Tag: Solo Oil

The House of Solo. Close to Falling.

It’s looking ever bleaker at the house of Solo Oil & Gas (LON: SOLO) who’ve now spunked away their 2015 placing cash. Punters will recall that they raised £2,700,000 this year via two placing’s. Just what in the name of Jupiter has the cash been squandered on? Maybe the ‘invisible man’ CEO Neil Ritson would like to explain to shareholders?

I’ve never met Neil, never spoken to him or had any kind of conversation via phone or email, so I’m not here to personally disparage a man I do not know. What I do know is that the current falling oil price has certainly had an effect. The Winnifrith preposterous claim he’s a “David Lenigas puppet on a string” holds no weight with me. Neil is his own man. The responsibility for Solo rests firmly on his shoulders and his shoulders alone. This is business and I’m now making it my business. What I am doing is setting out the case that Solo are going to do what their CEO has done through-out his tenure at the company and that is place and dilute for the 19th time and fail to deliver. Then place and dilute a 20th time then fail to deliver….. Reading through their RNS’s from 2010, when Mr Ritson took control, It’s a groundhog day company. Not one I would consider as worthy of researching, or invest cash into until there was a Board room clear out.

Looking tired Neil? You need a rest.

On a fundamental case Solo are as CaliforniaJoe writes HERE ‘running on fumes’ it’s my understanding that with the recent employment of Raylene Whitford (she who spitefully dissipated Sefton’s shareholder cash over a 12 week period to spike the incoming new management team while covertly running a smear campaign recruiting BB Trolls against Seftons requistioners) has been brought in as an oil & gas consultant. Her only claim to fame? 6 Months experience roughnecking on a rig in Canada. Just quite what this girl thinks she can achieve for Solo may become apparent over time. But it’s time that is quickly running out. With estimates varying of between £80k and £200k in the bank at year end 2015, Solo will place and or draw down on their debt facility. That is a 100% certainty.

Any investor holding stock here will receive a massive dilution not only to their holding but the actual cash value of that holding. If I was them I’d be out 1st thing tomorrow morning. The placing when it comes, and come it will, will have to be at a massive discount in-order for the bucket shops to entice the gullible into parting with their cash. It could be a case of Deja vu re’ the disastrous Whitford Novum Sefton placing at 0.065p

Time for Board Room Change.

How long should senior management get to turn a company into a viable business? Neil Ritson is entering his 6th year. One has to beg the question; When will the penny drop that his tenure at Solo is way past it’s ‘sell by date’? Shareholders need results there’s only one thing that can save him. Tanzanian gas production which has been promised and postponed more times than an USA inmate on California’s death row. The difference being that in California they eventually always get the gas to flow! If the gas doesn’t come for Solo then It’s time for a resignation with a new team taking control. If not then shareholders should band together en-masse and vote him out. For far too long CEO’s fill their pockets with shareholder cash while bringing absolutely no value whatsoever back into the pockets of the faithful.

I challenge Neil Ritson to a public platform debate in London on Solo Oil & Gas. I’ll organise it and pay for it. The gauntlet has been thrown. Pick it up Neil and defend your record. Failure to do so will speak volumes.

You maybe a good geologist however as a CEO you need to step away.

Viva

Dan

30 December, 2015
The Smallcap Oil & Gas Round up.

Lot of angst among UK Retail Investors this week over placings.

When will these CEO’s learn to manage these highly dilutive events with integrity? Sneaking around the City of London with their finger against their lips saying sssshhh! Isn’t the way to behave. Take note David Lenigas!

UKOG shot themselves in the foot this week!

Caza Oil & Gas (LON: CAZA)
Talk about over egging the pudding! Caza is pleased to announce another excellent result for the second 3rd Bone Spring well drilled on its West Copperline Property, and to provide an update on drilling activities at Gramma Ridge and Broadcaster properties, all of which are located in Lea County, New Mexico. Click here to read the full RNS

Chariot Oil & Gas (LON: CHAR)
The Atlantic margins focused oil and gas exploration company, is pleased to announce that, following the launch of a proposed placing on 21 July 2014, it has successfully placed 58,596,038 new Ordinary Shares at a price of 15 pence per share to raise gross proceeds of US$15 million (approx. £8.8 million). The Placing Proceeds will be (Pissed away again!) used to further the Company’s 2014/15 portfolio development activities, facilitate the acceleration and completion of its 3D seismic work commitment in Brazil and add an additional new venture opportunity in a current country of operation to increase option value and sustain the growth potential of its portfolio.

