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The Smallcap Oil & Gas round up.

The famous, witty BMD smallcap oil & gas round up!

Back again. Tough to get this written up! Always struggle to get this out on time!

Chariot Oil & Gas (LON: CHAR)
Said this week that its wholly owned subsidiary, Chariot Brasil Petróleo e Gás Ltda, has signed a farm-out agreement with AziLat Limited through its local subsidiary AziBras Exploração de Petróleo e Gás Ltda. Following completion of this agreement, which is subject to the approval of the Brazilian authorities, AziLat will hold a 25% equity interest in Chariot’s BAR-M-292, BAR-M-293, BAR-M-313 and BAR-M-314 blocks in the Barreirinhas Basin, in return for paying 50% of the 3D seismic acquisition and processing costs to be incurred across these blocks. Chariot will remain Operator with a 75% equity interest. CHAR also said that it had raised approxi. £8.8 million from a placing of 58,596,038 new Ordinary Shares at 15p per share. Announced on 22 July 2014 and remains subject to fulfilment of the conditions within the Placing Agreement and admission of the Placing Shares to trading on AIM. It is now expected that the Placing Agreement will become unconditional and Admission will become effective no later than 08.00 on 29 August 2014. Following Admission the Company’s share capital will consist of 260,770,702 Ordinary Shares with a nominal value of 1p.

Falcon Oil & Gas (LON: FOG)
further to its press release of 2 May 2014, its 98% subsidiary, Falcon Oil & Gas Australia has completed its Farm-Out Agreement and Joint Operating Agreement with Origin Energy Resources, a subsidiary of Origin Energy and Sasol Petroleum Australia, a subsidiary of Sasol, each farming into 35% of Falcon’s Exploration Permits in the Beetaloo Basin, Australia. Key transaction details can be read by clicking HERE

Fastnet (LON: FAST)
Copies of the Annual Report for the year ended 31 March 2014 have today been sent to shareholders along with the Notice of Annual General Meeting. Copies are also available from the Company’s website. www.fastnetoilandgas.com

Fortune Oil (LON: FTO)
Has increased its interest in China Gas Holdings through an acquisition of 13,252,000 shares. The shares were acquired from the China Petroleum & Chemical Corporation as part of a share placement. The shares were acquired at a price of HK$14.80, a 5.1% discount to the closing price on the date the acquisition was made on 13 August 2014. Due to logistical constraints on the date the acquisition was made, the Acquired Shares were allotted to First Level Holdings, a substantial shareholder of the Company and private company controlled and beneficially owned by Mr Daniel Chiu, a Director of the Company. The Board has acknowledged an arrangement between the Company and FLH, where FLH will transfer all the allotted shares at cost (i.e. no profit or loss) to the Company, at the earliest convenience. The Company will indemnify FLH against all costs associated with the acquisition, financing and transfer of any Acquired Shares. The transfer is expected to be executed in coming days. The acquisition represents approximately 0.26% of the issued capital of China Gas. Upon transfer from FLH, the Company’s interest in China Gas will be 934,745,463 shares, or approximately 18.62% of total issued shares of 5,021,048,561, per China Gas’ most recent disclosure. This includes 737,374,000 shares already held by China Gas Group, the joint venture company in which the Company has a 50% interest, and 184,119,463 shares already held directly by the Company.

Kea Petroleum (LON: KEA)
Puka-3 well is being plugged and abandoned after reaching a depth of 2,200mMDRT. Ashes to ashes dust to dust!

Leni Gas & Oil (LON: LGO)
More oil. Not long now before lift off. Announces that well GY-668, the fifth of its planned 30 new development wells at the Goudron Field in Trinidad, and the fourth well from this drill pad, has been successfully drilled to a depth 1,946 feet measured depth. Based on independent petrophysical analysis of the electric logging the well intersected 191 feet of net oil pay in the Goudron Sandstones.

Magnolia Petroleum (LON: MAGP)
Released a Reserves Report & Production Update today which sent their shares on a rocket ride. Up 67% at time of writing. MAGP received an independent Reserves Report covering its leases in proven formations such as the Woodford and Mississippi Lime, Oklahoma, and the Bakken and Three Forks Sanish, North
Dakota, as at 1 July 2014. In addition, the Company has received an independent production report which has demonstrated an increase in Magnolia’s net daily production to 257 boepd as at 1 July 2014, up from 150 boepd as at 1 April 2014.

Mosman Oil and Gas (LON: MSMN)
Lodged with the Australian Securities and Investments Commission the Bidder’s Statement in relation to an offer announced by Mosman on 2 July 2014 to acquire all of the issued shares of Trident Energy, an Australian unlisted public company with onshore and offshore oil interests in Australia.
Click HERE for the link to the full Bidder’s Statement:

Nighthawk Energy (LON: HAWK)
Two bits of news this week from the US focused oiler. 1/ An update on production and development plans at its 100% controlled and operated Smoky Hill and Jolly Ranch projects in the Denver-Julesburg Basin, Colorado. Highlights; Average gross oil production from all wells in the calendar month of July 2014 was 2,007 bopd… Blackcomb 12-14 well at Arikaree Creek expected to commence production in August 2014… Cumulative gross oil production from the Arikaree Creek field has exceeded 700,000 barrels… Additional reserves at Arikaree Creek to be developed through horizontal drilling… 3D seismic and multi-well development program planned for Snow King discovery… Drilling rig currently on location at Jackson Hole 1-32 well. (Nighthawk has an average Net Revenue Interest of approximately 81.5% in the gross oil production) 2/ HAWK has secured a credit commitment from the Commonwealth Bank of Australia for a new US$100 million Reserve Based Loan. The RBL has a maturity of four years and an initial borrowing base and availability of US$35m. Nighthawk expects the addition of future reserves and production growth to add to the availability of the RBL. Interest rates will be at a competitive premium to US Libor rates and will enable the Company to substantially reduce its borrowing costs. Yes that’s right borrowing more money reduces your borrowing cost! What crock of shit!

