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Tag: Nighthawk Energy

  • The Smallcap Oil & Gas round up.

    The Smallcap Oil & Gas round up.

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

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

     

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

  • The Smallcap Oil & Gas round up.

    The Smallcap Oil & Gas round up.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

  • The Smallcap Oil & Gas round up.

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

     

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

  • The Smallcap Oil & Gas round up.

    The Smallcap Oil & Gas round up.

     

    A quiet week in the Smallcaps Oil & Gas Underverse.

     

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

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

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

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

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

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

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

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

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

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

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

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

  • The Smallcap Oil & Gas round up

    The Smallcap Oil & Gas round up

    Another busy week for me personally. Family matters etc

    Good read this week enjoy it. Dan x

    Bankers Petroleum (LON: BNK)
    Reports that the 5350 Block “F” well in Albania reached a total depth of 2,776 meters measured depth on July 17, 2013. Petrophysical and geological information indicates that the well did not encounter any hydrocarbon bearing zones that would merit testing. The well was suspended. This is the second exploration well in Block “F”, completing Bankers two well commitment on the block. Technical evaluation of the block will continue into the fall and Bankers is reviewing several other prospects including a seismic program in the next two years.

    Egdon Resources (LON: EDR)
    Some good news this week for EDR and Europa Oil and Gas (LON: EOG) The successful result of a High Court challenge in relation to the drilling of an exploratory well at the Holmwood prospect in Weald Basin licence PEDL143 located in Surrey, where Egdon holds a 38.4% interest. Europa (operator, 40%), Warwick Energy (20%) and Altwood Petroleum (1.6%). This judgment means that the Inspector’s decision is quashed and the appeal will be remitted to the Planning Inspectorate for redetermination, which may involve a further planning Inquiry, for the exploratory drill site at Holmwood. As announced by Europa on 1 November 2012, the PEDL143 joint venture partners applied for an order to quash the decision of the Secretary of State for Communities and Local Government’s appointed Inspector to dismiss their appeal against Surrey County Council’s refusal to grant planning permission to drill one exploratory borehole and undertake a short term test for hydrocarbons at the Holmwood prospect drill-site. Egdon was also notified by Leicestershire County Council that Planning Consent has been granted for the drilling of an exploratory borehole on the Burton on the Wolds Prospect in UK Onshore Petroleum Exploration and Production Licence PEDL201, located on the southern margin of the Widmerpool Gulf geological basin.

    Enegi Oil (LON: ENEG)
    Updated on North Sea Licence P1974 containing the Malvolio prospect in Block 3/23a. Further to the announcement of 31 January 2013, the Company confirms that, through the activities of Azimuth Limited, the Company has fulfilled the initial licence requirements by acquiring 100km2 of 3D seismic data over the Block and surrounding area. ENEGI also sneaked in a placing admission as it yet again diluted it’s share-holders. They raised £2.018 million (before expenses) through a placing of 24,882,944 new ordinary shares of 1 pence each with new investors at an average price of 8.11 pence per Ordinary Share.

    Forum Energy (LON: FEP)
    Released their interims today. You can read them by clicking HERE

    Gulf Keystone Petroleum (LON: GKP)
    The Board of Gulf Keystone held their annual jamboree in sunny Bermuda thus preventing the ordinary folk from attending. Not to worry fill his pockets with lots of cash Kozel told every one who could afford the flights, hotels and expenses that “all the resolutions proposed at the Company’s Annual General Meeting (“AGM”) held today at 12pm in Bermuda, were duly passed by shareholders.” This was after an embarrassing few months which saw the company climb down in the face of an onslaught from Private and Institutional investors over Kozel and the boards pocket filling. We are now told that “a constructive agreement with M&G Recovery Fund, a 5.1% shareholder in the Company and other major shareholders in the Company, regarding the current and future composition of Gulf Keystone’s Board of Directors” sic Has been reached. The Agreement follows a number of discussions between the Company and its largest shareholders, about the four nominees for Independent Non-Executive Directorships of the Company proposed by M&G, were fully aired and addressed to the satisfaction of the Company’s Chairman, Mr Simon Murray and the Grandly titled “Field Marshal the Lord Guthrie of Craigiebank”, Chairman of the Nominations Committee. Talk about money buying titles!

    Magnolia Petroleum (LON: MAGP)
    Reported an initial production rate of 2,244 boepd for the Statoil operated Jake 2-11 2TFH well in the Three Forks Sanish Formation, North Dakota, in which Magnolia holds a 1.465% net revenue interest. This adds 33 boepd to the Company’s net production and follows the initial production rates for the Jake 2-11 # 1H, announced on 22 July 2013, which added a further 57.5 boepd net to Magnolia. What the rate is now is any ones guess but I bet it’s down on the IPs reported.

    Max Petroleum (LON: MXP)
    And the week wouldn’t be complete without an update from MAX. The UTS-10 appraisal well in the Uytas Field has successfully reached a total depth of 484 metres, with electric logs indicating a total of nine metres of net oil pay in Cretaceous and Jurassic reservoirs. This includes three metres of net oil pay in the Cretaceous Aptian section within a 40 metre interval of shows at depths ranging from 125 to 165 metres. The UTS-10 well was drilled downdip on the flank of the structure and confirms the position of the oil water contact in the Aptian as seen in wells previously drilled in the central part of the structure. The Jurassic section includes six metres of net oil pay in a 48 metre interval with oil shows at depths ranging from 328 to 376 metres. Reservoir quality in both the Cretaceous and Jurassic sections is excellent. The shallow Albian was encountered in this well with visual oil shows noted from 46 to 58 metres. Electric logs through the Albian reservoirs suggest some oil saturation but are inconclusive due to enlargement of the wellbore in this interval. The Company plans to complete the well and then place it on test production as soon as practicable.