Egdon Resources (LON: EDR)
Has commenced drilling operations at the Wressle-1 conventional oil exploration well in Lincolnshire Licence PEDL180 located to the East of Scunthorpe. Drilling operations are expected to take around 38 days. The planned well will be drilled as a deviated well to a total depth of about 2,300 metres (ca. 1,850 metres TVDSS). It has been designed to intersect a number of prospective Upper Carboniferous age sandstone reservoirs in a structurally favourable position near the crest of the Wressle structure. The Prospect is located on trend with the producing Crosby Warren oil field and the Broughton-B1 oil discovery, both to the immediate northwest, and the Brigg-1 oil discovery to the immediate southeast. All contain oil in various different sandstone reservoirs within the Upper Carboniferous succession. The gross mean Prospective Resources at Wressle, as calculated by Egdon, are estimated to be 2.1 million barrels of oil. The interests in PEDL180 and the Wressle-1 well are: Egdon Resources 25.00% (Operator). Celtique Energie Petroleum 33.33% Europa Oil & Gas (LON: EOG)33.34%. Union Jack Oil (LON: UJO) 8.33%

Empryrean Energy (LON: EME)
If any one ever wanted to learn about some of the various ways underhanded Boards grant themselves massive options that make them millionaires then you only have to CLICK HERE!

Faroe Petroleum (LON: FPM)
Announces that production has recommenced at the Njord and Hyme fields (Faroe 7.5%) in the Norwegian Sea.

Frontier Resources (LON: FRI)
Released an operational update on its activities in Namibia, this week. Frontier’s Blocks 1717 and 1817, located in the Owambo Basin in northern Namibia, cover an area of approx. 18,933 square kilometres. Frontier are operator with a 90% working interest while NAMCOR, the Namibian National Oil Company, has a 10% carried interest in the licence. The Company recently retained the services of Earthfield Technology of Houston, Texas to undertake a study to evaluate the depth to magnetic basement of aeromagnetic data purchased from the Geological Survey of Namibia. As part of the study Werner Deconvolution depth profiles were generated every 2 kilometres across the Blocks. Werner Deconvolution is an automated function for determining the depth to magnetic rocks in the subsurface, including the basement, from carefully processed magnetic data.Mapping of the depth to basement solutions shows a deep basin with sediment thickness up to 10 kilometres (~33,000 feet) in the central and northern part of the licence area, and shallow basement overprinted with near surface volcanic intrusives in the southern part of the license area. Interpretation of the data has revealed several deep seated basement structures. The mapped positions of these structures will serve as a guide to optimally locate the focus areas of the continuing exploration program which will include an additional geochemical soil gas survey to be integrated with the encouraging results of the 2013 survey, followed by the acquisition of 2D seismic data.

Ithaca Energy (LON: IAE)
The Tullow Oil Norge AS Tullow operated exploration well 31/10-1 on the “Lupus” prospect in licence PL507 in the Norwegian North Sea did not encounter hydrocarbons. Just say it! ‘Plugged & Abandoned’

Jubilant Energy (LON: JUB)
Announced an upward revision in its Reserves, Contingent Resources and Prospective Resources for the Kharsang Field in Arunachal Pradesh. The Reserves and Resources Estimation for the Kharsang Field, prepared by Gaffney Cline & Associates (“GCA”) in June 2014, gives the update as of 30 September 2013. Click here to read it.

Kea Petroleum (LON: KEA)
Commenced drilling of the Puka-3 well using the Drill Force Rig 6. Puka-3 is targeting Mt Messenger formation sands at about 1,580m True Vertical Depth which have been interpreted from the recent 50 square km 3D seismic reflection survey carried out in the south western part of PEP 51153. The drilling of Puka-3, from the same well pad as the producing Puka-1 and Puka-2 wells, is the major component of Phase 1 of the farm-out agreement with MEO New Zealand Pty Limited.