Nostra Terra Oil & Gas (LON: NTOG)
The oil and gas exploration and production company with a growing portfolio of assets in the USA, announced the spudding of the 17th development well in which it has an interest in the Chisholm Trail Prospect, located in Oklahoma. The Wilson 3-8-5H well (CT-17) has spudded and is drilling forward. The well will be drilled to an approximate 11,700 foot measured depth, at a TVD of 6,500 feet, with a 4,200 foot lateral into the Hunton formation. Nostra Terra holds a 2.92% working interest in the well. The Wilson is an increased density offset well to the Jones (CT-8) which has been one of the best performing wells in the play. Both the Wilson and the Jones are operated by Stephens Production Company. Nostra Terra’s Chisholm Trail portfolio has varying size interests in 17 wells, 11 of which are producing with 6 in various stages of development, from permitting to fracking. All but two of the wells are in the prolific Hunton Limestone formation. Nostra Terra will make further announcements as the operations at CT-17 progress. Matt Lofgran, Chief Executive Officer of Nostra Terra commented: “The wells in the Chisholm Trail prospect are starting to reach payout. By participating in a portfolio of low-risk wells with other suitably qualified operators, we are able to both grow our revenue and also dedicate time to new assets where we’ll be the operator.”

Oilex (LON: OEX)
Said this week that Cambay-77H continues to produce light crude oil and gas as the well recovers frac water during clean-up. Cambay-77H crude oil recovered from flow-back operations is currently being transported to a nearby refinery for sale, where it attracts a price similar to Bonny Light Crude. Gas produced concurrently with crude oil during flow-back continues to be flared to ensure safety of all well-site personnel. Samples of the oil, gas and water have been shipped to facilities for analysis. Preliminary analyses of the recovered water have been received and confirm that the water is consistent with frac water and not formation water. Oilex is currently awaiting analysis results for the oil and gas samples.

PetroNeft (LON: PTR)
The oiler operating in the Tomsk Oblast, Russian Federation, is pleased to announce a number of significant actions following the completion of the Licence 61 Farmout to Oil India on 3 July 2014, in particular the re-commencement of drilling operations on Licence 61. All debt due to Macquarie and Arawak has been repaid; PetroNeft is now debt-free. Joint Venture Working Group has been established.. Work Programme and Budget for 2014 and 2015 finalised… Drilling crew mobilised to commence drilling of Tungolskoye No. 5 well within the next week… Second Drilling crew to re-commence production drilling at Arbuzovskoye will be mobilised shortly… The Sibkrayevskoye No. 373 delineation well will follow the Tungolskoye No. 5 well… Seismic acquisition crew mobilised to commence operations for the acquisition of 1,000 km of high resolution 2D seismic in Q1 2015… Following the completion of the Farmout of a 50% interest in Licence 61 to OIL on 3 July 2014 a number of significant activities have taken place.

Roxi Petroleum (LON: RXP)
The Central Asian oil and gas company with a focus on Kazakhstan, updated the market with news of the deep discovery at its flagship BNG asset together with progress at its BNG shallow Well 143 and at Well NK-31 at its Galaz Contract Area. Click HERE to read

Salamander Energy (LON: SMDR)
North Kendang-2 exploration well (“NK-2”) was plugged & abandoned this week as SMDR announced that first oil has been received in the tanks of the newly converted Suksan Salamander Floating Storage and Offtake Vessel at the Bualuang field in the Gulf of Thailand. This is the culmination of the planned upgrade to the field’s facilities which targets a reduction in operating costs of up to $25 million per annum. New power and processing modules were loaded out to the Bravo platform in the first half of the year. These have been operating smoothly since hook up and commissioning in May. The FSO arrived on location in July. Following hook up and commissioning the new FSO is now fully operational. As well as halving the day rate of the production vessel, these upgrades double water handling capacity, increase potential production rates and extend the productive life of the field. The Rubicon Vantage Floating Production, Storage and Offtake vessel will depart the field in the coming weeks. Salamander Chief Executive James Menzies commented: “We have upgraded production infrastructure in the Bualuang field on both time and budget. The new facilities enhance the value of the field, minimise the risk of future downtime and mean we are well positioned for the next phase in the field’s growth.”

San Leon Energy (LON: SLE)
An AIM listed company focused on oil and gas exploration in Europe and North Africa, provided an update this week. You can read it by clicking HERE San also

22 August, 2014
The Smallcapcap Oil & Gas round Up.

The famous, witty BMD smallcap oil & gas round up!

Busy week for me personally next week. We head back to the Royal Courts of Justice. Watch this space. Great on-going story developing.

Eland Oil & Gas (LON: ELA)
An oil & gas development and exploration company operating in West Africa with an initial focus on Nigeria, announces that Elcrest Exploration and Production Nigeria Ltd, Eland’s joint venture company, has received approval of a five year tax exemption on the OML 40 licence. On 13 March 2014, the Company announced that Elcrest was in discussions with relevant government departments in Nigeria regarding its tax status. These discussions have now been concluded successfully and Elcrest has received approval of the five year tax holiday on its OML 40 development. This five year period begins immediately through to Q2 2019.

