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
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.
Several of our researched success’s are mentioned this week. Urals Energy researched at 5p hit 12p now trading at 10.6p. Nighthawk researched at 6p hit 12.25p now trading at 10.25p and Exillon Energy tipped at 98p hit 274p now trading at 259p!
A bit of a free one here for the chaps. Positions are being taken in the fight for the Urals Energy Crown. It’s going to get very dirty. One Russian wag thinks they’ll have to up the anti (Offer) if they want Urals!
Caza Oil & Gas (LON: CAZA)
The West Copperline 29 Fed #1H horizontal Bone Spring test well reached its intended total measured depth of approximately 15,035 feet in the 2nd Bone Spring Sand interval on October 11, 2013, and was subsequently fracture stimulated beginning on November 1, 2013. Under controlled flowback the producing rates have remained steady, and the well produced at a peak 24 hour gross rate of 800 barrels of oil and 1.21 million cubic feet of natural gas, which equates to 1,002 bbls of oil equivalent on November 15, 2013. The well continues to clean up and is producing on a 22/64ths adjustable choke at 1,835 pounds per square inch flowing tubing pressure. Caza currently has a 62.5% working interest (approx. 47.25% net revenue interest) in the West Copperline 29 Fed #1H well.
Chariot Oil & Gas (LON: CHAR)
Confirms that the Special Resolution proposed to shareholders at the EGM held on 21 November 2013 was duly passed. The Company’s Articles of Incorporation will now be amended and Chariot will no longer be prohibited from holding Board Meetings and General meetings of shareholders in the United Kingdom.
Exillon Energy (LON: EXI)
Notes the announcement by Flowdale Investments Limited, the ultimate beneficial owner of which is Mikhail Gutseriev, that states Flowdale holds 24,065,588 shares in Exillon, which represents approximately 14.9% of the Company’s issued share capital. The formal sale process that was described in the Company’s announcement dated 18 September 2013 is proceeding as planned. The acquisition of this 14.9% stake by Flowdale was undertaken without the knowledge or consent of the Board of Exillon.
Fastnet Oil & Gas (LON: FAST)
Notes that its partner in the Foum Assaka license, offshore Morocco, Kosmos Energy provided a Technical Update on its exploration assets on 14 November 2013. In its presentation to analysts and investors, Kosmos covered the Foum Assaka permit, offshore Morocco following its farm-out agreement with BP plc (LSE: BP) Kosmos indicated that well planning is underway at the Eagle-1 Well in the Foum Assaka Block, which is estimated to contain 360 mmboe of Pmean resources. The well is scheduled for drilling in Q1 2014 and will target lower Cretaceous reservoirs and multiple deepwater reservoir objectives with a planned target depth of 4,500 metres in water depth of 600 metres.
Forum Energy (LON: FEP)
Said yesterday that an agreement had been reached with the Philex group of companies to increase and extend the repayment date of the current loan facility which was provided to the Company’s wholly-owned subsidiary, Forum Philippines Holdings Limited in 2010. The US$15 million Facility, which was US$10 million when first announced on 24 November 2010, and has been fully drawn down, has now been increased to US$18 million. In addition, the repayment date for all amounts drawn under the Facility has been extended for three years to 24 November 2016. Terms of the Facility remain otherwise unchanged, with funds continuing to be borrowed at an interest rate of LIBOR + 4.5% and with Forum Energy remaining as the guarantor under the Facility.
Max Petroleum (LON: MXP)
Yawnnnnnnnnnn. http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11778222
Parkmead Group (LON: PMG)
Announces that a new gas field has been discovered in the UK Southern North Sea by the Pharos exploration well. Parkmead holds a 20% working interest in the new discovery at Pharos. The other joint venture partners are Dana Petroleum (operator), Dyas Exploration UK Limited, MPX North Sea Limited and Hansa Hydrocarbons Limited.
Petro Matad (LON: MATD)
Mongolian geophysical contracting company Khet Co., completed acquisition of 200 km of 2D seismic on Blocks IV and V on 19 November, 2013. Preliminary analysis indicates that initial brute stacks of seismic across the prospect area in Block V confirm the previous interpretation and subject to further processing are expected to result in the delineation of at least two prospective drilling locations for 2014. The initial brute stacks across the prospect area in Block IV shows the presence of a cross fault that indicates an additional trap closure in this area. In light of the encouraging result from the seismic acquisition, Petro Matad has contracted with Khet to acquire a further 30 kms of seismic to confirm this closure as a potential drilling prospect for 2014. his seismic will commence immediately and is anticipated to be completed within one to two weeks.
Range Resources (LON: RRL)
Peter Landau came out fighting this week shouting that he would like to? A/ Silence his detractors. b/Resign for failure? C/ Release a Guatemala Update and draw attention to the announcement released by Citation Resources Limited (ASX:CTR) with respect to the Company’s interest in Guatemala?
Solo Oil (LON: SOLO)
Starts the infill seismic survey planned to assist in the appraisal of the Ntorya discovery and to finalise locations for future exploration drilling in the Ruvuma onshore Petroleum Sharing Agreement in Tanzania. The operator, Ndovu Resources Limited, a subsidiary of Aminex plc has indicated that a contract has been signed with AGS and that the survey will shortly commence with 2D seismic data intended to be collected at Ntorya and to support future exploration drilling.
Sound Oil (LON: SOU)
Updated on the Casa Tiberi onshore gas discovery in the Marche region, Central Italy. Following Board approval to develop the Casa Tiberi gas field, an Engineering, Procurement, Construction and Lease contract has been awarded to TESI Srl, a local company with proven experience in onshore processing plants in Italy. The contract is for a total of Euro 300,000 and involves the three month construction and subsequent lease of a production skid in anticipation of first gas from the field in early 2014. The plant will be based on modular skids with nitrogen used for both gas dehydration and as “service gas” providing an effective and extremely environmental friendly solution to deliver the gas to the local low pressure network.