Leni Gas & Oil (LON: LGO)
Well GY-667, the 4TH of its planned 30 new development wells at the Goudron Field in Trinidad, and the third well from this drill pad, has intersected 187 feet of net oil pay in the Goudron sandstones based on analysis of the electric logging. The well has now been cased to a depth 1,905 feet in order to isolate the Goudron Sandstone and the high pressure Upper Gros Morne gas intervals and is now drilling ahead to the primary Gros Morne Sandstone oil target which is expected at approximately 2,180 feet true-vertical depth. Well GY-667 has a planned total depth of 3,600 feet TVD which is equivalent to 3,840 feet measured depth at a bottom-hole location that is approximately 590 feet south east of the surface location. The well will also investigate the presence of reservoir potential of the Lower Cruse at this location. Once TD is reached the well will be logged and cased ready for completion as a production well. The fourth well from the current pad, GY-668, will be drilled immediately following the end of drilling operations on GY-667. Further information will be provided once the well has reached TD. Looking very good for a massive spike on production data from not 1 but 4 wells!

Maple Energy (LON: MPLE)
Has received an approach which may or may not lead to a cash offer to acquire the entire issued and to be issued share capital of the Company. Shareholders should note that the approach is highly conditional and preliminary in nature. Accordingly, no assurances can be given that a formal offer will be forthcoming or that any transaction will occur. Further announcements will be made as appropriate.

Max Petroleum (LON: MXP)
Announces that it is launching a review of strategic options open to the Company with the intention of maximising value for shareholders. (It’s firesale! Max are in debt up to their eyeballs and are more than likely to go bust!) The review of strategic options may include a corporate transaction such as a merger with, acquisition of or subscription for the Company’s securities by a third party, a sale of the business or a farm down or disposal of assets. Discussions in relation to a merger with a third party or a sale of the Company will take place within the context of a “formal sale process” in accordance with Note 2 on Rule 2.6 of the City Code on Takeovers and Mergers, such that the Board of Max Petroleum is able to have discussions with third parties interested in such a transaction on a confidential basis.

Northern Petroleum (LON: NOP)
The firesale has started at cash strapped NOP. They’ve signed a sale and purchase agreements to sell the Company’s interests in all of its UK licences and assets for £1.5 million to UK Oil & Gas (LON: UKOG). Completion of the sale is subject to the approval of UKOG becoming an operator for certain licences by the DECC and the completion of an intra group transfer of certain asset interests within Northern Petroleum on or before 31st October 2014. The UK assets and licences comprise the 10 & 5 five per cent minority interests in the Horndean and Avington producing fields respectively, 50% interests in the Markwells Wood and Baxters Copse discoveries, and a 65% interest in a licence offshore the Isle of Wight. Net production to the Company during 2013 averaged approximately 20 barrels of oil per day and contributed €591,000 of revenue and €345,000 of gross profit to the Company for the 12 months ended 31 December 2013. The book value of the UK assets in the consolidated accounts for the Group as at 31 December 2013 was €300,000 and stated proven and probable reserves were 60,000 barrels of oil. The consideration from the sale will be reinvested in Northern Petroleum’s production and redevelopment project in north west Alberta, Canada.

Oilex (LON: OEX)
Announced that following successful mill-out operations the Cambay-77H well has commenced controlled flow-back of frac fluids with light oil/condensate being recovered to surface and separated for sale along with associated reservoir gas. Gas associated with the well flow-back is currently being flared to ensure safety of all well-site personnel. After carefully monitoring well flow-back operations under controlled conditions Cambay-77H continues to exhibit characteristics of a high performance multistage frac’d horizontal well. The well is currently cleaning up and Oilex will advise the market of a stabilized flow rate via a production test once frac fluid return and clean-up operations have been completed. The recovery of ~API 50 light crude during flow-back operations has been particularly encouraging indicating higher than expected liquid hydrocarbon production. Measuring these liquids will provide valuable information regarding the quality of the 8 fracture stimulations and the deliverability of the reservoir.

Rose Petroleum (LON: ROSE)
Director Richard Needham sold (flogged) 1,900,000 ordinary shares of 0.1 pence each in the Company at a price of 3.92 pence per Ordinary Share as part of restructuring his SIPP to allow a drawdown. (Pull the other one it’s got bells on!) Following this transaction, Richard Needham holds 2,096,666 Ordinary Shares in the Company representing 0.16% of the current issued share capital of the Company.

Sirius Petroleum (LON: SRSP)
Has conditionally raised gross proceeds of up to US$20,000,000 by way of a placing and a subscription. Conditional Placing of 63,530,215 Ordinary Shares and Subscription of up to 326,333,333 new Ordinary Shares, being an aggregate of up to 389,863,548 new Ordinary Shares at 3 pence per share to raise up to £11,695,906 (approx. US$20,000,000) before expenses.