Global Energy Development (LON: GED)
Updated on the fracturing of the Catalina #1 Simiti formation in the Company’s Bolivar Association Contract located in the northern section of the Magdalena Valley in Colombia, South America. Steve Voss, Global’s Managing Director, commented, “The Company is pleased with the favourable reservoir information confirmed during the preliminary water flow back stage of our Simiti stimulation project. We are still flowing back the extensive amount of injection water used in the hydraulic fracturing operation. The flow back is anticipated to be affected by the degree of reservoir connectivity which will affect how deeply the stimulation water has penetrated the reservoir. To accelerate the process, we are planning to install a hydraulic jet pump capable of lifting up to 3,000 barrels of fluid per day to remove the stimulation water from the Simiti formation in order to produce the available oil. After a period of testing, the Company estimates that it will have further information available prior to the end of July. We continue to be pleased with the project.” The Simiti Hydraulic Stimulation Project has been managed in several segments including Planning, Logistics, Stimulation Operations, Flow back Operations and Production Testing. The Company is providing a detailed update which can be read by clicking HERE

Jubilant Energy (LON: JUB)
Two operating subsidiary companies in India entered into funding arrangements with Tower Promoters Private Limited for unsecured loan facilities aggregating to INR 57,00,00,000 (Rupees Fifty seven Crores) equivalent to approximately USD 9.5 Million. The Loan has a tenor of one year and an interest rate of 15.5% per annum. These funds will be used for funding the operations of the Group including debt repayments and servicing. The Loan is deemed to be a related party transaction pursuant to AIM Rule 13. The Independent Directors of the Company, having consulted with its nominated adviser, consider that the terms of the Loan are fair and reasonable insofar as its shareholders are concerned.

Leni Gas & Oil (LON: LGO)
More good news this week from Mr Marmite. Well GY-666 has been successfully drilled to a total depth of 3,357 feet measured depth and that analysis of the electric logs has indicated the presence of a total of at least 394 feet of net oil pay; with 185 feet of net oil pay in the Goudron Sandstone, as previously announced, and a further 209 feet of net oil pay in the Gros Morne Sandstone.

Madagascar Oil (LON: MOIL)
Released their full year results for the year ended 31 December 2013 with an operational update. Much too lengthy for the smallcap oil & gas round up. Click HERE to read it.

Max Petroleum (LON: MXP)
Has commissioned a new oil pipeline, and associated Makat oil terminal facility, connecting its Zhana Makat field with the regional oil export pipeline approx. 10km away. It is now possible to deliver oil directly from the Zhana Makat Central Processing Facility to the national Kazakh pipeline network enabling direct delivery of both domestic and export oil sales. Oil produced at the Zhana Makat, Borkyldakty, Sagiz West and East Kyzylzhar I fields can now be transported to end users using this pipeline at a transport cost saving of approximately US$4.0/ barrel. Asanketken field production will continue to be transported to a terminal closer to that field. The quantity of oil being delivered via the pipeline is now ramping up to a total of approximately 3,400 barrels of oil per day, being the total volume that is currently available to be transported via this route. It is expected that there will be an annualised transport cost saving of approximately US$4.9 million once this ramp-up is complete. The volume of oil being transported via the pipeline is expected to increase further as production is increased from Sagiz West and East Kyzylzhar I once continuous Trial Production commences from these fields, expected in 2015.

Mosman Oil & Gas (LON: MSMN)
Careful here campers. With money burning a hole in the Mosman pocket; MSMN has entered into a binding Bid Implementation Agreement pursuant to which it is proposing to acquire all of the issued shares in Trident Energy, an Australian unlisted public company with onshore and offshore oil interests in Australia The Company released another “weekly” progress on its drilling programme at the Petroleum Creek Project, New Zealand. The Drill Force Rig #1 crew is moving the rig to the Crestal-1 location and drilling on this well will start in a few days. Anticipated activity this week is to drill to total depth of 250 m, complete wireline logs, and then suspend the well for future testing. (How big are these discoveries? No word from Mosman.) Mosman has started to acquire the additional seismic required to rank the following prospects, to select the best locations in order to drill a further four wells during 2014: Crestal-2, Blair Road, Big Rock, Killeen, Molloy’s Creek, Bells Gully, Pipers Creek and Onganui (a new prospect resulting from further SRK work on the seismic data base). Geological and geophysical work continues. (How big are these discoveries? No word from Mosman.) This foundation work is essential to ensure the sensible exploration of the permit. Seismic data obtained in the next few months will be incorporated in models, and decisions on which wells to drill next will be made in October, with the next phase of drilling expected to commence in November 2014. (Once again. How big are these discoveries? No word from Mosman.) (Sorry yes there was. Another “weekly report” but still no word on just how big these discoveries are…..)

New World Oil & Gas (LON: NEW)
An oil and gas operating company, currently focused on Belize and Denmark, released its final audited results for the year ended 31 December 2013. The audited accounts are being sent to shareholders on or around 1 July 2014 and are available on the Company’s website: www.nwoilgas.com.

Northcote (LON: NCT)
Provided its final results for the year ended 31 December 2013. In addition, the Company gives notice that its Annual General Meeting will be held at 10.00am on Thursday 10 July 2014 at the offices of Kerman & Co LLP, 200 Strand, London, WC2R 1DJ. The Notice of AGM will be posted to shareholders and will be available on the Company’s website today at www.northcoteenergy.com where the full Report and Accounts for the period under review can also be found.

Northern Petroleum (LON: NOP)
The AIM quoted oil company focusing on production led growth, released an operations and production update on the Virgo redevelopment project in north west Alberta, Canada. Click HERE to read it.

Oilex (LON: OEX)
Announces that a Stage 1 fracture stimulation has been successfully completed. Subsequently, Cambay-77H started unaided flowback with indications of gas at surface within 24 hours while other operations were ongoing.

