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Guerilla Investing

Tag: Mediterranean Oil & Gas

  • The Smallcap Oil & Gas round up.

    The Smallcap Oil & Gas round up.

    Guerilla Investing!
    Guerilla Investing!

    Amerisur Resources (LON: AMER)
    Released an update on operations in Colombia and Paraguay. The highlights of which were thus; . Platanillo-16 becomes the 11th successful well in the current campaign… Data acquired strengthens field model… Good test flow rates – 320 BPD of 30.7 API oil at 17% drawdown… Placed on commercial production… Platanillo-17 on platform 3N has been spudded… Good progress on the Ecuador pipeline project in Environmental, Technical and Commercial terms… San Pedro 2D Seismic acquisition programme proceeding.

    Egdon Resources (LON: EDR)
    Didn’t you just know it. Here comes the first of many placing’s. A placing of 12,000,000 new ordinary shares at a placing price of 25 pence per share to raise approximately £3.0 million.

    Ithaca Energy Inc. (LON: IAE)
    Plugged & Abandoned the Handcross prospect (204/18b-2A) well. No hydrocarbons were encountered in the target T36 or T35AA sands.

    Leni Gas & Oil (LON: LGO)
    Has now signed a contract with Well Services Petroleum Company Limited, Trinidad’s largest drilling contractor, for the drilling of the first seven wells of the planned 30 well development drilling programme at the Goudron Field.

    Matra Petroleum (LON: MTA)
    Released the results of an independent reserve audit conducted by DeGolyer and MacNaughton. As announced on 22 January 2014, Matra’s wholly owned subsidiary, Matra Petroleum U.S.A., Inc. has completed its Phase II acquisition of interests in certain oil and gas leasehold interests in the Texas Panhandle region of the USA through its investment in PGM-JV, a joint venture vehicle incorporated in Texas of which Matra owns 50%. D&M conducted a review of all of the assets included in both the Phase I and Phase II acquisitions and the results of the independent reserve audit can be read by CLICKING HERE: I’d strongly advise investors to read it!

    Max Petroleum (LON:MXP)
    Announced the successful drilling results of an appraisal well in Sagiz West Field, with electric logs indicating 16 metres of net oil pay over a 24 metre gross interval in the Triassic Formation at vertical depths between 1,225 and 1,249 metres. Reservoir quality is very good with porosities ranging from 15% to 27%.  The Company is setting production casing in the well and will begin testing SAGW-10 as soon as practicable.

    Nighthawk Energy (LON: HAWK)
    Released a production & drilling update this week. The Big Sky 13-11 commenced production on 13 February 2014. An update on production levels will be released once the well has settled down. Aggregate gross oil production for January 2014 was 52,737 barrels an average of 1,701 bbls/day, a new monthly production record. Production in January was adversely impacted by planned treatment to the productive zone in the John Craig 1-2 well and some minor weather related problems. The John Craig 1-2 well is currently in production but it is anticipated that the well will require further treatment during this quarter. Completion of the Big Sky 13-11 well was moved ahead of the Telluride 13-2 well due to the interpretation of the logs and the potential for better production rates. The Telluride 13-2 is in the early stages of the completion process and the Big Sky 14-11 well has been completed in the initial zone of interest with evaluation of this zone currently underway. Nighthawk’s drilling campaign continues in the Arikaree Creek oilfield. The Big Sky 5-11 well is in the final stages of drilling and a substantial core has been taken. The well will be logged and cased ready for completion. In March 2014 the drilling rig will be moved to the Snowking 13-33 location, some three miles south-west of Arikaree Creek and, subject to permitting, Nighthawk expects to spud this well around mid-March 2014.

    Northern Petroleum (LON: NOP)
    Iain Lanaghan has been appointed as a non-executive director of the Company. Iain is an experienced public company director whose most recent position in the exploration and production industry was with AIM quoted Faroe Petroleum.

    Nostra Terra Oil & Gas (LON: NTOG)
    Two RNS’s this week as Matt Lofgran came out with the bull case for investment. “Nostra Terra’s portfolio of wells in the Chisholm Trail Prospect includes 7 wells which are in commercial production, 5 wells in various stages of election to production, and with more wells anticipated beyond these, we expect a significant increase in net production over the coming weeks and months.2 sic<The Company received confirmation of its election to acquire additional interest in the Jones 1-5H well (CT8). The Company’s working interest in the well has increased from 2.00% to 2.92%. The most recent ten days of production averaged 521 barrels of oil equivalent per day. This represents an increase in net production to the Company from the well from 10.42 boped to 15.21 boepd. Read our latest article on Nostra Terra HERE

    Petroceltic (LON: PCI)
    Has agreed the sale of an 18.375% interest in the Isarene Production Sharing Contract, which includes the world class Ain Tsila gas condensate discovery, onshore Algeria, to Sonatrach, the Algerian National Company for Hydrocarbons.

    Range Resources (LON: RRL)
    A shocking RNS from Range yesterday. Released when the market was closed. Headlined Notice of General Meeting. Sadly for those who care to take the time to read it you’ll see pots and pots of share issues, dilutions and options as well as more bad news buried within it. I’m afraid there’s no hope here.

    Salamander Energy (LON: SMDR)
    Further to the update on 27th January, the damaged risers have now been repaired and production from the Bualuang field has recommenced. The Company has also reached agreement for a new, two year sales contract for Bualuang crude. The agreed pricing is set at a small discount to Dubai benchmark and reflects an improved price relative to the previous agreement. The new price will be backdated to 1st January 2014.

    San Leon Energy (LON: SLE)
    The Serial failures announced that it has signed a Letter of Intent with Baker Hughes Poland Sp. z o.o. to jointly begin to develop the Siekierki Gas Field1 in Poland, including Polish Concessions 206, 207 and 208. The Companies plan to start gas production from four existing wells, namely Trzek-1, Trzek-2ZH and Trzek-3H on the Siekierki structure, and the nearby Krzesinki-1 well. Under the proposed agreement, it is envisaged that Baker will provide all funding necessary to recomplete and bring into production the Wells

    Sterling Energy (LON: SEY)
    Updated for the Ntem Concession, offshore Cameroon. The operator, Murphy Cameroon Ntem Oil Co, has confirmed that drilling operations have commenced on the Bamboo-1 well using the Ocean Confidence, a fifth generation semi-submersible drilling rig. The well, located approx. 56 kilometres from the coast of Cameroon, has an estimated target depth of 4200 metres true vertical depth sub-sea and will be drilled in a water depth of approximately 1600 metres. Drilling operations are anticipated to take approximately 60-70 days. Sterling Cameroon has a 50% non-operated working interest in the Ntem Concession. Murphy will pay Sterling’s share of the costs for the drilling of the Bamboo-1 well. A series of stacked fan targets have been identified and will be intersected by the Bamboo-1 well with the primary objective estimated to have a mean un-risked, gross prospective resource of 422 million barrels of oil and 170 billion cubic feet of gas, a total of some 450 million barrels of oil equivalent.

  • The Smallcap Oil & Gas round up.

    The Smallcap Oil & Gas round up.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

  • The Smallcap Oil & Gas round up. Victory Special N0 2

    Not much happening in the Smallcaps Oil & Gas sector this week. Don’t forget to sign the e-petition demanding an investigation into Sefton Resources. Ellerton the fraud and perjurer has now been SACKED. Demand an investigation. Click the link

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

    Bridge Energy (LON: BRDG)
    Updates on the current exploration drilling campaign, targeting the Amol and Asha East prospects within the PL457 licence. Further to the announcement on 14 August 2013, we can now advise that the operator has changed the order of drilling, with results from the Amol well now expected first. Bridge has a 20% interest in the PL457 licence. Wintershall is the operator with 40%, with the other partners VNG (20%) and E.ON (20%)

    Chariot Oil & Gas (LON: CHAR)
    The Brazilian National Agency of Petroleum, Natural Gas and Biofuel has approved and signed the concession agreement for Chariot’s 100% interest and operatorship in licences BAR-M-292, BAR-M-293, BAR-M-313 and BAR-M-314 in the Barreirinhas basin, offshore Brazil. Chariot’s successful bids for these blocks were detailed in the announcement of 15 May 2013. CHAR will now look to carry out an Environmental Impact Assessment with the aim of planning and implementing a 3D seismic programme across these blocks in 2014.