Sound Oil (LON: SOU)
The Mediterranean focused upstream oil and gas company, announces the issue of shares in respect of the final equity tranche of the £14 million institutional funding first announced by the Company on 25 April 2014. The Company has issued a total of 64,287,500 new ordinary shares in the Company to Metano Capital S.A. The issue of the New Ordinary Shares represents the final of two tranches of the £7 million equity issue associated with the institutional funding. The remaining debt tranche, totaling a further £5.5 million, is expected to complete shortly. Application has been made for the 64,287,500 New Ordinary Shares to be admitted to trading on AIM and it is expected that dealings will commence on 28 July 2014. Following the issue of the New Ordinary Shares, the Company will have 415,300,815 ordinary shares in issue. As a result of the issue of the New Ordinary Shares, Metano Capital S.A., a wholly-owned subsidiary of Continental Investment Partners S.A., is now interested in 64,287,500 share or 15.48%. of the Company’s issued share capital. Marco Fumagalli, a director of the Company, is Managing Partner of, and a 25% shareholder in, Continental Investment Partners S.A. (Looking good here for some form of M+A in the not too distant future)

United Kingdom Oil & Gas (LON: UKOG)
Raised GBP2,000,000 before expenses by way of a Company arranged placing of 200,000,000 new ordinary shares of 0.01p each in the Company at a placing price of 1 pence per Placing Share to institutional and other investors. The proceeds of the Placing will be used to make further investments in accordance with the Company’s investing policy and provide further working capital. As announced yesterday, UKOG has conditionally agreed to acquire Northern Petroleum’s UK production and exploration oil and gas interests for a total consideration of GBP1.5 million. Following completion of the Placing the Company will no longer elect to issue the Consideration Shares but will satisfy the consideration wholly in cash. The Company will therefore have 1,293,230,175 Ordinary Shares in issue with voting rights and admitted to trading on AIM. This figure may be used by shareholders in the Company as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Service Authority’s Disclosure and Transparency Rules. David Lenigas, the Company’s Chairman commented: “The Placing significantly enhances the Company’s balance sheet and enables the Company to continue to pursue further investments in the conventional onshore and offshore oil and gas in the UK.”

Urals Energy (LON: UEN)
On 21 July 2014 the Moscow arbitration court dismissed the claim of UEN Cyprus Limited in respect of a case to recover the sum of US$41,652,000 from Urals Energy on jurisdictional grounds. The Claim was dismissed on jurisdictional grounds, it being between two Cypriot companies, the Board anticipates that it is likely that an appeal will be made and also that a new claim will be launched in Cyprus. Urals Energy reiterates that it does not believe that the copy of a purported debt repayment agreement received by the Company to be a genuine document, and therefore does not accept that the Company could be bound by its terms. The Board will continue to pursue all appropriate actions necessary to defend the Company, including possible legal action in all applicable jurisdictions. Further announcements on this on-going process will be made when appropriate.

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

Quiet week but a good week for the bitter GKP holders. Kozel has gone. Not that Kozel gives a flying fuck about you. You were warned on here many times over the last couple of years about GKP. Yes we like you were positive in the early days. Unlike you once we realised and got the evidence that he was “At it” we acted and reported it! Kozel has shate on you all from a great height. Did you enjoy it! Next time when people tell you maybe you’ll listen! Dan x

Bowleven (LON: BLVN)
Has reached a mutually acceptable agreement with Petrofac to terminate the Strategic Alliance Agreement. This satisfies one of the conditions of the LUKOIL and NewAge farm-out transaction announced on 24 June 2014. The termination agreement is subject to completion of the farm-out. Under this arrangement Bowleven will pay $9 million to Petrofac upon completion of the farm-out transaction as full and final settlement and the Strategic Alliance Agreement shall terminate. Kevin Hart, CEO of Bowleven said: “We have worked closely with Petrofac over the last two years and we appreciate their co-operation in reaching a mutually acceptable termination agreement.”

