Tag: Mediterranean Oil & Gas

Ascent Resources (LON: AST)
Continued its descent. They have agreed to flogged their 48.66% interest in PetroHungaria Kft, which held its interest in the Penészlek field, to their joint venture partners, DualEx Energy International, Swede Resources and Geomega for a cash consideration of €450,000. The sale is a way to realise the full value of the remaining production in an up-front cash payment that we can redeploy to advance our core Slovenia project. The company said. Why not just hold a big wake for share holders with the money? Len Reece, Chief Executive Officer, commented: “Given the relatively short life expectancy of?” At this juncture I leave you to ponder, Life, the Universe and Companys’ in financial difficulty.

Bridge Energy ( LON: BRDG)
The Annual Report and Accounts for the financial year ended 31 December 2012 is now available on the Company’s website at www.bridge-energy.com and has been posted to shareholders. Bridge also confirmed that its Annual General Meeting is to be held at 11am CET/10am BST on 22 May 2013 at the Company’s office in Lensmannslia 4, 1386 Asker, Norway. A copy of the Notice of AGM, together with relevant appendices will be posted to shareholders shortly and will also be available on the website thereafter. I don’t think there’ll be many, if any, attending from the UK.

Cadogan Petroleum (LON: CAD)
Released their Annual Financials for the year ended 2012. Key developments during 2012 being the completion of a major transaction between Eni S.p.A, NAK Nadra and Cadogan resulting in establishment of LLC Westgasinvest, which holds a portfolio of 10 licences for unconventional gas covering a total area of 3,795square kilometres, and subsequent farm-out to Eni of 50.01%. Cadogan retains 15% interest in WGI. The flogging off of two gas plants for $29.5 million and settlement of all associated litigation with Global Process Systems completed in April 2013. Just what is this information doing in their 2012 reports.  As it’s from 2013! Hey ho there you go. Lets pad out the financials! Total impairment of $86.3 million mainly related to the Zagoryanska license… Total capital expenditure of $22.3 million (2011: $21.3 million) during the year of which $4.1 million was funded by the deferred consideration from the disposal of 30% of Cadogan’s interest in the Pokrovskoe licence to Eni in 2011… Net cash and cash equivalents at year-end of $42.4 million (2011: $65.0 million). Cash and cash equivalents at 24 April of $67.2 million.

Europa Oil & Gas (LON: EOG)
Released their Interim Results (today) for the six month period ended 31 January 2013. You can view them by clicking HERE

Global Petroleum (LON: GBP)
Presented its Quarterly Report for the period ending 31 March 2013 this week which wasn’t enough to halt the continued slide back to 2009 share price levels. In Summary Global said that efforts to engage potential partners with the aim of broadening Global’s African portfolio were still ongoing. RFC Ambrian appointed as Nominated Adviser and Joint Broker on 7 February 2013. 2D seismic data purchased or acquired by Global on the two Namibian blocks covered by the licence published. A data room was opened. Total production from the two Eagle Ford horizontal wells (Tyler Ranch EFS #1H and #2H) in which Global has an interest was 14,317 boe (11,340 bo and 17,863 mcfg) or 159 boepd. Global has a 7.939% working interest (5.95% NRI) in approximately 1,368 acres beneath the Olmos formation including the Eagle Ford Shale. Dallas based Moyes and Co were appointed to flog Global’s Eagle Ford Shale interests in Texas.

Gulf Keystone (LON: GKP)
Hit the buffers again this week as they said that Todd F Kozel Executive Chairman and Chief Executive Officer had on 19 April 2013 transferred ten million (10,000,000) common shares to a third party, in respect of a repayment in full under a financing arrangement, at a price of £1.6875 per share. Mr Kozel no longer has any interest in the common shares transferred. And don’t forget we are due the litigation outcome which is obviously a coincidence that Kozel transferred his stock to pay off a debt. No smoking gun here.

Jubilant Energy (LON: JUB)
Announces that KPL-3E-6, the third well of the six wells Phase-III-Extension development drilling campaign in the oil producing Kharsang Field, Arunachal Pradesh, was spud on 20 April 2013. KPL-3E-6 is located in the central part of the field and is planned to exploit the untapped hydrocarbons in the infill area between wells KSG#11 and KSG#25, with the H-00 layer as the primary objective and the G-00 and I-00 layers as secondary objectives. The well is planned to be deviated by approximately 140 metres towards the southeast from the existing drilling pad of KSG#11 and will be drilled to a target depth of approx’ 1,021 metres Measured Depth and 1,000 metres True Vertical Depth . The well is expected to take approximately three weeks to drill. The second development well of the current campaign, KSG#66 (previously referred to as KPL-3E-4), which was spudded on 23 March 2013, was successfully drilled to a revised target depth of 1,128 meters MD and 1,047 metres TVD on 8 April 2013. Based on the results of wire-line log interpretation, drill cuttings and formation pressure data from the Reservoir Dynamic Tester, twelve potentially hydrocarbon bearing sands have been encountered in the well with a total net pay of 50.31 metres, out of which seven appear to be oil bearing with a total net pay of 30.33 metres. The company will be testing the sands and, assuming positive test results, expects to put the deepest oil-bearing sand on production within two weeks. A further release will follow regarding the actual tested rates. The KSG#66 well will be tested with the smaller capacity work-over rig, which is currently being mobilized to the site.

Leyshon Resources (LON:LRL)
Updated on the progress made during the first quarter of 2013. The Company has commenced an accelerated exploration and appraisal programme for its Zijinshan Gas Project on the eastern fringe of the prolific Ordos Gas Basin in Central China. The main objective of the 2013 work programme, with a total estimated cost of up to US$20 million, is to define a resource sufficient to delineate a third party independent resource by the end of 2013 and to submit a Chinese Reserve Report (CRR) by mid 2014.The Company is well placed to carry out its 2013 exploration and appraisal programme with a strong cash position of U$45 million (unaudited). With 249 million ordinary shares on issue this represents approximately 12 pence per share. One to watch. Flow testing still ongoing.

Magnolia Petroleum (LON: MAGP)
Rita was at it again this week reporting an update on activities in proven US onshore formations including the Mississippi Lime and Woodford in Oklahoma. {What are the Mississippi lime decline curves like these days?} Production has commenced at the following Peck 1-5H Mississippi Range 630.76 boepd with 1.46% MAGP interst which equates to 9.2 boepd.

Max Petroleum (LON: MXP)
Has commenced drilling the ZMA-E5 development well in the Zhana Makat Field on Block E using Zhanros Drilling’s ZJ-20 rig. Total vertical depth of the well will be approximately 885 metres targeting Jurassic reservoirs.

New World Oil & Gas (LON: NEW)
Has deemed the Rio Bravo well non-commercial and decided to plug and abandon. Exactly when they “Deemed” this would be nice to know. Was it before or after the recent £6.3 million pound placing?

Northern Petroleum (LON: NOP)
Spot the difference. NOP announces “Completion of GM-ES-3 Exploration Well” Wessex Exploration (LON: WSX) announce it as a “Drilling Report” You can’t sugar coat failure. Just report it as it is. Plugged & Abandoned. Private Investors don’t like being treated as idiots! Upset them at your own peril

It’s not been a good week for Peter Landaus’ Range Resources (LON: RRL) who announced this week a proposed merger with International Petroleum on a ratio of three Range ordinary shares for every two International Petroleum (NSX : IOP) ordinary shares (3:2 basis) subject to various conditions, including final due diligence. The less said about this merger the better. It is not welcomed by Private Investors. It’s now up to Landau to deliver the goods.

