respect of a case to recover the sum of US$41,652,000 from Urals Energy on jurisdictional grounds. The Claim was dismissed on jurisdictional grounds, it being between two Cypriot companies, the Board anticipates that it is likely that an appeal will be made and also that a new claim will be launched in Cyprus. Urals Energy reiterates that it does not believe that the copy of a purported debt repayment agreement received by the Company to be a genuine document, and therefore does not accept that the Company could be bound by its terms. The Board will continue to pursue all appropriate actions necessary to defend the Company, including possible legal action in all applicable jurisdictions. Further announcements on this on-going process will be made when appropriate.

26 July, 2014
The Smallcap Oil & Gas Round Up.

Quiet week but a good week for the bitter GKP holders. Kozel has gone. Not that Kozel gives a flying fuck about you. You were warned on here many times over the last couple of years about GKP. Yes we like you were positive in the early days. Unlike you once we realised and got the evidence that he was “At it” we acted and reported it! Kozel has shate on you all from a great height. Did you enjoy it! Next time when people tell you maybe you’ll listen! Dan x

Bowleven (LON: BLVN)
Has reached a mutually acceptable agreement with Petrofac to terminate the Strategic Alliance Agreement. This satisfies one of the conditions of the LUKOIL and NewAge farm-out transaction announced on 24 June 2014. The termination agreement is subject to completion of the farm-out. Under this arrangement Bowleven will pay $9 million to Petrofac upon completion of the farm-out transaction as full and final settlement and the Strategic Alliance Agreement shall terminate. Kevin Hart, CEO of Bowleven said: “We have worked closely with Petrofac over the last two years and we appreciate their co-operation in reaching a mutually acceptable termination agreement.”

Falcon Oil & Gas (LON: FOG)
Initial drilling operations on the Besa-D-1 well have reached total depth of 3,000 metres having encountered gas shows. Besa-D-1 is the second of a planned three well programme to evaluate the gas potential of the Algyo Formation in the Mako Trough License. The well has now been cased to TD and is suspended pending further technical evaluation in order to determine an appropriate testing programme later this year. No operational problems occurred during drilling. In January 2013, Falcon agreed a three-well drilling programme with Naftna industrija Srbije jsc (“NIS”) to target the Algyo Play, whereby NIS made a cash payment of US$1.5 million to Falcon in February 2013, and agreed to drill three wells by July 2014 at their cost. The July 2014 date for completion of drilling and testing of the NIS three well programme has been extended to 31 December 2014.

Gulf Keystone Petroleum (LON: GKP)
Out finally goes Todd Kozel, ex CEO now ex Executive Director, who has over the years filled his pockets with tens of millions of dollars of share-holder money. God knows how much this greedy bastard has taken out of the coffers of GKP. Good riddance to Todd Kozel. Total Bastard! In comes? John Gerstenlauer, who assumes the role of Chief Executive Officer.

Kea Petroleum (LON: KEA) WARNING! Not quite sure what’s going on here yet but I’m very sceptical about the recent rise coinciding with this Darwin death spiral drawdown. I will get to the bottom of it. I do hope there’s not been any SHENNIGANS boys? A notice of exercise by Darwin Strategic to convert £500,000 of Darwin’s Convertible Loan Notes at a gross conversion price of 1.302036p per share. Details of the Convertible Loan Notes were announced by Kea on 23 May 2014 pursuant to which 38,401,396 ordinary shares now fall to be issued.

Leni Gas & Oil (LON: LGO)
Pissed off investors this week. Myself included! The Company has raised £7 million before expenses, by way of a Company arranged placing of 200 million new ordinary shares at a placing price of 3.5p per share. This placing will enable the Company to accelerate the closing of the US$5 million Trinity-Inniss Oil Field transaction announced yesterday without drawing down on the Company’s short-term debt facilities and will provide LGO with capital for its expansion plans in Trinidad. I did hear that the original placing was for £4 million however the amount of interest was over-whelming. So LGO upped the placing and took the extra £3 million!

Magnolia Petroleum (LON: MAGP)
A quarterly update on its operationacross proven and producing US onshore hydrocarbon formations, including the Bakken/Three Forks Sanish in North Dakota and Montana, and the Mississippi Lime nd the Hunton/Woodford in Oklahoma. Click HERE to read Rita’s’ guff.

Nighthawk Energy (LON: HAWK)
Released a drilling & production update this week on its 100% controlled and operated Smoky Hill and Jolly Ranch projects in the Denver-Julesburg Basin, Colorado. Click HERE to read it

Petrel Resources (LON: PET)
Agreement has been reached with the Ghanaian authorities which clarifies the co-ordinates of the signed Petroleum Agreement on a licence Block in the Tano area of Ghana. It was agreed that additional, contiguous acreage would be added to preserve the size of the Block. The agreement is between Pan Andean Resources 60% (LON: PRE) Clontarf Energy 30% (LON: CLON) Petrel 10%. The Ghana National Petroleum Corporation and the Government of Ghana. All parties agreed to seek to expedite the ratification process which requires Cabinet and Parliamentary approval. As a consequence of this, Petrel has discontinued its High Court proceedings with rights to reapply.

Sirius Petroleum (LON: SRSP)
Were forced to come out this week and admit that they were “Fund raising” Speculation regarding an equity fundraising for the Ororo 1 well leaked out. The Company confirms that it is in the process of raising funds in order to bring its offshore assets into production and to provide it with additional working capital. The fundraising is not yet concluded and the Company will update shareholders in due course.