Falcon Oil & Gas (LON: FOG)
Initial drilling operations on the Besa-D-1 well have reached total depth of 3,000 metres having encountered gas shows. Besa-D-1 is the second of a planned three well programme to evaluate the gas potential of the Algyo Formation in the Mako Trough License. The well has now been cased to TD and is suspended pending further technical evaluation in order to determine an appropriate testing programme later this year. No operational problems occurred during drilling. In January 2013, Falcon agreed a three-well drilling programme with Naftna industrija Srbije jsc (“NIS”) to target the Algyo Play, whereby NIS made a cash payment of US$1.5 million to Falcon in February 2013, and agreed to drill three wells by July 2014 at their cost. The July 2014 date for completion of drilling and testing of the NIS three well programme has been extended to 31 December 2014.

Gulf Keystone Petroleum (LON: GKP)
Out finally goes Todd Kozel, ex CEO now ex Executive Director, who has over the years filled his pockets with tens of millions of dollars of share-holder money. God knows how much this greedy bastard has taken out of the coffers of GKP. Good riddance to Todd Kozel. Total Bastard! In comes? John Gerstenlauer, who assumes the role of Chief Executive Officer.

Kea Petroleum (LON: KEA) WARNING! Not quite sure what’s going on here yet but I’m very sceptical about the recent rise coinciding with this Darwin death spiral drawdown. I will get to the bottom of it. I do hope there’s not been any SHENNIGANS boys? A notice of exercise by Darwin Strategic to convert £500,000 of Darwin’s Convertible Loan Notes at a gross conversion price of 1.302036p per share. Details of the Convertible Loan Notes were announced by Kea on 23 May 2014 pursuant to which 38,401,396 ordinary shares now fall to be issued.

Leni Gas & Oil (LON: LGO)
Pissed off investors this week. Myself included! The Company has raised £7 million before expenses, by way of a Company arranged placing of 200 million new ordinary shares at a placing price of 3.5p per share. This placing will enable the Company to accelerate the closing of the US$5 million Trinity-Inniss Oil Field transaction announced yesterday without drawing down on the Company’s short-term debt facilities and will provide LGO with capital for its expansion plans in Trinidad. I did hear that the original placing was for £4 million however the amount of interest was over-whelming. So LGO upped the placing and took the extra £3 million!

Magnolia Petroleum (LON: MAGP)
A quarterly update on its operationacross proven and producing US onshore hydrocarbon formations, including the Bakken/Three Forks Sanish in North Dakota and Montana, and the Mississippi Lime nd the Hunton/Woodford in Oklahoma. Click HERE to read Rita’s’ guff.

Nighthawk Energy (LON: HAWK)
Released a drilling & production update this week on its 100% controlled and operated Smoky Hill and Jolly Ranch projects in the Denver-Julesburg Basin, Colorado. Click HERE to read it

Petrel Resources (LON: PET)
Agreement has been reached with the Ghanaian authorities which clarifies the co-ordinates of the signed Petroleum Agreement on a licence Block in the Tano area of Ghana. It was agreed that additional, contiguous acreage would be added to preserve the size of the Block. The agreement is between Pan Andean Resources 60% (LON: PRE) Clontarf Energy 30% (LON: CLON) Petrel 10%. The Ghana National Petroleum Corporation and the Government of Ghana. All parties agreed to seek to expedite the ratification process which requires Cabinet and Parliamentary approval. As a consequence of this, Petrel has discontinued its High Court proceedings with rights to reapply.

Sirius Petroleum (LON: SRSP)
Were forced to come out this week and admit that they were “Fund raising” Speculation regarding an equity fundraising for the Ororo 1 well leaked out. The Company confirms that it is in the process of raising funds in order to bring its offshore assets into production and to provide it with additional working capital. The fundraising is not yet concluded and the Company will update shareholders in due course.

Sound Oil (LON: SOU)
The Mediterranean focused upstream oil and gas company, has appointed, with immediate effect, Marco Fumagalli as a Non Executive Director of the Company following the institutional investment announced on 25 April 2014. Marco Fumagalli is Continental Investment Partners’ Managing Partner and a well-known Italian businessman who was previously a Group Partner at 3i. Marco is a 25% shareholder in Continental Investment Partners. Sound also announced a significant upgrade in the recoverable volume of the Santa Maria Goretti gas prospect, onshore Italy. The SMG CPR has estimated Gas Initially In Place as 66.4Bscf and recoverable Best Estimate Prospective Resources as 32.8Bscf. The study has also estimated a 68% geological chance of success for the Thin Beds objective. James Parsons, Sound Oil’s Chief Executive Officer, commented: I need to get my ears pinned back! Opps sorry. Online Tourette’s. He actually said “This CPR uplifts the Company’s previous resource estimate by 82% and confirms the addition of a further low risk, yet hugely material, asset into Sound Oil’s Italian onshore gas portfolio. The top hole location has already been identified and an application to drill will be submitted to the permitting authorities shortly, with a view to drilling during 2015.”