    Mediterranean Oil & Gas (LON: MOG)
    Following the grant of approval by the Government of Malta, it has acquired through its wholly owned subsidiary Melita Exploration Company Limited, a 40% working interest in the Exploration Study Agreement relating to offshore Malta Area 3 – Blocks 1, 2 and 3, alongside Capricorn Malta Ltd (W.I. 60%, Operator), a subsidiary of Cairn Energy PLC. In December 2012 Cairn entered into a two-year ESA with the Government of Malta for Blocks 1, 2 and 3 of Area 3, which are located north of Malta in the Sicily Channel covering an area of approximately 6,400 km2 and containing a number of prospective leads.

    Petrel Resources (LON: PET)
    Has said today that negotiations on a potential Iraqi investment are at an advanced stage whereby a private company with extensive hydrocarbon interests in Iraq would inject an asset into Petrel in return for a minority shareholding in Petrel as well as board representation.

    Providence Resources (LON: PVR)
    Updated on the Barryroe oil field in the North Celtic Sea Basin, offshore Ireland. Providence (80%) operates Barryroe on behalf of its partner Lansdowne Oil and Gas (LON: LOGP) (20%). The area which is located in Standard Exploration Licence (SEL) 1/11 and Licensing Option (LO) 12/4, lies in c. 100 metre water depth and is c. 50 kilometres off the south coast of Ireland. In April 2013, Providence published a competent person’s contingent resource audit on the in place hydrocarbon and recoverable resources from the Basal Wealden A oil reservoir, as independently reported by Netherland Sewell & Associates Inc. NSAI have now provided an estimate of the cashflows attributable to Providence from the Basal Wealden A oil reservoir at Barryroe. A summary excerpt from this recently issued report is now available on the Providence website, www.providenceresources.com

    Range Resources (LON: RRL)
    Noted the announcement released by International Petroleum this week, announcing that International Petroleum is in negotiations with a third party relating to the potential sale of its Russian assets for cash consideration, which Range understands is expected to be between US$120 – 150 million. In the course of discussions and due diligence in connection with the proposed merger of the two companies, Range has been informed of the negotiations concerning the potential asset sale and remains committed in principle to pursue a merger transaction pending final confirmation of the sale terms. Range will update shareholders in relation to the asset sale and merger transaction in due course.

    Ruspetro (LON: RPO)
    Announces that a substantial reduction in the Russian Mineral Extraction Tax applicable to tight oil has been passed into law this week and will be applied to production from the Company’s qualifying reserves from 1 September 2013.  RPO estimates that 80% MET relief is applicable for production from approximately 74% of the Company’s Jurassic reserves. The 80% MET relief is estimated to be applicable to approximately 97% of the Company’s current crude oil production. The reduction in the MET rate will increase well head revenue per barrel for Ruspetro’s crude oil production from approximately US$22.40 to approximately US$39.10 at a gross price of US$100 per barrel. For this first half of 2013 production has averaged 5,455 bopd (81% crude oil, 19% condensate), a 38% increase on H1 2012 production of 3,956 bopd. Production for the second quarter of 2013 has averaged 5,002 bopd (85% crude oil, 15% condensate).

    Tower Resources (LON: TRP)
    Said it was “pleased to announce a placing to raise £9.0 million before expenses and an open offer to raise up to £4.1 million (US$6.2 million) before expenses” Of course share-holders weren’t pleased with the result of the Murombe-1 well. Which was plugged and abandoned. It’s yet more dilution upon dilution from the good ship Tower that has failed at every turn. Get out and stay out! That’s 802,343,266 with another 360,811,606 new Ordinary Shares to be dumped onto the market! Sell up!

    Urals Energy (LON: UEN)
    Announces that a two part Passive Seismic survey has been completed for Articneft on the island of Kolguev by GeoDynamics Worldwide srl, and the Company expects to receive the full results in late August / early September. Separately a Passive Micro-Seismic survey was carried out over a selected area in the West block, applying 10 measurement stations for seven days. The field operations were completed in 30 days. The results of the Spectroscopy survey will generate a hydrocarbon distribution map of the two blocks, whereas the micro-seismic will aim at locating the hypocenters of microtremors which will be a complimentary tool for upgrading the structural model of the subsurface of the West block.

    Wessex Exploration (LON: WSX)
    Announces the conclusion of drilling activities on the GM-ES-4 well in French Guiana. The well penetrated the primary and secondary reservoir objectives before drilling operations were concluded at a total depth of 6,292m. The results of the wireline logging programme has confirmed the presence of reservoir, however no evidence of hydrocarbons is seen from the drilling or wireline log data. The well is now being plugged and abandoned.

  • The Smallcap Oil & Gas round up.

     

    It’s been a some what quiet week in the Smallcap oil & gas underverse. Not much happening. I’ve decided to stop including company’s that are basically ripping Investors off.

    Hence why Sefton’s woeful cock up RNS of today isn’t included in the round up. I am cutting off the oxygen of publicity. I will obviously write excoriating articles continuing to expose the blighters as and when appropriate.

     

    Amerisur Resources (LON: AMER)
    The oil and gas producer and explorer focused on South America, updated on its operations in the Platanillo field, Colombia. Platanillo-12 produced 2,371BOPD of 31.8° API on test from U sands…. Platanillo-2 ST1 sidetrack progressing well…. Total field controlled production estimated at 8,500 bopd with the contribution of Platanillo-12.

    Baron Oil (LON: BOIL)
    Farm-Out Agreement with S&J Full Services Ltd. in the Nancy- Burdine – Maxime field, located in the Putumayo Basin, Colombia. Under the terms of the agreement, BOIL will farm-out 50% of its interest in NBM to S&J Full Services Ltd. and, in return, will receive US $1 million upon signing the Farm Out Agreement plus another US $1 million in ten monthly consecutive installments, starting 30th August 2013. Commenting on the update, Chief Executive Officer Rudolph Berends said, “This is an important step for our company in Colombia. Having a local partner with the expertise and track record of S&J Full Services in the Putumayo Basin should add significant value through the optimizing of NBM operations.”