    Falcon Oil & Gas (LON: FOG)
    Released an operational update this week. Much too convoluted for the Smallcap round up. You can read it HERE

    Forum Energy (LON: FEP)
    The Directors of Forum Energy were forced to release a statement on the recent movement in the Company’s share price, (jumped by more than 53%) confirming that they are not aware of any reason for such a movement.

    GeoPark (LON: GPK)
    The Latin American oil and gas explorer, operator and consolidator with operations and production in Chile, Colombia, Brazil and Argentina announce its first half financial results ended 30 June 2013. Click HERE to read them

    Kea Petroleum (LON: KEA)
    Hit the skids this week. The the oil and gas company focused on New Zealand, announced further results of testing and flow rates at Puka, the decision not to renew the PEP51155 permit and the commencement of a strategic review process. Combined total flow rates at Puka 1 and Puka 2 have stabilised at approximately (a piss poor) 200 barrels of oil per day.

    Madagascar Oil (LON: MOIL)
    Released their half year results for the six month period ended 30 June 2013. Click HERE to read

    Magnolia Petroleum (LON: MAGP)
    Updated on its activities in proven US onshore formations, including its participation in four new wells in Oklahoma alongside established operators such as Devon Energy. This update is in line with the Company’s strategy to rapidly build production and reserves on its leases in oil rich formations including the Bakken in North Dakota and Mississippi Lime in Oklahoma. If you want to read Ritas’ guff click HERE

    And the week wouldn’t be complete without an update of some sort from Max Petroleum (LON: MXP)Who have commenced drilling the BCHW-3 appraisal well in the Baichonas West Field on Block E using the Zhanros ZJ-20 rig. The well will be drilled to a total vertical depth of approximately 1,460 metres targeting Jurassic and Triassic reservoirs. The Company has also successfully reached the target depth at the UTS-13 appraisal well in the Uytas Field which is currently being logged. The logging results will be announced as part of the next drilling update.

    Nostra Terra Oil & Gas (LON: NTOG)
    Holds a judgment against Richfield for in excess of US$1,500,000, plus on-going interest, attorney’s fees, and costs of collection. Six Russell County, Kansas leases belonging to Richfield will be sold at a public auction conducted by the Russell County Sheriff on 12 September 2013. The net proceeds from the sale will be applied to the balance of the judgment. Three of the leases, which were the subject of the 1 July announcement, including two producing wells and one saltwater disposal well, were originally auctioned at a Sheriff’s sale on 27 June 2013. Subsequent to that auction, Nostra Terra voluntarily made the decision to set aside the sales in order for these leases to be auctioned together with three additional leases, with producing and non-producing wells that share the same saltwater disposal well. Nostra Terra also has a lien on all of Richfield’s real property assets in the State of Utah. On 18 July, 2013 Richfield announced they have increased their lease position from 10,562 acres to 15,375 acres in Central Utah. All of these leases are included in the assets liened by Nostra Terra. Auctions for these assets will be scheduled in order to satisfy the Judgment awarded to Nostra Terra. Further efforts to collect on the judgment, including garnishments, have been undertaken and will continue until the judgment is satisfied in full. Matt Lofgran, Chief Executive Officer of Nostra Terra, commented: “While Richfield has stated that they will ‘vigorously defend against this foreclosure action,’ the reality is that the foreclosure action has already progressed to judgment in favor of Nostra Terra. Nostra Terra will continue its vigorous effort to collect its judgment in full either through cash or assets.”

    Petroceltic (LON: PCI)Has spudded two wells: Shakrok-1, the first well in its drilling campaign in the Kurdistan Region of Iraq and Cobalcescu South, part of its planned multi-well drilling campaign, offshore Romania.

    Range Resources (LON: RRL)
    Two bits of news this week. Range would like to draw attention to the announcement released by Citation Resources Limited (ASX:CTR) with respect to the Company’s interest in Guatemala. If you want to waste your time reading this then click HERE The other can be read HERE

    Sefton Resources (LON: SER)
    Trading in its shares had to be suspended on AIM due to the unauthorised publishing of confidential internal information on a website. What a pity. Here’s hoping they never come back. Good riddance to this POS.

    Sound Oil (LON: SOU)
    Announced a positive well test at the onshore Nervesa discovery in Northern Italy. Hooray! The well test achieved a stabilised total gas flow rate of 2.7 MMscfd from multiple sandstone intervals in the Upper Miocene San Dona Formation using a dual string completion. Sound also confirms that, following a revision of its reservoir model for the full field, the P50 estimate of recoverable gas resources at Nervesa has increased from 21 Bcf (with an estimated NPV10 of US$58m) to 24 Bcf (with an estimated NPV10 of circa US$66m). Following these successful results, the Company will continue with its plans to: (i) apply for a Production Concession with a view to achieving first gas sales at Nervesa in 2015; (ii) drill a second well at Nervesa, addressing the Southern part of the structure; and (iii) secure a Reserve Based Lending (“facility to provide funding for the next stage of Sound Oil’s development;

    In anticipation of securing an RBL facility, the Company has entered into an asset backed bridge loan facility for some £2.5 million with a syndicate of private investors. The Bridge Loan matures in February 2015, carries a coupon of 10% per annum and an average annual fee of 9%. It is the Company’s intention to repay the Bridge Loan with a portion of the proceeds from the RBL facility. The Company has also renewed its existing Standby Equity Distribution Agreement with Yorkville Advisors LLP for a period of three years on the pre-existing terms and without an upfront fee. Beyond Nervesa, the Company will continue with the second phase of its strategy, which includes preparing for 2014 drilling at Laura and Badile. The Company is pleased to invite investors to a conference call on 6th September 2013 at 1100. Details can be obtained from Annabelle Griffiths at [email protected]. James Parsons, Sound Oil’s Chief Executive Officer, commented: “This is a significant milestone for the Company”

    Tower Resources (LON: TRP)
    Provided an update on the acquisition of Wilton Petroleum. On 3 July 2013, Tower Resources announced the conditional acquisition of Wilton Petroleum, which owns a 20% carried interest in the Marovoay Block-2102, onshore Madagascar. The Block is operated by Ophir Madagascar Limited (80% interest). The Operator has indicated to Wilton that they do not now intend to drill the commitment well due to be drilled by 19 April 2014 and to which Wilton’s carry of $4million by Ophir related. Discussions between the parties are in progress and accordingly Tower has agreed with the Wilton Petroleum vendors to extend the completion date of the acquisition to 30 September 2013.

    Union Jack Oil (LON: UJO)
    Released unaudited results for the half year ended 30 June 2013. Highlights included The Acquisition of interests in four onshore Petroleum Exploration and Development Licences all containing drill ready prospects… Progress made towards delivering on strategy to rapidly appraise and exploit the acquired assets… Planning consent received in respect of the Burton on the Wolds-1 and Wressle-1 Prospects… A two well drilling programme covering Burton on the Wolds-1 and Wressle-1 scheduled for later this year. Gross proceeds of £800,000 in connection with Admission… Cash position in excess of £1.0 million as at 5 September 2013.