Petrel Resources (LON: PET)
The Company announces it has posted the Annual Report and Accounts for the year ended 31 December 2013 to shareholders, together with Notice of the Annual General Meeting to be held at 11am on 31 July 2014 in The Westbury Hotel, Grafton Street, Dublin 2. Copies of the Annual Report are available on the Company’s website at www.petrelresources.com

Petro Matad (LON: MATD)
Final Results. Click HERE to read them

PetroNeft (LON: PTR)
Updates on the Licence 61 Farmout to Oil India Limited. All Russian Regulatory Approvals received. Completion of transaction expected in the coming days. All debt to be repaid. Drilling to re-commence at Licence 61. On 30 June 2014 Russian Regulatory Approval was granted in respect of the Licence 61 Farmout. Formal completion of the transaction and receipt of funds is expected in the coming days, with all debt due to Macquarie and Arawak repaid from the initial proceeds of US$35 million due at completion. PET expect to commence drilling at Tungolskoye in mid-July. The T-5 well will be the first horizontal well drilled by the Company and is expected to take approximately 60 days to drill. Dennis Francis, CEO, commented: “I’m delighted to confirm that all of the conditions precedent on the Licence 61 Farmout are now fully satisfied and I look forward to formally confirming to shareholders that the transaction has been completed and all funds received. We will re-commence drilling at Licence 61 shortly and I look forward to updating shareholders with the results of this exciting programme.”

Providence Resources (LON: PVR)
3D seismic surveying operations have commenced on its Drombeg oil exploration prospect in the southern Porcupine Basin, offshore south-west Ireland. The Drombeg prospect, which is situated in Frontier Exploration Licence (FEL) 2/14, is a significant Lower Cretaceous stratigraphic amplitude/AVO supported exploration target. The prospect is located in c. 2,500 metre water depth and is c. 220 kilometres off the west coast of Ireland. FEL 2/14 is operated by Providence (80%) on behalf of its partner Sosina Exploration (20%). Providence has agreed to licence c. 1,100 km2 of 3D seismic data over Drombeg, which is being acquired by Polarcus MC Limited as part of a minimum c. 4,300 km2 non-exclusive multi-client survey. This is one of the largest ever 3D seismic surveys to have been acquired offshore Ireland and is utilising the M/V Polarcus Amani, which is an ultra-modern, super high ice-class, next generation seismic vessel that is one of the most advanced in the world.

Salamander Energy (LON: SMDR)
Has spud the North Kendang-2 exploration well, a re-drill of the North Kendang-1 well in the South East Sangatta PSC. Salamander has a 75% operated interest in the South East Sangatta PSC. NK-2 will be drilled to a depth of approximately 2,878 m total vertical depth sub-sea in order to evaluate the Upper Miocene section. The Ocean General semi-submersible rig, which has now been fitted with managed pressure drilling equipment to enable it to manage the anticipated pressure regime, will be used to drill the NK-2 well. NK-1 was drilled to 2,535 m TVDSS when it encountered a high pressure wet gas kick in the Upper Miocene, which led to it being plugged and abandoned on 13th April 2013. Costs related to the NK-1 well control incident, and to drilling the NK-2 well to this same depth, are covered under the Company’s insurance policies.

San Leon Energy (LON: SLE)
The AIM listed company focused on oil and gas exploration in Europe and North Africa, released its audited final results for the year ended 31 December 2013. Click HERE to view them. SLE has signed a joint venture agreement with Palomar Natural Resources across seven Concessions in Poland’s Permian Basin initially focused on developing the discovered, unproduced Siekierki and Rawicz gas fields. In return for a 65% working interest in the Southern Permian Basin and Northern Permian Basin Concessions, PNR has paid upfront to San Leon $5 million and $15 million, respectively, in cash and will carry San Leon for a defined initial work programme aimed at bringing the Rawicz and Siekierki fields into production as soon as possible. PNR will become the operator of all of the Concessions.

Sirius Petroleum (LON: SRSP)
Final Results Click HERE to read them.

UK Oil & Gas Investments (LON: UKOG)
Announced a 230% increase in oil production from the conventional Lidsey Oil Field, near Bognor Regis south of London, from 34 barrels of oil per day in May 2014 to a current rate of 113 bopd of 34 API oil after a successful recompletion programme on the Lidsey-1 well. David Lenigas, UKOG’s Chairman commented: “This is an excellent result for Lidsey. Each phase of well workovers on the Lidsey-1 well has been successful since the workover programmes started on the field at the end of last year. UKOG looks forward to the drilling of the proposed new Lidsey-2 well later this year, which is designed to access the crest of the Greater Oolite reservoir and the majority of Lidsey’s Oil in-Place. UKOG (DOR, SOLO, STG,) also look forward to a very active programme over the coming 6 months with our partners Angus Energy here in the UK, especially with the drilling of the Horse Hill-1 well near Gatwick later this month and the drilling of the proposed Brockham side-track well in the same geographical area once final approvals have been granted.” The Lidsey Oil Field is a long standing producing oil field in the Weald Basin near Bognor Regis, and is held under United Kingdom Production Licence PL 241. Lidsey has a fully permitted and operation 2,000-barrel storage facility and its oil is regularly trucked and sold to the Perenco Oil Refinery. On 13 March 2014, UKOG announced the conclusions of the independent reserve and resource reports (“CPRs”) prepared by RPS Energy Consultants Limited (“RPS”) for both the Lidsey and Brockham Fields in the Weald Basin, a copy of which is available from the Company’s website at www.ukogplc.com

Xcite Energy (LON: XEL)
Announces that its 100% subsidiary, Xcite Energy Resources, has entered into a Memorandum of Understanding with Aibel AS, which sets out the principles for executing the Engineering, Procurement and Construction of the Ove Arup & Partners designed self-installing ACE platform selected for the Bentley field. Aibel will work with AMEC, the international engineering and project management company, acting as XER’s Project Management Contractor, to deliver the ACE platform. XER believes that the combination of the AMEC, Arup and Aibel project management, engineering, and construction experience will deliver a quality and cost effective asset.

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

The famous, witty BMD smallcap oil & gas round up!

Another week has passed in the Smallcaps underverse. What a cracking week it’s been. Dominated by LGO, SOU, CAZA & NTOG. Oilers that have been highlighted over the last year or so as ones to watch. I’ve taken a shine to http://www.malcysblog.com/ good information/opinion coming through. I interviewed David Lenigas this week Read it HERE. What a funny guy! Told him to pack those fags in! Not sure he understood that one. Started rambling on about Hampstead Heath. I thought he was talking slang for “Teeth” told him to get his cavity drilled and filled. Double-entendres galore. Right that’s enough of that! Great write up this week. Enjoy it.