Sterling Energy (LON: SEY)
Announces its results for the six month period ending 30 June 2014. Click HERE to read them.

Tangiers Petroleum (LON: TPET)
Updates on the drilling of the TAO-1 exploration well, located offshore Morocco. No major operational issues have occurred to date and the well is expected to intersect the Assaka and Trident objectives within 60 days from spud. As the well has been designated as “tight”, no information related to depth or formation will be provided during the drilling, beyond what is required by the ASX and AIM continuous disclosure obligations.

Victoria Oil & Gas (LON: VOG)
Out goes Austen Titford. TITford resigned as Executive Director of the Company effective 16 July 2014 for personal reasons. Austen will continue to work with the Company to ensure a smooth handover. Commenting on the announcement, Kevin Foo, Chairman of the Company, said: “As an employee since 2008 and as a Director, Austen has helped mould VOG’s success. We wish him the very best in his future endeavours”. “What success would that be Foo?”

Zoltav Resources (LON: ZOL)
Following the receipt of a notice to exercise warrants over 15,000 ordinary shares of $US0.2 in the Company ZOL has authorised the issue of 15,000 new Ordinary Shares. Big deal!

19 July, 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.

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

Cadogan Petroleum (LON: CAD)
The Interim Management Statement for the period from 1 January 2014 to 19 May 2014 can be read by clicking HERE

Circle Oil (LON: COP)
Updated on their Moroccan Sebou & Lalla Mimouna Permits. 12 locations have initially been chosen for drilling, targeting resources of approximately GIIP of 25 bcf and the first well, SAH-W1, is targeting a dipping three-way fault bounded sand lens with TD at 1,225 metres MD and primary targets in the Guebbas Formation at 1,060 and 1,160 metres MD. The Company’s pre-drill estimates are for GIIP of 1.85 bcf and 1.0 bcf respectively for the two targets. Both the Sebou and Lalla Mimouna permits are a partnership between Circle Oil Morocco Ltd (75%) and ONHYM (Office Nationale de Hydrocarbures et des Mines) (25%). CEO, Chris Green, commented; “Circle is very pleased to announce the start of our third drilling campaign in Morocco. We have previously enjoyed significant drilling success in the Sebou permit and our technical team have worked hard to maximise opportunities and ensure this success continues. Reserve replacement and enhancement is the key to maintaining and uplifting our revenues in what we regard as a core country to invest in for the future. We sincerely thank our partner ONHYM for their continuing support and assistance as we start this third drilling campaign.”

Empyrean Energy (LON: EME)
Came out this week shouting from the rooftops. A significant increase in its Reserves and Resources at its flagship Sugarloaf AMI asset (‘the Project’) in the liquids rich core of the Eagle Ford Shale in Texas, USA, following the receipt of an independent appraisal and report prepared by DeGolyer & MacNaughton. Empyrean has a 3% working interest. It was 1p! 2c! 2p! 3p! 2c+2p But like most there was no reference to the 1c! (work it out)

Essar Energy (LON: ESSR)
In ,out shake it all about! Out go the following directors Mr Sattar Hajee Abdoula, good riddance. Mr Philip Aiken AM, good riddance, Mr Subhas C Lallah, good riddance, Mr Steve Lucas, good riddance, Mr Simon Murray CBE, double good riddance, Mr Prashant Ruia, good riddance and Mr Ravi Ruia good riddance. Yes the boyos have really worked their magic, leaving investors in ESSR high & dry having to take a 70p share offer from EGFL Bidco that seriously under-values the company assets. Assets that were trading at close to 600p in 2011. Thanks for all your good work at losing thousands of UK investors millions upon millions of pounds! Take a bow! Essar Energy also announces the appointment Mr Yogendra (Robin) Appadoo (Welcome to the aptly named ROBIN!) as a director of the Company with immediate effect.