    David Bramhill, Executive Chairman, commented: “In the space of just over one year Union Jack has obtained interests in four onshore UK drill ready prospects and will be involved in the drilling of the Burton on the Wolds-1 and Wressle-1 exploration wells during the next few months. Your Company has made significant progress during the first half of 2013 and I look forward to reporting on drill results and other matters in respect of the remaining period of the year in due course.”

  • The Smallcap Oil & Gas round up. Victory Special!

    The Smallcap Oil & Gas round up. Victory Special!

    It’s a cold dark day for John J Ellerton the now Disgraced EX Exec’ Chairman of Sefton Resources. The crook today got his just desserts for 13 years of Lies and Fraud. I told Ellerton in Feb’ 2013 Unless he withdrew from the field of battle that ‘I would bring him down’ “It is a fight to the death & no quarter will be given” I will never back down in the face of fraud and lies. I, like, Mr T Winnfrith stand firm. Today is V.E Day.  Victory over Ellerton.

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

    Amerisur Resources (LON: AMER)
    Updated on its operations in Colombia. Click HERE

    Argos Resources (LON: ARG)
    The Falkland Islands based exploration company focused on the North Falkland Basin, released interim financial results for the six months ended 30 June 2013. Highlights included, $0.6M invested in further exploration and evaluation activities. A $1.2M loss from expensed overhead, including FOREX losses of $0.3M (how losing cash is a “Highlight” beats me!). $4.3M cash reserves at 30 June 2013. A new Competent Person’s Report describes 52 prospects and 40 leads, a significant increase over the 28 prospects previously reported. Best Estimate of prospective recoverable oil resources has increased from 2.1 billion barrels to 3.1 billion barrels, an increase of 46%. High Case prospective recoverable oil resources estimate exceeds 10 billion barrels???? of laughs. (Couldn’t resist that!). New (Wash) basin modelling studies confirm two mature source rocks within PL001 with at least 30 billion barrels of oil generated within the licence area. A farmout programme seeking industry partners is progressing.

    Mr. Ian Thomson, Chairman of Argos, said: “The 3D seismic data we have obtained is the best quality data seen in the basin to date. This has allowed us to map with confidence numerous stratigraphic prospects associated with the Early Cretaceous delta system that is a principal feature of the licence area. New proprietary geochemistry studies have also confirmed that two proven oil source rocks within the licence area are mature for significant volumes of oil generation, and this has added to the improved estimated chances of success for most of the prospects. The directors continue to actively consider various financing options to facilitate exploration drilling.”

    Falcon Oil & Gas (LON: FOG)
    Announces its Interim Results & Filing of its Financial Statements and Accompanying MD&A: Click HERE to read Six Months Ended 30 June 2013.

    Gulf Keystone (LON: GKP)
    It’s a nervous time for the Board and Investors over at GKP as September brings the litigation result between Excalibur Ventures LLC & GKP. The company announced that they will ‘announce’ their half year results, for the period ended 30 June 2013, on 19 September 2013. I’m announcing that they’re announcing that they’ll announce yawnnnnnn!

    Hardy Oil & Gas (LON: HDY)
    Reported its Half Year Results for the six months ended 30 June 2013. In summary. PY-3 – Afull field development plan has been provided to partners for approval prior to submission to the GOI. D3 – Various geophysical studies undertaken to advance finalisation of prospect locations toward completion of the MWP. D3 – Declaration of commerciality for the Dhirubhai 39 and 41 natural gas discoveries is under review by the Government of India. GS-01 – Field development plan for Dhirubhai 33 natural gas discovery is with the GOI for review. Discussions were held with our joint venture partner to increase our interest in the block. CY-OS/2 -Hon’ble tribunal ruled in the Company’s favour, allowing for a further three years to appraise the Ganesha-1 natural gas discovery and awarded interest and costs to the Company (contingent asset – $24.8 million). The GOI has lodged an appeal, against the Hon’ble tribunal award, with the High Court of Delhi. Total loss amounted to $2.0 million (H1 2012: loss of $7.2 million). Cash outflow from operations (before changes in non-cash working capital) $2.2 million (H1 2012: outflow $4.4 million). Cash and short term investments at 30 June 2013 amounted to $27.8 million; Hardy has no debt. MacKenzie, Chief Executive Officer of Hardy, commented: “While the Company has experienced some headwinds recently we remain committed to delivering successful exploration and production in India. The recent government approval of the gas pricing formula proposed by the Rangajaran Committee, along with rising gas demand across the industrial, residential and power sectors, provides us with the confidence that we are well positioned in the right environment to provide energy to the Indian market.”

    JKX Oil & Gas (LON: JKX)
    Has successfully completed the 10 stage multi-stage frac in well R-103 and the frac crew and equipment are now being demobilised. The remaining plugs separating the frac stages are currently being drilled out and flow-back has commenced. This flow-back phase is expected to take approximately 3 to 4 weeks with stabilised gas flow data expected in a further 4 to 5 weeks.

    Lekoil (LON: LEK)
    Further to the announcement of 26 June 2013, drilling of the Ogo-1 sidetrack well is still ongoing with completion now expected during September. Well testing, as appropriate, will occur thereafter.

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

    Max Petroleum (LON: MXP)
    Has commenced drilling the UTS-13 appraisal well in the Uytas Field on Block A. The well will be drilled to a total vertical depth of approximately 200 metres targeting Cretaceous reservoirs using a newly acquired mobile truck mounted rig from Zhanros. This is the first of 10 remaining wells to be drilled to depths of between 200 and 450 metres as part of the initial appraisal programme for the field. Earlier this week MXP said they had finished drilling the BOR-4development well in the Borkyldakty Field, reaching total vertical depth of 1,609 metres. The well successfully encountered approximately 31 metres of net oil pay across four Triassic reservoirs ranging in depths from 1,395 to 1,532 metres, which was in line with expectations. The Company plans to complete the well and place it on production as soon as practicable. The Zhanros ZJ-20 rig will now move to drill the BCHW-3 appraisal well in the Baichonas West Field.

    Nostra Terra (LON: NTOG)
    The AIM quoted oil and gas producer, with a growing portfolio of horizontal and vertical drilling projects in the USA, updated on the Verde Prospect where it has a historical 16.25% working interest, located in south-eastern Colorado. Highlights included; Third well permitted & to be drilled in 60 days with an increased WI to17.54% from 16.25%. 200% return on Verde 1 expected by year end. Following the rapid payout of the initial well, additional leasing was targeted along with drilling to expand the size of the prospect. Leasing for the next drilling location has now been finalized with Nostra Terra increasing its WI in the well to 17.54%. Permitting is in process and the well (“Verde #3”) is scheduled to be drilled within the next 60 days. The first well in this project reached payout in less than one year, it continues to be a strong producer with cumulative net proceeds to Nostra Terra estimated to reach 200% of the Company’s original investment, by year-end. Due to the strength of the prospect the Company plans to continue to participate in further development. Alden McCall, Chief Operating Office of Nostra Terra, said; “Our first well in the Verde Prospect reached payout in approximately ten months of production, which is outstanding. We continue to be very pleased with this project and are looking forward to the results of the third well. Core analysis of the second well indicates that it will make an excellent injection well when the project is water-flooded in the future, and our investment in the well will be recovered in that way. The Verde Prospect remains an exceptional prospect and we intend further participation going forward.”