Sound Oil (LON: SOU)
The Mediterranean focused upstream oil and gas company, has appointed, with immediate effect, Marco Fumagalli as a Non Executive Director of the Company following the institutional investment announced on 25 April 2014. Marco Fumagalli is Continental Investment Partners’ Managing Partner and a well-known Italian businessman who was previously a Group Partner at 3i. Marco is a 25% shareholder in Continental Investment Partners. Sound also announced a significant upgrade in the recoverable volume of the Santa Maria Goretti gas prospect, onshore Italy. The SMG CPR has estimated Gas Initially In Place as 66.4Bscf and recoverable Best Estimate Prospective Resources as 32.8Bscf. The study has also estimated a 68% geological chance of success for the Thin Beds objective. James Parsons, Sound Oil’s Chief Executive Officer, commented: I need to get my ears pinned back! Opps sorry. Online Tourette’s. He actually said “This CPR uplifts the Company’s previous resource estimate by 82% and confirms the addition of a further low risk, yet hugely material, asset into Sound Oil’s Italian onshore gas portfolio. The top hole location has already been identified and an application to drill will be submitted to the permitting authorities shortly, with a view to drilling during 2015.”

Sterling Energy (LON: SEY)
Announces its results for the six month period ending 30 June 2014. Click HERE to read them.

Tangiers Petroleum (LON: TPET)
Updates on the drilling of the TAO-1 exploration well, located offshore Morocco. No major operational issues have occurred to date and the well is expected to intersect the Assaka and Trident objectives within 60 days from spud. As the well has been designated as “tight”, no information related to depth or formation will be provided during the drilling, beyond what is required by the ASX and AIM continuous disclosure obligations.

Victoria Oil & Gas (LON: VOG)
Out goes Austen Titford. TITford resigned as Executive Director of the Company effective 16 July 2014 for personal reasons. Austen will continue to work with the Company to ensure a smooth handover. Commenting on the announcement, Kevin Foo, Chairman of the Company, said: “As an employee since 2008 and as a Director, Austen has helped mould VOG’s success. We wish him the very best in his future endeavours”. “What success would that be Foo?”

Zoltav Resources (LON: ZOL)
Following the receipt of a notice to exercise warrants over 15,000 ordinary shares of $US0.2 in the Company ZOL has authorised the issue of 15,000 new Ordinary Shares. Big deal!

19 July, 2014
The Smallcapcap 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.

4 July, 2014
The Smallcap Oil & Gas round up.

The famous, BMD smallcap oil & gas round up!

Amerisur Resources (LON: AMER)
The oil and gas producer and explorer focused on South America, is pleased to announce an update on operations in Colombia and Paraguay. CLICK HERE

Aminex (LON: AEX)
Has signed a sale and purchase agreement for the sale of Aminex USA Inc. to Northcote Energy an AIM listed oil and gas company, and Springer Oil and Gas, a private company, for a total consideration of USD$5,000,000. Consideration from the sale of Aminex’s US portfolio of assets, which mainly comprise the Shoats Creek field in Louisiana and the Alta Loma field in Texas, will allow the Company to pay down part of its loan facility and provides further flexibility for working capital.

Borders & Southern (LON: BOR)
In April 2012 Borders & Southern made a significant gas condensate discovery with its first exploration well in the Falkland Islands. The discovery had a high condensate yield and a good quality reservoir. An initial scoping facilities study proposed an FPSO development, stripping out the liquids and re-injecting the gas back into the reservoir. Our phase 1 reservoir engineering study indicated that a mid case of 200 million barrels of liquids could be recovered from the discovery. Subsequent to this work, the Company has enhanced the seismic data with rock physics information derived from the Darwin East well and undertaken a more detailed phase 2 reservoir engineering study. Additionally, the 2008 seismic data has been reprocessed and merged with the new 2013 3D survey. Reprocessing of the 3D seismic has greatly improved the quality of the data. Resolution has been enhanced, amplitude mapping is sharper and fault definition has improved. This new data has confirmed our previous interpretation of the potential distribution of hydrocarbons over Darwin East and West. The phase 2 reservoir engineering study used a more detailed geological and petrophysical description of the reservoir, creating a 3D model in Petrel (The phase 1 study had used a simple layer cake model) and incorporated results from a laboratory revaporisation study and analysis from side wall cores. Our new base case model estimates a wet gas in place of 2.6 tcf and the recovered condensate of 263 million barrels. The increase in recovered condensate from our phase 1 model to the phase 2 model is attributed to improved net pore volume and an improvement in fluid recovery. New base case estimate of recoverable condensate of 263 million barrels is of course dependent on successful appraisal wells. However, this resource assessment only includes the reservoir interval encountered in the discovery well on Darwin East. Our seismic interpretation indicates that Darwin West is structurally higher than Darwin East and that two additional potential reservoir intervals below the main reservoir, each displaying amplitude conformance to structure, may be encountered. These additional potential reservoirs do not extend over the whole structure, but nevertheless could add further to the total recoverable resource depending on their thickness and quality.