Roxi Petroleum (LON: ROXI)
Updates the market with interim results from the testing of Well 806, at its flagship BNG asset. Roxi has three wells at South Yelemes. Well 54 is a Soviet era well that was re-entered in 2010 and Wells 805 and 806 were drilled in 2010. Testing of these wells was delayed pending changing farm-in partners. Following the $40 million equity commitment secured in January 2013 Roxi decided to test these wells. On 18 February 2013, Well 54 produced at a daily rate of 219 bopd with a 2mm choke. On 14 February 2013, Well 805 produced at a daily rate of 120 bopd using a sucker rod pump. Well 806 is being tested at three different intervals and is therefore significantly more complex and has taken longer than initially expected. The Board is pleased however to report that oil has been indicated in the first interval being tested between 2022 and 2032 metres. A reliable figure for anticipated daily production from this interval should be known in the next few weeks. Once testing of the first interval has been completed the second interval between 1998 and 2015 metres will be tested. Following the completion of that test the interval between 1985 and 1994 metres will be tested. The sequential nature of these tests may mean that the full test results for the three intervals at Well 806 is not likely to be known before the end of May 2013. Roxi will update the market accordingly in due course. Clive Carver, Chairman commented: “We are pleased to have commenced testing at Well 806 and early oil indications from the first interval is positive for the Company.” Good news indeed.

Ruspetro (LON: RPO)
Informed on 23 April 2013 that Mr. Alexander Chistyakov, Executive Director, has purchased 30,000 ordinary shares of 10p each in the Company at a price of 33p per share Following this transaction, Mr. Chistyakov will hold a total of 57,281,475 shares in Ruspetro representing 17.18% of the Company’s issued share capital.

Sound Oil (LON: SOU)
The Italian focused upstream oil and gas company updated investors on its Badile project, located onshore in the Po Valley in Northern Italy. Badile is an exploration prospect some 45 km south-west from the geologically analogous Malossa gas field. The prospect has independently assessed Low-Best-High prospective resources of 47-175-938 Bscf respectively in Upper Triassic reservoirs. Following the decision to retain Sound Oil’s 100% operated position, the Company has completed the technical work required for the drilling application and Environmental Impact Assessment. As a result of this technical work the Company has made the following enhancements to the detailed Badile drilling programme: Reduction in target depth from 5,300 metres to 4,200 metres targeting only the Upper Triassic “Dolomia Conchodon” reservoir without significantly reducing the likelihood of encountering hydrocarbons. Shorter period required for drilling (down from an estimated 164 days to 143 days) resulting in significantly lower costs (from €20 million to €18 million). Associated reduction in drilling complexity due to lower expected pressures and temperatures. Increased likelihood of gas-condensate occurrence in the target section. The Company confirms that a dedicated team of highly qualified and experienced professionals has been secured for the Badile project including the appointment of a high profile ex ENI industry professional as Badile Project Director. This Milan based role will commence in September 2013 and will form part of Sound Oil’s Executive Team. James Parsons, Sound Oil’s Chief Executive Officer, commented: I’ll say anything to get another placing off! That’s a joke! He actually said;“This positive re-framing of the Badile drilling programme is an important step forward for the Company which will lower the technical complexity of the well, shorten its drilling time, lower costs and increase well deliverability in the case of success. In addition, we expect that the revised programme objectives will accelerate the approval of the well by the various permitting authorities without compromising on the economic proposition for shareholders. The drilling request and EIA will be submitted shortly in anticipation of spud in 2014. The Company will also sign a Letter of Intent on a suitable rig in the near future.”

Wessex Exploration (LON: WSX)
Herr Direktors were out in force zess week splashing zee cash trying to instill confidence on 23 April 2013 the Directors purchased shares in the Company as follows: Malcolm Butler 1,000,000 at 1.42p total holding 1,400,000. Andy Yeo 3,099,334 at 1.4p total holding 5,500,000. Iain Patrick 930,000 at 1.5p total holding 930,000. 10p takeover what a missed opportunity!

Join the Forum discussion on this post

It’s been a tough write up today for myself. Lots of distracting telephone calls from Trinidad and Oklahoma. Not to mention the emails, OH God no the emails! Piling up yet again! Got to go!

 

Dan

 

Amerisur Resources (LON: AMER)
Released results for the year ended 31 December 2012. Copy’s of which can be viewed by clicking HERE . AMER Also announced an agreement with the operator of the Rio Loro oil reception facility, Huila Colombia, to receive a minimum of 3,500BOPD from the Platanillo field. This facility had previously been able to receive an average of 1,783 BOPD from Amerisur during the last 6 months, with the remainder of Platanillo production being exported through the Orito facility.  The Company continues in its efforts to enhance export capacity from the Platanillo field.

Antrim Energy (LON: AEY)
Have farmed out its Licensing Option 11/05 (Antrim 100%) in the Porcupine Basin offshore Ireland’s west coast.  Kosmos Energy will acquire 75% interest and operatorship in the Licensing Option in exchange for carrying the full costs of a planned 3D seismic programme within the licence area and reimbursement to Antrim of a portion of the exploration costs incurred on the blocks to date. Antrim will retain 25% interest. The transaction is subject to approval of the Department of Communications, Energy and Natural Resources of Ireland. Kosmos and Antrim expect to apply to DCENR for conversion of the Licensing Option to a Frontier Exploration Licence and approval for the 3D seismic programme as soon as possible. Under the terms of the Licensing Option, a minimum of 25% of the area must be relinquished when converting to a Frontier Exploration Licence. Dead in the water!

Bahamas petroleum (LON: BPC)
Final results. You can read them HERE

Bowleven (LON: BLVN) 
Results of the second test at the IM-5 appraisal/development well drilling offshore Cameroon came in this week. (Looking good) A drill stem test has now been performed on the Intra Isongo reservoir interval and this following the Middle Isongo DST announced on 2 April 2013 completes the successful drilling and testing programme at IM-5. Condensate-rich gas flowed on test from both Middle and Intra Isongo intervals confirming commercial production rates and the significant liquids content of gas. The Combined maximum flow rates of 60 mmscfd and 7,819 bcpd (total over 17,800 boepd).

Bridge Energy (LON: BRDG)
Has commenced the drilling of exploration well 6406/6-3 has commenced. Which will target the Mjøsa gas prospect, which is located 10 km northeast of the Linnorm discovery within the Haltenbanken Area of the Norwegian Sea. The well is being drilled by the Transocean Arctic semi-submersible rig and is targeting Lower and Middle Jurassic reservoirs. The estimated unrisked mean potential targeted by the well is 14 mmboe net to Bridge. Bridge has a 7.5% interest in the well. Wintershall is the operator with 25%, and the other partners are Maersk25% Petoro20% VNG12.5% and Tullow10%

At long last some good news came this week for beleaguered holders of Cadogan Petroleum (LON: CAD) Who confirmed completion of the sale of two gas plants  to Global Process Systems LLC, following receipt in full of the agreed consideration of $29.5 million. In accordance with the terms of the settlement documentation, the parties are now taking appropriate steps to dismiss the legal proceedings commenced in England against GPS and all other claims and liabilities have been released.

