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Guerilla Investing

Tag: New World Oil and Gas

  • The Smallcap Oil & Gas round up.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

  • The Smallcap Oil & Gas round up

    The Smallcap Oil & Gas round up

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

     

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

  • The Smallcap Oil & Gas round up.

    The Smallcap Oil & Gas round up.

    Egdon Resources (LON: EDR)
    Announced the commencement of production from the Waddock Cross oil field in UK Onshore Production Licence PL090, located in Dorset around 10 kilometres to the east of Dorchester. Waddock Cross is mapped by Egdon as containing mean in-place volumes of over 30 million barrels of oil in the Lower Jurassic Bridport Sandstone reservoir. Initial production will be from the Waddock Cross-2 well which has had larger production tubing and a higher capacity pump installed and is expected to produce at gross rates of around 30 barrels of oil per day. The plan for the first phase of the development thereafter is to restore production from the Waddock Cross-3 horizontal well and to drill two further horizontal producer wells by 2015. Egdon estimate gross Proven and Probable Reserves for the field for this initial phase to be about 300,000 barrels of oil. The interest in the Waddock Cross oil field is Egdon Resources 45% (Operator)

    Europa Oil & Gas (LON: EOG)
    Reported the renewal of its 100% owned Béarn des Gaves permit in the proven Aquitaine Basin, onshore France. The Permit includes Berenx Deep, the large gas appraisal prospect, and the recently identified Berenx Shallow prospect. The permit is located 20km to the southeast of the producing 9 trillion cubic feet Lacq gas field.

    Falkland Oil & Gas (LON: FOGL)
    The boards of FOGL and Desire Petroleum (LON: DES) announced that they have reached agreement on the terms of a recommended combination of FOGL with Desire, pursuant to which FOGL will acquire the entire issued and to be issued share capital of Desire in exchange for FOGL Consideration Shares. The Combination is to be effected by way of a Scheme of Arrangement of Desire under Part 26 of the Companies Act. The boards of FOGL and Desire believe that the Combination will diversify the activities of the two companies, resulting in a balanced portfolio with enhanced long-term prospects, a strong balance sheet and improved financing options. FOGL has also signed heads of agreement with Premier Oil (LON: PMO) and Rockhopper Exploration (LON: RKH) with respect to a farm-out of licences PL004a and PL004c. Premier & Rockhopper will farm-in to the Licences and, in exchange, will fund the Combined Group’s share of the cost of two exploration wells, one on each of the Licences. Completion of the Farm-Out is subject to, inter alia, the Scheme becoming effective, any required approvals from the Falkland Islands Government and completion of definitive documents in respect of the Farm-Out. The Combination and the Farm-Out together will enable the execution of an enhanced drilling programme of five wells in the next drilling campaign, including: two wells in the South Falkland Basin, partnered with Noble Energy and Edison International; and three wells in the North Falkland Basin, one of which will target the Zebedee prospect. The next drilling campaign is expected to be fully funded from existing cash, the Farm-Out and other previously completed farm-out agreements.

    Magnolia Petroleum (LON: MAGP)
    Issued a Quarterly Operations Update for the Period Ended 30 September 2013. You can read it HERE.

    Matra Petroleum (LON: MTA)
    Which now starts its epistles with this “the oil and gas investing company” provided the following strategy update on progress towards implementing its investment policy and making a value accretive acquisition. The Company has appraised and evaluated a number of opportunities in Russia and the CIS and has concluded that the valuations expected by vendors are currently proving unattractive. Therefore, the Board of Matra has decided to currently focus its efforts on pursuing opportunities in the United States of America. A favourable tax regime, extensive established infrastructure and a large number of independent players makes the USA a very attractive place for the Company to pursue the implementation of its investment policy. The Board remains committed to the declared investment policy, and believe that such a shift in our geographic preferences will work in favour of our Shareholders. The Company will focus on acquiring assets with conventional oil reserves and depleted fields, where our Executive team has extensive experience and expertise. The Management has already identified a number of investment opportunities and the Company is in the process of conducting extensive technical and legal due diligence on several of these opportunities. Maxim Barskiy, CEO, commented: “We have been working hard to identify opportunities that will provide value for Matra’s shareholders. We have therefore taken the strategic decision to focus on the US, where favourable market conditions mean that attractive targets are more readily available to the Company.”

    Max Petroleum (LON: MXP)
    Two RNS’s this week from Max. First one. SAGW-6 appraisal well in the Sagiz West Field electric logs indicating 30 metres of net oil pay over a 93 metre interval at depths ranging from 1,194 to 1,287 metres. Reservoir quality appears good with porosities ranging from 15% to 23%. The Company is running production casing in the well, which will be completed and placed on test production after obtaining the requisite governmental approvals. The ZJ-30 drilling rig will next move to drill the SAGW-14 appraisal well near the southern end of the Sagiz West Field. Second one. Successful drilling results with appraisal wells in the Eskene North and Uytas fields. The ESKN-2 appraisal well in the Eskene North field has reached a depth of 1,523 metres with electric logs indicating 29 metres of net pay over a 173 metre gross interval in the Triassic Formation. The Company is setting production casing in the well and will begin testing ESKN-2 as soon as practicable. In the Uytas field, the UTS-12 appraisal well successfully reached a total depth of 450 metres, with electric logs indicating seven metres of net oil pay in Cretaceous and Jurassic reservoirs, including two metres of net oil pay over a four metre interval ranging in depths from 119 to 123 metres in the Cretaceous Aptian formation, two metres of net oil pay ranging in depths from 245 to 247 metres in the Lower Cretaceous formation and three metres of net oil pay over a seven metre interval ranging in depths from 311 to 318 metres in the Jurassic section. Reservoir quality is excellent. The Company plans to complete the well and place it on test production as soon as practicable. The Company will now drill the UTS-9 well targeting Jurassic reservoirs with a total vertical depth of approximately 550 metres. After UTS-9, an additional five wells remain to be drilled as part of the initial appraisal programme in the Uytas field.