Tullow Oil (LON: TLW)
Good news came today from TLW as the company announced that the Agete-1 exploration well in Block 13T, onshore Northern Kenya, has discovered and sampled moveable oil with an estimated 100 metres of net oil pay in good quality sandstone reservoirs. The Agete-1 wildcat well is part of a major exploration campaign and has made the fifth consecutive oil discovery in the first of a chain of multiple rift basins across Tullow’s acreage in the region. This discovery de-risks several follow-on prospects located to the north and is on trend with the Twiga South, Ekales, and Ngamia oil discoveries and adds to the significant resource base already discovered. The Sakson PR5 rig drilled Agete-1 to a total depth of 1,930 metres. Following completion of logging operations the well will be suspended for future flow testing which will confirm the net pay count. The rig will then move to drill the Ewoi-1 wildcat in the east of this basin, targeting a rift flank prospect similar to the recent Etuko oil discovery. Tullow operates the Agete-1 well with a 50% interest and Africa Oil (50%) has a non-operated interest.
Urals Energy (LON: UEN)
The independent exploration and production company with operations in Russia, released an Operational update, tanker loading and alleged debt repayment agreement update/RNS. You can read it by CLICKING HERE.
Wentworth Resources (LON: WRL)
Yet more dilution at Wentworth for private share-holders. This is after the company got off a Private Placement of 61,696,024 new Shares to raise USD 40.0 million in October last month. Now we get the euphemistically titled “Over Subscribed Offering” RNS which effectively dilutes by another 9,000,000 million shares on top of the 61 million already soaked up by PI’s. Yes a thumping 70% dilution. What’s the betting that there’s another dilution within the next 12 months?
“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
Egdon Resources (LON: EDR)
Announced the commencement of production from the Waddock Cross oil field in UK Onshore Production Licence PL090, located in Dorset around 10 kilometres to the east of Dorchester. Waddock Cross is mapped by Egdon as containing mean in-place volumes of over 30 million barrels of oil in the Lower Jurassic Bridport Sandstone reservoir. Initial production will be from the Waddock Cross-2 well which has had larger production tubing and a higher capacity pump installed and is expected to produce at gross rates of around 30 barrels of oil per day. The plan for the first phase of the development thereafter is to restore production from the Waddock Cross-3 horizontal well and to drill two further horizontal producer wells by 2015. Egdon estimate gross Proven and Probable Reserves for the field for this initial phase to be about 300,000 barrels of oil. The interest in the Waddock Cross oil field is Egdon Resources 45% (Operator)
Europa Oil & Gas (LON: EOG)
Reported the renewal of its 100% owned Béarn des Gaves permit in the proven Aquitaine Basin, onshore France. The Permit includes Berenx Deep, the large gas appraisal prospect, and the recently identified Berenx Shallow prospect. The permit is located 20km to the southeast of the producing 9 trillion cubic feet Lacq gas field.
Falkland Oil & Gas (LON: FOGL)
The boards of FOGL and Desire Petroleum (LON: DES) announced that they have reached agreement on the terms of a recommended combination of FOGL with Desire, pursuant to which FOGL will acquire the entire issued and to be issued share capital of Desire in exchange for FOGL Consideration Shares. The Combination is to be effected by way of a Scheme of Arrangement of Desire under Part 26 of the Companies Act. The boards of FOGL and Desire believe that the Combination will diversify the activities of the two companies, resulting in a balanced portfolio with enhanced long-term prospects, a strong balance sheet and improved financing options. FOGL has also signed heads of agreement with Premier Oil (LON: PMO) and Rockhopper Exploration (LON: RKH) with respect to a farm-out of licences PL004a and PL004c. Premier & Rockhopper will farm-in to the Licences and, in exchange, will fund the Combined Group’s share of the cost of two exploration wells, one on each of the Licences. Completion of the Farm-Out is subject to, inter alia, the Scheme becoming effective, any required approvals from the Falkland Islands Government and completion of definitive documents in respect of the Farm-Out. The Combination and the Farm-Out together will enable the execution of an enhanced drilling programme of five wells in the next drilling campaign, including: two wells in the South Falkland Basin, partnered with Noble Energy and Edison International; and three wells in the North Falkland Basin, one of which will target the Zebedee prospect. The next drilling campaign is expected to be fully funded from existing cash, the Farm-Out and other previously completed farm-out agreements.
Magnolia Petroleum (LON: MAGP)
Issued a Quarterly Operations Update for the Period Ended 30 September 2013. You can read it HERE.
Matra Petroleum (LON: MTA)
Which now starts its epistles with this “the oil and gas investing company” provided the following strategy update on progress towards implementing its investment policy and making a value accretive acquisition. The Company has appraised and evaluated a number of opportunities in Russia and the CIS and has concluded that the valuations expected by vendors are currently proving unattractive. Therefore, the Board of Matra has decided to currently focus its efforts on pursuing opportunities in the United States of America. A favourable tax regime, extensive established infrastructure and a large number of independent players makes the USA a very attractive place for the Company to pursue the implementation of its investment policy. The Board remains committed to the declared investment policy, and believe that such a shift in our geographic preferences will work in favour of our Shareholders. The Company will focus on acquiring assets with conventional oil reserves and depleted fields, where our Executive team has extensive experience and expertise. The Management has already identified a number of investment opportunities and the Company is in the process of conducting extensive technical and legal due diligence on several of these opportunities. Maxim Barskiy, CEO, commented: “We have been working hard to identify opportunities that will provide value for Matra’s shareholders. We have therefore taken the strategic decision to focus on the US, where favourable market conditions mean that attractive targets are more readily available to the Company.”