Edge Resources (LON: EDG)
Has increased production at the first well of the Company’s spring drilling program in Asset East. EDG previously reported over 60 barrels of oil per day with production fundamentals indicating further production increases were possible. Production from this well has now increased to over 90 bopd and it is providing further indications that additional production increases are possible. The well encountered eight metres of net pay and is being conservatively production tested using a progressive cavity pump to assist with the production of formation sand alongside the oil. Despite some erratic production that is typical and expected of CHOPS wells, the well achieved an average rate of over 50 bopd during the first month of production testing.

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

Europa Oil & Gas (LON: EOG)
Also announced a farm-in agreement with a subsidiary of the independent oil and gas exploration and production company Kosmos Energy (NYSE:KOS) for its two Licencing Options LO 11/7 and LO 11/8 in the South Porcupine Basin offshore Ireland. The same Kosmos that has farmed in to Antrim Energy’s licences. Under the terms of the agreement, Kosmos will: acquire an 85% interest and be appointed as operator of both Licences. Fully fund the costs of a 3D seismic programme on each Licence & pay 85% of costs incurred by Europa to date.

Falklands Oil & Gas (LON: FOGL)
The PGS M/V Ramform Sterling has completed a 3D seismic survey over the mid Cretaceous Diomedia fan complex within the southern area licences. A total of 5,235 square kilometres of full fold seismic data have been acquired. The survey was operated by Noble Energy on behalf of the Joint Venture, which includes Edison International Spa and FOGL. More 3D data was acquired in this survey than originally anticipated. The data will now be processed by PGS and a fast track product will be available for interpretation in approximately four months. It is anticipated that the final processed data will be available in the fourth quarter of 2013. The fast track data will be used to commence prospect mapping and well planning. Initial test lines from the survey indicate excellent data quality and imaging of the Cretaceous target interval. A second 3D seismic survey, also using the Ramform Sterling, has just commenced. This survey will cover a minimum area of 1,000 square kilometres and will target a number of prospects and leads in FOGL’s southern licence area, immediately to the west and north-west of Borders and Southern’s Darwin gas-condensate discovery. A further announcement regarding this survey will be made once acquisition is completed. The Joint Venture is also currently reviewing tender offers with respect to a third 3D seismic survey to be acquired in the northern licence area in the fourth quarter of 2013. Lots of seismic being shot here? Think on!

Magnolia Petroleum (LON: MAGP)
Hooray Rita actually released the bopd numbers “Net production as at 31 December 2013 stood at 122.5boepd following significant increase in new wells since Admission to AIM” Boo! Boo! Boo! Says I. Can Rita see into the future? I actually thought we were in APRIL 2013? Maybe it was all the P’s that were being thrown around 3p 2p or not 1p? What is the BOPD? Please clarify & correct! We are watching.

Max Petroleum (LON: MXP)
Yesterday announced that the ZMA-A24 development well in the Zhana Makat Field had successfully reached a total depth of 871 metres, encountering hydrocarbons in Jurassic sandstone reservoirs in line with expectations. The Company plans to complete the well then place it on production as soon as practicable. The Zhanros ZJ-20 rig will now move to drill the ZMA-E5 development well in the Zhana Makat Field.

New World Oil & Gas (LON: NEW)
Drilling is underway in Belize, progress continues to be made across the Atlantic at THE Danish assets. NEW have completed the initial interpretation of the 3-D seismic data on their Jensen prospect on block 1/09, and RPS Energy are now compiling the data into an updated CPR which will be available before the end of Q2 2013. Meanwhile, the recent 2-D programme on block 1/08 has just been completed. NEW are eager to receive the results of this programme as the data will reveal which of several large structures already identified they will further de-risk with a 3-D programme. The CEO William Kelleher piped up, “All of this newly acquired data will be instrumental in our on-going discussions with potential farm-in partners and I look forward to providing further updates on our progress in both Belize and Denmark in due course.”

Nighthawk Energy (LON: HAWK)
The US focused oil development and production company updated on drilling and development at its 100% controlled and operated Smoky Hill and Jolly Ranch projects in the Denver-Julesburg Basin, Colorado. You can read the Jolly Smokey Update HERE

Northern Petroleum (LON: NOP)
Announced the joint venture decision to extend current drilling operations on the Guyane Maritime permit in French Guiana. The GM-ES-3 exploration well is the second well of a four well exploration drilling campaign that commenced in 2012 to follow up the oil discovery at GM-ES-1 in 2011. (Here comes the “Flannel”) The GM-ES-2 well had exploration objectives in the major Cingulata fan system within which the original oil discovery was made in two ages of formation. GM-ES-3 has been planned to deliver exploration information in the subsidiary Priodontes fan system to the north west of the Zaedyus oil discovery. The GM-ES-3 well intersected a 50 metres gross section of oil stained sands in the lower part of the Bradypus fan which was not a target formation at this location although it is also within the main Cingulata fan system. A 325 metres gross interval of sandstones was encountered in the targeted Priodontes fan, (And Here comes what they’re trying to “Flannel”) but these were logged with no significant hydrocarbon shows. That’s all we need to know the rest of the RNS is more “Flannel!”

President Energy (LON: PPC)
Seismic acquisition has commenced at its Concessions in the Chaco region of Paraguay. Approx’ 780 sq kms of 3D seismic and 100 kms of 2D seismic will be acquired over high-graded areas of the Pirity and Demattei Concessions respectively. Approx’ two hundred people are being deployed in the seismic operations by President’s seismic partner, Global Geophysical Inc. of Houston, Texas. Global will provide a full suite of data acquisition, data processing, interpretation and reservoir risk reduction tools, as well as passive micro-seismic monitoring using their proprietary Tomographic Fracture Imaging technology. This is the first 3D survey to be shot in Paraguay and the first comprehensive and concentrated modern seismic survey to be undertaken in the prospective Pirity Basin of the Paraguayan Chaco. In line with original timetable, the seismic survey will be completed by the end of August with initial results being available during the latter part of Q4 2013.

Range Resources (LON: RRL)
Have been placed into a precautionary suspension on the AIM market until
such time as it can issue a clarification announcement in respect of a
potential significant transaction. Range’s shares have also been placed in a
trading halt on the Australian Securities Exchange. What could it be? If you join www.shareprophets.com you’ll find out.

San Leon Energy (LON: SLE)
Said that its planned stimulation and test of the Czasław-1 well on the Company’s Nowa Sol Concession in the Permian Basin of Poland will begin on April 22, 2013 with the mobilisation of coiled tubing, nitrogen lift equipment, and surface test equipment from Vechta, Germany. Recent measurements of the well have shown that the well is building pressure. After taking samples of the fluid in the wellbore the Company has recovered natural gas (including C1-C8) and light oil. Schlumberger has been contracted to complete this phase of the project.