    Oilex (LON: OEX)
    Successfully raised $3.4 million through the placement of new shares to domestic & international Sophisticated and Professional Investors at $0.05 per share. The placement also consisted of a one for two attaching listed option (ASX:OEXO) with a strike price of $0.15 expiring on 7 September 2015. The bookbuild was supported by new and existing Oilex shareholders and closed oversubscribed. The Placement will be conducted in two tranches. The first tranche will utilise the Company’s available 15% placement capacity under ASX Listing Rule 7.1 which will total 38 million New Shares raising $1.9 million. The remaining 30 million New Shares will be issued in the second tranche subject to shareholder approval which will be sought at an Extraordinary General Meeting  scheduled to be held as soon as practicable. The issue of all of the attaching Placement options will also be subject to shareholder approval at the EGM.

    Ruspetro (LON: RPO)
    The independent oil & gas development and production company, with operations in the Khanty-Mansiysk region of the West Siberian basin, announces its first half 2013 results and an update on its operations to date: Click HERE to read.

    Sefton Resources (LON: SER)
    Out on his arse went John J Ellerton today. The now Disgraced & Humiliated EX exec’ Chairman finally got his just rewards for 13 years of lies and fraud.

     

    Please sign the Government e-petition demanding an investigation into Sefton Resources! http://epetitions.direct.gov.uk/petitions/52766

  • The Smallcap Oil & Gas round up.

    The Smallcap Oil & Gas round up.

    It’s been an exciting week in the Smallcaps Oil & Gas Underverse. With news a plenty.

    Don’t forget to Sign the petition! http://epetitions.direct.gov.uk/petitions/52766

     

    Afren (LON: AFR)
    Released their Half-yearly Results for the six months ended 30 June 2013 with an update on its operations year-to-date 2013. Information contained within this release is unaudited and is subject to further review. You can read it in full HERE

    Faroe Petroleum (LON: FPM)
    The independent oil and gas company focussing principally on exploration, appraisal and production opportunities in the Atlantic margin, the North Sea and Norway, released an Operational Update. Click HERE to read it.

    JKX Oil & Gas (LON: JKX)
    Provided details of Stages 4 to 7 of the well R-103 frac and advise that the number of planned stages has now increased from nine to ten. Each stage covers approximately 100m of the sub-horizontal 1,000m reservoir section. Work has now started on the final Stages 8 to10 of the programme.

    Magnolia Petroleum (LON: MAGP)
    Released an RNS update this week the title of which was; “Increase in Working Interests, Existing Well Updates and Participation in Two New Wells in the Woodford Formation, Oklahoma” Translation? We’ll say anything to raise more cash. Enough said. Click HERE to read it

    Northern Petroleum (LON: NOP)
    Updated on the the production potential of the leases acquired by the Company in northern Alberta, Canada, in the first quarter of 2013. Since acquiring the acreage, the Company has purchased and interpreted 19 square kilometres of 3D seismic data. This analysis has increased the number and type of drilling opportunities available on the land. These opportunities include the identification of undrilled reef structures as well as reefs which may benefit from drilling up-structure from the previous entry point. NOP now say the Company is now sufficiently confident to extend the proof of concept programme to include a possible side track and a new well alongside the re-entries. Rig tenders are currently being evaluated for this programme.

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

    Range Resources (LON: RRL)
    Updated with respect to its Trinidad operations and new appointments to management and operational team. Much too long winded for the Smallcap round up. Click HERE to view

    Rockhopper Exploration (LON:  RKH)
    The North Falkland Basin oil & gas exploration company, confirms the annual report and accounts for the year ended 31 March 2013 have today been made available on the Company’s website www.rockhopperexploration.co.uk  The accounts and AGM notice will be sent to shareholders, who elected to receive a hard copy, on or around 3 September. The AGM will be held at 11 am on Thursday 26 September 2013 at Plaisterers’ Hall, One London Wall, London, EC2Y 5JU. Shareholders wishing to attend should note that registration will commence at 10am.

    Roxi Petroleum ( LON: RXP)
    The Central Asian oil and gas company with a focus on Kazakhstan, released an operational update on its flagship BNG asset, in which Roxi maintains a 58.41% interest. Well 143 was spudded on 1 April 2013, on the MJ-F structure located towards the North of South Yelemes field at BNG. The total depth of the well was planned to be 2,500 metres.

    This exploration initially targeted Jurassic Callovian sands at a depth of 2,170 metres with a secondary objective in the Cretaceous Valanginian limestone at a depth of 1,935 metres. As the middle Jurassic section is also expected to be within 4-way dip closure in the MJ-F structure as well as the top Jurassic section, Roxi decided to drill continuously to 2,750 metres, 250 metres deeper than the original planned depth. The well reached the total depth of 2,750 metres on 21 June 2013 and at that time wireline logging was completed.

    Interpretation of these results has been encouraging with three main intervals of interest identified, between 2,193, 2,216 and 2,692 metres. Additionally a 4th interval of interest at 2,088 meters has been identified from the core samples and will now be tested. Testing will commence in September by a work-over rig.

    Testing on all four intervals is expected to be completed by October 2013. The rig will be released from Well 143 after running the tubing there and mobilized to Well location 807 where a 2,500 metre well is to be spudded targeting Cretaceous Carbonate and Jurassic sandstone. The Total Depth of 2,500 metres is expected to be reached in November 2013.

    Work is progressing at Well 806 in anticipation of an early commencement of the 90 days testing at the three intervals, which have already displayed encouraging characteristics. Aryshagal 5 is the deep well spudded in July 2013, which is to be drilled to a Total Depth of 4,700 metres targeting the Permian formation at 4,120 metres and the Carboniferous formation at 4,390 metres. The first 800 metres of the well have been drilled and the well has been fitted with casing and cement to that depth without any significant problems. Drilling the remaining 3,900 metres continues, which the Roxi management expect to be at a faster pace, given the reduced dimensions of the well bore. Investors are reminded that BNG has a turn-key contract to drill this well and would therefore not be subject to any cost overruns stemming from drilling delays which can result from difficulties associated with pre salt drilling in the region.

    San Leon Energy (LON: SLE)
    Has signed a binding Letter of Intent with Aspect Energy (through its subsidiary, Horizon General Ltd, “Aspect”) under which Aspect will acquire a 22.5% working interest (half of San Leon’s current interest) in a portion of San Leon’s Cybinka and Torzym Concessions in Poland’s Permian Basin. The Area of Interest is defined based upon the paleogeography of the Main Dolomite formation, to include areas north of the Platform edge, a shallow water depositional area, into the deeper basin deposits. The AOI and current drill ready prospect inventory have all been defined using San Leon’s 220 km2 3D survey acquired in 2010.

    The company also announced that they had completed two additional Diagnostic Fracture Injection Test’s in the Carboniferous tight gas sand in Siciny-2. The DFIT’s were pumped in the upper section of the tight gas sand, and were designed to assess formation pressure, fracture gradient and permeability of the sand and therefore the viability of future hydraulic fracturing and test production.

    San will also assume operatorship of the Jany C1 well on the Nowa Sol licence in the Southern Permian Basin in Poland, approximately 15km north of the Company’s Czaslaw-1 well. Legal transfer of title to the Jany C1 well is subject to execution of a legally binding agreement, certain ministerial approvals and regulatory consents. The Jany C1 well was drilled this month by Zielona Góra Copper Sp. z o.o., an affiliate of Miedzi Copper Corp., as the second well in a multi-well programme to assess the potential for copper in the Upper Permian Kupferschiefer. During drilling, oil was encountered in the above-lying Main Dolomite, which was found to be 43 meters thick. Furthermore, an additional 6-meter layer of oil-bearing dolomite was encountered 10 meters below the Main Dolomite.