Doriemos (LON: DOR) United Kingdom Oil & Gas (LON: UKOG) Solo Oil (LON: SOLO)
All three updated on the highly prospective Horse Hill prospect. Horse Hill Development Ltd, the operators of the Horse Hill Prospect in the Weald Basin near Gatwick Airport, have advised that site construction has now commenced for the proposed 8,512 feet Horse Hill-1 well. The well is expected to spud in July 2014 and is targeting a number of conventional stacked oil targets in Jurassic aged reservoirs and possible gas in the Triassic. After evaluating the Jurassic targets in the Portland sandstone, Corallian sandstone and Great Oolite limestone, the well is planned to be drilled to Triassic age formations in order to evaluate the potential, so far unexplored, for conventional gas within the Horse Hill structure.

Falcon Oil & Gas (LON: FOG)
Announces the appointment of Mr. Michael Gallagher as Chief Financial Officer (“CFO”) with immediate effect.

Global Petroleum (LON: GBP)
Tried to distance themselves from the Tower Resources (LON: TRP) duster this week. GBP noted the recent announcement by the partners in the Welwitschia-1A well of their decision to plug and abandon the well. The Welwitschia-1A well was drilled to a depth of 2,454m in Block 2011A, adjacent to Global’s Block 2010A in the Walvis Basin offshore northern Namibia. The Global technical management team wishes to make it clear that the geological setting of Global’s blocks 2010A and 1910B is distinct from that targeted by the partners in the Welwitschia-1A well. The great majority of the prospectivity in Global’s acreage is mapped in older sediments. These deeper structures were not reached by the Welwitschia-1A well. Therefore, the significant potential of these deeper traps and reservoirs remains to be tested. Don’t waste share-holder money. It’s a duster above and it’ will be a duster below.

Gulfsands Petroleum (LON: GPX)
Drilling operations within the Rharb Centre Permit in Northern Morocco using the COFOR SAS Cabot 750 rig have now recommenced with the drilling of the Lalla Yetou Updip-1 gas exploration well (“LTU-1”). The LTU-1 well location has been selected based upon interpretation of the Rharb 3D seismic survey data acquired by the Company during 2013. LTU-1 is designed to be drilled to a total vertical depth of approximately 1180 metres, and will evaluate predicted Miocene aged sandstone reservoirs contained within a fault bound structural closure that have been identified from 3D seismic data as having the potential to be gas bearing. LTU-1 is located up dip structurally from a previous well Lalla Yetou-3 that found gas bearing sands. The Company expects that drilling operations at LTU-1 will be completed within 28 days.

Independent Resources (LON: IRG)
Results for the fifteen months ended 31 December 2013. Click HERE to read.

Leni Gas & Oil (LON: LGO)
The third of its Goudron development wells, GY-666, was successfully spudded this week and is now drilling ahead. As with the previous two wells the third well in the planned 30 well redevelopment program is intended to test the Goudron, Gros Morne and Lower Cruse sandstones, all of which are known to be productive for oil in offset wells. The well is being drilled as a deviated hole with a maximum angle of 16 degrees from the same well pad as used for the recently drilled well GY-665. Well GY-665 will be completed as a Gros Morne producer once the Well Services Rig 20 is demobilized from the well pad. The reservoir pressure recorded at the Gros Morne in GY-665 is higher than that observed in the recently completed well GY-664 and this is likely to lead to improved production potential. Well GY-666 has a planned total depth of 3,700 feet true-vertical depth (“TVD”) (equivalent to 3,820 feet measured depth) to a bottom-hole location that is approximately 900 feet south-west of the surface location. The primary target of this well is the Gros Morne sandstones, the top of which are anticipated at a depth of approximately 2,100 feet TVD. Further announcements will be made once the main reservoir targets have been drilled.

Mosman Oil & Gas (LON: MSMN)
As predicted by YOURS TRULY! Wouldn’t you just know it? The third placing in a matter of months. MSMN raised circa £3,000,000 by way of the placing of 13,043,474 new ordinary shares in the capital of the Company at 23p per share.

Nostra Terra Oil & Gas (LON: NTOG)
The AIM quoted oil and gas producer with a growing portfolio of producing assets in the USA, announced results from two additional horizontal wells in the Chisholm Trail Prospect, located in Oklahoma. Click HERE TO READ IT. Click HERE to read todays RNS

President Energy (LON: PPC)
Has spud the Jacaranda 1 well, the first deep exploration well drilled in Paraguayan Chaco for almost 30 years. The Jacaranda prospect will test the potential double play system (Cretaceous and Palaeozoic) in the North West Flank of the Pirity Concession, Paraguay. The well is designed to drill multiple independent reservoir targets. Total gross mean prospective resources of 624 mmboe are being targeted. The well is anticipated to be drilled to a depth of 4200 metres and is expected to take approximately 70 days to drill. A further update will be given after reaching the targeted depth.

Range Resources (LON: RRL)
Rorys stories continued this week. A Trinidad Operations Update and Increase in Reserves. Click HERE

Tethys Petroleum (LON: TPL)
Following on from the recently announced Kazakh State Reserves Committee approval, today confirmed that it has received approval from the Ministry of Oil & Gas of the Republic of Kazakhstan for the extension its Kyzyloi Production Contract for a further 15 years to June 2029.

Wentworth Resources (LON: WRL)
Drilling operations have commenced on the Tembo-1 well in the Rovuma Onshore Concession in northern Mozambique. Wentworth has an 11.59% net interest in this well which is being operated by Anadarko and drilled with the Helmerich & Payne rig #243. The Tembo-1 well is targeting mid-Cretaceous sands with secondary targets in the upper Jurassic. Tembo-1 has a planned total depth of 4,250 meters True Vertical Depth Sub Sea and is expected to take between 60 and 90 days to complete. An update on drilling operations will be provided after drilling operations have been fully completed. To date there have been two wells drilled in the Rovuma Onshore Concession including the Mocimboa-1 well, which encountered oil and natural gas shows in the Cretaceous and is located approximately 17 kilometres to the northeast of the Tembo-1 well.