Silvermere Energy (LON: SLME)
Darkening clouds are hovering over SLME. On 11 January 2013, the Company announced a subscription to raise £371,000. An existing shareholder who subscribed for £80,000 worth of shares failed to honour his commitment to pay for them despite repeated verbal and written assurances to both the Company and its advisers that such funds were being or had been remitted directly or indirectly to the Company. That subscriber’s 1,200,001 subscription shares in the capital of the Company have, however, already been admitted to trading on AIM. OH DEAR! Silvermere has accordingly now instructed its lawyers to pursue the defaulting subscriber for the amount owed.( Waste of time and a waste of money on solicitors fees You’re responsible for the present predicament. Not some Private Investor who has already lost money in Silvermere!) The unpaid subscription commitment has a material effect on the Company’s available cash resources such that in the absence of a refinancing it is dependent upon the support of it s directors and creditors. The Company also has an unsecured convertible loan of £750,000, repayment of which is due by the Company on 1 July 2013. (Lesson in economics. If you have £5 pounds Don’t spend £10). It is now in default of significant outstanding financial commitments on its I-1 Well which could prejudice the Company’s interest in the Well, in respect of which it has received a notice of default. The Company is in active discussions with Athol Gold and Value Ltd, which holds 88 per cent. of the Loan.

Tethys Petroleum (LON: TPL)
Announced the appointment of Denise Lay as Deputy Chief Financial Officer (Deputy CFO) with immediate effect.

Wessex Exploration (LON: WSX)
“Flannel” See Northern Petroleum entry.

It’s been a very busy week in the Smallcap Oil & Gas sector. I am at present incognito heading down to the UK Investor show. Any one who spots me there can have a free cup of “None-saleable fluids!” Still giggling on that one.

Have a great weekend.

Dan

 

Following the successful completion of the pre-production well test in September 2012 and a new 3D seismic survey, Xcite Energy (LON: XEL) announced the results from its updated reserves assessment report as prepared by TRACS. Mean PIIP for the Bentley field of 909 MMstb, increased from 550 MMstb as previously reported in February 2012. With oil reserves for the Bentley field of 1P, 198 MMstb, 2P, 250 MMstb and 3P, 312 MMstb, respectively, based on an initial 35 year production period. Xcite have “Projected P50 peak production rate of approximately 45,000 stb/d in the first phase development, increasing to approximately 57,000 stb/d in the second phase development” NPV10 (after tax) value of oil reserves for the Bentley field of approximately $1.5 billion, $2.2 billion and $2.8 billion on a 1P, 2P and 3P basis, respectively. An additional 46 MMstb of P50 Contingent Resources assigned to the Bentley field for recoverable volumes beyond the initial 35 years production period. Aggregate, unrisked mean Prospective Resources assigned of approximately 96 MMstb, relating to prospects adjacent to the Bentley field and prospects as awarded in the recent UK Offshore 27th Licence Round. Rupert (the bear) Cole, Chief Executive Officer of Xcite Energy commented: “I am very pleased to report this significant increase in both reserves and value attributable to our assets, which supports our long-held belief in the potential of the Bentley field. This 2P reserves update, at 250 million barrels, plus considerable upside potential, has exceeded our expectations. We have now moved Bentley from being a significant asset to one of the major strategic assets in the North Sea, which will be an important source of future employment and economic contribution to the UK for many years to come. We shall now continue to move the project forward with on-going studies into the potential for enhanced oil recovery, which has yet to be factored into the reserves assessment. There isalso further scope for field optimisation in order to accelerate delivery of the Contingent Resources, as well as the potential for exploration barrels from our Prospective Resources. Our next goal is to fund the future development of our assets. Having put in place the RBL facility last year, we still see this as an important part of our future funding structure. By increasing our reserves so significantly and developing a more balanced phasing of production volumes, with approximately half of the 2P reserves now expected to be delivered from the first phase development wells, we anticipate being in a position to increase the borrowing capacity of the field considerably and we shall be discussing this with our existing and potential new lenders. Based on this reserves update, it is also the right time to evaluate suitable farm-in partners for Bentley. We have demonstrated the value of the field, materially de-risked it ahead of development and we would expect potential partners to recognise these achievements. Finally, an updated Field Development Plan will be submitted to DECC in the coming months, which will reflect the results of the successful well test last year and the greater capacity of the first phase of development.”

Trinity Exploration (LON: TRIN)
A leading independent E&P company focused on Trinidad and Tobago, updated on its operations. Highlights…. Current net production of 3,911 bopd (4,579 bopd gross)…. Four onshore wells drilled and completed with average initial production rates of 150 bopd per well (versus budget of 50 bopd)…. Deployment of Trinity’s operational management team at Galeota and implementation of new procedures complete; shut-in wells at Trintes coming back online at expected rates… Rig Sharing Agreement executed with three other operators for the Rowan Gorilla III jack-up rig. Trinity is taking the first rig slot and will drill its first exploration well on the Galeota licence in Q3 2013.

Trapoil (LON: TRAP)
More bad news this week for Trap as they had to utter the words those three words ALL oil company’s dread! The Scotney exploration well has been“Plugged & Abandoned”

SEFTON RESOURCES (LON: SER)
Just when you think it can’t get any worse it does. Serial bulls hitters Sefton came out this week with what must be the most laughable RNS so far, after perpetrating yet more fraud on UK Investors. (After the BMD site & the Highly Respected City of London financial Journalist Mr T Winnifrith exposed yet more fraudulent oil production figures released pre Dowgate placing.) This time, like so many others, Jim Ellerton said it was all down to a spreadshit oops “sheet” mistake “apparently” Sefton had added in Januarys’ SLOP figures to Februarys Oil production. All 525 barrels of it. Thus inflating their update & oil data ahead of the Dowgate placing which netted Jim £650k. Yes when calculating February oil production one ALWAYS reaches for the January non-saleable fluids spreadshit, then adds it to the February oil production spread sheet. Who do you think you are kidding Mr Ellerton?

 

Non-Saleable Fluids!

Salamander Energy (LON: SMDR)
Said that the North Kendang-1 exploration well in its operated South East Sangatta PSC has been suspended as a potential gas discovery.  The rig is now being mobilised to the Bontang PSC to drill the Bedug-1 exploration well, the third well in Salamander’s multi-well programme in the North Kutei basin.

Ruspetro (LSE: RPO)
Announced the Board’s decision to convert  part of the Directors’ cash remuneration into shares at the 2012 IPO price of 134 pence per share. This reduction in Directors’ cash remuneration, equivalent to approximately 30% of total executive and non-executive directors’ combined remuneration, will result in a cash cost saving of approximately US$ 1 million at the current share price of 33p. The reduction is effective from 1 April 2013 for a period of one year. April fools day? Is there a hidden message in here for the King of the shorters Mr Simon C?

Nostra Terra (LON: NTOG)
Happy days are here again for Nostra Terra Oil & Gas as yours truly forced the company into revealing their highly secretive “Chisholm Trail” Oklahoma county drill locations. Nostra has elected to participate in a fifth horizontal well in the Chisholm Trail Prospect, in which it will have a 2.2% working interest. The CT5 horizontal well was recently spudded. The four wells drilled so far have exceeded the Board’s expectations by a substantial margin. The acquisition of new leases to consolidate interests and new well permitting has been ongoing in the Chisholm Trail Prospect area for the past six months. Once elections are received and made on further prospect wells, the Company will make relevant announcements. They then went on to admit this. “We note with interest (translation that f***k*r BMD has found our drill locations) the recent acquisition announced on 1 April 2013, by Gastar Exploration Ltd. (NYSE: GST) of 157,000 net acreage, a portion of which is located in Kingfisher County, Oklahoma, close to our Chisholm Trail Prospect area. We believe this acquisition supports our assertion that the area is a prolific new oil play.”