    Sefton Resources (LON: SER)
    The shit has been hitting the fan at Sefton Resources. (Nothing knew there campers) The Company’s Executive Chairman, JimmyLiar Ellerton has temporarily stepped down from the Board of Directors of the Company while the Non-Executive members of the Board, in conjunction with the Company’s lawyers and Nominated Adviser, conduct a full and thorough investigation into the alleged matters. Both Mr JimmyLiar and the Non Executives believes this will be in the best interests of the Company. This is in the wake of the “retirement” of the CEO K Arleth the resignation of Pinsent Masons as Company Secretary and, yet to be announced, the dismissal of Alex Walters of Cadogan PR. Of course ‘yours truly’ has been instrumental along with “Another highly respected financial big wheel” (Tom Winnifrith) in exposing Sefton for what they were under Ellerton. Little better than a Ponzi fraud. The change at the top has been roundly welcomed by all Investors, Brokers and City analysts.

    Solo Oil (LON: SOLO)
    Has agreed a 30 day extension to the first right of refusal to participate in any future equity financing of Pan Minerals in the development of its West African oil production opportunities. A Share Purchase Agreement with Swiss based Pan Minerals & Oil AG was announced on 9 May 2013 and 21 May 2013 in which Solo acquired a 15% shareholding in Pan Minerals. The FROR which was a part of the SPA allows Solo, at its sole discretion, to increase its direct equity interest in Pan Minerals from 15% to up to 49.9%. The FROR has now been extended from 90 to 120 days. The purpose of the investment is to assist Pan Minerals to conclude existing production agreements that it has negotiated onshore in West Africa. Pan Minerals is a Special Purpose Vehicle company that focuses on proven reserve situations which have the potential to be brought on production at over 2,000 bopd within a twelve month period. SOLO also updated on its activities in the Ruvuma Basin PSA in onshore Tanzania. Click HERE to view it

    Tangiers Petroleum (LON: TPET)
    Released their Half Year Report for the Period Ending 30 June 2013. You can read it by clicking HERE

    Trinity Exploration & Production (LON: TRIN)
    Have reached a US$25 million financing agreement, which provides the company with financing flexibility if required for development capital expenditure or acquisitions. This brings the total credit facilities currently outstanding and committed by Citi to the Company to US$43 million. Trinity, the leading independent exploration and production company focused on Trinidad and Tobago, will use the loan to continue their growth in the country.

    Xcite Energy (LON: XEL)
    Released their results for the 3 and 6 month periods ended 30 June 2013. Among the “Highlights” Net profit in the current period of £8.3 million arising from the sale of technical well data from the Bentley field to a third party for an initial sum of $15 million, and the disposal of surplus oilfield equipment. As at 30 June 2013, XEL had a cash balance of £24.9 million with no escrow accounts. The Revised Reserves Assessment Report on the Bentley field, with 2P Reserves of 250 million stock tank barrels (increased from 116 MMstb), with a further 46 MMstb of P50 Contingent Resources, confirming Bentley as one of the largest proven, undeveloped oil fields in the UK North Sea.

  • The Smallcap Oil & Gas round up.

    The Smallcap Oil & Gas round up.

    A quiet week in the Smallcaps underverse. Don’t forget to sign the Government e-petition for an investigation into the Sefton Resources Fraud Click HERE to read it.

    Bankers Petroleum (LON: BNK)
    The tiddler BNK announced its 2013 Second Quarter Financial and Operational Results. During the quarter, Bankers achieved its second consecutive quarter of free cash flow and record production levels, headlining “Free Cash Flow of $9 Million and Q3 Average Production to Date of 18,300 bopd”

    Bridge Energy (LON: BRDG)
    The exploration drilling campaign in PL 457 covering wells targeting the Amol and the Asha East prospects has commenced, with the wells being located on the Utsira High and Gudrun Terrace, respectively. Both wells will be drilled by the semi-submersible rig Borgland Dolphin. The Asha East exploration well will be drilled as a side-track from the Amol exploration well main bore, with the results from Asha East well expected first. Bridge has a 20% interest in the wells. Wintershall (operator) 40%, with the other partners VNG (20%) and E.ON (20%). More details of both prospects can be found in their most recent Corporate Presentation with Reserves and Resources Report at http://www.bridge-energy.com/investor.

    Caracal Energy (LON: CRCL)
    Provided an operational update summarizing current development and exploration drilling activities in Chad, as well as facilities construction and progress toward first oil production. To read it CLICK HERE

    Caza Oil & Gas (LON: CAZA)
    Hit pay dirt this week. Another strong result for the Company’s second Caza Ridge horizontal Bone Spring well on its Copperline Property in Lea County, New Mexico. The Caza Ridge 14 State No. 4H horizontal 3rd Bone Spring well was fracture stimulated in twenty-four stages and has been flowing back for the past few days. Under controlled flowback the producing rates have remained steady, and the well produced at a peak 24 hour rate of 1,004 barrels of oil and 1.3 million cubic feet of natural gas, which in aggregate equates to 1,221 bbls of oil equivalent. The well continues to clean up and recovered hydrocarbons and frac fluids during the same 24 hour period at a gross daily rate of approximately 2,678 bbls equivalent on a 30/64ths adjustable choke at 1,200 pounds per square inch flowing casing pressure. This is the second successful 3rd Bone Spring well on the Copperline Property. Log data and core samples were also obtained across the Brushy Canyon, Avalon and 2nd Bone Spring Sand intervals. The data indicates the presence of oil and natural gas across each of these intervals, which is favorable for the future development of these shallower sections. Management believes the deeper Wolfcamp formation on the property is also prospective for oil and natural gas. Caza chas a 58.75% working interest (44.8% net revenue interest) in the Caza Ridge 14 State No. 4H well.

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

    Eland Oil & Gas (LON: ELA)
    The oil & gas development and exploration company operating in West Africa with a principal focus on Nigeria, updated on activities for the OML 40 License, located in on shore Nigeria. Eland said that “Once first oil is achieved, the long term development and appraisal drilling programme for OML 40 will commence with the Opuama Field which has certified gross 2P reserves of 54 Million bbls (from a total licence 2P number of 82 Million) and an initial production capacity of 30,000 bopd.”

    One to watch! Genel Energy (LON: GENL)
    Has agreed to acquire a 40% interest in the Adigala Block onshore Ethiopia from New Age (African Global Energy) Limited. Under the Transaction, Genel will acquire a 40% non-operated interest in the Adigala Block from New Age (Ethiopia) Limited, a wholly owned subsidiary of New Age (African Global Energy) Limited (“New Age”). The consideration involves a payment in respect of back costs and a contribution to the cost of a 2D seismic acquisition planned before the end of 2013.

    Leni Gas & Oil (LON: LGO)
    Busy week for LGO on the RNS front. Further to the announcement on 1 August 2013 the Company has confirmed that all certification is now in place and the additional capacity, allowing daily sales of up to a maximum of approx. 745 barrels of oil, is now in use. The first sale through the newly constructed facility was made last Friday with a total of 665 barrels being sold. Future sales will use the full capacity of the sales tanks and will give the Company the ability to sell all its production up to in excess of 530 barrels per day. Separately the Company has acquired several additional pump jacks in the local Trinidad market which will complement the next batch of ten new Chinese built pumps which have just cleared customs and are being transported to the field. A further ten new Chinese built pump jacks are on order for mid-September delivery. Well reactivation in the field continues in line with the Company’s plan to reactivate up to 90 of the original 154 wells. LGO also has successfully concluded an agreement with the Petroleum Company of Trinidad and Tobago to reduce substantially the overriding royalty rates associated with oil production from the Goudron Incremental Petroleum Service Contract and to extend the contract by five (5) years to November 2024 in consideration for LGO undertaking additional drilling activities at the onshore Goudron Field in Eastern Trinidad. The Highlights: Overriding royalty rates have been reduced on all oil production from 1 August 2013. Overriding royalty rates on production over approximately 40 bopd have been reduced. A five year extension to the contract, subject to mutual agreement, has been included.