Max Petroleum (LON: MXP)
Two RNS’s this week from Max. First one. SAGW-6 appraisal well in the Sagiz West Field electric logs indicating 30 metres of net oil pay over a 93 metre interval at depths ranging from 1,194 to 1,287 metres. Reservoir quality appears good with porosities ranging from 15% to 23%. The Company is running production casing in the well, which will be completed and placed on test production after obtaining the requisite governmental approvals. The ZJ-30 drilling rig will next move to drill the SAGW-14 appraisal well near the southern end of the Sagiz West Field. Second one. Successful drilling results with appraisal wells in the Eskene North and Uytas fields. The ESKN-2 appraisal well in the Eskene North field has reached a depth of 1,523 metres with electric logs indicating 29 metres of net pay over a 173 metre gross interval in the Triassic Formation. The Company is setting production casing in the well and will begin testing ESKN-2 as soon as practicable. In the Uytas field, the UTS-12 appraisal well successfully reached a total depth of 450 metres, with electric logs indicating seven metres of net oil pay in Cretaceous and Jurassic reservoirs, including two metres of net oil pay over a four metre interval ranging in depths from 119 to 123 metres in the Cretaceous Aptian formation, two metres of net oil pay ranging in depths from 245 to 247 metres in the Lower Cretaceous formation and three metres of net oil pay over a seven metre interval ranging in depths from 311 to 318 metres in the Jurassic section. Reservoir quality is excellent. The Company plans to complete the well and place it on test production as soon as practicable. The Company will now drill the UTS-9 well targeting Jurassic reservoirs with a total vertical depth of approximately 550 metres. After UTS-9, an additional five wells remain to be drilled as part of the initial appraisal programme in the Uytas field.
New World Oil & Gas (LON: NEW)
Has secured an eight-month extension (Breathing space) in work programme commitment deadlines for Licence 1/08 at its Danica Resources Project in Southern Denmark. This extension was discussed with Danica Resources ApS and the Danish North Sea Fund, the Company’s 20% full-paying partner, and approved by the Danish Energy Agency. In order to secure the extension, New World has committed to a geochemical survey to high grade its existing prospect inventory in an effort to determine the best possible candidate for a 3-D seismic survey prior to making a commitment to drill. While more problems continue with the transfer of funds required to complete the subscription for new shares in the Company by Niel Petroleum S.A. which has not yet occurred. Notwithstanding the continuing delay in the receipt of funds, the Board believes that the Subscriber fully intends to complete the investment in the Company and consequently is continuing to work with Niel to finalise the necessary steps to resolve matters. Hope springs eternal.
Nighthawk Energy (LON: HAWK)
Has posted an explanatory circular to shareholders containing details of a proposed reduction of the Company’s share capital and a request for shareholder authority for the purchase by the Company of its own Ordinary Shares, together with formal notice of the requisite general meeting to be held at 11.00 a.m. on 18 October 2013. The Circular also contains the Company’s unaudited interim results for the six month period ended 30 June 2013. The Circular (containing the Notice and the Interim Results) will shortly be made available on the Company’s website at www.nighthawkenergy.com
Northcote Energy (LON: NCT)
An onshore US oil and gas exploration and production company, is pleased to announce plans to drill its first horizontal well targeting the Mississippi Lime formation on its 100% owned Mathis lease prior to end of December 2013. In addition as part of the well planning process, the first two undeveloped locations on Mathis have been designated P1 PV-10% reserves of US$14.8million, which combined with the previously announced reserves brings the value of the Northcote’s P1 reserves to US$76.7 million.
Nostra Terra Oil & Gas (LON: NTOG)
Finally get their hands on the Richfield Note cash. On 2 October 2013 it was determined by the Court that US$1.15 million of the $1.3 million deposited with the Court be released to Nostra Terra. Following this successful outcome for the Company a further hearing will now take place later this year to determine any additional sums owed to Nostra Terra, including attorneys’ fees, costs of collection, and reimbursement for operating expenses. Nostra Terra’s liens will remain in place until final settlement is determined. Matt Lofgran, Chief Executive Officer of Nostra Terra, commented:”It’s great to be receiving this cash as it will fund additional scheduled drilling. Plans are already in place for additional drilling at Chisholm Trail throughout the remainder of the year, along with further development of the High Plains Prospect and additional prospects we will operate. The funds allow us to expand our drill programme at no cost to shareholders.”
Ophir Energy (LON: OPHR)
Reported the successful completion of the Pweza-3 appraisal well and flow test in Block 4, Tanzania. Ophir holds 40% of Blocks 1, 3 and 4.BG Group operates with 60%. The Pweza-3 appraisal well was drilled approx. 2km north of the original Pweza discovery well and encountered 61m of gross pay on prognosis. A Drill Stem Test was performed which achieved an equipment constrained flow-rate of 57mmscfd with minimal drawdown and no observable depletion after 5 days of flow. The implied unconstrained flow-rate is expected to be in excess of 150mmscfd. The DST has confirmed that the Tertiary reservoirs in Block 4 have similar excellent characteristics to those in Block 1. This result is expected to dramatically reduce the number of development wells required in Block 4, thereby simplifying the development plan and having a positive impact on the project’s economics.
The Parkmead Group (LON: PMG)
The Pharos exploration well has commenced drilling in the UK Southern North Sea. The Pharos gas prospect has the potential to contain up to 500 billion cubic feet of gas-in-place (86 million barrels on an oil equivalent basis) and is located in Blocks 47/4d, 47/5d and 47/10c. The Pharos structure is located only 14km south west of Parkmead’s Platypus gas field, which was discovered in 2010 and successfully appraised with a horizontal well in 2012. Pharos is mapped as a much larger structure than Platypus and has the potential to contain almost three times more gas-in-place than the targeted amount at the successful Platypus discovery.