Nighthawk Energy (LON: HAWK)
At last some much needed good news from HAWK. An update on production from its 100% controlled and operated Smoky Hill and Jolly Ranch projects in the Denver-Julesburg Basin, Colorado. Average gross oil production in March 2013 of 372 barrels per day, a record monthly production level for the project. John Craig 6-2 well brought back on-line on 22 March 2013 and currently producing 75-100 bbls/day with minimal water production. Further increases in production are anticipated from the continuing work-over program and new drilling. Production from the Steamboat Hansen 8-10 well has continued to increase to over 270 bbls/day in March 2013 with zero water production and minimal downtime. The Company plans to drill two new wells on the Smoky Hill project in April to further develop this oilfield. The current work-over program has successfully brought four wells back into production. The John Craig 6-2 well, which was shut-in due to high levels of water production, came back into production on 22 March 2013 and has settled down to a steady production rate of 75-100 bbls/day of oil with minimal water production. Three older wells have also been brought back into production over the past three weeks and the Company anticipates further additions to production from the work-over program.

It’s fingers crossed at New World Oil & Gas (LON: NEW) The Rio Bravo #1 Well on the West Gallon Jug Crest prospect in Belize is currently drilling at approximately 7,700 feet. Whilst a number of hydrocarbon shows have been recorded, the commerciality of these shows can only be determined once the well is drilled to total depth (‘TD’), open hole logs are run and interpreted, and well testing results are available. The planned TD of the Well is estimated at 8,800 feet. On-going operations are continuing to proceed without incident, are on schedule and under budget. Rio Bravo, which commenced drilling on 1 March 2013, is targeting a non-fault dependent four way structural closure in the Upper Jurassic Margaret Creek Formation. The Well is currently drilling through the Cretaceous interval, through the anhydrite top seal and dolomite sequences. To date drilling operations at WGJc have been in line with the Company’s geologic expectations. Good Luck to holders.

The Board of Mediterranean Oil & Gas (AIM: MOG) Were ” pleased to announce the following operational update related to the Company’s activities in Q1 2013: Who writes this GUFF? If you want to read it click HERE. Take a tip from Max Petroleum (LON: MXP) On how to word an update just read and weep. Max an oil and gas exploration and production company focused on Kazakhstan, is pleased to announce that it has commenced drilling the ZMA-A24 development well in the Zhana Makat Field on Block E using Zhanros Drilling’s ZJ-20 rig. Total vertical depth of the well will be approximately 860 metres targeting Jurassic reservoirs. Spot the Difference? Neither can we!

Matra Petroleum (LON: MTA)
Announced the appointment of Bill Guest as non-Executive Chairman. Bill succeeds the late Sir Michael Jenkins.

Magnolia Petroleum (LON: MAGP)
Rita!!!!! Has been at it again. She’s only gone and further muddied the bopd waters by acquiring a further 250 net mineral acres in the Mississippi Lime formation, Oklahoma which has existing production and multiple potential drilling locations from Fairmount Ridge Partners.The Company also announces it has agreed to sell an interest in leases it already owns to ISDX listed North American Petroleum plc (`NAP’) as part of its ongoing lease management activity. What about an ongoing “how many Barrels of oil per day production programme?” Or is the truth that Rita just really hasn’t got the numbers?

Leni Gas & Oil (LON: LGO)
Said that a second work-over rig has been mobilised and is now operating at the Goudron Oilfield in Trinidad. Further to the recent announcement concerning the installation of thirty additional beam pumps at the Goudron Field, the Company has now mobilised a second work-over rig, Altech-2, to complement the on-going work of the existing light work-over rig, Altech-1, which has been operating continually at the field since LGO took over operations in October 2012. The Altech-2 is rated at 80,000 lbs and can operate to depth of 6,000 feet.

Kea Petroleum (LON: KEA)
Released successful results from its initial oil production testing at Puka 2. During the initial clean-up flow period of 5 days, the well achieved an initial oil flow rate of 719 barrels of oil per day with an associated gas flow rate 0.419 million cubic feet per day on a 22/64″ choke over the initial 12 hour flow period. No formation water was produced during the flow period. The first shipment of oil from Puka 2 was dispatched to market on 31 March 2013. Well production is now temporarily halted until Sunday 14 April 2013 to establish initial pressure build up. The current test programme calls for a main flow period up to 45 days followed by a build-up period before continuous production can begin.

Gulfsands Petroleum (LON: GPX)
The order of the boot goes to Mr Ric Malcolm who has resigned as Chief Executive. In comes Mr Mahdi Sajjad, currently Executive Director and President. In Out shake it all about!

Fastnet Oil & Gas (LON; FAST)
Said this week that an independent assessment of the Company’s prospective resources on licensing option 12/5 has been completed by SLR Consulting. Fastnet farmed-into the licence on 14 November 2012 and now operates and holds an 82.35% working interest in Shanagarry following ministerial consent received on 8th April 2013. The independent assessment was carried out in accordance with generally accepted international standards. The Geologic Chance of Success ranged from 5% to 14% depending on the formation.

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, provided an update on its activities in western Newfoundland. Much too long for the Smallcap round up. But you can view it HERE

Borders & Southern (LON: BOR)
The London based independent oil and gas exploration company, updated on its activities in the South Falkland Basin. The PGS vessel Ramform Challenger has completed the Company’s 3D seismic programme in the South Falkland Basin offshore the Falkland Islands. It acquired 1,025 square kilometres of full fold seismic data. The data will now be processed by PGS and a fast track product will be available for interpretation in about three months. The final, depth processed data will take approximately nine months to be delivered but work will commence on well planning using the fast track data, with ultimate well locations to be selected using the final product.