20 June, 2014
The 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

6 June, 2014
The Smallcap Oil & Gas Round Up.

Yep! It’s a good one this week!

It’s been a very busy week in the Smallcaps Oil & Gas underverse. Lot of activity going on behind the scenes from ‘yours truly’ trying to source information. Had a great sauce in Italy that has now gone quiet. Suspect that they’ve been rumbled.

Right let’s crack on.
Argos Resources (LON: ARG) Released their financial results for the year ended 31 December 2013. Highlights included; $0.7 million invested in further exploration and evaluation activities $1.8 million loss from expensed overhead… $2.9 million cash reserves at 31 December 2013… New Competent Person’s Report published in July 2013 identifies significant increase in number of prospects and prospective resources… 52 prospects mapped with a Best Estimate of unrisked recoverable resource of 3.1 billion barrels of oil and an upside of 10.4 billion barrels… Several prospects similar to the adjacent Sea Lion oil discovery… 40 further leads identified… Independent basin modelling work confirms the presence of two source rocks mature for oil generation within the licence area… Progressing farmout discussions with interested parties… Preparing for shared drilling activity in 2015.

Andes Energia (LON: AEN)
Notes with interest the drilling activities of ExxonMobil in its Bajo del Choique area, which is in close proximity to the Company’s Corralera block. The Bajo del Choique x-2 well is reported to have been drilled to a total depth of about 4,570 metres, including 3,570 metres vertical with a 1000-metre lateral and to have flowed at an average rate of 770 barrels per day on a 4.7 millimetre choke. The Board also notes the recent Crown Point announcement that “it has drilled, logged, cased and rig released the La Hoyada x-1 exploration well as a potential Vaca Muerta oil discovery on the Cerro de los Leones Concession in the Neuquén Basin, Province of Mendoza, Argentina. The La Hoyada x-1 well was drilled to a total depth of 1,953 metres and encountered persistent oil and gas shows while drilling through the Vaca Muerta formation, which consisted of 125 metres of shale and 84 metres of imbedded fractured igneous intrusives.” This block lies close to the east border of Andes’s Malargue block and 40 km to the east of Andes’s La Brea block. The Board continues to see substantial prospectivity in the Company’s Vaca Muerta acreage, which is on trend with the reported flow rates from Exxon.

Cadogan Petroleum (LON: CAD)
Following the Company’s announcement dated 15 May 2014 stating that 3 new drillable prospects had been identified in Debeslavetska, the Company is pleased to report that a fourth drillable prospect, comprising 3 different levels down to a depth of approximately 350m, has since been identified. This fourth prospect has now been selected for drilling to commence at the end of September. Drilling is expected to take up to 10 days followed by testing and eventual completion approximately 3 weeks thereafter. Expected producible resources for this new prospect are in the range of 4 billion cubic feet.

Caza Oil & Gas (LON: CAZA)
It’s been a fantastic month for Caza share-holders. Well done.
Another excellent result for the Company’s Bone Spring program with the initial test well on its Gramma Ridge Property in Lea County, New Mexico. read the full RNS HERE The Gramma Ridge 27 State #1H horizontal Bone Spring test well reached the intended total measured depth of approx. 15,496 feet in the 3rd Bone Spring Sand interval and was subsequently fracture stimulated beginning on May 13, 2014. Under controlled flowback the producing rates have steadily increased, and the well produced at a peak 24 hour gross rate of 830 barrels of oil & 4.63 million cubic feet of natural gas, which equates to 1,602 bbls of oil equivalent, on May 27, 2014. The well was producing on a 24/64ths adjustable choke at 2,390 pounds per square inch flowing casing pressure. Oil is already being sold, & the Company expects to have natural gas flowing to sales in the near future.

Europa Oil & Gas (LON: EOG)
Has been notified by Egdon Resources, the operator of Licence PEDL 180 in Lincolnshire that the Wressle-1 conventional exploration well on the Licence is expected to spud in July 2014, once construction of the drill site and rig mobilisation has been completed.

Faroe Petroleum (LON: FPM)
Announced completion of a successful initial side-track appraisal well on the Pil oil and gas discovery (Faroe 25%) in the Norwegian Sea. The Pil side-track well (6406/12-3 B), to appraise for additional hydrocarbons along the Pil structure and down-dip from the initial discovery well, has reached a total depth of 3,996 metres below sea level. The well has encountered oil in reservoir sands with a very high net to gross ratio. Preliminary data indicate a gross hydrocarbon-bearing reservoir section with approximately 80 metres of oil in the Upper Jurassic reservoir of the Rogn Formation. The oil-bearing interval in the side-track well was found to be at a similar pressure level to the oil bearing interval in the initial discovery well. As announced on 6 March 2014, the Pil discovery well (6406/12‐3S) encountered a gross hydrocarbon-bearing reservoir section with approximately 135 metres of oil and 91 metres of gas in the Upper Jurassic reservoir of the of the Rogn Formation. A subsequent drill stem test generated a stable flow rate of 6,710 bopd of 37° API oil from a 56/64″ choke, providing clear evidence of a prolific reservoir. A second side-track well is planned to commence in the coming days to test the separate Bue prospect, which has the potential to add further volumes to the Pil discovery. The Pil discovery is located within tie-back distance some 33 kilometres to the south east of the Njord platform in which the Company holds a 7.5% working interest.