Bowleven (LON: BLVN)
Said this week that a significant milestone has been achieved in the development of the Etinde Permit. Following a Special Operating Committee Meeting, held between the Cameroon State and the Contractor (EurOil and its partner CAMOP) on 21 May 2014, a formal resolution confirming the State’s support and approval of the Etinde Exploitation Authorisation Application (EEAA) has been signed. The formal decree is expected to follow in due course.

Caza Oil & Gas (LON: CAZA)
Has drawn an advance of US$10,000,000 pursuant to its Note Purchase Agreement with Apollo Investment Corporation, an investment fund managed by Apollo Investment Management. With this advance, the Company has drawn an aggregate of US$45,000,000 from the facility, which contemplates Apollo purchasing up to US$50,000,000 of senior secured notes, subject to specified performance and financial requirements. The Company plans to use proceeds from this advance to fund development drilling at West Copperline, Gramma Ridge, Forehand Ranch, Marathon Road and Jazzmaster properties. Forehand Ranch development drilling will concentrate on the Cherry Canyon formation, while development drilling on the other properties will focus on the Bone Spring formation. Heavily tipped at 8p by one of my twitter followers @ABMckinley who just happens to be an offshore oilman. Knows his stuff does @ABMckinley.

Faroe Petroleum (LON: FPM)
Announced the spudding of the Centrica-operated Butch South West exploration well 8/10-6S (Faroe 15%). Butch South West, which is adjacent to the Company’s 2011 Butch discovery, is situated in approx. 65 metres water depth in the Norwegian North Sea, close to significant existing infrastructure with the giant Ula field approximately seven kilometres to the north-west, Tambar approximately ten kilometres to the south west and Gyda approximately 20 kilometres to the south. The significant Butch Main oil discovery (Faroe 15%) was made in late 2011 and contains a light crude oil in a high quality reservoir, the Upper Jurassic reservoir of the Ula formation. The Butch South West exploration well is located in a separate segment from both the Butch East well, the results of which were announced on 12 May 2014, and the Butch Main well. How many times do they need to keep using the word “Butch?”

Independent Reources (LON: IRG)
Are proposing to raise funds of up to £2.76 million (before expenses) by way of an equity fundraising of up to 91,903,213 New Ordinary Shares at an issue price of 3 pence per share, through the Placing and Open Offer.

Leni Gas & Oil (LON: LGO)
The champagne corks have been popping this week. What a week it’s been for LGO share-holders. Goudron oil production has kicked in at 240 bopd on a restricted choke. The well is flowing under its own pressure through a 7/32-inch choke at a wellhead pressure of 660 psi, without any water or sand production. While the 2nd development well, GY-665, in the 30 well drilling campaign, has already intersected approx. 310 feet of gross oil sand in the Goudron sandstones. Neil Ritson, LGO’s Chief Executive, commented: “This is a very significant outcome and I am sure it will be completely transformational for the field and the Company. As the first new production well on the field for over 30 years, GY-664 was drilled with an on-balance mud system and completed with modern tubing conveyed guns. The initial flow rate demonstrates the value of this approach; exceeding the historic averages four-fold. We fully expect many more similar results as the drilling campaign progresses and indeed well GY-665 is already showing consider able potential.” LGO also announced that it has completed the full Equity Swap Agreement with YA Global Master SPV, which has now agreed to provide a total of £1,407,404 in cash funding under the Placing and Equity Swap Arrangements of 23 December 2013. The swap has been terminated. Hooray!

Mosman Oil & Gas (LON MSMN)
Drilling has started (spudded) today, on the first of its three planned wells in the 2014 drilling programme, at its Petroleum Creek Project in New Zealand. On the first well, Cross Roads-1, Mosman plans to test Eight Mile and Cobden Limestone formations known to contain oil in offset wells. The well is being drilled vertically from a newly constructed well pad to an expected total depth of 400 m.

Nostra Terra Oil & Gas (LON: NTOG)
Released their Final Results for the year ended 31 December 2013. You can read them by clicking HERE

Ophir Energy (LON: OPHR)
Said the successful results of the Taachui-1 & subsequent Taachui-1 ST1 well in Block 1, Tanzania has resulted in a new gas discovery. Ophir holds 20% of Blocks 1, 3 and 4. BG Group operates with 60%. The Taachui-1 well was drilled by the Deepsea Metro I drillship close to the western boundary of Block 1. The well was sidetracked for operational reasons to complete as the Taachui-1 ST1 well and was drilled to a Total Depth of 4215mMD. The well encountered gas in a single gross column of 289m within the targeted Cretaceous reservoir interval. Net pay totalled 155m. Observed reservoir properties are in-line with those encountered at Mzia, the other Cretaceous-aged discovery on Block 1. Estimates for the mean recoverable resource from the discovery are c.1.0 TCF. The size of the gas column is such that the discovery could extend into a second compartment to the west which has the potential to be of a similar size. An appraisal well will be required to confirm this upside and is under consideration by the JV partners. A Drill Stem Test will now be performed on the Taachui discovery with results expected before the end of June.

Petroceltic International (LON: PCI)
More debt & dilution came this week from the Serial debtors/diluters as they yet again passed the hat around to the tune of $100,000,000 million dollars! Using the very same cock reasons as the last time and the time before that and… The bullshitters also released an operations update this week. Click HERE to read it.

Petrel Resources (LON: PET)
The board of the Company announces that the legal proceedings being pursued in the High Court in Accra, Ghana in relation to the Tano 2A exploration licence have been temporarily adjourned while discussions take place. Settlement?