Urals Energy (LON: UEN)
Released an update in relation to its current operations as well as in relation to the requisitioned EGM. The directors of Urals Energy believe that the preliminary review of the results (Passive Seismic Spectroscopy and a separate Micro-Seismic survey) show the possibility of significantly increasing production at Arcticneft from the current horizons with limited capital and operational expenditure. This is based on five main trends of hydrocarbon potential as revealed by the results of the Surveys and is consistent with the Company’s existing exploration strategy. The Company continues to review the results of the Surveys in more depth, including encouraging data on possible future deeper drilling sites at Arcticneft. Urals Energy expects to conclude the drilling of Well #53 during the next two weeks and will make further announcements at the appropriate time. The EGM. Pursuant to Cypriot law, a notice convening the requisitioned extraordinary general meeting must be posted by the Company to the shareholders of Urals Energy on or before 15 October 2013 and the requisitioned extraordinary general meeting will be held within the requisite period following the date of the Notice.
I have been critical of GKP in the past regarding their Executive pay structure so it’s with pleasure that I congratulate them. It’s been a momentous week for GKP holders as they finally came out on top in the Excalibur litigation fiasco. At last Kozel actually justified his pay and remuneration. Well done to him and good luck to GKP holders.
Antrim Energy (LON: AEY)
Maintenance of the North Cormorant platform has commenced as scheduled 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%) is currently shut-in. The maintenance work is expected to interrupt production from the Causeway and Cormorant East fields for approximately six weeks.
Chariot Oil & Gas (LON: CHAR)
Some big numbers were being thrown around at ailing CHAR this week. They updated on selected results from an independent audit by Netherland Sewell and Associates Inc. Prospect B, Chariot’s principal drilling candidate, is an Upper Cretaceous canyon-head trap in the shallower petroleum system and has an audited Unrisked Gross Mean Prospective Oil Resource of 469mmbbl, with an estimated probability of geologic success (Pg) of 22%. For this trap type and age of reservoir there are an additional three prospects (Prospects A, C and D) in the 3D seismic volume and three leads (Leads E, G, and H) in the 2D area. These additional prospects and leads range in Unrisked Gross Mean Prospective Oil Resource from 290mmbbl to 1,487mmbbl and success in Prospect B would offer significant follow-on exploration potential in these targets. Within and to the west of the 3D seismic area, Chariot has identified a fairway with Upper Cretaceous deep water fan and channel sands draped over an outboard structural high, with the base of those reservoir sequences eroding into the marine source rocks. In this shallower petroleum system there are two further prospects in the 3D area (Prospects 4 and 6) and three leads in the 2D area (Leads 3, 4 and 5) and these targets range in Unrisked Gross Mean Prospective Oil Resource from 213mmbbl to 758mmbbl. Encouragement in Prospect B would offer significant additional follow-on exploration potential in this fairway too. Chariot has initiated a partnering process to progress the exploration of these prospective licences.
Gulfkeystone Petroleum (LON: GKP)
The champagne corks were popping this week at Gulfkeystone. As finally Kozel did what he should have been seen to be doing for the last 2 years. Earn his vast pay cheque and share options by actually getting on with righting the company. The English High Court dismissed all of Excalibur’s claims and decided all issues in favour of the Defendants.The hearing was adjourned to a date to be fixed, for argument on costs and any application for permission to appeal. Commenting on the Judge’s decision today, Gulf Keystone’s CEO Todd Kozel said: “We are very pleased to have achieved the best possible outcome from the point of view of the Company and our shareholders. We look forward to pursuing the Company’s stated objectives for the future, now that we have the Court’s decision regarding these historical events. We understand that the legal process must take its course once a claim has been lodged, but it has been unfortunate that the Company and its shareholders have experienced significant uncertainty and concern over the last two and a half years and that its executives have been engaged in a protracted and costly dispute to protect the position of the Company and its shareholders. The Board and management will now focus on progressing the ramp-up in production and development of the Shaikan world class discovery in the Kurdistan Region of Iraq. On the corporate front, our next objective is to complete the move to the standard segment of the Official List by the end of 2013.”
Gulfsands Petroleum (LON: GPX)
Announced the appointment of Alan Charles John Cutler to the Board as Director: Finance and Administration. Cutler, aged 54, is a Chartered Accountant with 28 years of experience in the oil and gas exploration and production sector including substantial roles both in the UK and internationally. Alan has been appointed to the board after having initially joined the company in June as Head of Finance and Administration from Setanta Energy, where he was CFO of this company involved in exploration and pre-development activity in the offshore energy sector of Gabon.
Ithaca Energy (LON: IAE)
Announces completion of a highly successful flow test on the first development well drilled on the Stella field and provides a progress update on the Greater Stella Area development activities. The first Stella field development well, “A1”, flowed at a maximum rate of 10,835 barrels of oil equivalent per day on a 7/8-inch choke, with the full production potential of the well limited by the capacity of the well test equipment on the drilling rig. Fluid samples have confirmed the high oil content of the hydrocarbons that will be produced from the well. The maximum rate of 10,835 boepd corresponds to 6,499 barrels of oil per day and 26 million standard cubic feet per day of “liquids rich” gas. The well intersected a high quality net reservoir interval of 1312 feet, with reservoir properties in line with previous wells drilled on the field. The oil is of high quality, approximately 42° API. The facilities that will be used on the “FPF-1” floating production facility to separate and export oil and gas produced from the field will increase the overall oil relative to gas production rate associated with the A1 well, by processing more efficiently than the simple separation facilities available for the purposes of the well test.
Jupiter Energy (LON: JPRL)
Issued the results of two independent reserves reports for the various accumulations on the Block 31 permit. Click HERE to read them.
Mediterranean Oil & Gas (LON: MOG)
Wholly owned subsidiary Medoilgas Italia S.p.A. was informed by the operator ENI that on the morning of 30 August 2013, production from the short string of well Guendalian-3 was shut down due to low pressure at the manifold. An operations team was on site and production recovery operations were started immediately to assess the issue. Diagnostic temperature and pressure profiles were collected which indicate a reduction in the performance and permeability of the well completion. As at 10 September 2013, the production from the short string of Gue-3 remains shut-in. The short string accounted for approximately 49% of the production at Guendalina prior to the shut-in. Post shut-in, the Guendalina Field is producing approximately 34,000 scm per day net MOG (MOG: 20%, ENI: 80% working interest). Remedial operations are planned and a further update will be provided to the market in due course.