Leni Gas & Oil (LON: LGO)
It’s all hands on deck for the man David Lenigas. Lot of back-ground noises. The Well Services Rig 20 has now been moved from the well GY-664 drill site and the Company’s application has been approved by Petrotrin for the completion and production of well GY-664. It’s anticipated that the well will be put on production by the end of this week. A total of 278 feet of oil pay has been selected in the Gros Morne formation for completion and production. The work-over rig Altech-2 is being moved into position to carry out the completion operations. The well will be perforated using tubing conveyed perforating guns at a shot density of six shots per foot. Completion is being performed with 11.2 pounds per gallon brine and will be at an underbalance at the formation of approximately 500 psi. LGO also announces that the second of its Goudron development wells, GY-665, was successfully spudded and is now drilling ahead. Good Luck LGO!

Magnolia Petroleum (LON: MAGP)
These RNS epistles must be costing a fortune. Rita maid meter updated us all on “its portfolio of interests in proven US onshore formations including the Bakken, North Dakota and Woodford and Mississippi Lime, Oklahoma. This update is in line with the Company’s strategy to rapidly build production through drilling and prove up the reserves on its leases.” If you want to read this guff Click HERE

Mosman Oil & Gas (LON: MSMN)
Confirmed the third well in its drilling programme, which will be named Crestal-2, located approximately 800 m south of Crestal-1. Mosman proposes to drill to basement estimated to be c 300m. It is located to the east of and close to several old wells drilled with oil shows and flows. The intention is to drill this well after Cross Roads-1 and Crestal-1 in June 2014. At Petroleum Creek, Drill Force equipment has now arrived on site and drill preparation continues for the commencement of drilling in the next 10 days. As part of its strategic planning, PCL has contracted to lease a 10 acre property adjacent to Crestal-2 location (with an option to purchase). The infrastructure located on the site will initially be used as office accommodation and the location used for storage. In addition, management are also in discussions regarding land access in relation to a contingent fourth well location. John W Barr, Executive Chairman of Mosman commented: “As we continue to build out the drilling programme at Petroleum Creek, we are delighted to confirm Crestal-2 as the third planned well and are working to firm up on a contingent fourth well as part of the broader development of this asset.”

Ophir Energy (LON: OPHR)
The Affanga Deep-1 well in the Gnondo Block offshore Gabon. Ophir has a 100%* operated interest in the Block. The well encountered thinner than expected sandstone sections with poor reservoir characteristics. Gas and indications of liquids were encountered during drilling but significant hydrocarbon shows were not encountered in the target formations. Say it! Say it! Duster!

Max Petroleum (LON: MXP)
The corporate option troughers have completed drilling the KZIE-3 appraisal well in the East Kyzylzhar I Field to a vertical depth of 1,315 metres without encountering sufficient hydrocarbons to be commercial and it will be plugged and abandoned. The Zhanros ZJ-30 rig will next move to the Zhana Makat Field to drill the ZMA-E7 development well.

Petroceltic International (LON: PCI)
Update on its operations in the Kurdistan Region of Iraq, Romania and Egypt. Click HERE

President Energy (LON: PPC)
Updated on the Pirity Concession and its drilling operations in Paraguay. Pirity Concession Farm-in. President has now achieved its full Participating Interest in the Pirity Concession pursuant to its farm-in, resulting in the Company now having a 59% beneficial Participating Interest. All 3 wells in the 2014 drilling programme are targeting prospects located within the Pirity Concession. Operational Progress. The drilling rig has now arrived at the Jacaranda well site, being the location for the first exploration well of the 2014 programme. Rigging up is in process with over 70% complete and, weather willing, it is anticipated that President will be able to announce spudding of the well within the next 14 days.

Range announces (LON: RRL)
Rories’ stories continued this week. The boy has issued yet more stock (some for debt) 67,666,667 and further to the previously announced (some for cash) US$12 million financing with Abraham Ltd the full Subscription proceeds of US$12 million have been received by the Company. Based on the applicable exchange rate for the first tranche of US$6 million, the Investor will subscribe for 356,188,780 Shares which will be issued on or around 28 May 2014 and admission to trading on AIM is expected on or around 6 June 2014. SHARE CONSOLIDATION ON THE WAY!

San Leon (LON: SLE)
Confirms that it is currently in discussions with a further two potential partners in relation to a possible farm-in for the Permian/SW Carboniferous Basin of Poland and expects to make further announcements once these discussions have been finalised.

Sound Oil (LON: SOU)
The Italian focused upstream oil and gas company, announced that civil works at the Casa Tiberi gas field are now complete, the production skid has arrived on site and the Company has secured all necessary permissions to install the skid and commence commissioning. James Parsons, Sound Oil’s Chief Executive Officer, commented: That freaking BMD has got spies every where! oops he actually said; “We are pleased to report continued operational progress in Italy and expect first gas from Casa Tiberi by the end of June.” Hooray!