    Egdon Resources (LON: EDR)
    Lincolnshire County Council has granted Planning Consent for the drilling of an exploratory borehole on the Laughton Prospect in UK Onshore Petroleum Exploration and Production Licence PEDL209, located between the towns of Gainsborough and Scunthorpe in the East Midlands Petroleum Province. The Laughton-1 well will target a structural trap defined on 2D seismic data. The prospect has multiple conventional Carboniferous sandstone reservoir targets with the primary objective being the Silkstone Rock, an approximately 15 metres thick sandstone interval which is productive in the Corringham oil field 5 kilometres to the South East. Egdon currently estimate gross Best Estimate Prospective Resources of around 1 million barrels of oil for the Silkstone Rock in the Laughton Prospect. Under the terms of a Farm-in Agreement Egdon will earn a 60% interest in the Licence in return for paying 100% of the cost of the Laughton-1 exploration well which is estimated at around £1.3 million.

    Enegi Oil (LON: ENEG)
    Provides the following update on its partnership in Newfoundland with Black Spruce Exploration. As announced on 12 June 2013, Phase 1 includes the drilling of three appraisal and development wells in PL2002-01(A), consisting of two new wells and a rework of the existing Garden Hill Field PaP#1-ST-#3 well. The Company is pleased to announce that BSE have now concluded its technical due diligence review. Based on the results, the Company and BSE plan to drill at least one of the two new wells on PL2002-01(A) in 2013, after the arrival of BSE’s drilling rig in western Newfoundland. This is anticipated to be in the Autumn of 2013. The Company and BSE continue to work towards completing a definitive Farm-in Agreement. As such the Letter of Intent, which initially provided for completion no later than 12 July 2013, has been extended. This will allow the parties to incorporate additional collaboration procedures to accelerate the planning and execution of a multi-well program over the Company’s acreage in Newfoundland. The Company and BSE expect to conclude the Farm-In Agreement imminently and will advise when appropriate.

    Europa Oil & Gas (LON: EOG)
    Announces the commencement of a 3D seismic acquisition programme in the South Porcupine Basin, offshore Ireland, following the award by the Irish Government of Frontier Exploration Licences 2/13 and 3/13 to Kosmos Energy Ireland Ltd and Europa.

    Exillon Energy (LON: EXI)
    The independent oil producer with assets in two oil-rich regions of Russia, Timan-Pechora (“Exillon TP”) and West Siberia (“Exillon WS”), today issued a drilling update.
    Production Expectations. “We intend to give an update on our production expectations for 2013 along with our H1 reviewed financial results. These are expected to be released in late August.” If you want to read the full update click HERE

    JKX Oil & Gas (LON: JKX”)
    Well NN-71 in the NovoNikolaevskoye field has been successfully recompleted to the Visean V-15 sandstone reservoir. Following a three stage test, the well is producing at a stabilised rate of 4.3 MMcfd of gas and 342 bpd of condensate through a 93/64″ choke with a flowing wellhead pressure of 625 psi. Well NN-71 was first drilled in 2009 as a Visean V-25 reservoir well and subsequently recompleted to the V-16 as part of the early development of the NovoNikolaevskoye production licence at Poltava, Ukraine. Both of these deeper reservoirs are no longer producing at this well location. JKX Oil & Gas plc is an exploration and production company listed on the London Stock Exchange. The Company has licence interests in Ukraine, Russia, Hungary and Slovakia.

    Lekoil (LON: LEK)
    Recently listed LEK pulled a fast one this week after announcing an oil discovery on the OPL310 licence offshore Nigeria, on 26 June 2013, They have diluted their share-holders through the placing of, in aggregate, 33,850,000 new Ordinary Shares at a placing price of 39 pence per Ordinary Share.

    Magnolia Petroleum (LON: MAGP)
    Rita seems to be moving the focus some what. Maybe she’s reading the Smallcap Oil & Gas round ups? I do detect a shift of emphasis. The quarterly update on its operations has highlighted “Reported initial production rates (IPRs) for 15 wells totalling 110 boepd net to Magnolia (note existing production from these wells will be lower due to decline rates).” Now the very fact that Rita is beginning to talk about “decline rates” should be seen as a cautionary tale. The bopd here isn’t what people have been lead to believe. Decline rates rarely make it into an RNS, for obvious reasons. It is welcomed that at long last Metermaid Rita is coughing up slowly but surely.

    Max Petroleum (LON: MXP)
    4 RNS’s this week. So I’ve included 2 of them. The Government of the Republic of Kazakhstan has granted regulatory approval to convert the Borkyldakty Field to full field development status effective immediately. FFD approval will allow Max Petroleum to fully develop and produce the Borkyldakty Field and sell 80% of crude oil production from Borkyldakty on the export market under the terms of its Blocks A&E exploration and production contract. Borkyldakty is currently capable of producing approximately 200 barrels of oil per day from its two productive wells and a third development well, BOR-4, is planned to be drilled in the field in August 2013. Max has also commenced drilling the UTS-10 appraisal well in the Uytas Field on Block A using the Zhanros ZJ-20 rig.

    Mediterranean Oil & Gas (lon: MOG)
    Released an operational update related to the Company’s activities. Click HERE to read it.

    New World Oil & Gas (LON: NEW)
    Released what can be described as a desperate attempt to keep the wheels rolling. The only point worth remembering for potential investors is this; THE GEOLOGIC CHANCE OF SUCCESS. Upgrade in Probability of Geologic Success to 1 in 9 for Z2, 1 in 10 for Pre-Zechstein and 1 in 13 for Z1 – RPS previously assigned a geological risk of between 1 in 12 and 1 in 16 for the Zechstein. Keep your money under the bed.

