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Guerilla Investing

Tag: Trap Oil

  • The Smallcap Oil & Gas round up. Victory Special N0 2

    Not much happening in the Smallcaps Oil & Gas sector this week. Don’t forget to sign the e-petition demanding an investigation into Sefton Resources. Ellerton the fraud and perjurer has now been SACKED. Demand an investigation. Click the link

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

    Bridge Energy (LON: BRDG)
    Updates on the current exploration drilling campaign, targeting the Amol and Asha East prospects within the PL457 licence. Further to the announcement on 14 August 2013, we can now advise that the operator has changed the order of drilling, with results from the Amol well now expected first. Bridge has a 20% interest in the PL457 licence. Wintershall is the operator with 40%, with the other partners VNG (20%) and E.ON (20%)

    Chariot Oil & Gas (LON: CHAR)
    The Brazilian National Agency of Petroleum, Natural Gas and Biofuel has approved and signed the concession agreement for Chariot’s 100% interest and operatorship in licences BAR-M-292, BAR-M-293, BAR-M-313 and BAR-M-314 in the Barreirinhas basin, offshore Brazil. Chariot’s successful bids for these blocks were detailed in the announcement of 15 May 2013. CHAR will now look to carry out an Environmental Impact Assessment with the aim of planning and implementing a 3D seismic programme across these blocks in 2014.

    Falcon Oil & Gas (LON: FOG)
    Released an operational update this week. Much too convoluted for the Smallcap round up. You can read it HERE

    Forum Energy (LON: FEP)
    The Directors of Forum Energy were forced to release a statement on the recent movement in the Company’s share price, (jumped by more than 53%) confirming that they are not aware of any reason for such a movement.

    GeoPark (LON: GPK)
    The Latin American oil and gas explorer, operator and consolidator with operations and production in Chile, Colombia, Brazil and Argentina announce its first half financial results ended 30 June 2013. Click HERE to read them

    Kea Petroleum (LON: KEA)
    Hit the skids this week. The the oil and gas company focused on New Zealand, announced further results of testing and flow rates at Puka, the decision not to renew the PEP51155 permit and the commencement of a strategic review process. Combined total flow rates at Puka 1 and Puka 2 have stabilised at approximately (a piss poor) 200 barrels of oil per day.

    Madagascar Oil (LON: MOIL)
    Released their half year results for the six month period ended 30 June 2013. Click HERE to read

    Magnolia Petroleum (LON: MAGP)
    Updated on its activities in proven US onshore formations, including its participation in four new wells in Oklahoma alongside established operators such as Devon Energy. This update is in line with the Company’s strategy to rapidly build production and reserves on its leases in oil rich formations including the Bakken in North Dakota and Mississippi Lime in Oklahoma. If you want to read Ritas’ guff click HERE

    And the week wouldn’t be complete without an update of some sort from Max Petroleum (LON: MXP)Who have commenced drilling the BCHW-3 appraisal well in the Baichonas West Field on Block E using the Zhanros ZJ-20 rig. The well will be drilled to a total vertical depth of approximately 1,460 metres targeting Jurassic and Triassic reservoirs. The Company has also successfully reached the target depth at the UTS-13 appraisal well in the Uytas Field which is currently being logged. The logging results will be announced as part of the next drilling update.

    Nostra Terra Oil & Gas (LON: NTOG)
    Holds a judgment against Richfield for in excess of US$1,500,000, plus on-going interest, attorney’s fees, and costs of collection. Six Russell County, Kansas leases belonging to Richfield will be sold at a public auction conducted by the Russell County Sheriff on 12 September 2013. The net proceeds from the sale will be applied to the balance of the judgment. Three of the leases, which were the subject of the 1 July announcement, including two producing wells and one saltwater disposal well, were originally auctioned at a Sheriff’s sale on 27 June 2013. Subsequent to that auction, Nostra Terra voluntarily made the decision to set aside the sales in order for these leases to be auctioned together with three additional leases, with producing and non-producing wells that share the same saltwater disposal well. Nostra Terra also has a lien on all of Richfield’s real property assets in the State of Utah. On 18 July, 2013 Richfield announced they have increased their lease position from 10,562 acres to 15,375 acres in Central Utah. All of these leases are included in the assets liened by Nostra Terra. Auctions for these assets will be scheduled in order to satisfy the Judgment awarded to Nostra Terra. Further efforts to collect on the judgment, including garnishments, have been undertaken and will continue until the judgment is satisfied in full. Matt Lofgran, Chief Executive Officer of Nostra Terra, commented: “While Richfield has stated that they will ‘vigorously defend against this foreclosure action,’ the reality is that the foreclosure action has already progressed to judgment in favor of Nostra Terra. Nostra Terra will continue its vigorous effort to collect its judgment in full either through cash or assets.”