Caza Oil & Gas (LON: CAZA)
Provided an operational update on the Company’s Bone Spring drilling activities in Southeast New Mexico. Lennox Property, Lea County, New Mexico. The Lennox State Unit 32 No. 2H horizontal well reached the intended total vertical depth of approximately 11,850 feet subsurface on March 12, 2013, and log data was obtained. There were good mud log shows for oil and natural gas throughout the Bone Spring formation while drilling the vertical section, notably in the 1st, 2nd and 3rd Bone Spring Sand intervals. Based on analysis of the log data, Caza and its partners have drilled the lateral section of the well through the primary objective 3rd Bone Spring Sand to a total measured depth of approximately 15,914 feet. Caza plans to fracture stimulate the lateral section of the well in multiple stages. Once completed, the well will be flowed back to establish initial production rates, and the market will be updated accordingly. Notwithstanding certain operational issues during drilling, including a mechanical failure on the rig requiring a replacement drilling rig to complete the hole, all issues were resolved and the resultant increase in drill time and well cost are not considered material to the economics of the well. Caza has a 40.00% working interest before payout (31.88% net revenue interest) and a 50.00% working interest after payout (39.85% net revenue interest) in the Lennox State Unit 32 No. 2H well. Roja Property, Lea County, New Mexico. Caza has elected to participate in a proposal from Occidental Petroleum, as operator, to drill a horizontal Delaware well on the Roja property. The well is called the Madera 17 Federal #1H and is currently scheduled for June 2013. Caza has a 20% working interest (16% net revenue interest) in the Roja property. Gateway Property, Lea County, New Mexico. The Company completed a trade on March 25, 2013 with The Blanco Company to acquire a 318 acre lease to be called the Gateway Property. Gateway will target the Bone Spring formation and is a nice addition to Caza’s Bone Spring property inventory. Caza has a 100% working interest (77% net revenue interest) in the Gateway property. Quail Ridge Property, Lea County, New Mexico. The Quail “16” State No. 4H horizontal well, operated by Fasken Oil and Ranch, Ltd. reached total measured depth of approximately 15,605 feet on January 26, 2013, and was successfully fracture stimulated and completed in the 3rd Bone Spring Sand on February 15, 2013. The average daily production rate over the first thirty days was approximately 828 bbls/d of oil and 947 Mcf/d of natural gas, which equates to 986 Boe/d. This is the second well completed on this property to date and is another very good result. The Quail Ridge wells offset Caza’s Lynch property and have helped to further de-risk the Company’s acreage position while providing valuable information for future drilling at Lynch. Caza has a 0.25% working interest (0.1875% net revenue interest) in the Quail “16” State No. 4H well. Company Bone Spring Prospects, Lea and Eddy Counties, New Mexico. The Bone Spring play in Lea and Eddy Counties, New Mexico, contains multiple potential pay zones for oil and liquids-rich natural gas, which include but are not limited to: Delaware, Lower Brushy Canyon, Avalon Shale, 1st, 2nd and 3rd Bone Spring Sands and Wolfcamp. Caza’s current prospects and properties in the horizontal Bone Spring play are: Lynch, Forehand Ranch, Forehand Ranch South, Lennox, Copperline, Mad River, Azotea Mesa, Bradley 29, Two Mesas, Quail Ridge, Chaparral 33, Rover, West Rover, West Copperline, Madera, Roja,and Gateway. The Company has acquired approximately 4,100 net acres in the play to date. Leasing and drilling activity continues to be competitive in the play, and initial producing well rates continue to improve with technological advances in drilling and frac designs. The Company is well positioned in the play, and continues to exploit opportunities to build on its current acreage position.

Edge Resources (LON: EDG)
The first well of the Company’s Spring drilling programme in Asset East has been on production for the last thirty days and is producing better than expected. The well has averaged approximately 50 barrels of oil per dayover the majority of the initial production period but has recently increased to over 60 bopd, with production fundamentals indicating further production increases are possible. The well encountered 8 meters of net pay and is being conservatively production tested using a progressive cavity pump to assist with the production of formation sand alongside the oil. Despite erratic production that is typical and expected of CHOPS wells, the well achieved an average rate of over 50bopd during the first month of production testing. The current rate is the maximum production rate allowable with the production pump at its current setting. However, the pump rate can be increased at any time the Company chooses, and both pressures and fluid levels indicate further increases are feasible. In these early stages of production, the Company is choosing not to produce this well at – or near – maximum capacity. The Company is conservatively producing near the low end of the production range, to promote stability and avoid heavy and sudden influxes of sand and/or water.

Egdon Resources (LON: EDR)
Has reached agreement for the sale of a 12.5% interest in Wessex Basin Licences PL090 and PEDL237 to Corfe Energy Limited for a cash consideration of £500,000. The Waddock Cross field development area in PL090 is excluded from the transaction. In addition, under the terms of an Earn-In Agreement, Egdon will be able to earn back a 6.25% interest in both Licences through paying the costs attributable to such interest as well as the costs attributable to the 6.25% interest acquired by Corfe from Egdon up to a combined maximum of £500,000. The net financial effect of the transaction to Egdon is as if it had benefitted from a “two for one” promote on the relevant proportion of the gross £4 million work programme planned on the Licences.

Leni Gas & Oil (LON: LGO)
Said that a further ten new pumps jacks have arrived in Trinidad and are being installed at the Company’s operated Goudron Oilfield. Since the last news release on the 29 January 2013, when the Company announced that it had reached a significant milestone of producing 200 barrels of oil per day in Trinidad, the Company has been preparing additional wells in readiness for the arrival of the new pumping equipment. It’s anticipated that 10 new wells will be put in to production over the coming weeks, increasing the number of wells operating by approximately 50% to over 30 wells. This is expected to result in another significant step up in oil production from the field.
A further ten pump jacks are also on the order and should arrive in Trinidad in late April, with an additional ten pump jacks expected to arriving in June. The Goudron Field has approximately 90 wells suitable for production and this program of well reactivation will continue through 2013. Over the next month LGO also expects to carry out the first of a number of planned well re-completions. The first well is targeting over 65 metres (200 feet) of additional reservoir in a perforation program using modern methods. This will be the first program for 30 years intended to access new reservoir in the field since well GY-658 was drilled in 1981. It is anticipated that this work will both raise overall oil production and provide valuable information to assist in designing the next phase of the work program, which will lead to the drilling of new wells in the second half of 2013.

Rita was at it again this week. Magnolia Petroleum (LON: MAGP) reports initial production rates for three wells across its portfolio of interests, focused on proven and producing US onshore hydrocarbon formations. These include the prolific Bakken / Three Forks Sanish Formations in North Dakota and Mississippi Lime and Hunton / Woodford Formations in Oklahoma. Yes Rita all very good but what is the total daily bopd for all the drills? Initial Production Rates. The Company has been informed by the relevant operators of wells in which it participates in that production has commenced…. Yawn………

Matra Petroleum (LON: MTA)
A sad day for MTA holders this week. Sir Michael Jenkins, Non-executive Chairman passed away on Monday 1st April. Sir Michael had served on the Board of Matra since 2007. The Board will meet this week to appoint a chairman and expects to make a further announcement shortly. Maxim Barskiy, Chief Executive of Matra commented: “On behalf of the Board, I would like to express our heartfelt sadness and regret at Sir Michael’s passing. Sir Michael’s career was one of great distinction, and we were extremely fortunate to receive the benefit of his wisdom, experience and leadership while he served as our Chairman. He will be sorely missed. Our thoughts are with his family at this difficult time.” Later in the week MTA announced the entry of ALLTECH Group, a private equity fund, as one of the cornerstone investors in the Company. Alltech Capital Limited, a subsidiary of the ALLTECH Group, acquires an indirect shareholding in the Company through the purchase of 50 per cent of the entire issued share capital of Winpro Ventures Corp, a British Virgin Island incorporated company. Winpro’s sole asset is the 575,000,000 ordinary shares in Matra representing 29.7 per cent of the issued share capital of Matra. As announced on 28th March 2012, Maxim Barskiy the Company’s CEO, transferred his total interest of 575,000,000 ordinary shares in Matra to Winpro which, at that time, was 100 per cent beneficially owned by Mr Barskiy. As set out above, pursuant to the Transaction, ALLTECH Capital acquires 4,580 shares in Winpro, representing 50 per cent of the issued share capital of Winpro for a consideration of $4,080,000. Mr Barskiy will retain 4,580 shares in Winpro representing 50 per cent of the issued share capital of Winpro. Mr Barskiy does not hold any interest in Alltech Capital or the ALLTECH Group. The ALLTECH Group was established in 1993, as a private equity fund with a portfolio exceeding $2 billion of investments under management. With a strategy focused on investing in early stage assets to identify and support independent company management through to becoming fully fledged companies, ALLTECH has already made visible and successful investments in West Siberian Resources, Siberian Anthracite, Yauza Realty and Pechora LNG. Mr Barskiy also has an indirect minority interest in the Pechora LNG project

Max Petroleum (LON: MXP)
Said this week that the ZMA-A22 development well in the Zhana Makat Field has successfully reached a total depth of 1,363 metres, encountering hydrocarbons in Jurassic and Triassic 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-20 rig will now move to drill the ZMA-A24 development well in the Zhana Makat Field.