Nighthawk Energy (LON: HAWK)
More good news came today from HAWK. Gross average oil production in August 2013 was 1,661 bbls/day, a record month for Nighthawk. Production from the Arikaree Creek oilfield increased over July 2013 levels with the Silverton 16-10 and Snowbird 9-15 wells contributing a combined average of 257 bbls/day. Production from Snowbird 9-15 was impacted by engine problems causing some downtime during the month. A new engine is expected to be installed in September 2013. Nighthawk is also planning a program of preventative maintenance and pressure testing at Arikaree Creek in September 2013 in preparation for the coming winter. This will result in some further downtime during the month. Once this program is completed, Nighthawk anticipates a return to growth in monthly production during the fourth quarter. A number of new drilling permits are being progressed, and subject to final confirmation of these and the drilling rig contract, Nighthawk anticipates further development of Arikaree Creek will commence in mid-October 2013, ahead of the Company’s initial expectations. The first two planned wells in the program are in the same structural block as the Silverton 16-10 and Snowbird 9-15 wells. Subject to successful completion of these two development wells, the Company intends to retain the drilling rig for an expanded program in Q4 2013 that is expected to include exploration wells as well as further development wells at Arikaree Creek. The Company is also seeking a permit to drill a salt water disposal well at Arikaree Creek which, when operational, will substantially reduce operating costs. With the earlier than anticipated resumption of drilling at Arikaree Creek, and the substantial amount of new information that will be available from the new wells, work on the Competent Person Report (“CPR”) will now continue through the fourth quarter. In particular, Nighthawk plans to core one of these wells providing valuable additional information for the CPR and the processing and analysis of this core information will take two to three months.
Nostra Terra Oil & Gas (LON: NTOG)
It’s a win, win for NTOG this week. The week began with the spudding of the next development well in the Verde Prospect, located in Colorado. The first well reached payout in approximately 10 months and continues to be a strong producer with expectations that net proceeds will reach 200% of the initial well and acreage costs by the end of this year. (The second well was a disappointment) The drilling of the third well is expected to take less than 20 days, followed by completion and initial production testing. Nostra owns a 16.25% working interest in this program of development wells, but has recently increased its working interest in this well to 17.54%.
On 2 April 2013, a judgment was entered in favour of Nostra Terra on its claims against Richfield Oil & Gas Company for approximately $1,500,000, plus continuing interest, attorneys’ fees and collection costs all in an amount still to be determined by the court. On 6 September 2013, Richfield filed a Motion with the Court advising of its intent to pay into the Court approximately $1.3 Million in partial satisfaction of the judgment and to seek an Order to cancel the upcoming Sheriff’s Sale of certain oil and gas interests owned by Richfield in Russell County, Kansas and staying further collection efforts by Nostra Terra until a final determination is made by the Court on whether additional sums are owed to Nostra Terra.
On 10 September 2013, the Court held a hearing, at which it granted the Motion. Nostra Terra has confirmed that following the Motion the funds have been deposited with the Court and, as such, the Sheriff’s Sale scheduled to occur on 12 September 2013 and all outstanding writs of execution have been cancelled. A hearing is scheduled for 1 October 2013 to determine any additional sums owed to Nostra Terra, including attorneys’ fees, costs of collection, and reimbursement for operating expenses incurred by Nostra Terra while operating certain Russell County leases throughout the duration of this matter. It is expected following this hearing, that the Court will order distribution of the funds paid into the Court. In addition, if the Court determines that there are additional sums owed to Nostra Terra, Richfield will have fourteen days thereafter to satisfy the judgment in full or the stay on Nostra Terra’s collection efforts will end. The Court further ordered that Richfield is prohibited from transferring any assets outside of the Court’s jurisdiction or encumbering such assets in any way. Matt Lofgran, Chief Executive Officer of Nostra Terra, commented: “We are pleased to see this situation coming to a satisfactory conclusion for Nostra Terra. Nostra has been building a strong portfolio of assets and the $1.3 million cash, when received, puts us in an even stronger cash position which will help us further expand our asset base.”
Petroceltic (LON: PCI)
The independent oil and gas exploration development and production company focused on the Middle East North Africa, the Mediterranean and the Black Sea regions announces its results for the six month period ended 30 June 2013. Click HERE to read them
Petroneft (LON: PTR)
Said this week that they Were encouraged by the stability of production in recent months, which is currently steady at 2,500 bopd. The pressure maintenance programme that commenced at Arbuzovskoye in April 2013 is continuing and is working well. In recent weeks, they have begun to see some positive impact in the production well nearest to the injection well – similar to the response seen earlier at Lineynoye. This should expand to other nearby production wells in the coming months. Production at Lineynoye also remains very stable with little decline evident. We have also benefitted from strong realised oil prices in recent months. Discussions continue on both the re-financing and planned farmout of Licence 61 with particularly good progress on concluding a re-financing of the existing Macquarie Bank facility. PTR continue to make the principal repayments of $650,000 per month to Macquarie Bank from operational cash flows. The current balance on this facility, net of cash held by Macquarie in the Debt Service Reserve Account, is US$13.6 million.
Tethys Petroleum (LON:TPL)
Has commenced drilling of the AKD08 (DOTO) Exploration well in Kazakhstan. The AKD08 Exploration well is located to the south-west of the Company’s producing Doris field and
north of its Dione oil discovery in Kazakhstan. The well is designed to target several potential zones, including the Lower Cretaceous sandstone and Upper Jurassic carbonate sequences as proven in Doris, and also the deeper Triassic sequence which gave significant hydrocarbon shows in nearby wells, including the Company’s AKD01 well (Doris oil discovery). Prospectivity may also exist in the Jurassic sandstone sequence which flowed oil in the Dione (AKD03) well. The Doto prospect has 22 million barrels gross mean unrisked recoverable prospective oil resources attributed to it (Gustavson & Associates, April 30, 2012) in the Cretaceous and Upper Jurassic sequences. The deeper Triassic sequence has not yet been independently assessed, and as such the Company is currently unable to quote a reportable resource estimate for this horizon. However, the Company believes it to be an attractive prospect. The Doto well is expected to take approximately 70 days to drill to a planned total depth of 3,500 metres using Tethys’ own ZJ70 “Telesto” rig. The AKD09 (“Dexa”) Exploration well is now expected to commence drilling in mid October due to a minor delay in
mobilisation of equipment and integration of services with the Doto well.