Tangiers Petroleum (LON: TPET)
Has raised $4 million, before costs, through the placement of 25 million shares at 16c each to specified wholesale, institutional and sophisticated investors in Australia. (Not that sophisticated if they fell for the recent lies punted out via marketing) The raising is in addition to an initial $5 million share placement, also at 16c a share, announced by Tangiers earlier this month. At the time of the initial placement the Company had planned to raise up to $10 million. Cautious investor demand following Tangiers’ prolonged period of suspension from share market trading resulted in the Company raising only $5 million.

TomCo Energy (LON: TOM)
Released their interim results for the six months ended 31 March 2014. To read them. Click HERE

Trapoil (LON: TRAP)
The independent oil and gas exploration, appraisal and production company focused on the UK Continental Shelf (“UKCS”) region of the North Sea, is pleased to provide a corporate and operational update. Trap oil’s management is in the process of determining how best to create value from the group’s existing cash reserves and assets while minimising risk for shareholders. Following extensive discussions both with existing and potential new partners, the Company announces certain initiatives which it believes will significantly strengthen Trap oil’s position in the North Sea. Click HERE to read it.

30 May, 2014
The Smallcap Oil & Gas Round Up.

Yep! It’s a good one this week!

A busy, busy week in the Smallcap Oil world. Plenty to bemoan about. Enjoy it!

Antrim Energy (LON: AEY)
Released a tome! Their Interim financial report – first quarter 2014 Click HERE to view.

Azonto Petroleum (LON: AZO)
Announced the completion of an updated Resources Report (also known as a Competent Persons Report or “CPR”) for Block CI-202 offshore Cote d’Ivoire prepared by RPS Energy Services on behalf of Vioco Petroleum, Azonto’s 35% owned affiliate, as operator of the block. A copy of the CPR has been uploaded to the Azonto website www.azpetro.com

Bahamas Petroleum (LON: BPC)
Final results for the year ended 31 December 2013. Click HERE

Borders & Southern Petroleum (LON: BOR)
Released preliminary unaudited results for the year to 31 December 2013. Highlights included were; Acquired 1,025 sq.km. of 3D data to the north of the Darwin gas condensate discovery…. Evaluation of the fast-track processed data confirms that the Lower Cretaceous play extends to the north of Darwin. Fully processed data, received at the end of April 2014, will enable detailed prospect mapping…. Completed conceptual well design for Darwin appraisal wells and near field exploration wells….ompleted a preliminary reservoir engineering and facilities studies for a Darwin gas condensate development project…. Initiated farm-out of acreage – currently in progress…. Post year end activities – final processed 3D data from the 2013 acquisition programme and the reprocessed 3D data from the 2008 3D survey have been received and are being interpreted to produce an enhanced model of the Darwin area and a revised prospect inventory…. Cash balance as at 31 December 2013: $23.2 million – sufficient to cover forward overhead costs and all necessary short-term technical studies. What about the long term company expenditure?

Falcon Oil & Gas (LON: FOG)
Heralded the spudding of the second well in Hungary & an Operational Update. Click HERE

Faroe Petroleum (LON: FPM)
How to write an RNS eithout all the puffery.
The Butch East exploration well 8/10-5S and a subsequent up-dip appraisal well 8/10-5A, the first of two back-to back-wells in Licence PL405. The Butch East exploration well encountered no oil. Well 8/10-5S will now be plugged & abandoned. How to write an RNS with the puffery. Click HERE

Fastnet Oil & Gas (LON: FAST)
Will Holland has been appointed to the Board of Directors as Chief Financial Officer, with immediate effect. Big deal!

Frontier Resources (LON: FRI)
An Oiler with assets in Oman, Zambia and Namibia updated on its activities in the Sultanate of Oman. Frontier’s 100% owned Block 38 located in the Rub Al Khali Basin in southwest Oman covers a surface area of approx. 17,425 square kilometres. An Exploration and Production Sharing Agreement was signed on 25 November 2012. Frontier is the operator. The Company has now completed the initial interpretation of available legacy 2D seismic data, both original and data re-processed during 2013 by BGP in Houston. These reprocessed data have enabled Frontier to identify geologic horizons previously unseen on the original seismic. Frontier has identified a number of potentially attractive exploration targets. These targets, or their stratigraphic equivalents, include formations within Precambrian – Cambrian units, many of which contain hydrocarbons at the analog Khazzan – Makarem Field in central Oman currently under development by BP as presented at the Gas Arabia Summit, December 2011. In addition to the above formations there is also the potential presence of an Ara formation intra- salt play on the Block as seen after recent reprocessing of a test line. Based on this encouraging information, Frontier has decided to reprocess up to an additional 400 kilometres of legacy 2D seismic data over the area where this lead was identified. There is a plan to acquire new seismic data to mature the identified leads to prospect level and accordingly the company is hi-grading the portfolio to determine the optimal location for a 3D seismic survey.

JKX Oil & Gas (LON: JKX)
Said this week that that the Court of Appeal ruled that the restriction notices served by JKX on Eclairs Group & Glengary Overseas & their nominees on 31 May 2013 were valid. The Court dismissed the cross-appeals brought by Eclairs. The High Court held that the Board had reasonable cause to believe that information provided by Eclairs & Glengary in response to requests from JKX was false or materially inaccurate and that the Board acted in good faith with the intention of protecting JKX & its shareholders as a whole. The Court of Appeal did not disturb these parts of the judgment. In consequence, the restrictions imposed by the Board on Eclairs & Glengary are wholly valid. Eclairs & Glengary have been given permission to appeal to the Supreme Court limited to the issue of the Board’s purpose. Pending the hearing of that appeal, the current arrangements concerning the counting of Éclairs’ & Glengarry’s votes remain in place. The company also released their Interims up to March 31 2014. Click HERE to read it.