Petrel Resources (LON: PET)
Has now completed the initial work on its two highly prospective Licencing Options (1,400km²) in the promising and under-explored Porcupine Basin, offshore west Ireland. It is now moving forward in talks with prospective partners. Option 11/4 in the North of the basin covers Blocks 35/23, 35/24 and the western half of 35/25 and the second option 11/6 in the East of the basin covers Blocks 45/6, 45/11 and 45/16. In addition to the previously identified potential on Quad 35, Quad 45 (Option 11/6) has the capability to hold several hundred million barrels of in-place oil. Interest in the Porcupine Basin continues to rise with the nearby ExxonMobil well about to be spudded on the Dunquin prospect.  The basin contains known working petroleum systems at Jurassic and Cretaceous levels, with oil/gas shows recorded in most of the 29 exploration wells drilled in previous times. Flows of high API, good quality oil have been recorded from three wells, with condensate flows recorded in a fourth well. Mature source rocks are proven in the Jurassic and are also likely in the Lower Cretaceous. Good quality reservoir sands have been recorded at Jurassic, Early Cretaceous and Early Tertiary levels. The company has purchased additional 2D seismic data, 3D seismic data and well logs to supplement its data base and has carried out further regional seismic mapping integrated with well analysis. Since our last update Petrel has completed further detailed technical programmes.

Roxi Petroleum ( LON: RXP)
The Central Asian oil and gas company with a focus on Kazakhstan, is pleased to announce that on 1 April 2013 BNG Well 143 was spudded on the MJ-F structure located towards the North of South Yelemes field. The total depth of the well is planned to be 2500 metres, with drilling expected to take approximately 45 days. This exploration well is targeted to encounter Jurassic Callovian sands at a depth of 2170 metres with a secondary objective in the Cretaceous Valanginian limestone at a depth of 1935 metres.

Sefton Resources (LON: SER)
The fantasy island figures continued to flow from Sefton Resources this week with a thumping $26 million dollar valuation for their Leavenworth assets from what the company euphemistically described as an “Independent Competent Persons Report produced by Dr Nafi Onat” Of the so called $26 million future cash flows value $20,000,333 dollars are UNPROVEN while $4,010,000 million dollars are Proved Undeveloped, of the remaining $1.6 million only $930 thousand dollars are Proved Developed and Producing. Another truly shocking attempt to fool UK Investors.

Tethys Petroleum (LON: TPL)
Announced its Annual Results for the period ended December 31, 2012. The financials are highlighted by a 66% increase in annual oil and gas revenue and the first year in which the Company has generated a cash profit with oil and gas sales of USD38.11 million, an increase of 66% on 2011. Oil production (before the deduction of local governments’ share or taxation) increased from 2,148 bopd (2011) to 3,371 bopd (2012), an     increase of 57% and has increased over the year to reach a rate of 4,381  bopd in Q4. Similarly boe production has increased to 6,313 boepd in  2012 compared to 5,656 boepd in 2011. Copies of the full report can be viewed by clicking HERE

Happy Easter from Dan & Nick. It’s a good read this week

Xcite Energy (LON: XEL)
Hotly watched & hotly tipped for greatness XEL released their results for the year ended 31 December 2012. The Highlights included the, completion of the pre-production extended well test on the Bentley field, producing over 149,000 barrels of Bentley crude. The development of a cost effective full field development solution, which maximises the recovery of crude oil and associated economics. Xcite now believe that the Bentley field has been substantially de-risked and is development-ready. Substantial part of the funding requirement for Phase 1B development of the Bentley field. (US$155 million Reserves Based Lending facility signed). Strengthened balance sheet, with new net equity capital financing of £63.4 million and new debt financing of US$60 million during 2012. Cash balance at year end of £25.6 million.

It was a busy & difficult week for Trap oil (LON: TRAP),
The independent oil and gas exploration, appraisal and production company focused on the UK Continental Shelf region of the North Sea, released 3 RNS’s this week. The first announced that operations on the Scotney (Licence P.1658, Block 20/5b) exploration prospect have experienced certain operational and weather related delays. As a consequence, the well is currently approximately 24 days behind schedule. Trap Oil 12.5% We then were treated to its audited results for the year ended 31 December 2012. Which can be read by clicking HERE Then a Director resignation, out went David Kemp, the Group’s Finance Director & in came John Church. In out shake it all about!

TomCo Energy (LON: TOM)
Announces an update in relation to its Holliday Block, Utah in the United States. TomCo had previously reported that it was working on providing SRK Consulting (UK) Limited with the required technical reports to enable the Company’s JORC compliant Resource to be upgraded to a JORC compliant Ore Reserve by the end of the first quarter of 2013.
The Company continues to wait for Red Leaf Resources Inc to supply its updated capital and operating costs for the EcoShale™ process that incorporates all the improvements made by the Total/Red Leaf joint venture management team. Accordingly, until these updated capital and operating costs are received, the Board cannot provide an accurate estimate on when the JORC compliant Ore Reserve will be published. However, the Board is confident that Red Leaf is close to completing its review of capital and operating costs. CEO Paul Rankine commented “While we remain beholden to receiving updated cost projections from Red Leaf, the process to upgrade to a JORC compliant Ore Reserve is a priority for the management team and we anticipate to updating the market on this again in the short term.” Hmmmm Do I detect another 2013 ‘future’ “Pass the hat around”

Failed…. ssshhh don’t mention “Kurdistan” oil explorers Sterling Energy (LON: SEY), who now announce themselves as an independent oil and gas exploration and production company with interests in Africa, advises that it has published its Report and Financial Statements for the year ended 31 December 2012. Copies of the Annual Report are now available to download from the Company’s website, www.sterlingenergyplc.com

Sound Oil ( LON: SOU)
Updated on the forthcoming drill of the first Nervesa appraisal well. LP Drilling SrL, the owner of the contracted TB2100S drilling rig, has informed the Company that its operations in the Netherlands are currently being finalized with mobilization to Italy expected to commence within the next two weeks. Preparations at the Nervesa site are now materially complete with the final stage being driving the 20 inch conductor to a depth of 30 metres, which will occur shortly. Similar to a Stake through the vampires heart? Let’s hope there’s not an omen in there.

Serica Energy (LON: SQZ)
Bad news for holders of SQZ as the Operator of the Columbus field, BG said that it has decided not to proceed with the construction of a Bridge Linked Platform adjacent to the BG operated Lomond field. The BLP was to be part of the export route for gas and gas condensate from the Columbus field. As a consequence, the Columbus group are reviewing other alternatives for the export of Columbus gas and liquids production. This includes the possibility of the Columbus field being tied directly to the Lomond Platform. Serica believes this to be a viable alternative and will be reviewing this with its partners and with BG to provide, as far as possible, that the impact on the Columbus sub-sea development programme and timetable will be minimal. Rubbish. The delay & cost will be anything other than “minimal”.