Providence Resources (LON: PVR)
Presented 2 papers at an industry conference in Dublin this week. The company provided a general overview of its Irish portfolio as well as a technical paper on the Drombeg oil prospect. Copies of these presentations are now available for download from the company’s website, www.providenceresources.com

Range Resources (LON: RRL)
Released a Company update with the following highlights: As a result of the recent debt repayment, the total outstanding debt of the Company is forecast to reduce from $US10.5 million (as reported on 30 April 2014) to approximately GBP 75,000 by the end of June 2014. The Company’s equity interest in Citation Resources Limited (ASX: CTR) has reduced to 6.67%. Following this change, Range will have a direct and indirect interest of approximately 24% in the Guatemalan Project (previously 32%).

Rockhopper Exploration (LON: RKH)
Announced that a drilling unit has been contracted by Premier Oil to drill a minimum of four firm wells in the North Falkland Basin. RKH also released their finals today. Which can be read by clicking HERE

Roxi Petroleum (LON: RXP)
Updates the market with operational progress at its Galaz and BNG assets and released their final results which can be read by clicking HERE

Tethys Petroleum (LON: TPL)
Has completed drilling and logging of the AKK20 exploration well, the fourth well in its 2014 shallow gas drilling programme in Kazakhstan. The well was drilled to a depth of 681 metres with hydrocarbon shows and electric logs indicating the presence of hydrocarbons within the target Tasaran sand, although testing will be required on this well to confirm commerciality.

Tower Resources (LON: TRP)
The AIM-listed Africa-focussed oil and gas exploration company, announces the completion of its farm-in to Block 2B, onshore Kenya. Click HERE to read it!

Union Jack Oil (LON: UJO)
Announced a potential material unconventional shale oil and gas in place within the northern section of PEDL201, in which Union Jack holds a 10% interest. An independent technical review has been undertaken by Molten Limited. The results of this work indicate that the mean gross unrisked deterministic in place volumetric estimates approximate to 5.4 billion barrels of oil and over 2.7 trillion standard cubic feet (scf) of gas. The technical report, prepared by Molten, examines the shale resource potential of part of PEDL201 within the Widmerpool Gulf

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

Yep! It’s a good one this week!

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Yep! It’s a good one this week!

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

17 May, 2014
The Smallcap Oil & Gas Round Up!

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Amerisur Resources (LON: AMER)
Reported an update on the Platanillo Exploration and Production contract in Colombia. Amerisur has been notified that the Agencia Nacional de Hidrocarburos, the governing body of hydrocarbon exploration and production in Colombia, has approved a request by the Company to increase the commercial area of the Platanillo field. This further extension of the southern part of the field will extend the current contract essentially to the national frontier with the Republic of Ecuador and is made without associated drilling obligations or payments. AMER expects to sign the required annexe to the Platanillo E&P contract within the next weeks, and is currently designing the wells which will be drilled to drain the additional field area awarded.

Bankers Petroleum (LON: BNK)
Announces 2014 First Quarter Financial and Operational Results. Which can be viewed by clicking HERE

Circle Oil (LON: COP)
Updated on their Egyptian operations this week. The AASE-21 well was spud on 9 March 2014 and is located about 1,100 metres south-east of the AASE-4 well and 750 metres north-west of the AASE-1X well to appraise both the Shagar and Rahmi sands for production. The well encountered the Kareem sands with 19 feet of net oil pay in the Shagar and 4 feet of net oil pay in the Rahmi, both zones of good reservoir quality. The well has been completed as a Shagar producer & initial short term testing has yielded flow rates, on a 48/64″ choke, of 3,005 bopd and 3.228 MMscf/d of gas (587 boepd) for a total of 3,592 boepd. Current gross daily production rate over the last month from the AASE and Geyad fields continues at approx. 11,000 bopd & 11 MMscf/d. Total gross production from the NW Gemsa fields has now exceeded 15.3 MMbo of 42 degree API crude oil with a water injection total of 19.9 MMbw. After drilling the AASE-21 well the rig was moved to drill AASE-22, planned as an infill support injector well, 500 metres north and up dip of the AASE-8 injector in the western central part of the field. Following completion of AASE-22 the rig will be released on sub contract for the rest of 2014. A dynamic reservoir model to assess reservoir behaviour for the future is in construction to provide input for the effective and efficient management of the AASE field. This reservoir management study will also permit the planning for any future infill drilling both for producers and injectors to maximise reserve recovery for the medium and long term. The Al Amir and Geyad Development Leases cover an area of 82 square kilometres, and lie about 300 kilometres south-east of Cairo in a partially unexplored area of the Gulf of Suez Basin. The concession agreement included the right of conversion to a production licence of 20 years, plus extensions, in the event of commercial discoveries. The NW Gemsa Concession partners include: Vegas Oil and Gas 50% operator; Circle Oil 40%; and Sea Dragon Energy 10%.

Edge Resources (LON: EDG)
Said it was “very pleased” to have finalised its Competent Person’s Report, which has resulted in a large increase to its year-end reserves. The Company also issued an operational update. Which can be viewed HERE

Falcon Oil & Gas (LON: FOG)
He who has kissed the Blarney stone, Phillip O’Quigley, take a bow. Falcon released an RNS titled; Transformational Farm-Out of Beetaloo Unconventional Acreage, Northern Territory, Australia. Click HERE

Fastnet Oil & Gas (LON: FAST)
Tanked this week as the company had to utter those immortal words that send investors running for cover. Plugged & Abandoned. In Morocco, the FA-1 well in the Foum Assaka Offshore block will be plugged and abandoned after failing to encounter commercial hydrocarbons.