    Petroceltic (LON: PCI)Has spudded two wells: Shakrok-1, the first well in its drilling campaign in the Kurdistan Region of Iraq and Cobalcescu South, part of its planned multi-well drilling campaign, offshore Romania.

    Range Resources (LON: RRL)
    Two bits of news this week. Range would like to draw attention to the announcement released by Citation Resources Limited (ASX:CTR) with respect to the Company’s interest in Guatemala. If you want to waste your time reading this then click HERE The other can be read HERE

    Sefton Resources (LON: SER)
    Trading in its shares had to be suspended on AIM due to the unauthorised publishing of confidential internal information on a website. What a pity. Here’s hoping they never come back. Good riddance to this POS.

    Sound Oil (LON: SOU)
    Announced a positive well test at the onshore Nervesa discovery in Northern Italy. Hooray! The well test achieved a stabilised total gas flow rate of 2.7 MMscfd from multiple sandstone intervals in the Upper Miocene San Dona Formation using a dual string completion. Sound also confirms that, following a revision of its reservoir model for the full field, the P50 estimate of recoverable gas resources at Nervesa has increased from 21 Bcf (with an estimated NPV10 of US$58m) to 24 Bcf (with an estimated NPV10 of circa US$66m). Following these successful results, the Company will continue with its plans to: (i) apply for a Production Concession with a view to achieving first gas sales at Nervesa in 2015; (ii) drill a second well at Nervesa, addressing the Southern part of the structure; and (iii) secure a Reserve Based Lending (“facility to provide funding for the next stage of Sound Oil’s development;

    In anticipation of securing an RBL facility, the Company has entered into an asset backed bridge loan facility for some £2.5 million with a syndicate of private investors. The Bridge Loan matures in February 2015, carries a coupon of 10% per annum and an average annual fee of 9%. It is the Company’s intention to repay the Bridge Loan with a portion of the proceeds from the RBL facility. The Company has also renewed its existing Standby Equity Distribution Agreement with Yorkville Advisors LLP for a period of three years on the pre-existing terms and without an upfront fee. Beyond Nervesa, the Company will continue with the second phase of its strategy, which includes preparing for 2014 drilling at Laura and Badile. The Company is pleased to invite investors to a conference call on 6th September 2013 at 1100. Details can be obtained from Annabelle Griffiths at [email protected]. James Parsons, Sound Oil’s Chief Executive Officer, commented: “This is a significant milestone for the Company”

    Tower Resources (LON: TRP)
    Provided an update on the acquisition of Wilton Petroleum. On 3 July 2013, Tower Resources announced the conditional acquisition of Wilton Petroleum, which owns a 20% carried interest in the Marovoay Block-2102, onshore Madagascar. The Block is operated by Ophir Madagascar Limited (80% interest). The Operator has indicated to Wilton that they do not now intend to drill the commitment well due to be drilled by 19 April 2014 and to which Wilton’s carry of $4million by Ophir related. Discussions between the parties are in progress and accordingly Tower has agreed with the Wilton Petroleum vendors to extend the completion date of the acquisition to 30 September 2013.

    Union Jack Oil (LON: UJO)
    Released unaudited results for the half year ended 30 June 2013. Highlights included The Acquisition of interests in four onshore Petroleum Exploration and Development Licences all containing drill ready prospects… Progress made towards delivering on strategy to rapidly appraise and exploit the acquired assets… Planning consent received in respect of the Burton on the Wolds-1 and Wressle-1 Prospects… A two well drilling programme covering Burton on the Wolds-1 and Wressle-1 scheduled for later this year. Gross proceeds of £800,000 in connection with Admission… Cash position in excess of £1.0 million as at 5 September 2013.

    David Bramhill, Executive Chairman, commented: “In the space of just over one year Union Jack has obtained interests in four onshore UK drill ready prospects and will be involved in the drilling of the Burton on the Wolds-1 and Wressle-1 exploration wells during the next few months. Your Company has made significant progress during the first half of 2013 and I look forward to reporting on drill results and other matters in respect of the remaining period of the year in due course.”

  • The Smallcap Oil & Gas round up. Victory Special!

    The Smallcap Oil & Gas round up. Victory Special!

    It’s a cold dark day for John J Ellerton the now Disgraced EX Exec’ Chairman of Sefton Resources. The crook today got his just desserts for 13 years of Lies and Fraud. I told Ellerton in Feb’ 2013 Unless he withdrew from the field of battle that ‘I would bring him down’ “It is a fight to the death & no quarter will be given” I will never back down in the face of fraud and lies. I, like, Mr T Winnfrith stand firm. Today is V.E Day.  Victory over Ellerton.