    Nighthawk Energy (LON: HAWK)
    The US focused oil development and production company announces an update on the drilling and development of the Arikaree Creek oilfield at its 100% controlled and operated Smoky Hill project in the Denver-Julesburg Basin, Colorado. Click HERE to read it

    Nostra Terra Oil & Gas (LON: NTOG)
    Yet more good news came from NTOG as the fifth horizontal well in the Chisholm Trail Prospect (CT5), located in Oklahoma, exceeded the Board’s expectations by a substantial margin, with the most recent ten days of production having averaged 448 barrels of oil equivalent per day (BOEPD). Nostra Terra owns a 2.2% working interest in this well.
    New well permitting continues in the Chisholm Trail Prospect area. Once elections are received and made on further wells, the Company will make relevant announcements. Alden McCall, Chief Operating Officer of Nostra Terra commented “The Horizontal Hunton Play is continuing, in our view, to fulfill the definition of a Resource Play. According to the Society of Petroleum Evaluation Engineers, a Resource Play is an “accumulation of hydrocarbons known to exist over a large areal expanse and believed to have a lower geological and/or commercial development risk. We are delighted to report that the most recent 10-day average at CT5 exceeds our expectations. Numerous new wells are in the planning stages with Ward Petroleum and other operators and we look forward to updating shareholders as they progress”. That’s another 10 barrels a day to the ever increasing bopd!

    Roxi Petroleum (LON: RXP)
    The BNG licence has been successfully renewed for a further period of two years ending on June 6, 2015 during which significant exploration activity is planned that is not expected to require additional shareholder funding.

    Sound Oil (LON: SOU)
    Confirms that mud log gas shows (Nervesa Gas Discovery) were recorded while drilling across multiple sandstone intervals in the target reservoir zone within the Miocene San Dona Formation. The Company has now completed logging operations and is pleased to confirm the identification of 476 metres of gross pay and 239 metres of gross reservoir with 46 metres of net gas pay in 13 separate zones. A further announcement confirming the estimated quantity of commercial gas and expected cash flows will follow once the Company has fully reviewed the well test results and revised the subsurface model for the field. Following completion of testing, it is the Company’s intention to apply for a Production Concession – with a view to achieving first gas sales in 2015. Also reported. Stuart Joyner has been appointed as Chief Financial Officer of the Company effective Monday 22nd July. Stuart Joyner, aged 41, joins from Investec Bank where he had been Head of Oil & Gas from 2010. Stuart has 19 years’ experience in investment banking for the oil and gas sector having previously worked for Credit Suisse, Morgan Stanley, Dresdner Kleinwort and NatWest Securities.

  • The Smallcap Oil & Gas round up.

    Busy week in the Smallcap Oil & Gas Sector. I’m toying with the idea of listing a company myself. Pennine Oil & Gas (LON: PIG) I did find traces of oil on Kinder Scout last week. I’m contacting a Competent Person from Denver Colorado who will release his findings via a report blah, blah, blah,

    Antrim Energy. (LON: AEY)

    Released a bizarrely titled “Miscellaneous medium priority announcements” RNS. The sale of its option to acquire up to a 30% interest in the production sharing agreement for the Pemba-Zanzibar exploration licence offshore and onshore Tanzania. Cash consideration paid to Antrim was US $7.5 million and the effective date of the sale was 9 July 2013. There are no wells, production, reserves or resources associated with the transaction.
    Proceeds from the sale will improve the Company’s future capital expenditure reserves.

    What’s in a name? Baron Oil (LON: BOIL) The AIM-listed BOIL on the arse of the AIM #Cesspit announces that further to its name change from Gold Oil Plc to Baron Oil Plc the Company’s website can now be found at www.baronoilplc.com

    Falcon Oil & Gas. (LON: FOG)

    Received approval from the shareholders of Falcon Oil & Gas Australia Limited for the acquisition of Sweetpea Petroleum Pty 50 million shares or 24.22% interest in FOGA. Closing of the acquisition is anticipated to occur within the next 5 business days and is subject to TSX Venture Exchange final approval. 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 of the Share Purchase Falcon will own 200 million shares in FOGA representing 96.90% of the issued share capital of FOGA. The terms of the Agreement, as announced on the 24th May, 2013, included a cash consideration of US$3 million together with the issue of 97.86 million Falcon shares  to Sweetpea. Based on Falcon’s share price, at the time the Share Purchase was agreed between the parties of CAD 0.20, the total value of the consideration is CAD 22.6 million. Sweetpea, a wholly-owned subsidiary of PetroHunter Energy Corporation will own 10.7% of the issued share capital of Falcon.

    Gulf Keystone Petroleum (LON: GKP)

    The mired in CorpoRATe Greed controversy Kurdistan oiler released a plethora of RNS’s this week. So many that I have now unsubscribed from them. Further to the approval of the Field Development Plan for the Shaikan field discovery, announced on 26 June 2013, the Company has commenced its development drilling programme with the spudding of Shaikan-10. In parallel, production operations from the newly commissioned Shaikan production facility are scheduled to commence shortly. If you want to read all the dross released this week you’ll need a gas -mask to waft through the smoke screen. Click HERE

    Gulfsands Petroleum (LON: GPX)

    The oil and gas production, exploration and development company with activities in Syria, Morocco, Tunisia, Colombia and the U.S.A. released an update on activities underway in Morocco. You can read it by Clicking HERE

    Lochard Energy Group (LON: LHD)

    Announces that the Scheme relating to the acquisition of Lochard by the Parkmead Group (LON: PMG) was approved yesterday at the Court Meeting and the special resolution was approved at the General Meeting.