Global Energy Development (LON: GED)
Has signed a farm-out agreement with respect to its Bocachico Association Contract area, in the Middle Magdalena Basin, with Everest. Under the terms of the Agreement, Everest will acquire a 50% interest in the Contract Area, including any and all rights, obligations and duties in respect of the Contract Area in exchange for payment of the work commitments stipulated in the Agreement and the cash payment of $1 million. The Agreement is subject to certain conditions, including Ecopetrol approval. Under the Agreement, Everest commits to undertake the funding of a work program with respect to the Contract Area, including an obligation to pay all future costs and expenses incurred with respect to the proposed operations:

Ithaca Energy (LON: IAE)
Updated on their Greater Stella Area operations & overall development schedule. Continued progress has been made on execution of the main GSA development work programmes since the start of 2014. Construction activities on the main deck of the FPF-1 have been advancing and are currently centred on fit-out of the main pre-assembled units that were lifted on to the vessel in the first quarter of the year along with preparation for the installation of additional equipment packages. While progress has been made on the FPF-1 modification works over recent months, the topsides construction programme has advanced more slowly than planned. As a consequence, Petrofac is now forecasting that the vessel will be ready for sail-away from the Remontowa yard in Poland to the Stella field in spring 2015. This schedule is anticipated to result in first hydrocarbons from the GSA hub in mid-2015.Ithaca is working with Petrofac to expedite the remaining construction and commissioning works on the FPF-1. Updates on the progress of the modification works will continue to be provided at regular intervals over the coming months. The delayed start-up is estimated to be between $5-10 million, relating primarily to project management costs.

Leni Gas & Oil (LON: LGO)
It’s been a fantastic month or so for David Lenigas, Neil Ritson & LGO share-holders. The SP has started on a trajectory that DL thinks will break 2p. Leni announced that the first new development well in the Goudron Field, GY-664, successfully reached a depth of 1,680 feet at 7 am (Trinidad) on 3 May 2014, after logging and casing was reported to be drilling ahead midnight on 5 May 2014. A full suite of conventional electric logs have been run to 1,680 feet and initial analysis of those logs confirms the presence of over 350 feet of hydrocarbon bearing Goudron Sands. The first casing point was deepened from an anticipated depth of 1,540 feet to 1,680 feet due to the well encountering a thicker than expected section of oil bearing Goudron Sands. The first 1,680 feet of well has now been successful cased and cemented with 9 5/8 inch steel casing. Drilling is now continuing with an 8 1/2 inch hole section to a planned total depth of approximately 4,000 feet in order to test the primary objectives in the Gros Morne and the Lower Cruse Sands at depths below 2,800 feet. Lenigas is now in Trinidad tweeting some (amateurish) photographs directly from the field! But we here at the BMD blog admire a tryer. Stick to oil David!

Madagascar Oil (LON: MOIL)
Released a Declaration of Commerciality and Field Development Planning statement this week. The Tsimiroro Oil Field, the Group’s flagship asset, is a giant heavy oil field in western Madagascar with independently audited contingent oil in place of 1.7 billion barrels (P50) Stock Tank Oil Originally In Place. Madagascar Oil S.A. has been operating the SFP since April 2013 and the data from the SFP, together with field development, technical and marketing studies have been used to support this weeks declaration of a Commercial Discovery under the terms of the PSC. The Group plans to continue to operate the SFP throughout 2014 and into 2015 to provide additional data on how the Tsimiroro Amboloando reservoir responds to both Cyclic Steam Stimulation and steam-flood thermal recovery methods to inform the future development plans for the Licence. MOIL proposes to commence development of the well-defined high quality reservoir areas close to the existing SFP area, while also addressing the geological uncertainties in other areas of the Tsimiroro Main Field. Appraisal programmes including drilling, seismic acquisition & the newly tested land magnetometer techniques are being prepared for implementation in 2014 and 2015.

Magnolia Petroleum (LON: MAGP
Poor Rita. You were all warned about this company many times. Click HERE to read the latest fantastic news. (Not)

Max Petroleum (LON: MXP)
Announced further successful drilling results in the East Kyzylzhar I Field. The KZIE-4 appraisal well has reached a vertical depth of 1,318 metres with electric logs indicating 15 metres of net oil pay in two Jurassic reservoirs, including ten metres of net pay in an interval at vertical depths between 837 and 861 metres and five metres of net pay in an interval at vertical depths between 1,155 and 1,171 metres. Reservoir quality is excellent with porosities ranging from 30% to 36%. The Company is setting production casing in the well and will begin testing KZIE-4 as soon as practicable. The Zhanros ZJ-30 rig will next move to drill the KZIE-3 appraisal well before moving onto the Zhana Makat field.

New World Oil & Gas (LON: NEW)
Has signed a Binding Framework Agreement for oil production in Kuwait and updated on a Subscription to raise US$25 million. The company has continued to work with the Subscriber, Niel Petroleum SA to complete the subscription on the agreed terms. In line with this, New World has been informed that Dr. Muaaz KH M Alfahaid, a Kuwaiti national representing Al Maram Trading & Contracting LTD, will be acquiring a 20% ownership stake in Niel for a consideration of US$20 million, and in turn Niel will be using this consideration to complete the Subscription with New World.

Nighthawk Energy (LON: HAWK)
Released a drilling and production communique at its 100% controlled and operated Smoky Hill and Jolly Ranch projects in the Denver-Julesburg Basin, Colorado. The Snow King 13-33 well commenced production on 12 April 2014. Average gross oil production from all wells in the 24 day period since Snow King 13-33 commenced production was 2,153 bbls/day. Over this period the Snow King 13-33 well performed strongly with the average gross production rate at the upper end of the 300-400 bbls/day range. Applications for permits to drill three additional Snow King wells have been submitted to the State of Colorado and these wells will be scheduled into our drilling program this summer. Average gross oil production in April 2014 was 1,998 bbls/day, a monthly record production level. Production in April benefitted from the commencement of production at Snow King 13-33 and a steady 100 bbls/day contribution from the Pennsylvanian formation in the John Craig 1-2 well. The drilling rig has completed the drilling of the John Craig 2-2 well and is expected to spud the John Craig 10-10 well within the next few days. Based on the recent success with Pennsylvanian production at the John Craig 1-2 well, the primary targets for additional production in these wells are the Pennsylvanian Morrow, Cherokee and Marmaton formations. Both wells will collect further valuable data on the Mississippian formations in this area which is some 25 miles south of Arikaree Creek. Completion of the John Craig 2-2 well will commence next week and a number of potential oil bearing zones will be evaluated and tested. Financing Arrangements As previously disclosed discussions are currently underway with a number of potential providers of finance with the objective of re-financing all existing short-term, non-convertible loans with new longer term borrowing facilities. The Board is confident that these discussions will be successfully completed within the next two months.