    Max Petroleum (LON: MXP)
    The week wouldn’t be complete without an update or two or three of some sort from dear old Max. The oil and gas exploration and production company focused on Kazakhstan, released an operations update for the Sagiz West, Eskene North and Baichonas West fields. To read it in full CLICK HERE MXP also said that it has entered into a memorandum of understanding with Halliburton Kazakhstan LLP a subsidiary of Halliburton Energy Services, whereby Halliburton will provide integrated project management services for the drilling and completion of the Company’s pre-salt NUR-1 well in its Blocks A&E Licence area as well as commencing drilling the SAGW-5 appraisal well in the Sagiz West Field on Block E using the Zhanros ZJ-30 rig. The well will be drilled to a total vertical depth of 1,400 metres, targeting Triassic reservoirs.

    Ophir Energy (LON: OPH)
    Busy week for OPH on the RNS front. Interim Results for the six months ended 30 June 2013 were released this week. In summary. In the first half of the year the Group added over 3 TCF of gross recoverable resource to its core position in Tanzania over Blocks 1, 3 and 4 whilst derisking the commerciality of those assets with strong flow tests on the Jodari and Mzia discoveries. The ability to execute and deliver the planned exploration programme over the next 18 months was enhanced by the Placing and Rights Issue completed in March 2013 which raised US$837.6million (£553.4 million) and the extension to the drilling contract for the Deepsea Metro I drillship. Three new directors have been added to the Board, deepening the oil and gas industry expertise the Group can draw on. Also Mrs Vivien Gibney has been appointed as a non-executive director of Ophir Energy effective immediately. Vivien has 25 years’ experience as counsel in the upstream oil and gas industry, including roles with Mobil Oil and Enterprise Oil plc

    Petrel Resources (LON: PET)
    Has agreed to acquire a 20% shareholding in Amira Hydrocarbons Wasit B.V. which is the holder of a 25% carried interest in certain oil and gas exploration and production licences in the Wasit Province of Iraq. Arman Kayablian, COO of Amira Industries N.V., will join the board of Petrel as a non-executive director. David Horgan, Managing Director of Petrel, commented: “We are delighted to announce the expansion and diversification of our exploration portfolio with this acquisition. Petrel has a long-standing interest in Iraq. Following the recent farm out of our Irish acreage, the acquisition refocuses our efforts on one of the world’s premier hydrocarbon basins. The addition of Amira’s assets to our portfolio and the joint venture with the Kayablian family provides our shareholders with greater exposure to the world class hydrocarbon potential in Iraq. We are delighted to welcome Arman to the board and we look forward to working with him.”

    Range Resources (LON: RRL)
    Noted the recent weakness in the Company’s share price and said that it is not aware of any particular event that would account for this share price weakness. This is a bit rich in my opinion. I suggest Failure in Georgia, Somalia/Puntland and the tie up with Frank Timms’s International Petroleum to name but three “particular events”

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

    Ruspetro (LON: RPO)
    The independent oil & gas development and production company, with operations in the Khanty-Mansiysk region of the West Siberian basin, announces yesterday that, following the previously announced Board changes, its committees are currently composed as follows: Audit Committee: Robert Jenkins (Chairman), Jim McBurney, John Conlin.
    Remuneration Committee: Rolf Stomberg (Chairman), John Conlin, Frank Monstrey. Nomination Committee: Alexander Chistyakov (Chairman), Jim McBurney, Rolf Stomberg
    Alexander Chistyakov, Chairman, commented: “I would like to thank our former directors for their contribution to these committees. With the work of these committees, the Company continues to comply with the requirements of the UK Corporate Governance Code.”

    Tethys Petroleum (LON: TRL)
    Announced its second quarter 2013 financial results. The Company reports financial results in accordance with International Financial Reporting Standards (“IFRS”). However the report is much too long winded for inclusion in the BMD Smallcap Oil & Gas round up. CLICK HERE to read it!

    Tomco Energy (LON: TOM)
    Jumped on their rising bandwagon with a rather cheeky RNS this week. The Company noted the strong performance of its shares in recent days and, for the avoidance of any doubt, confirms that it has no imminent corporate announcements. However, TomCo is aware that the Utah Division of Water Quality is soliciting comments prior to 27 September 2013 on its request to issue a ground water discharge permit to Red Leaf Resources Inc. For further information, please visit http://www.waterquality.utah.gov/PublicNotices/docs/2013/redleaf/.

    Wessex Exploration (LON: WSX)
    Announces that GM-ES-5, the final well of the current four well drilling programme in the Guyane Maritime Permit (offshore French Guiana) has been spudded by Shell as Operator on 10 August 2013.

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

  • The Smallcap Oil & Gas round up.

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

     

    The “Fire Sale” continues apace at Ascent Resources (LON: AST) Ascent have “disposed” (FLOGGED to pay the bills) of its full interest in the Netherlands Exploration Licences Terschelling-Noord and M10a & M11 to Tulip Oil Netherlands B.V. for a total cash consideration of up to €450,000, before selling expenses, (What’s a “Selling expense?”. The Board needs the cash to A/ Give back to share-holders? B/ Keep paying their salaries? No value here whatsoever. Get out stay out.

    Bahamas Petroleum Company (LON: BPC)
    Released their interim results for the six months ended 30 June 2013. You can read them in full by clicking HERE

    Cairn Energy (LON: CNE)
    Has entered into a farm in agreement with Chariot Oil & Gas Investments (Mauritania) Limited, a wholly owned subsidiary of Chariot Oil & Gas (LON: CHAR) for a 35% non-operated interest in an exploration block offshore Mauritania in West Africa. The block (C19), which is currently held by Chariot (90% & Operator) and the Mauritanian state company “SociétéMauritanienne des Hydrocarbures” (10%), comprises 12,175 km2 in water depths ranging from shallow shelf to over 2000m. The block lies just to the north of existing discoveries in Mauritania and contains the Tertiary and Cretaceous deep water fan plays proven further south along the West African margin. Two wells previously drilled in the shallow water areas of the block, both contained reservoirs with oil shows and point to the oil migration potential from the south.

    Caza Oil & Gas (LON: CAZA)
    Released unaudited financial and operational results for the three-months ended June 30, 2013. You can read them in full by clicking HERE

    Faroe Petroleum (LON: FPM)
    A company focusing principally on exploration, appraisal and production opportunities in the Atlantic margin, the North Sea and Norway, announced today that it has completed the previously announced acquisition of a 10% non-operated interest in the BP-operated East Foinaven oil field and a 0.5% interest in the West of Shetland Pipeline System, both from Marubeni Oil & Gas (North Sea) Limited. The net consideration payable for the acquisition of the Interests, after adjusting for net income receivable by the Company from the sale of hydrocarbons from the field during the period, has been reduced to approximately US$22.5 million which is to be funded from the Company’s existing cash resources. Remaining Proved and Probable Reserves, as evaluated by the Company, as at 1 January 2013 were 1.2 million barrels of oil equivalent net to Faroe Petroleum. Average daily production for the first six months net to the Company was approximately 400 boepd. Faroe will release its interim results for the six months ended 30 June 2013, on Thursday 26 September 2013.