    The Smallcap Oil & Gas round up wouldn’t be complete without a Max Petroleum (LON: MAX) RNS or two. 1/ commenced drilling the UTS-11 appraisal well in the Uytas Field on Block A using the Zhanros ZJ-20 rig. This well is the second in a 13 well appraisal programme at Uytas. The well will be drilled to a total vertical depth of 450 metres targeting Cretaceous and Jurassic reservoirs in the central portion of the field.   2/commenced drilling the ZMA-A21 development well in the Zhana Makat Field on Block E using the Zhanros ZJ-30 rig. Total vertical depth of the well will be approximately 860 metres targeting Jurassic reservoirs.

    Mediterranean Oil & Gas (LON: MOG)

    Said that on 1 July 2013, in response to the lengthy and continuing delays to the Environmental Impact Assessment approval process for the Ombrina Mare Project, it wrote to the Italian Ministry of Environment and of Protection of Land and Sea giving the Ministry 10 days’ notice to complete the issuance of the EIA Decree, in accordance with applicable regulations. Following completion of this 10 day notice period, MEPLS yesterday sent a letter requesting the Company to complete an ‘Autorizzazione Integrata Ambientale’ (an Integrated Environmental Authorisation) for Ombrina Mare as a precursor to the Ministry considering the approval of the EIA. This is contrary to MEPLS previously notifying the Company in October 2012 that, consistent with the conditions required by law, the EIA procedure could be completed without performing the AIA at this time.  It also follows the ruling in favour of MOG’s EIA submission from the EIA Technical Committee on the 25 January 2013, and the EIA Director General of MEPLS sending the draft EIA decree with a positive recommendation to the office of the Minister on 17 April 2013.  It’s Italy chaps. You need to give out “Backhanders” to progress!

    It’s yet another good day for Nighthawk Energy (LON: HAWK) as the company updated today on production at its 100% controlled and operated Smoky Hill and Jolly Ranch projects in the Denver-Julesburg Basin, Colorado. Average gross production levels have continued to increase month-on-month driven by the successful drilling program on the Arikaree Creek oil-field.  Total production from all producing wells is currently running at over 1,400 bbls/day. One of our “stocks to watchlist” coming good.

    Oilex. (LON: OEX)

    (What a pisser) In its capacity as Operator, on behalf of the Joint Venture Participants to the Joint Petroleum Development Area 06-103 Production Sharing Contract , has today submitted to the Autoridade Nacional do Petróleo  a request to terminate the PSC by mutual agreement in accordance with its terms and without penalty or claim. The Request to Terminate will require the consent of the Timor Sea Designated Authority. Managing Director of Oilex, Ron Miller, said “In a situation where sovereign nations seek to resolve issues related to international boundaries, it is in the best interests of all parties to allow such matters to run their course.  The PSC is the last offshore asset in Oilex’s portfolio and the company, on behalf of the JPDA06-103 joint venture, will continue to collaborate closely with the regulator throughout this process.”

    Petroceltic (LON: PCI)

    A consortium comprising Petroceltic, Hellenic Petroleum S.A.(Operator) and Edison International SpA  has submitted a successful bid for the Patraikos block, offshore western Greece.  Each of the three companies in the joint venture will hold a one third working interest in the concession.  The Patraikos block is located in the Gulf of Patra and covers an area of 1,892 square kilometres with water depths principally in the range of 100 to 300 metres.  The concession is potentially oil prospective in the Jurassic, Cretaceous and Eocene formations with a working hydrocarbon system proven by the Katakolon oil discovery wells drilled in 1982 approximately 35 kilometres south of the block.

    Premier Oil (LON: PMO)

    Provided an Operations Update summarising key activities since the Interim Management Statement on 16 May 2013 and a Trading Statement in respect of its half year financials to 30 June 2013. This is in advance of the Group’s 2013 Interim Results which will be announced on Thursday 22 August 2013. Click HERE to read Premier also said, later in the day via another RNS reach, that in conjunction with KUFPEC Norway AS, it has agreed to acquire an aggregate 40% interest in PL407 from BG Norge AS.  PL407 contains the Bream field and is on the Norwegian Continental Shelf. KUFPEC will acquire a 30% interest while Premier will increase its existing 40% to 50% and assume operatorship of PL407 and the Bream project.  The aggregate consideration payable by Premier and KUFPEC will be $22.2 million prior to interim period adjustments.  Under a separate agreement, KUFPEC will acquire a 30% interest in the adjacent PL406 licence from Premier for a contingent consideration of $5 million.  PL406 contains the Mackerel discovery and the Herring exploration prospect. Sounds fishy to me!

    Providence Resources (LON: PVR)

    Confirms that the Minister of State at the Department of Communications, Energy and Natural Resources has approved Cairn’s farm-in as Operator to two licences and one licensing option offshore West of Ireland.  Following this transaction, Cairn has a 38% working interest with co-venturers Providence (32% WI) Chrysaor (26% WI), and Sosina Exploration Ltd (4% WI). Cairn Energy (LON: CNE) has also announced that it has, on behalf of the co-venturers, entered in to a contract to secure a drilling rig for the planned Spanish Point appraisal well located in FEL 2/04, in the Porcupine Basin, Quad 35 area offshore West of Ireland. Cairn, and its co-venturers, Providence, Chrysoar and Sosina, will use the “Blackford Dolphin”, an enhanced Aker H3 deep-water semi-submersible rig, which underwent a $400 million upgrade in 2006. Subject to obtaining the necessary approvals, the rig will be mobilised to begin operations on this well in Q2 2014 on licence FEL 2/04.

    Range Resources (LON: RRL)

    Drew attention to the announcement released by Citation Resources Limited (ASX:CTR) on the Atzam #4 Well in Guatemala with the following highlights: Production underway from the perforated section in the Upper C17 carbonates (2,846-2,853ft); Strong initial production performance – flow rate restricted to 100 bopd on a small 8/64ths choke, well head pressure of 400 psi, production of 100% oil cut at 36 – 38° API and no water; Operator estimates a flow rate of 1,000 bopd on an open choke based on flow rates achieved from various choke sizes up to 32/64ths – optimal flow rate to be established in coming weeks;

    Rialto Energy (LON: RIA)

    Bad news came this week from RIA. The Starfish-1 well preliminary analysis’s initial interpretation of the wireline logs and MDT data is that no movable hydrocarbons have been encountered in the well, based on the current data. Plugged & abandoned.