Ruspetro (LON: RPO)
A raft of Director buys came in this week as RPO Directors put their money where their mouth is. Donald Wolcott bought 800,147 shares at 17.5p which increased his holding to 23,660,147 SHARES = 7.097%. Then Mr. Alexander Chistyakov, Executive Director, purchased 656,521 at 15.91p per share. Following this transaction, Mr. Chistyakov now holds a total of 43,864,914 = 13.16%. While, slow on the uptake, Mr. Rolf Stomberg, Non-Executive Director, purchased 30,000 shares at 28.47p per share. Mr. Stomberg now holds a total of 100,000 = 0.03%.

Roxi Petroleum (LON: ROXI)
Said that it has agreed to issue 22,654,731 new Roxi shares in satisfaction of a $2.5 million debt. The effective issue price for these new shares is 7.412668p based on a £ / $ exchange rate of $1= £0.671728. The new shares will be issued to Raditie N.V. in return for their previous payments made in respect of Roxi’s Munaily asset. Following the issue of the new shares Raditie N.V will be interested in 59,654,731Roxi shares out of an enlarged total of 716,036,441 representing 8.6%. Smart move?

Rockhopper Exploration (LON: RKH)
The North Falkland Basin oil and gas company, announced that it will post a circular before the end of April 2013 to seek authority from shareholders to cancel the share premium account of the Company so as to create distributable reserves. The cancellation of the Company’s share premium account will be subject to the approval of the High Court who will need to be satisfied that the interests of the Company’s creditors and contingent creditors will not be prejudiced as a result of the cancellation. On successful completion of the cancellation of the share premium account, the distributable reserves created would, subject to any undertakings given to the High Court, then be available for the funding of dividends, to facilitate any buy-back of the Company’s own shares or for any other general corporate purposes which the Directors may consider appropriate at that time. As the Company does not currently have the authority to buy-back its own shares the circular will also seek that authority from shareholders. Any decision by the Directors in relation to the use of the authorities referred to above will be made once the Company has completed an evaluation of its medium term funding requirements. Concept Selection for the Sea Lion development, which is anticipated to be in July of this year, will be a key part of this evaluation, as we expect it to provide greater clarity on the expected cost and schedule of the project. Slowly, slowly catchy Monkey.

President Energy (LON: PPC)
On January 30th, President announced a potential oil pay zone of some 30 feet on Well 54 at East White Lake. The well has now been perforated and is currently producing, ahead of expectations, approx’50 bopd net to President. The well is exhibiting strong down hole pressure and is also producing associated gas. Now here’s a salient point for investors. Taking into account the A54 well, additional production from two plug backs on existing wells and a modest contribution from an overriding royalty associated with a discovery on a recently unitised field adjacent to EWL, production from President’s Louisiana fields is now at a three year high of some 250 boepd of which 85% is oil. Crude prices obtained in Louisiana currently are some US$15-20 per barrel higher than WTI and President continues to benefit from no corporate income tax on its production. New Prospects… Global Geophysical Inc., who are shooting President’s extensive 3D seismic programme in Paraguay, are due in approximately two months to provide President with the results of a 3D reprocessing exercise over an oil prospect at a President operated lease at East Lake Verret. (One for the watchlist?) Remember President is actively evaluating other exploration prospects in its existing acreage, which are possible candidates for drilling at or around the end of the year.

Pantheon Resources (LON: PANR)
Released interim results for the six months ended 31 December 2012. Too long an epistle for the round up. Click HERE to read.

An interesting tid bit of news came this week from Matt Lofgrans’ Nostra Terra Oil & Gas (LON: NTOG) who have joined nine other companies in sponsoring a study of the Woodford Shale under the direction of Dr. Roger Slatt and the University of Oklahoma. The consortium will conduct a regional study of the Woodford Shale in the Anadarko-Arkoma-Ardmore Basins and Central Platform of Oklahoma, a region known for prolific gas production. The primary goal will be to better understand the regional sequence stratigraphy, and from that, characterisation at the wellbore, log and sample scales, including electron microscopy for pore analysis. The project is expected to span approximately 18 months. Still no comprehensive bopd figures from Matt.

New World Oil & Gas (LON: NEW)
Share-holders received a good kick in the teeth this week to go with the recent Blue Creek kick in the balls as they woke up to find that their holdings had been massively diluted by the company who had through the issue of 315,000,000 shares at 2p per share wiped off nearly 30% of the closing price on 27 March 2012. The placing raised £6.3 million pounds. It’s all ok though as the money will be used to keep paying the Board while they limp along with the Rio Bravo#1 well in Belize. If that fails then they intend to keep paying their salaries while they decamp and move to Juntland Denmark all the while stringing us all along for as long as possible until they go tits up. Time for a change at the top. It clearly isn’t working.

More nonsense came from Magnolia Petroleum (LON: MAGP) as Rita reported an update on activities in “proven US onshore formations including the Bakken/Three Forks Sanish, North Dakota and the Mississippi Lime in Oklahoma.” Still no comprehensive bopd figures from MAGP which leaves me to believe that they are not what the company are trying to infer. Remember you heard it all here first. Rita went on to say “The wells included in today’s release are targeting three separate formations, an indication of the multiple payzones that exist across the 5,000 plus net mineral acres we hold in Oklahoma. Combined with the numerous proposals we are receiving to add to the 126 wells at various stages of development in which we have an interest, we remain confident that we will continue to grow Magnolia’s net production and reserves, and in the process, generate significant value for shareholders.” You’ll note the use of words; “multiple payzones, significant value, reserves, net production, 126 wells, 5,000 plus net mineral acres, etc” You may also notice what Rita isn’t telling share-holders such as the daily, monthly or quarterly production figures. No mention of just how much oil they’re producing. You may find that strange. You may also like to know that IP’s almost always decline rapidly. Hence why they don’t release their bopd. Until we get clarity I’d tread very carefully here.

Fastnet (LON: FAST) 
Opened the data room for its Celtic Sea assets on 22 March 2013 and that a range of super majors, mid-caps and small-caps are conducting initial due diligence. The Company also announces that share options over a total of up to 1,500,000 new ordinary shares of 3.8 pence each in the Company have been awarded to Gama Services Limited a company beneficially owned by Paul Griggs, a consultant and advisor to the Company. The Option Shares have an exercise price of 26.0 pence per ordinary share, being the mid-market closing price per share as at 22 March 2013.

Argos Resources (LON: ARG)
The Falkland Islands explorer released financial results for the year ended 31 December 2012. Highlights.   Final processed 3D seismic data was received in January 2012 and proved to be of exceptionally good quality, helping to de-risk the numerous stratigraphic prospects in the licence… Many of the stratigraphic prospects described in the October 2011 Competent Person’s Report (CPR) are larger than originally described… Over 30 new prospects and leads, not reported in the CPR, have been identified… Estimated prospective recoverable resource figures are expected to increase substantially from those reported in the 2011 CPR… New CPR commissioned to independently document the full potential of the licence as now identified. Publication expected in 2Q 2013… Both Premier Oil and Noble Energy, two substantial independent oil companies, have committed to the Falkland Islands through farm-ins… The Falkland Islands Government is investing in new infrastructure projects and updating its legislation and approval procedures in readiness for field development and production.

Antrim Energy (LON: AEY)
Released their Annual Report 2012. Crash, bang, wallop sums up their performance.

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