    Jubilant Energy (LON: JUB)
    KPL-3E-5, the sixth and last well of the Phase-III-Extension development drilling campaign in the oil producing Kharsang Field, was spudded on 2 August 2013. KPL-3E-5, is being drilled as an infill development well between KSG#22 and KSG#42, with the D-00 reservoir sand layer as primary objective, & the G-00 sand layers as secondary objectives.  The well is planned to deviate by approximately 318.5 metres to the west from the existing plinth of the well KSG#42, and will be drilled to a target depth of approximately 1,015 metres Measured Depth and 950 metres True Vertical Depth. The fifth development well of the current campaign, KSG#69 (previously referred to as KPL-3E-1), which was spudded on 24 June 2013, was successfully drilled to a revised target depth of 1,563.6 metres MD, and 1,358.4 metres TVD. Formation evaluation is in progress for this well, using the results of wire-line logs, drill cuttings and formation pressure data from the Reservoir Dynamic Tester. The consortium will be testing the hydrocarbon bearing sands and expects to put the deepest oil-bearing sand in production soon. The KSG#69 well will be tested with a smaller capacity work-over rig, which will be mobilized to the site shortly. A further release will follow regarding the actual test results. Jubilant holds a 25% interest in the block through its subsidiary, Jubilant Energy (Kharsang) Pvt. Ltd. The other members of the consortium are Oil India Ltd. and GeoPetrol.

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

    Leni Gas & Oil (LON: LGO)
    Announced that production has been fully restored from existing wells and has been enhanced by the reactivation of a previously dormant well at the Icacos Field (LGO 50%, non-operator). Further to the announcement made on 12 June 2013 when it was indicated that work-over activity was required on the Icacos Field in the Cedros Peninsula, the operator has now reported that the work has been successfully completed on wells IC-1 and IC-3. Well IC-1 is the main producing well in the field and has been worked over in order to repair a defect in the production tubing. The well is now pumping oil and contributes approximately 20 barrels of oil per day to the field output. Well IC-3 has been dormant for several years, but has now had a progressive cavitation pump unit installed and is producing at a gross rate of 5 bopd. Field production is expected to stabilise at approximately 40 bopd in the next week. LGO receives 50% of this production. Neil Ritson, LGO Chief Executive, commented: “Although Icacos is only a small part of our portfolio in Trinidad we are delighted that production has now been restored and that the addition of a further well is contributing to the field’s profitability.” Every little bit helps!

    Matra Petroleum (LON: MTA)
    Released results for the six-month period ending 30 June 2013. Revenue from production from the Sokolovskoe Field was $ 0.28 million in the period. $25 million ( £16.4 million) raised from sale of Arkhangelovskoe Licence with cash or cash equivalents of $26.1 million as at 31 July 2013 (Post completion of Arkhangelovskoe Licence disposal) Matra are now implementing their Investment strategy which is primarily aimed at onshore or near shore oil and gas assets, in existing proven hydrocarbon basins, with production potential and exploration / appraisal upside with the initial geographic focus on Russia and CIS also potentially Latin America and the USA. Head honcho Maxim Barskiy, CEO, commented: “The completion of the sale of the Arkhangelovskoe Licence was a significant achievement for Matra in the first half of this year and has considerably strengthened the Company’s balance sheet, leaving us better placed to make a value accretive acquisition. We continue to undertake due-diligence on several opportunities and I remain very positive about Matra’s outlook.”

    Max Petroleum (LON: MXP)
    The ZMA-A21 development well in the Zhana Makat Field has successfully reached a total vertical depth of 861 metres, encountering hydrocarbons in Neocomian and Jurassic sandstone reservoirs in line with expectations. The Company plans to complete the well and then place it on production as soon as practicable. The Zhanros ZJ-30 rig will now move to drill the SAGW-5 appraisal well in the Sagiz West Field. MAX has also commenced drilling the BOR-4 development well in the Borkyldakty Field on Block E using the Zhanros ZJ-20 rig. Total vertical depth of the well will be approximately 1,600 metres targeting Triassic reservoirs.

    The Board of Mediterranean Oil & Gas (LON: MOG) said this week that, further to the announcement of 12 July 2013 and the continuing delay to the Ombrina Mare Project, it had yesterday filed an appeal before the Administrative Court in Rome against the Italian Ministry of the Environment and of Protection of Land and Sea through the Company’s Italian subsidiary Medoilgas Italia S.p.A. The Appeal is aimed at obtaining an annulment and, as an interim measure, the suspension of the letter dated 9 July 2013 from MEPLS requesting the Company to apply for and obtain an Integrated Environmental Authorisation as a precondition for MEPLS’ approval of the Environmental Impact Assessment for Ombrina Mare. As part of the Appeal, the Company has also requested a judicial order to instruct MEPLS to issue the EIA Decree.

    Northcote Energy (LON: NCT)
    An onshore tiddler US oil & gas exploration and production company, said this week that it was “delighted to announce that it has met its 31 December 2013 production target, 5 months ahead of schedule, by achieving net production in excess of 100 barrels of oil equivalent per day” Well done.

    Nighthawk Energy (LON: HAWK)
    More good news this week from HAWK the US focused oil development and production company updated on production at its 100% owned and operated Smoky Hill and Jolly Ranch projects in the Denver-Julesburg Basin, Colorado. The cash is rolling in. Total production from all producing wells is currently running at over 1,650 bbls/day. Mentioned on the BMD site many times as “One to watch”

    Nostra Terra Oil & Gas (LON: NTOG)
    Announced its seventh well in the Chisholm Trail Prospect (CT7) following forced pooling. NTOG has acquired a net Working Interest of approx. 1.61% in its first horizontal well in the Mississippian Play, which intersects the Chisholm Trail Prospect. Drilling has already commenced on the well. The working interest in the CT7 well, results from additional acreage recently acquired by the Company. The Mississippian Play has been widely exploited in other parts of Northern Oklahoma and Southern Kansas. The current activity stretches from Harper County, Oklahoma, on the West to Osage County, Oklahoma, on the East and from Kingfisher County on the South, to beyond Sumner County, Kansas, on the North. The progression of drilling in the Chisholm Trail Prospect has been such that Nostra Terra now participates with multiple operators across 21 potential locations in the Hunton formation alone. Fourteen more possible half-sections remain to be drilled out of this total. CT6 is waiting to spud and additional wells are being planned and permitted by a number of operators. Nostra Terra will update shareholders of its participation in these wells once elections are made. Alden McCall, Chief Operating Officer of Nostra Terra, added: “The CT7 well marks our first test of the Mississippian formation (overlying the Hunton) in this play. One of the reasons behind our concentration in Oklahoma is the very nature of ‘stacked pay zones’, as it allows us to exploit numerous zones within the same acreage blocks. Success with this Mississippian test could essentially double the drilling opportunities for us at no additional acreage cost.”

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

    San Leon (LON: SLE)
    Has started mobilizing equipment to undertake the second Diagnostic Fracture Injection Test on the Siciny-2 in the SW Carboniferous Basin in Poland. This DFIT will be carried out in a section of the tight gas sand reservoir which is at a shallower depth than where the first DFIT was executed earlier this year. Log interpretation shows higher porosity in this zone, likely accompanied by higher permeability. A bridge-plug will be set above the previous perforations, and the well will be perforated in the new zone. The well will then be shut in with down-hole gauges installed. Pressure bleed-off will be monitored for the next several days and subsequent data analysis over the following three weeks will be instrumental for designing a potential future fracture of the tight gas sand in Siciny-2.San also announced that United Oil Services had completed its first vertical fracture stage in the Rogity-1 well on the Braniewo S Concession in Poland’s northern Baltic Basin.

    Sound Oil (LON: SOU)
    Said that operations at the Nervesa site continue to progress as planned. In preparation for testing the well, the Company has successfully run and set the 7 inch liner while perforating 7 gas levels. Set a double string production completion & initiated rig demobilisation. It is anticipated that well testing will occur at the end of August, after which the Company will announce the estimated quantity of commercial gas.

    Sign the Petition ! http://epetitions.direct.gov.uk/petitions/52766

  • The Smallcap Oil & Gas round up.