    President Energy (LON: PPC)

    Updated on its operations. Which we are told “continue to go extremely well across the portfolio.” In Paraguay the seismic acquisition operation has been successfully completed one month ahead of schedule (780 square kilometres of 3D seismic and 100 kilometres of 2D seismic). Initial results appear most encouraging, already showing very prospective drilling targets. The Louisiana assets are currently producing approximately 300 boepd, a record level of production that is generating circa $600,000 per month of net operating cash flow after US tax.  In Argentina the first stimulated well continues to perform with good levels of production and work on the clean up on the next two stimulated wells is on-going. We look forward to updating the market on the flow rates of each of the remaining two wells in due course.

    ‘Gas! Gas! Gas!’ Was the cry this week from Salamander Energy (LON: SMDR) The Tayum-1 exploration well has encountered 15 metres of net gas pay. Having found gas in the Tayum-1 well, the operator, KrisEnergy, is now evaluating the data and integrating the analysis with data from the nearby Dambus and Mangkok discoveries, before determining a forward plan.

    Tethys Petroleum (LON: TPL)

    Announced the conditional acquisition of interests in a number of production sharing contracts in Georgia. Tethys, through its subsidiary companies, will acquire a 56% interest in PSC’s covering Blocks XIA, XIM and XIN in eastern Georgia close to the capital city Tbilisi, and in a separate transaction will acquire a 100% interest in PSC’s covering Block VIII and Block XIG located near Tbilisi and in the Kartli area further west. In total, these blocks cover an area of over 6,400 square kilometres. Tethys will be the Operator of all these PSC’s and the transactions are subject to the approval of the appropriate Georgian authorities as well as other conditions precedent including rescheduling of the work programmes on Blocks VIII and XIG.

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  • The Smallcap Oil & Gas round up.

    Afren (LON: AFR)
    Said today that following the recent shareholder approval on the recommended acquisition of a 10.4 per cent. interest in First Hydrocarbon Nigeria (“FHN”), it is pleased to confirm the acquisition of an additional 23.3 per cent. beneficial interest in FHN.

    Caza Oil & Gas (LON: CAZA)
    Updates for the Company’s initial horizontal Bone Spring well on its Lennox Prospect and an operational update on the Caza Ridge development well on its Copperline Prospect. Both properties are located in Lea County, New Mexico. The fracture stimulation on the Lennox State Unit 32 #2H horizontal Bone Spring well was successful. The well was placed on artificial lift and has been producing to recover frac fluids and establish stabilized flow rates for oil and natural gas. During controlled flowback the oil and natural gas rates have continued to increase and have now stabilized at daily rates of 334 barrels of oil and 337 thousand cubic feet of natural gas, which equates to 390 bbls of oil equivalent per day. Caza 40.00% working interest before payout (31.08% nri) and a 50.00% working interest after payout (38.85% net revenue interest) in the Lennox State Unit 32 #2H well and will participate with a 50.00% working interest in all subsequent wells drilled by Caza on the Lennox property. The Company’s Caza Ridge 14 State #4H well has reached its kick-off point above the 3rd Bone Spring sand interval in the vertical portion of the wellbore. Log data and core samples have been obtained across the Brushy Canyon, Avalon and 2nd Bone Spring sand intervals and have indicated the presence of oil and natural gas across each of these intervals. The Company will now proceed to set the curve and drill the lateral section of the well in the 3rd Bone Spring sand interval, which is producing oil and natural gas in the offset Caza Ridge 14 State #3H well. Caza has a 58.75% working interest in the Caza Ridge 14 State #4H well.

    Enegi (LON: ENEG)
    Announces that along with its Joint Venture partner ABTechnology, it has signed Heads of Agreement with Antrim Resources that governs UK Central North Sea Licence P077 which contains the Fyne Field. Antrim currently holds a 100% interest in and is Operator of the Licence. Under the HOA, Enegi and ABT will be responsible for the costs associated with preparing an amended Field Development Plan for Fyne, based on using ABT’s buoy technology, for submission to the UK Department of Energy and Climate Change. Upon approval of the FDP by DECC, the JV will earn a 50% interest in the development of Fyne. A FDP has been previously prepared for Fyne and much of this work can be integrated into the new FDP. Fyne has been subject to considerable investment to date. Five successful wells have already been drilled, producing oil at 25o API and achieving free flow test rates of up to 4,000 bopd. Fyne has 2P reserves of 9.9 million barrels and, being well appraised, it is now ready to be developed and ABT’s buoy technology has been identified as the most suitable development solution.

    Falcon Oil & Gas (LON: FOG)
    Talk about putting the best possible spin on the worst possible news. I take my hat off to FOG! Hess Australia did not elect to commit to drilling the five wells required to earn their interest in the Beetaloo permits by the agreed deadline of 10pm Friday the 28th June. In accordance with the Participation Agreement dated 28th April 2011, as amended on the 2nd August 2012, which granted Hess the first extension, failure to elect on time means that Hess forfeits their right to earn 62.5% in three of the Beetaloo permits. A late request by Hess to defer the election date again was unanimously rejected by Falcon’s Board.

    Gulf Keystone Petroleum (LON: GKP)
    Appointment of Simon Murray C.B.E., aged 73, to the Board of Gulf Keystone. Chairman Murray has now got his snout firmly up Kozels arse!