Leni Gas & Oil (LON: LGO)
Lot of RNS news this week from Neil & Dave at LGO. LGO Sold over 100,000 barrels of Goudron oil since taking over operations in October 2012. Furthermore the development well GY-664 has now intersected over 1,000 feet of gross oil bearing sands having drilled a further estimated 720 feet of oil sands in the Gros Morne formation, the first of the primary targets of the well. GY-664 earlier drilled over 350 feet of oil bearing sands in the Goudron formation. Drilling is continuing in the Lower Cruse, which is the third reservoir target of the well. In October 2012, when LGO took control of the Goudron Field under an IPSC with the Petroleum Company of Trinidad and Tobago. Field production was less than 40bopd. Since that time LGO’s wholly owned subsidiary Goudron E&P has reactivated over 70 pre-existing wells and has begun a major new 30 well development programme to access the estimated 122 million barrels of proven and probable oil in place independently verified as remaining in the Field.

Magnolia Petroleum (LON: MAGP)
Final results to the year end 31 December 2013. To read Ckick HERE Yawn!

Mediterranean Oil & Gas (LON: MOG)
2 RNS’s this week. 1/Production has been increased on the Guendalina Field well GUE 3ss. After a period of monitoring production, post the well intervention conducted in January 2014, production has been increased to an average of 31,350 scm per day (6,270 scm per day net MOG), which is an increase of 25% over the last reported stabilised production. The Operator has a stated goal of increasing production to 40,000 scm per day (8,000 scm per day net MOG) by the end of May at GUE 3ss. MOG expects that the production will be further increased in June, as the well continues to improve performance. The Guendalina Field is currently producing approximately 35,650 scm per day net to MOG, which is an increase of 23% above average net production for December 2013, when production was it its lowest level. 2/Energean Oil & Gas SA & MOG have jointly submitted a bid for the exploration and production of hydrocarbons in offshore areas 4118/05, 4218/30 and 4118/10 in Montenegro. If successful, Energean will act as the Operator with 60% working interest, while MOG would have a 40% working interest. Energean currently holds 4 exploration and 2 development licences and is the only Operator of hydrocarbon fields in Greece. It has produced over 115 million barrels of oil and 850 million cubic metres of natural gas from the Prinos and South Kavala offshore fields.

Mosman Oil & Gas (LON: MSMN)
New Kid on the block MSMN said that its wholly owned New Zealand subsidiary, Petroleum Creek, has issued the mobilisation notice and made the initial payment to Drillforce (NZ), the drilling contractor. Drillforce (NZ) has advised that the drill rig and equipment mobilisation will commence this weekend and all equipment is expected on site before the end of May. Drilling is anticipated to commence in the first week of June.

New World Oil & Gas (LON: NEW)
Confirm that it has signed a Sale Purchase Agreement with the shareholders of Al-Maraam Al-Ahliya Company for General Trading and Contracting Osma Khalid Al Masoud Al Fuhaid, Fahad Osama Khalid Al Masoud Al Fuhaid and Dr Muaaz KH M Alfahaid (the ‘Sellers’). The SPA provides the mechanism for New World to become a 49% shareholder & hold a 60% economic interest in Al-Maraam with a view to fully developing Al Maram’s opportunities in the oil and gas sector in Kuwait. An initial consideration in the amount of EUR1 million shall, subject to a number of material pre-conditions including due diligence on Al-Maraam, be payable to the Sellers upon the transfer of the Target Shares to New World; provided, however, that it shall be subject to a put option whereby if Dr. Muaaz KH M Alfahaid does not complete the previously announced subscription of 20% of the equity of Niel Petroleum for an amount of US$20 million BY 30 July 2014, New World will have the option to “put” the Target Shares to Dr. Muaaz KH M Alfahaid in exchange for EUR1 million plus related expenses. A balance of the consideration for the Target Shares in the amount of EUR4 million shall be payable to the Seller upon and subject to the completion of the Subscription.

Northern Petroleum (LON: NOP)
Released a production update on 3 wells in north west Alberta, Canada. The wells were successfully drilled & completed as planned. Operations then moved to a production testing phase. Highlights; Production results support the development of the Keg River play as part of the low risk production led growth strategy… Wells 13-33 & 14-22 both currently producing at a combined test rate of 280 bbls/d…. Well 16-19 initially produced as expected; a cemented liner now needs to be run to replace the inflatable packer and isolate the water aquifer below the oil column… Production being trucked and sold locally at a sales price of approximately Cdn$96 per barrel…. Short and medium term development of the play underway with three new wells planned in the summer.

Ophir Energy (LON: OPHR)
Released an Interim Management Statement and Operational Update for the period 1 January 2014 to 15 May 2014. Click HERE to read it.

Petroceltic (LON: PCI)
Has completed another equity placing. (Yes more dilution on top of the recent share CONsolidation! A 21.58% DILUTION! ) A total of 37,940,000 new Ordinary Shares of the Company have been conditionally placed at a price of 157 pence each, to raise approximately US$100 million (£59.7 million) before commissions and expenses.