Wessex Exploration (LON: WSX)
An application has been filed to renew the Juan de Nova Est permit for a five year term and that Wessex will have the right to participate for a 50% interest if such renewal is granted. Juan de Nova is a French overseas territory in the Mozambique Channel, north-west of Madagascar.
Not much happening in the Smallcaps Oil & Gas sector this week. Don’t forget to sign the e-petition demanding an investigation into Sefton Resources. Ellerton the fraud and perjurer has now been SACKED. Demand an investigation. Click the link
http://epetitions.direct.gov.uk/petitions/52766
Bridge Energy (LON: BRDG)
Updates on the current exploration drilling campaign, targeting the Amol and Asha East prospects within the PL457 licence. Further to the announcement on 14 August 2013, we can now advise that the operator has changed the order of drilling, with results from the Amol well now expected first. Bridge has a 20% interest in the PL457 licence. Wintershall is the operator with 40%, with the other partners VNG (20%) and E.ON (20%)
Chariot Oil & Gas (LON: CHAR)
The Brazilian National Agency of Petroleum, Natural Gas and Biofuel has approved and signed the concession agreement for Chariot’s 100% interest and operatorship in licences BAR-M-292, BAR-M-293, BAR-M-313 and BAR-M-314 in the Barreirinhas basin, offshore Brazil. Chariot’s successful bids for these blocks were detailed in the announcement of 15 May 2013. CHAR will now look to carry out an Environmental Impact Assessment with the aim of planning and implementing a 3D seismic programme across these blocks in 2014.
Falcon Oil & Gas (LON: FOG)
Released an operational update this week. Much too convoluted for the Smallcap round up. You can read it HERE
Forum Energy (LON: FEP)
The Directors of Forum Energy were forced to release a statement on the recent movement in the Company’s share price, (jumped by more than 53%) confirming that they are not aware of any reason for such a movement.
GeoPark (LON: GPK)
The Latin American oil and gas explorer, operator and consolidator with operations and production in Chile, Colombia, Brazil and Argentina announce its first half financial results ended 30 June 2013. Click HERE to read them
Kea Petroleum (LON: KEA)
Hit the skids this week. The the oil and gas company focused on New Zealand, announced further results of testing and flow rates at Puka, the decision not to renew the PEP51155 permit and the commencement of a strategic review process. Combined total flow rates at Puka 1 and Puka 2 have stabilised at approximately (a piss poor) 200 barrels of oil per day.
Madagascar Oil (LON: MOIL)
Released their half year results for the six month period ended 30 June 2013. Click HERE to read
Magnolia Petroleum (LON: MAGP)
Updated on its activities in proven US onshore formations, including its participation in four new wells in Oklahoma alongside established operators such as Devon Energy. This update is in line with the Company’s strategy to rapidly build production and reserves on its leases in oil rich formations including the Bakken in North Dakota and Mississippi Lime in Oklahoma. If you want to read Ritas’ guff click HERE
And the week wouldn’t be complete without an update of some sort from Max Petroleum (LON: MXP)Who have commenced drilling the BCHW-3 appraisal well in the Baichonas West Field on Block E using the Zhanros ZJ-20 rig. The well will be drilled to a total vertical depth of approximately 1,460 metres targeting Jurassic and Triassic reservoirs. The Company has also successfully reached the target depth at the UTS-13 appraisal well in the Uytas Field which is currently being logged. The logging results will be announced as part of the next drilling update.
Nostra Terra Oil & Gas (LON: NTOG)
Holds a judgment against Richfield for in excess of US$1,500,000, plus on-going interest, attorney’s fees, and costs of collection. Six Russell County, Kansas leases belonging to Richfield will be sold at a public auction conducted by the Russell County Sheriff on 12 September 2013. The net proceeds from the sale will be applied to the balance of the judgment. Three of the leases, which were the subject of the 1 July announcement, including two producing wells and one saltwater disposal well, were originally auctioned at a Sheriff’s sale on 27 June 2013. Subsequent to that auction, Nostra Terra voluntarily made the decision to set aside the sales in order for these leases to be auctioned together with three additional leases, with producing and non-producing wells that share the same saltwater disposal well. Nostra Terra also has a lien on all of Richfield’s real property assets in the State of Utah. On 18 July, 2013 Richfield announced they have increased their lease position from 10,562 acres to 15,375 acres in Central Utah. All of these leases are included in the assets liened by Nostra Terra. Auctions for these assets will be scheduled in order to satisfy the Judgment awarded to Nostra Terra. Further efforts to collect on the judgment, including garnishments, have been undertaken and will continue until the judgment is satisfied in full. Matt Lofgran, Chief Executive Officer of Nostra Terra, commented: “While Richfield has stated that they will ‘vigorously defend against this foreclosure action,’ the reality is that the foreclosure action has already progressed to judgment in favor of Nostra Terra. Nostra Terra will continue its vigorous effort to collect its judgment in full either through cash or assets.”
Petroceltic (LON: PCI)Has spudded two wells: Shakrok-1, the first well in its drilling campaign in the Kurdistan Region of Iraq and Cobalcescu South, part of its planned multi-well drilling campaign, offshore Romania.