    JKX Oil & Gas (LON: JKX)

    The multi-stage frac operation on well R-103 has commenced in its Rudenkovskoye licence in Poltava, Ukraine. Well R-103 was drilled to a total depth of 4,641 metres into the Rudenkovskoye Devonian sandstone reservoir with a horizontal section of just over 1,000 metres at a true vertical depth of 3,650 metres.

    Magnolia Petroleum (LON: MAGP)
    Rita was at it again today screaming from the rooftops that an initial production rate of 1,401 boepd for the Marathon Oil operated Helgeson 41-30H well in the Bakken Formation, North Dakota in which Magnolia holds a 4.071% net revenue interest. (57boepd) In addition, the Company announces its participation in seven new wells in producing US formations in Oklahoma, in line with its strategy to rapidly build production and reserves. Question. Rita how long was this IP Test?

    Matra Petroleum (LON: MTA)
    Following completion of the Disposal and the approval of the Investing Policy by Shareholders at the Company’s General Meeting held on 28 June 2013, the Company is now considered an Investing Company. Accordingly, the Company will be required to make an acquisition or acquisitions which constitute a reverse takeover under the AIM Rules or otherwise implement its Investing Policy within 12 months, failing which, the Company’s Ordinary Shares will be suspended from trading on AIM. If the Company’s Investing Policy has not been implemented within 18 months the admission to trading on AIM of the Company’s Ordinary Shares will be cancelled and the Directors will convene a general meeting of the Shareholders to consider whether to continue seeking investment opportunities or wind up the Company and distribute any surplus cash back to Shareholders. Completion of the Disposal is a significant milestone for Matra. The initial payment of US$25 million, which has been received today, means that the Company will have considerably more resources and financial flexibility to pursue attractive value enhancing opportunities than it has previously enjoyed. The Company intends to use the proceeds of the Disposal to acquire alternative oil and gas assets with material production potential and exploration upside. The initial focus will remain on Russia and CIS but the Company may consider projects elsewhere should attractive opportunities arise. A full version of the Company’s Investing Policy can be seen at www.matrapetroleum.com

    Nostra Terra (LON: NTOG)
    I expect the company are scratching their head this week. Just what does NTOG have to do to get their message across. Debt Free, Cash positive, Asset rich, Increasing Bopd with a $1.5 million dollar Richfield Judgement now actually being recovered. One of the best little oilers on AIM.  The oil and gas producer with a growing portfolio of horizontal and vertical drilling projects in the USA, updated on progress on the collection of the Richfield Judgment. On 27 June, 2013 certain of the assets securing the Note Richfield defaulted upon, resulting in a Judgment in favour of Nostra Terra, were sold at a Sheriff’s foreclosure sale in Russell County, Kansas. Nostra Terra submitted the winning bids for the cumulative amount of US$165,000. The assets are known locally as the Furthmyer #1 well (West), the Neidenthal #1 well (South), two producing oil wells, their associated production equipment, facilities and leases, along with a common Salt Water Disposal well, the Furthmyer #11. Current production on these leases averages approximately 6 barrels of production per day (gross).Once the sale is confirmed by the Court the US$165,000 bid will be applied to reduce the balance of the outstanding Judgment granted in favor of Nostra Terra, which is currently in excess of US$1.5 million. Nostra Terra will continue to aggressively pursue collection of the remainder of the Richfield judgment. Further updates will be made in due course. The penny will drop eventually here methinks! Well done Lofgran/McCall for never giving up the Richfield fight. That’s the kind of management we want. Matt Lofgran, Chief Executive Officer of Nostra Terra, commented: “We’re delighted with this outcome. We’ve acquired producing assets, which we already operate, to add to our growing portfolio, increasing both cash flow and reserves.”

    Petroceltic International (LON: PCI)
    Advised that Eni Spa, as operator of the Carisio permit (Eni 47.5% Operator, Petroceltic 47.5%, Condotte 5%) in the Western Po Valley, has lodged an application with the Ministry of Economic Development requesting a further suspension of the permit. This suspension will enable Eni to incorporate all latest technologies in order to identify a new well location and drilling plan which enables all well objectives to be achieved, whilst also meeting local stakeholder concerns with respect to distance of the wellsite from the village of Carpignano Sesia

    Roxi Petroleum (LON: ROXI)
    Released an operational update on its flagship BNG asset. 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. The well has reached the total depth of 2,750 meters and wireline logging has been run. Interpretation of these results has been encouraging with three intervals of interest identified at 2193, 2216 and 2692 metres. One of these intervals at 2692 metres will be perforated before the rig is mobilized to spud Well 807, which is to be drilled to a depth of 2,500 meters targeting Jurassic Callovian sands and Cretaceous Valanginian limestone. The remaining two intervals at Well 143 will be perforated and tested using a work-over rig. Subject to the outcome of these tests, 90 days testing is planned to commence later in the current year. Roxi also announce that a further $5.0 million has been called and received under the previously announced $40 million equity commitment with Mr. Satylganov, a Director of the Company. This brings the total called and received to date to $17.5 million. The proceeds will be used to continue the exciting drilling campaign at BNG. Roxi will accordingly issue a further 41,895,714 shares to Mr. Satylganov, so that the total number of shares issued to Mr Satylganov are 146,635,001, representing 18.8 per cent of the enlarged total shares in issue.

    Rialto Energy Limited (LON: RIA)
    Updated on the Starfish-1 oil exploration well in the Offshore Accra Contract Area, Ghana. The well is target a large stratigraphic trap in the deep water of eastern Ghana, interpreted to be potentially comparable to the Jubilee oil field in western Ghana. During the period from 1400 hours (AWST) on 25 June 2013 to 1400 hours (AWST) on 2 July 2013 the 17½” (444.5mm) hole section was drilled to final total depth. The 13⅜” (340mm) casing was run and set at 3,035 metres and the well drilled ahead in the 12¼” (311mm) hole section to 3,695 metres. The forward plan is to drill ahead in 12¼” (311mm) hole to final total depth.