Range Resources (LON: RRL)
Rory’s Stories began in earnest this week as RRL entered into a Subscription Agreement with Abraham Ltd, Surely you mean a dilution agreement Dan? No it’s a Rory Story! A Hong Kong based private institutional investor will subscribe US$12 million in cash and will be issued with Ordinary Fully Paid Shares of the Company at a price of £0.01 per Share, representing a premium of approx. 49% to the mid market share price at the close of business on AIM on 14 May 2014. So that’s a further 712,000,000 shares to add to the story! The funds will be used to repay existing debt, (racked up by who? The previous CEO who is currently keeping a low profile) Commenting on the piss poor announcement, Rory Scott Russell, CEO, said “I am delighted” sic The US$12 million Subscription will allow us to refinance the expensive and dilutionary corporate debt and provide working capital as we now move forward with Range’s operational and long term financing objectives, particularly in Trinidad.” (What ever happened to Somalia/Puntland, Georgia, Columbia, and the good old USA? to name but five!) PS Don’t mention International Petroleum.

Ruspetro (LON: RPO)
Released an interim management statement for the period from 1 January 2014 to 14 May 2014:The Highlights of which were, (Was there any Highlights?) Drilling commenced in April 2014 on the Company’s first multi-stage fractured horizontal appraisal well. The pilot vertical well for this has now been successfully completed and the horizontal drilling phase of the well has commenced…. April 2014 average production of 3,277 bopd, 1Q 2014 average production of 3,496 bopd (4Q 2013 average production of 4,010 bopd). Cash balance of US$8 million as at 30 April 2014. Sberbank Capital put option exercise period deferred by one year to the period of 30 April 2015 to 29 April 2016. Prepayment facility with Glencore Energy UK renewed in March 2014. John Conlin, Chief Executive Officer, commented: “While 2013 was a year of reassessment for Ruspetro, (What an understatement!) 2014 should be a year of progress. (What an overstatement!) That’s enough of that!!!

Solo Oil (LON: SOLO)
Opined that Angus Energy, operator of the Horse (Shit) Hill Prospect in the Weald Basin, has advised that the proposed Horse Hill-1 well is on schedule for a spud date in July 2014.

Tethys Petroleum (LON: TPL)
Pulled another placing fast one this week! Conditionally raising USD 15,000,000 through the issue of 36,894,923 new ordinary shares to new and existing investors at GBP 0.24 per share. Here’s why! In November 2013, Tethys announced that it had entered into a definitive agreement for the sale of 50% (plus one share) of its Kazakh oil & gas assets to SinoHan Oil & Gas Investment B.V. part of HanHong, a Beijing, PRC based private equity fund for an initial payment of USD 75,000,000 plus potential bonuses. The sale is subject to Kazakh State approvals, including the waiver on pre-emption (Article 36). The Company is confident that these approvals will be given at some point this year, but does not know the precise date. As such it was necessary to carry out this equity placing to provide the funds to ensure that the increased gas production rates can be achieved as planned. It should be noted that if the Kazakh State elects to pre-empt, an event that the Company considers extremely unlikely, then the State should fulfill the terms of the definitive agreement with SinoHan including paying the initial USD 75 million to Tethys to become a 50% shareholder in the project. So basically they need some cash to tidy them over? Will they give this back in a special dividend. No chance! Any excuse for a dilution! Also released was the 1st Q 2014 Financials. Click HERE to read it!

Sterling Energy (LON: SEY)
Has completed the Farmout Agreement with Jacka Resources Somaliland for the acquisition of an additional 15% interest in the Production Sharing Contract for the Odewayne Block, located onshore in the Republic of Somaliland. Genel Energy Somaliland 50%. Sterling Energy 40%. Petrosoma 10%. Sterling will be carried by Genel for the costs of all exploration activities during the Third Period and the Fourth Period of the PSC. The PSC covers block SL6 and part of blocks SL7 and SL10, onshore. In 2013 an aero-magnetic and gravity survey confirmed the geometry of a broad basin over the Odewayne block believed to be of Jurassic to Cretaceous origin, analogous to productive basins in Yemen. Fieldwork in the block has highlighted the presence of numerous seeps giving encouragement that a working hydrocarbon system is present in this undrilled basin. The forward work program includes acquisition of an extensive 2D seismic programme to define drillable targets. Operations in Somaliland have been delayed by security concerns and the operator, on behalf of the joint venture partners, is working with the Ministry of Energy and Minerals to resume operations as soon as practicable. As previously announced future conditional payments by Sterling of $8m are to be paid to Petrosoma upon various operational milestones being met.

Tangiers Petroleum (LON: TPET)
Placed A$5 million worth of shares, before costs, through the private placement of 31.25 million shares to specified wholesale, institutional and sophisticated investors at A$0.16 per share in Australia, the United Kingdom and Hong Kong. The Placement will be completed in two tranches consisting of: Approx. 23.6 million shares issued in the first tranche & THE balance of approx. 7.5 million shares issued in the second tranche. Subject to shareholder approval at the Annual General Meeting of shareholders. The proceeds of the raising will be applied to the 33% share of any costs in excess of the US$33m free carry provided by the Tarfaya Farm-Out Agreement for the drilling of the TAO-1 well, due to be spudded next month and for general working capital expenditure.

Wessex Exploration (LON: WSX)
The WSX red faces sighed ‘relief’ this week as they scrapped through the Milroy Capital EGM REQUISITION. All the resolutions proposed by the Requisitionists were defeated. Still no figures! Boo!

17 May, 2014