Northcote Energy (LON: NCT)
Has entered into a heads of terms agreement to acquire a 35% interest in and become operator of the producing wells at the 1,670 gross acre Shoats Creek Oil Field in Beauregard Parish, Louisiana. Northcote will initially acquire a 70% interest in the Shoats Creek Field from Springer Oil & Gas and will simultaneously farm-down 50.0% of this interest (35%) to North American Petroleum plc (‘NAP’) on the same terms. The acquisition of the 70% interest is to be satisfied via issue of Northcote ordinary shares valued at US$350,000 (valued at the date of closing); and a production payment of $10.00 per barrel up to a maximum of US$3.15 million. On completion of the farm-down to NAP, NAP will make a payment to Northcote of US$175,000 in cash and will assume 50% of Northcote’s production payment (US$1.575million). In parallel Springer has agreed to acquire 100% of the ordinary share capital of Aminex USA Inc for total consideration of $5,000,000. Click HERE to read the May 2 2014 Operations Update

Nostra Terra Oil & Gas (LON: NTOG)
Announce that, in line with its increase in production, there has been a 120% increase in the borrowing base on its US$25m Credit Facility to US$1,100,000. In addition, the Company also announces the collection of US$231,000 from Richfield Oil and Gas. The redetermination has been approved by Texas Capital Bank and the borrowing base has been immediately increased from US$500,000 to US$1,100,000. Nostra Terra will use the increased funds available to expand its portfolio further. CEO Matt Lofgran, said: “The increase in the Facility and the collection from Richfield gives us an additional US$831,000 to be used in the field to continue growing our portfolio. I’d like to add that the increase in the Facility’s borrowing base doesn’t take into account the newest wells in our portfolio where Nostra Terra has an 11% and 20% working interest. Once those wells have stabilised production we anticipate a significant increase in production and subsequently a further increase in the borrowing base. This should help demonstrate the ability for the Company to grow its production and cash flow without the need for dilution to shareholders.”

Petro Matad (LON: MATD)
Provided a rather long winded update on its operations, results of the interpretation of the 220 kms of seismic acquired over Blocks IV and V in November 2013 and the continuing farmout process RNS. You can read it by clicking HERE

Range Resources (LON: RRL)
More bad news from Range as the company once again tried to pull the wool over their share-holders. Cash strapped Range, announces that, given its focus on Trinidad, it has made a “strategic decision” for a partial withdrawal from Colombia and has relinquished its investment obligations on PUT-7 block in the Putumayo Basin in Colombia. In relation to PUT-6 block or to the $3.48 million performance bond that it holds over PUT-6. The Company is currently reviewing its options with regards to PUT-6 and will update the market accordingly in due course. Or to put it plainly. They’re looking to flip-on the PUT-6 option so they can get their hands on the $3.48 million bond. Range then went on to announce yet another debt for equity share issue of 25,000,000. Rotten to the core.

Salamander Energy (LON: SMDR)
Issued an Interim Management Statement for the period from 1 January 2014 to 6 May 2014. Click HERE

Sterling Energy (LON: SEY)
Has signed a second Farmout Agreement with Jacka Resources Somaliland to acquire an additional 15% interest in the Production Sharing Contract for the Odewayne Block, located onshore in the Republic of Somaliland. Click HERE

Wessex Exploration (LON: WSX)
What in the name of Jumping Jehovah is going on at Wessex? This weeks sharp rise in the share price looks like a manipulation caused by the on-going battle for control of the company. Wessex came out and said that it remains in advanced negotiations regarding a potential acquisition which, on completion, would result in the addition of a prospective offshore asset in the Far East. The acquisition which only came to light AFTER Milroy Capital requisitioned a General Meeting (to kick out the failed board) scheduled for 15 May 2014. The unknown mysterious Far East Acquisition will only proceed if the resolutions proposed by Milroy Capital are defeated. Does Wessex think that we were all born yesterday? The fact that this rotten failing BOD have the audacity to attempt such a schoolboy trick on UK Share-holders is proof positive that share-holders should vote them OUT!

Xcite Energy (LON XEL)
Said that its 100% owned subsidiary, Xcite Energy Resources (“XER”), has entered into a Collaboration Agreement with Statoil (U.K.) and Shell U.K, which allows all the Parties to make available and share field-specific technical and operational information for the evaluation of potential synergies and collaboration between the Bentley and Bressay Fields. A joint XER, Statoil and Shell team will work together to analyse the current available information and develop a number of proposals for assessment, including the potential utilisation of common infrastructure, assets and operational solutions during the phased development of the Bentley Field and the future development of the Bressay Field. XER believes that collaboration in a number of key areas, along with a coordinated approach to an area development, will realise a number of mutual opportunities which have the potential to benefit all stakeholders.

9 May, 2014
YOU DECIDE! Quindell PLC versus Gotham City Research LLC.

I can feel an infamous Brokermandaniel Poll coming on!

There’s an almighty spat blazing in the City of London between London AIM Listed Quindell PLC LON:QPP & the secretive Gotham City Research LLC. Time for a poll.

YOU DECIDE!

[polldaddy poll=8008936]

Viva!

BMD

30 April, 2014
The Smallcap Oil & Gas round up

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

25 October, 2013