    San Leon (LON: SLE)
    Has signed a binding letter of intent with Wisent, under which Wisent shall carry out a three stage vertical fracture of San Leon’s Rogity-1 well on the Braniewo S Concession in the Baltic Basin, Poland. Subject to the execution of a comprehensive farm-out agreement, Wisent will fully fund the costs of the Fracture and any subsequent testing. One fracture stage will be executed in the Cambrian Piasnica Formation targeting conventional oil and two fracture stages will be executed in the Lower Silurian section targeting shale oil. Upon obtaining regulatory consent, operations are expected to commence on 31 July 2013. SLE also announced that they had successfully completed the hydraulic fracture of Lewino-1G2 well in Gdansk W Concession in the Baltic Basin. United Oilfield Services carried out the operation yesterday and attained an average main treatment pump rate of 120 barrels per minute at pressure, which is the highest achieved outside North America. The pumping lasted less than three hours. The fracture was completed on schedule and the well will now have tubing installed, in preparation for clean-up and testing. San Leon will update the market with test results as soon as they are available.

    Sefton Resources (LON: SER)
    The bullshit continues apace. As Ellerton released results of a “Mississippian Limestone Study” in North East Kansas Concocted by Ibrahin Nafi Onat (Where have we heard that name before) Of course there’s no actual MLP going on in Eastern Kansas but what the hell if it can get the BB Loons to spout it out long enough and loud enough….. Yawn… That’s enough of that… See you in court Ellerton. You are a Liar and a Fraud. Add that to your case.

    Sirius Petroleum ( LON: SRSP)
    Has commissioned Professor Nicos Christofides and sw7reseαrch to complete a Real Options Valuation on two oil assets over which the Company has confidential pre-farm-in agreements, the Oil Block and the Second Oil Block, in order to assist in determining whether to proceed with entering into a binding farm-in agreement on both assets, a decision which is at the Company’s sole discretion. Professor Nicos Christofides and sw7reseαrch are in aggregate due a fee of £150,000 for these services. {Nice work nice fee!} Professor Nicos Christofides and sw7reseαrch have completed a number of Real Options Valuation for FTSE100 and other listed and private oil & gas companies.
    These fees, together with other fees amounting to £25,000 due to unconnected third parties, are to be satisfied through the issue, in aggregate, of 4,375,000 new Ordinary Shares. Application for the admission of the new Ordinary Shares to trading on AIM has been made and is expected to occur on 10 July 2013. The Shares will represent 0.53 per cent. of the Enlarged Share Capital and will rank equally in all respects with the existing Ordinary Shares. Following this issue the total number of shares in issue will be 822,137,044. This number may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the company.

    Range Resources (LON: RRL)
    Range increases its footprint in Trinidad by over 280,000 acres. If you want to read it then click HERE.

    Sound Oil (LON: SOU)
    Updated on the Nervesa appraisal well. The well has been successfully drilled (through the Upper Miocene conglomerates and into the top of the underlying marls) to the next casing point at 1389 metres. Operations are now in progress to install the 9 5/8″ casing. The well is therefore now approximately 210 metres above the first reservoir objective.

    The Oil & Gas Development Company (LON: OGDC)
    I love this release. Its ain’t half hot mum language had me in fits of giggles!

    Dear Sir,

    For partial resolution of Circular Debt issue prevailing in energy sector, the Government of Pakistan has approved the arrangement for issuance of Pakistan Investment Bonds (PIBs) having face value of Rs 50,772.70 million, maturing on July 19, 2017 (issued date: July 19, 2012) with coupon rate of 11.50% payable on six monthly basis. These PIBs have been subscribed by Oil and Gas Development Company Limited (OGDCL) in order to settle its overdue receivables amounting to Rs 55,728.93 million from gas distribution companies, oil refineries and Independent Power Producers (IPPs). The valuation date for this transaction was June 28, 2013.

    This is being provided to you in compliance with the requirements of Clause No.(xx) of the Code of Corporate Governance.

    Thanking you.

    Tower Resources (LON: TRP)
    Busy week for Tower. RNS’s galore. An Namibian Update. Much too long for the Smallcap so click HERE to read it. TRP also announced it is entering into a long term strategic partnership agreement with P.D.F. Limited, an international oil and gas exploration advisory group, to provide the Outsourced Exploration Department tailored to the expanding exploration and new ventures needs of the Company. Under this innovative OExD™ strategic partnership agreement Tower will secure access to an excellent integrated exploration team including long-term safeguards for corporate memory and data management. PDF will earn a portion of its fees in TRP shares, thereby gaining a stake in Tower and linking the success of the OExD™ to the overall performance of the Company. And the acquisition of a 20% carried interest in Marovoay Block-2102, onshore Madagascar. The acquisition is through the acquisition of Wilton Petroleum, a private UK registered exploration company. Wilton Petroleum’s sole asset is a 20% carried interest in Marovoay Block-2102, onshore Madagascar, in the Majunga Basin, which is operated by Ophir Energy plc through its subsidiary Ophir Madagascar Limited (“Ophir Energy”, 80%). Block-2102 covers an area of 8,444 km2 and possesses prospectivity across multiple play types within the Jurassic and Cretaceous age sequences. The first exploration well in Block-2102 is due to be drilled by mid-2014. It will target the Anjohibe prospect with mean prospective resources of c. 90mmbbls* of what is expected to be light volatile oil in Jurassic and Cretaceous plays. These are the onshore equivalent of the deep-water plays being explored by ExxonMobil in the Ampasindava Block to the north. This is one of over 20 prospects identified on the block. And finally a CPR Update which can be read HERE

    Xcite Energy (LON: XEL)
    Submitted its Environmental Statement for the Bentley Field Development to the Department of Environment and Climate Change for review. This will be subject to public consultation as soon as practicable, and is available through the Company’s website, www.xcite-energy.com

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