    The Smallcap Oil & Gas round up.

     

    A quiet week in the Smallcaps Oil & Gas Underverse.

     

    Cairn Energy (LON: CNE)
    Has entered into a farm down agreement with ConocoPhillips for three contiguous blocks located offshore Senegal, West Africa. Under the terms of the agreement, subject to Government of Senegal approval, ConocoPhillips will acquire a 25% working interest from Cairn in the three contiguous blocks – Rufisque, Sangomar and Sangomar Deep where a 2,050km2 3D seismic survey has been used to identify prospects. The exploration campaign is targeting a block wide potential of more than 1.5 billion barrels of yet to find resource with a proposed two well programme with drilling expected to commence in H1 2014 with the Cairn contracted Cajun Express rig.

    Eland Oil & Gas (LON: ELA)
    Released the results of a reserves and resources evaluation provided by Netherland, Sewell & Associates Inc. as at 30 June 2013. The results of the NSAI Report, details of which can be viewed by clicking HERE

    Empyrean Energy (LON: EME)
    The AIM-listed condensate and gas exploration and production company focused on the Eagle Ford Shale, Texas, USA, released an update on production and operations at its Sugarloaf Project: To read it click HERE

    Ithaca Energy Inc. (LON: IAE)
    Announced this week that the appraisal well (7225/3-2) test programme on the Norvarg discovery located in licence PL535 in the Norwegian sector of the Barents Sea has been completed.

    JKX Oil & Gas (LON: JKX)
    Provided details of the first three out of nine stages of the well R-103 frac which were completed successfully. An interim flow back has been performed for preliminary clean-up of the formation, and work has now started on stages four to six of the programme. Each stage covers approximately 100m of the sub-horizontal 1,000m reservoir section. You can read it HERE While also releasing their half yearlies up to 30th June 2013.

    Leni Gas & Oil (LON: LGO)
    Has announced the installation of additional oil sales capacity at the Company operated Goudron Field in Trinidad. LGO sells oil from the Goudron Field through the Petroleum Company of Trinidad and Tobago (“Petrotrin”) owned pipeline direct to the Pointe-a-Pierre refinery. Each sale requires the visit of Petrotrin staff to measure the sales volume. Recently this process has been at full capacity and therefore to accommodate the greater production volumes now available from the field the Company has installed a second sales tank at Goudron which will increase overall capacity by approximately 100%. The new tank will be employed immediately and will increase total sales capacity to approximately 3,750 barrels per week, equivalent to 535 barrels of oil per day. Progress has also been made with plans to re-commission Tank Battery Station #207 where a risk assessment has been submitted for new water treatment pits and upgrading of the station; which includes replacing existing tankage totalling 800 barrels. This work is expected to start in the next month. The Phase 1 reactivation programme of up to 90 wells with additional beam pumps have been ordered and it is now anticipated that a further ten will arrive in Trinidad from their manufacturer in China in the next 2 weeks and an additional ten in September. The Company have been operating at full capacity close to 275 bopd until the new sales tank is installed and certified. Further increased production over the coming weeks is expected. Whiel LGO remain on target to produce at least 400 bopd by November 2013, one year after taking over operatorship of the field. At last good news with some actual positive movement in the bopd!

    Nighthawk Energy (LON: HAWK)
    The new soon to be darling of AIM investors said that its wholly owned subsidiary, Nighthawk Production LLC, has completed the purchase of the remaining 25% working interest in its Smoky Hill and Jolly Ranch projects in Colorado from Running Foxes Petroleum, Inc. The purchase price is US$12 million, paid in cash. Nighthawk now owns a 100% working interest in all its leases and the property, equipment and information associated with the leases including all producing wells and geological and drilling data. Total acreage of the leases is approximately 300,000 gross acres in Lincoln, Washington and Elbert counties, Colorado. Stephen Gutteridge, Chairman of Nighthawk said:- “We are pleased to have finally attained our goal of 100% ownership and control of the Smoky Hill and Jolly Ranch projects and we are grateful to our largest shareholders for providing the financial support to accomplish this. We will now press on with our plans to increase Arikaree Creek production and to establish the commerciality and value in the rest of our extensive acreage position.” Well done. Now here’s Chairman bringing home the bacon. A pay rise or a bonus can be justified

    Ophir Energy (LON: OPHR)
    Successful results of the Mkizi-1 well in Block 1, Tanzania which has resulted in a new gas discovery. Ophir holds 40% of Blocks 1, 3 and 4. BG Group operates with 60%. The Mkizi-1 well was drilled by the Deepsea Metro I drillship and was located in 1,301m water depth, between the Mzia and Jodari discoveries in Block 1. The well encountered gas pay in three reservoir intervals within a Tertiary aged stacked channel complex. Total net pay was 33m and reservoir quality was high with all three intervals exhibiting excellent porosities and permeabilities. Estimates for the mean recoverable resource from the discovery are in-line with Ophir’s pre-drill expectations of 0.6 TCF. The Deepsea Metro I drillship will now move on to drill two appraisal wells, including a drill stem test, on the Pweza discovery in Block 4. This will be the first DST on the series of Block 4 discoveries, following on from the successful tests in Block 1 on Mzia and Jodari. Nick Cooper, CEO, commented: “The successful Mkizi-1 well is our ninth discovery in Tanzania and continues our 100% strike rate in country, adding further resource to our existing discoveries in Block 1. Appraisal of Pweza will look to further underpin volumes in Block 4 which were upgraded with the recent success of the Ngisi drilling programme, whilst the DST is the final stage in firming up the commerciality of the resource across the Chewa-Pweza-Ngisi hub.”

    Range Resources (LON: RRL)
    Released an RNS this week; much too convoluted to put in the Smallcap round up. You can read it HERE

    Rockhopper Exploration (LON: RKH)
    It’s been fairly quiet on the RKH front of late. The company announced this week that ODEY ASSET MANAGEMENT LLP had reached a 12% threshold in the company.

    Salamander Energy (LON: SMDR)
    The spud of the next well in its on-going exploration programme in Block G4/50, Gulf of Thailand. The G4/50-5 exploration well is targeting the Surin prospect, located in the north west of the block in the Western Central sub-basin. G4/50-5 is targeting oil in Miocene sandstones and is estimated to contain mean prospective recoverable resources of 16 MMbo with access to hydrocarbon charge being identified as the key risk. Exploration success at Surin would open the play in the Western Central sub-basin and de-risk the neighbouring Ayutthaya and Buriram prospects. G4/50-5 will be drilled to approx. 2,125 metres total vertical depth sub-sea using the Atwood Mako jack up rig and is expected to take around 10 days to reach target depth. On completion of the G4/50-5 well the rig will return to the Bravo platform to continue the development drilling campaign on the Bualuang field.

    Union Jack Oil PLC (LON: UJO)
    Welcome to AIM. The Company has raised £800,000 before expenses by way of a placing, by Shore Capital Stockbrokers Limited, of 320,000,000 new Ordinary Shares at 0.25 pence per Ordinary Share. The Company will have, on Admission, a market capitalisation of c.£2.1 million at the Placing Price. The net proceeds of the Placing aggregated with the Company’s existing cash resources, as at 1 June 2013, are approximately £1.2 million. The Board intends to use the net proceeds to undertake the drilling of the Wressle-1 (c. £333,000) and the Burton on the Wolds-1 (c. £200,000) exploration wells and to meet the Company’s working capital requirements. The Company’s main objective is the rapid appraisal and exploitation of the assets currently held. Simultaneous with this process, the Company’s management expect to continue to use their expertise to acquire further licence interests over areas where there is a short lead time between the acquisition of the interest and either exploration drilling or initial production from any oil or gas fields that may be discovered.

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