Falkland Oil & Gas (LON: FOGL)
The Report and Financial Statements for the financial year ended 31 December 2013 has been posted to shareholders and is available on the Company’s website: www.fogl.com

Global Energy Development ( LON: GED)
Opined that the rig mobilisation has commenced for the Catalina #1 well in the Company’s Bolivar Association Contract located in the northern section of the Magdalena Valley in Colombia, South America. The workover rig is being transferred from the central Magdalena Valley area and the rigging up of all existing equipment is expected to be completed over a seven day period, with key new equipment expected to be ready for shipment from Houston, USA. to Colombia shortly. The transferral process involves the removal of existing production equipment from the wellbore and the installation of surface pressure control equipment and production tubing suitable for use in high pressure operating conditions, after which the workover rig will then be demobilised and removed from the location. After all surface equipment is installed and pressure tested, stimulation of the Simiti will then proceed with initial testing results expected in July.

Leni Gas & Oil (LON: LGO)
How much mileage can a company get out of one well? More Goudron Field redevelopment activities in Trinidad.(Yawn!) Well GY-664, the first of 30 planned development wells, has now been logged and cased to total depth. The second planned well, expected to be designated GY-665, will be spudded shortly. After provisional analysis of the full electronic logs, GY-664 has penetrated over 1,500 feet of gross sand in three formations; the Goudron, Gros Morne and Lower Cruse, with a calculated total net oil pay of 571 feet. After analysis of the logs it has been decided to complete the well as a Gros Morne production well. What next from TrinaDADDY David Leni? We’ve painted the rig fluorescent orange so that it can be seen from the international space station!

Madagascar Oil & Gas (LON: MOIL)
Has been advised, via a “Communique de Presse: Conseil des Ministres”, that the decree approving test sales of Tsimiroro crude oil in the local market was approved at a meeting of the Council of Ministers on 21 May 2014. It is intended that test sales of, in aggregate, between 55,000 and 73,000 barrels of Tsimiroro crude oil will commence in the second half of 2014 and will last for a period of up to six months under the terms of the current exploration licence. This would be the first market test of crude oil produced within Madagascar, with sales due to commence after the conclusion of a tender process involving oil marketing companies currently operating in Madagascar. This test is designed to establish Tsimiroro crude as a blended heavy fuel oil substitute in the local market, mainly for power generation purposes. Currently stored oil volumes will initially be made available for blending. As at 20 May 2014, cumulative oil production from the SFP, which commenced on 28 April 2013, was 90,789 barrels of oil of which 51,870 barrels of oil are stored in the Tsimiroro SFP Storage Tanks. The remainder of the oil has been used for fuel for steam generation since the start-up of SFP operations. Oil production rates in 2014 from the SFP have averaged 395 barrels of oil per day to the end of April 2014.

Magnolia Petroleum (LON: MAGP)
Has increased the borrowing base limit of its Credit Facility (MORE DEBT) has been increased to US$2.75 million from US$2.1 million.

Mosman Oil & Gas (LON: MSMN)
The Company haven’t wasted any time getting out their first placing (as predicted by yours truly) which will be one of many! 60 days since admission! Now that has to be a record! Mosman raised £350,000 by way of the placing of 3,500,000 new ordinary shares in the capital of the Company at 10p per share. The funds raised will be used to increase the June drilling programme at Petroleum Creek Project in New Zealand, with the addition of a third well and the deepening of the proposed Crossroads-1 well from the initial 250m to basement, estimated to be c.400 metres. Following the issue of the Placing Shares the Company’s total issued share capital will comprise 64,833,701 Ordinary Shares. Lets see how high the shares in issue go.

Nighthawk Energy (LON: HAWK)
A Skeleton in the HAWK cupboard jumped out this week, as the Company were caught with their pants down by the sheriff of AIM, T Winnifrith. Hawk were forced to admit that they were embroiled in a lawsuit brought by Running Foxes Petroleum, Inc against a subsidiary of the Company, in a Colorado state court in the United States. Why Nighthawk failed to tell the market is a question they should answer. No doubt their NOMAD is working on the A mealy-mouthed response. Disgraceful! Time to dump the stock. Any other skeletons out there Steven?

Nostra Terra Oil & Gas (LON: NTOG)
A healthy set of final results landed this week from the tiddler. Click HERE to read.

Rockhopper Exploration (LON: RKH)
Takeover news this week as RKH announced they’d reached agreement on the terms of a recommended acquisition under which Rockhopper will swallow Mediterranean Oil & Gas (LON: MOG). Shareholders of MOG will receive an Initial Consideration Offer of 6.5 pence per share comprising 4.875 pence in cash and 0.0172 shares of Rockhopper per MOG share. MOG Shareholders will also receive a contingent entitlement up to a maximum amount of 3.550 pence in cash for each MOG Share. Which equates to a approx. £29.3 million in total.