    New World Oil & Gas (LON: NEW)
    Has secured an eight-month extension (Breathing space) in work programme commitment deadlines for Licence 1/08 at its Danica Resources Project in Southern Denmark. This extension was discussed with Danica Resources ApS and the Danish North Sea Fund, the Company’s 20% full-paying partner, and approved by the Danish Energy Agency. In order to secure the extension, New World has committed to a geochemical survey to high grade its existing prospect inventory in an effort to determine the best possible candidate for a 3-D seismic survey prior to making a commitment to drill. While more problems continue with the transfer of funds required to complete the subscription for new shares in the Company by Niel Petroleum S.A. which has not yet occurred. Notwithstanding the continuing delay in the receipt of funds, the Board believes that the Subscriber fully intends to complete the investment in the Company and consequently is continuing to work with Niel to finalise the necessary steps to resolve matters. Hope springs eternal.

    Nighthawk Energy (LON: HAWK)
    Has posted an explanatory circular to shareholders containing details of a proposed reduction of the Company’s share capital and a request for shareholder authority for the purchase by the Company of its own Ordinary Shares, together with formal notice of the requisite general meeting to be held at 11.00 a.m. on 18 October 2013. The Circular also contains the Company’s unaudited interim results for the six month period ended 30 June 2013. The Circular (containing the Notice and the Interim Results) will shortly be made available on the Company’s website at www.nighthawkenergy.com

    Northcote Energy (LON: NCT)
    An onshore US oil and gas exploration and production company, is pleased to announce plans to drill its first horizontal well targeting the Mississippi Lime formation on its 100% owned Mathis lease prior to end of December 2013. In addition as part of the well planning process, the first two undeveloped locations on Mathis have been designated P1 PV-10% reserves of US$14.8million, which combined with the previously announced reserves brings the value of the Northcote’s P1 reserves to US$76.7 million.

    Nostra Terra Oil & Gas (LON: NTOG)
    Finally get their hands on the Richfield Note cash. On 2 October 2013 it was determined by the Court that US$1.15 million of the $1.3 million deposited with the Court be released to Nostra Terra. Following this successful outcome for the Company a further hearing will now take place later this year to determine any additional sums owed to Nostra Terra, including attorneys’ fees, costs of collection, and reimbursement for operating expenses. Nostra Terra’s liens will remain in place until final settlement is determined. Matt Lofgran, Chief Executive Officer of Nostra Terra, commented:”It’s great to be receiving this cash as it will fund additional scheduled drilling. Plans are already in place for additional drilling at Chisholm Trail throughout the remainder of the year, along with further development of the High Plains Prospect and additional prospects we will operate. The funds allow us to expand our drill programme at no cost to shareholders.”

    Ophir Energy (LON: OPHR)
    Reported the successful completion of the Pweza-3 appraisal well and flow test in Block 4, Tanzania. Ophir holds 40% of Blocks 1, 3 and 4.BG Group operates with 60%. The Pweza-3 appraisal well was drilled approx. 2km north of the original Pweza discovery well and encountered 61m of gross pay on prognosis. A Drill Stem Test was performed which achieved an equipment constrained flow-rate of 57mmscfd with minimal drawdown and no observable depletion after 5 days of flow. The implied unconstrained flow-rate is expected to be in excess of 150mmscfd. The DST has confirmed that the Tertiary reservoirs in Block 4 have similar excellent characteristics to those in Block 1. This result is expected to dramatically reduce the number of development wells required in Block 4, thereby simplifying the development plan and having a positive impact on the project’s economics.

    The Parkmead Group (LON: PMG)
    The Pharos exploration well has commenced drilling in the UK Southern North Sea. The Pharos gas prospect has the potential to contain up to 500 billion cubic feet of gas-in-place (86 million barrels on an oil equivalent basis) and is located in Blocks 47/4d, 47/5d and 47/10c. The Pharos structure is located only 14km south west of Parkmead’s Platypus gas field, which was discovered in 2010 and successfully appraised with a horizontal well in 2012. Pharos is mapped as a much larger structure than Platypus and has the potential to contain almost three times more gas-in-place than the targeted amount at the successful Platypus discovery.

    Urals Energy (LON: UEN)
    Released an update in relation to its current operations as well as in relation to the requisitioned EGM. The directors of Urals Energy believe that the preliminary review of the results (Passive Seismic Spectroscopy and a separate Micro-Seismic survey) show the possibility of significantly increasing production at Arcticneft from the current horizons with limited capital and operational expenditure. This is based on five main trends of hydrocarbon potential as revealed by the results of the Surveys and is consistent with the Company’s existing exploration strategy. The Company continues to review the results of the Surveys in more depth, including encouraging data on possible future deeper drilling sites at Arcticneft. Urals Energy expects to conclude the drilling of Well #53 during the next two weeks and will make further announcements at the appropriate time. The EGM. Pursuant to Cypriot law, a notice convening the requisitioned extraordinary general meeting must be posted by the Company to the shareholders of Urals Energy on or before 15 October 2013 and the requisitioned extraordinary general meeting will be held within the requisite period following the date of the Notice.

  • 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

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