Range Resources (LON: RRL)
Two bits of news this week. Range would like to draw attention to the announcement released by Citation Resources Limited (ASX:CTR) with respect to the Company’s interest in Guatemala. If you want to waste your time reading this then click HERE The other can be read HERE
Sefton Resources (LON: SER)
Trading in its shares had to be suspended on AIM due to the unauthorised publishing of confidential internal information on a website. What a pity. Here’s hoping they never come back. Good riddance to this POS.
Sound Oil (LON: SOU)
Announced a positive well test at the onshore Nervesa discovery in Northern Italy. Hooray! The well test achieved a stabilised total gas flow rate of 2.7 MMscfd from multiple sandstone intervals in the Upper Miocene San Dona Formation using a dual string completion. Sound also confirms that, following a revision of its reservoir model for the full field, the P50 estimate of recoverable gas resources at Nervesa has increased from 21 Bcf (with an estimated NPV10 of US$58m) to 24 Bcf (with an estimated NPV10 of circa US$66m). Following these successful results, the Company will continue with its plans to: (i) apply for a Production Concession with a view to achieving first gas sales at Nervesa in 2015; (ii) drill a second well at Nervesa, addressing the Southern part of the structure; and (iii) secure a Reserve Based Lending (“facility to provide funding for the next stage of Sound Oil’s development;
In anticipation of securing an RBL facility, the Company has entered into an asset backed bridge loan facility for some £2.5 million with a syndicate of private investors. The Bridge Loan matures in February 2015, carries a coupon of 10% per annum and an average annual fee of 9%. It is the Company’s intention to repay the Bridge Loan with a portion of the proceeds from the RBL facility. The Company has also renewed its existing Standby Equity Distribution Agreement with Yorkville Advisors LLP for a period of three years on the pre-existing terms and without an upfront fee. Beyond Nervesa, the Company will continue with the second phase of its strategy, which includes preparing for 2014 drilling at Laura and Badile. The Company is pleased to invite investors to a conference call on 6th September 2013 at 1100. Details can be obtained from Annabelle Griffiths at [email protected]. James Parsons, Sound Oil’s Chief Executive Officer, commented: “This is a significant milestone for the Company”
Tower Resources (LON: TRP)
Provided an update on the acquisition of Wilton Petroleum. On 3 July 2013, Tower Resources announced the conditional acquisition of Wilton Petroleum, which owns a 20% carried interest in the Marovoay Block-2102, onshore Madagascar. The Block is operated by Ophir Madagascar Limited (80% interest). The Operator has indicated to Wilton that they do not now intend to drill the commitment well due to be drilled by 19 April 2014 and to which Wilton’s carry of $4million by Ophir related. Discussions between the parties are in progress and accordingly Tower has agreed with the Wilton Petroleum vendors to extend the completion date of the acquisition to 30 September 2013.
Union Jack Oil (LON: UJO)
Released unaudited results for the half year ended 30 June 2013. Highlights included The Acquisition of interests in four onshore Petroleum Exploration and Development Licences all containing drill ready prospects… Progress made towards delivering on strategy to rapidly appraise and exploit the acquired assets… Planning consent received in respect of the Burton on the Wolds-1 and Wressle-1 Prospects… A two well drilling programme covering Burton on the Wolds-1 and Wressle-1 scheduled for later this year. Gross proceeds of £800,000 in connection with Admission… Cash position in excess of £1.0 million as at 5 September 2013.
David Bramhill, Executive Chairman, commented: “In the space of just over one year Union Jack has obtained interests in four onshore UK drill ready prospects and will be involved in the drilling of the Burton on the Wolds-1 and Wressle-1 exploration wells during the next few months. Your Company has made significant progress during the first half of 2013 and I look forward to reporting on drill results and other matters in respect of the remaining period of the year in due course.”
It’s a cold dark day for John J Ellerton the now Disgraced EX Exec’ Chairman of Sefton Resources. The crook today got his just desserts for 13 years of Lies and Fraud. I told Ellerton in Feb’ 2013 Unless he withdrew from the field of battle that ‘I would bring him down’ “It is a fight to the death & no quarter will be given” I will never back down in the face of fraud and lies. I, like, Mr T Winnfrith stand firm. Today is V.E Day. Victory over Ellerton.
http://epetitions.direct.gov.uk/petitions/52766
Amerisur Resources (LON: AMER)
Updated on its operations in Colombia. Click HERE
Argos Resources (LON: ARG)
The Falkland Islands based exploration company focused on the North Falkland Basin, released interim financial results for the six months ended 30 June 2013. Highlights included, $0.6M invested in further exploration and evaluation activities. A $1.2M loss from expensed overhead, including FOREX losses of $0.3M (how losing cash is a “Highlight” beats me!). $4.3M cash reserves at 30 June 2013. A new Competent Person’s Report describes 52 prospects and 40 leads, a significant increase over the 28 prospects previously reported. Best Estimate of prospective recoverable oil resources has increased from 2.1 billion barrels to 3.1 billion barrels, an increase of 46%. High Case prospective recoverable oil resources estimate exceeds 10 billion barrels???? of laughs. (Couldn’t resist that!). New (Wash) basin modelling studies confirm two mature source rocks within PL001 with at least 30 billion barrels of oil generated within the licence area. A farmout programme seeking industry partners is progressing.
Mr. Ian Thomson, Chairman of Argos, said: “The 3D seismic data we have obtained is the best quality data seen in the basin to date. This has allowed us to map with confidence numerous stratigraphic prospects associated with the Early Cretaceous delta system that is a principal feature of the licence area. New proprietary geochemistry studies have also confirmed that two proven oil source rocks within the licence area are mature for significant volumes of oil generation, and this has added to the improved estimated chances of success for most of the prospects. The directors continue to actively consider various financing options to facilitate exploration drilling.”
Falcon Oil & Gas (LON: FOG)
Announces its Interim Results & Filing of its Financial Statements and Accompanying MD&A: Click HERE to read Six Months Ended 30 June 2013.