Solo Oil (LON: SOLO)
The operator of the Ruvuma Petroleum Sharing Contract, Aminex PLC, has notified the Company that the 2D seismic acquisition to appraise up-dip portion of the Ntorya-1 discovery is now complete and processing has begun. Fully interpreted results are expected during Q3 2014.

Sound Oil (LON: SOU)
It’s getting very hot in Italy, in more ways that one! A good set of finals (Audited) came out this week from the Mediterranean focused upstream oil and gas company for the year ended 31 December 2013. BMD Says; With the Introduction of a cornerstone institutional investor announced earlier this month, following the year-end at a significant premium to market expected to complete in June 2014, investors should be on their Marks here! There’s a lot of background noise in the City so take a tip and get them on your watch-lists! Strong Italian business fundamentals, including: High upside asset portfolio: 18 MMboe (P50) discoveries with NPV10 of €227M and 96MMboe (P50) exploration. High energy and ambitious team. Strong funding outlook. Successful Nervesa discovery with agreed Heads of Terms for a 3.6 to 1 farm out. This farm out fully funds the next well addressing the southern part of the structure and enables achievement of first gas without significant further capital. Continued preparation for the drilling of the world-class Badile prospect end in late 2014 / early 2015. A competitive farm out process is underway. Strong production from Rapagnano, which has been in production since May 2013, resulting in maiden revenues for the Company during 2013. Italian cost base to be covered by production from Rapagnano and Casa Tiberi (first gas expected by end H1-2014). James Parsons, Chief Executive Officer of Sound Oil, commented: “We are continuing our strategy of building a mid cap Mediterranean focused upstream oil and gas company. In Italy this involves continuing to drill, at a minimum, two material wells every year whilst focusing our financial and human resources on game-changing assets such as Badile. The combination of the introduction of an institutional investor and the farm-in on Nervesa, both of which we expect to close during June, positions our Company to fully exploit the potential of our assets.” Of course it does Jimmyboy! Any news from ENI? Nudge! Nudge! Wink? Wink?

Tangiers Petroleum (AIM: TPET)
Yet another company caught out telling whoppers this week via a mail shot organised by an Aussie (now why doesn’t that surprise me?) webShite www.nextoilrush.com/drilling-just-weeks-away-for-tiny-explorer-targeting-1-6-billion-barrels-of-oil/ which slipped past the eagle-eyed sheriff Tom Winnifrith through the onefreesharetip email list! Run in partnership with ADVFN who ran the mailing shot.. Life is stranger than fiction! Sheriff Tom moved quickly to sort out just what had gone on! Suffice it to say all’s well that ends well. Click HERE to read all about the cock-up! The mail shot quoted fantastic oil resource numbers of 1.6 billion barrels which is why you’ll now find an asterix* in the TPET RNS oil numbers which qualifies their 190 million barrels* of net best estimate unrisked prospective resource. A far cry from the 1.6 billion barrels headlined!

Tower Resources (LON: TRP)
More delays at the Welwitschia-1 well. In summary, there has been a delay to the drilling schedule. It presently appears that the financial consequence for the Company will not be material, but the Company does not expect drilling operations to recommence until the end of May.

Trinity Exploration & Production (LON: TRIN)
Released an update on the B-9X infill well-drilled at the Trintes Field on the Galeota license. As a result of the high formation pressure encountered in the B-9X well, a revised completion strategy is required to ensure safe production operations and includes higher pressure rated surface equipment and gas handling facilities, and, potentially, down-hole intervention. It’s estimated that it will take approx. 4 to 6 weeks to bring the well into production. The well is expected to flow naturally with an estimated IP rate in the range of 200-300 bopd and will be the first Trinity-drilled, naturally flowing well in the Trintes field. (Trinidad). Attention is now being moved towards preparing for drilling the B-13X (horizontal) and B-18 (J type) wells that are testing a new well design to increase initial production rates and recoverable reserves per well. Importantly, this well design will also be utilised in the TGAL development so this drilling will de-risk the new field development.

24 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.

Guerilla Investing!

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

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

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

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

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

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

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

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

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

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

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

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

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

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

15 February, 2014