Gulf Keystone (LON: GKP)
It’s a nervous time for the Board and Investors over at GKP as September brings the litigation result between Excalibur Ventures LLC & GKP. The company announced that they will ‘announce’ their half year results, for the period ended 30 June 2013, on 19 September 2013. I’m announcing that they’re announcing that they’ll announce yawnnnnnn!
Hardy Oil & Gas (LON: HDY)
Reported its Half Year Results for the six months ended 30 June 2013. In summary. PY-3 – Afull field development plan has been provided to partners for approval prior to submission to the GOI. D3 – Various geophysical studies undertaken to advance finalisation of prospect locations toward completion of the MWP. D3 – Declaration of commerciality for the Dhirubhai 39 and 41 natural gas discoveries is under review by the Government of India. GS-01 – Field development plan for Dhirubhai 33 natural gas discovery is with the GOI for review. Discussions were held with our joint venture partner to increase our interest in the block. CY-OS/2 -Hon’ble tribunal ruled in the Company’s favour, allowing for a further three years to appraise the Ganesha-1 natural gas discovery and awarded interest and costs to the Company (contingent asset – $24.8 million). The GOI has lodged an appeal, against the Hon’ble tribunal award, with the High Court of Delhi. Total loss amounted to $2.0 million (H1 2012: loss of $7.2 million). Cash outflow from operations (before changes in non-cash working capital) $2.2 million (H1 2012: outflow $4.4 million). Cash and short term investments at 30 June 2013 amounted to $27.8 million; Hardy has no debt. MacKenzie, Chief Executive Officer of Hardy, commented: “While the Company has experienced some headwinds recently we remain committed to delivering successful exploration and production in India. The recent government approval of the gas pricing formula proposed by the Rangajaran Committee, along with rising gas demand across the industrial, residential and power sectors, provides us with the confidence that we are well positioned in the right environment to provide energy to the Indian market.”
JKX Oil & Gas (LON: JKX)
Has successfully completed the 10 stage multi-stage frac in well R-103 and the frac crew and equipment are now being demobilised. The remaining plugs separating the frac stages are currently being drilled out and flow-back has commenced. This flow-back phase is expected to take approximately 3 to 4 weeks with stabilised gas flow data expected in a further 4 to 5 weeks.
Lekoil (LON: LEK)
Further to the announcement of 26 June 2013, drilling of the Ogo-1 sidetrack well is still ongoing with completion now expected during September. Well testing, as appropriate, will occur thereafter.
http://epetitions.direct.gov.uk/petitions/52766
Max Petroleum (LON: MXP)
Has commenced drilling the UTS-13 appraisal well in the Uytas Field on Block A. The well will be drilled to a total vertical depth of approximately 200 metres targeting Cretaceous reservoirs using a newly acquired mobile truck mounted rig from Zhanros. This is the first of 10 remaining wells to be drilled to depths of between 200 and 450 metres as part of the initial appraisal programme for the field. Earlier this week MXP said they had finished drilling the BOR-4development well in the Borkyldakty Field, reaching total vertical depth of 1,609 metres. The well successfully encountered approximately 31 metres of net oil pay across four Triassic reservoirs ranging in depths from 1,395 to 1,532 metres, which was in line with expectations. The Company plans to complete the well and place it on production as soon as practicable. The Zhanros ZJ-20 rig will now move to drill the BCHW-3 appraisal well in the Baichonas West Field.
Nostra Terra (LON: NTOG)
The AIM quoted oil and gas producer, with a growing portfolio of horizontal and vertical drilling projects in the USA, updated on the Verde Prospect where it has a historical 16.25% working interest, located in south-eastern Colorado. Highlights included; Third well permitted & to be drilled in 60 days with an increased WI to17.54% from 16.25%. 200% return on Verde 1 expected by year end. Following the rapid payout of the initial well, additional leasing was targeted along with drilling to expand the size of the prospect. Leasing for the next drilling location has now been finalized with Nostra Terra increasing its WI in the well to 17.54%. Permitting is in process and the well (“Verde #3”) is scheduled to be drilled within the next 60 days. The first well in this project reached payout in less than one year, it continues to be a strong producer with cumulative net proceeds to Nostra Terra estimated to reach 200% of the Company’s original investment, by year-end. Due to the strength of the prospect the Company plans to continue to participate in further development. Alden McCall, Chief Operating Office of Nostra Terra, said; “Our first well in the Verde Prospect reached payout in approximately ten months of production, which is outstanding. We continue to be very pleased with this project and are looking forward to the results of the third well. Core analysis of the second well indicates that it will make an excellent injection well when the project is water-flooded in the future, and our investment in the well will be recovered in that way. The Verde Prospect remains an exceptional prospect and we intend further participation going forward.”
Oilex (LON: OEX)
Successfully raised $3.4 million through the placement of new shares to domestic & international Sophisticated and Professional Investors at $0.05 per share. The placement also consisted of a one for two attaching listed option (ASX:OEXO) with a strike price of $0.15 expiring on 7 September 2015. The bookbuild was supported by new and existing Oilex shareholders and closed oversubscribed. The Placement will be conducted in two tranches. The first tranche will utilise the Company’s available 15% placement capacity under ASX Listing Rule 7.1 which will total 38 million New Shares raising $1.9 million. The remaining 30 million New Shares will be issued in the second tranche subject to shareholder approval which will be sought at an Extraordinary General Meeting scheduled to be held as soon as practicable. The issue of all of the attaching Placement options will also be subject to shareholder approval at the EGM.
Ruspetro (LON: RPO)
The independent oil & gas development and production company, with operations in the Khanty-Mansiysk region of the West Siberian basin, announces its first half 2013 results and an update on its operations to date: Click HERE to read.
Sefton Resources (LON: SER)
Out on his arse went John J Ellerton today. The now Disgraced & Humiliated EX exec’ Chairman finally got his just rewards for 13 years of lies and fraud.
Please sign the Government e-petition demanding an investigation into Sefton Resources! http://epetitions.direct.gov.uk/petitions/52766