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

    Amerisur Resources (LON: AMER)
    Updated on its operations in Colombia. Click HERE

    Argos Resources (LON: ARG)
    The Falkland Islands based exploration company focused on the North Falkland Basin, released interim financial results for the six months ended 30 June 2013. Highlights included, $0.6M invested in further exploration and evaluation activities. A $1.2M loss from expensed overhead, including FOREX losses of $0.3M (how losing cash is a “Highlight” beats me!). $4.3M cash reserves at 30 June 2013. A new Competent Person’s Report describes 52 prospects and 40 leads, a significant increase over the 28 prospects previously reported. Best Estimate of prospective recoverable oil resources has increased from 2.1 billion barrels to 3.1 billion barrels, an increase of 46%. High Case prospective recoverable oil resources estimate exceeds 10 billion barrels???? of laughs. (Couldn’t resist that!). New (Wash) basin modelling studies confirm two mature source rocks within PL001 with at least 30 billion barrels of oil generated within the licence area. A farmout programme seeking industry partners is progressing.

    Mr. Ian Thomson, Chairman of Argos, said: “The 3D seismic data we have obtained is the best quality data seen in the basin to date. This has allowed us to map with confidence numerous stratigraphic prospects associated with the Early Cretaceous delta system that is a principal feature of the licence area. New proprietary geochemistry studies have also confirmed that two proven oil source rocks within the licence area are mature for significant volumes of oil generation, and this has added to the improved estimated chances of success for most of the prospects. The directors continue to actively consider various financing options to facilitate exploration drilling.”

    Falcon Oil & Gas (LON: FOG)
    Announces its Interim Results & Filing of its Financial Statements and Accompanying MD&A: Click HERE to read Six Months Ended 30 June 2013.

    Gulf Keystone (LON: GKP)
    It’s a nervous time for the Board and Investors over at GKP as September brings the litigation result between Excalibur Ventures LLC & GKP. The company announced that they will ‘announce’ their half year results, for the period ended 30 June 2013, on 19 September 2013. I’m announcing that they’re announcing that they’ll announce yawnnnnnn!

    Hardy Oil & Gas (LON: HDY)
    Reported its Half Year Results for the six months ended 30 June 2013. In summary. PY-3 – Afull field development plan has been provided to partners for approval prior to submission to the GOI. D3 – Various geophysical studies undertaken to advance finalisation of prospect locations toward completion of the MWP. D3 – Declaration of commerciality for the Dhirubhai 39 and 41 natural gas discoveries is under review by the Government of India. GS-01 – Field development plan for Dhirubhai 33 natural gas discovery is with the GOI for review. Discussions were held with our joint venture partner to increase our interest in the block. CY-OS/2 -Hon’ble tribunal ruled in the Company’s favour, allowing for a further three years to appraise the Ganesha-1 natural gas discovery and awarded interest and costs to the Company (contingent asset – $24.8 million). The GOI has lodged an appeal, against the Hon’ble tribunal award, with the High Court of Delhi. Total loss amounted to $2.0 million (H1 2012: loss of $7.2 million). Cash outflow from operations (before changes in non-cash working capital) $2.2 million (H1 2012: outflow $4.4 million). Cash and short term investments at 30 June 2013 amounted to $27.8 million; Hardy has no debt. MacKenzie, Chief Executive Officer of Hardy, commented: “While the Company has experienced some headwinds recently we remain committed to delivering successful exploration and production in India. The recent government approval of the gas pricing formula proposed by the Rangajaran Committee, along with rising gas demand across the industrial, residential and power sectors, provides us with the confidence that we are well positioned in the right environment to provide energy to the Indian market.”

    JKX Oil & Gas (LON: JKX)
    Has successfully completed the 10 stage multi-stage frac in well R-103 and the frac crew and equipment are now being demobilised. The remaining plugs separating the frac stages are currently being drilled out and flow-back has commenced. This flow-back phase is expected to take approximately 3 to 4 weeks with stabilised gas flow data expected in a further 4 to 5 weeks.

    Lekoil (LON: LEK)
    Further to the announcement of 26 June 2013, drilling of the Ogo-1 sidetrack well is still ongoing with completion now expected during September. Well testing, as appropriate, will occur thereafter.

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

    Max Petroleum (LON: MXP)
    Has commenced drilling the UTS-13 appraisal well in the Uytas Field on Block A. The well will be drilled to a total vertical depth of approximately 200 metres targeting Cretaceous reservoirs using a newly acquired mobile truck mounted rig from Zhanros. This is the first of 10 remaining wells to be drilled to depths of between 200 and 450 metres as part of the initial appraisal programme for the field. Earlier this week MXP said they had finished drilling the BOR-4development well in the Borkyldakty Field, reaching total vertical depth of 1,609 metres. The well successfully encountered approximately 31 metres of net oil pay across four Triassic reservoirs ranging in depths from 1,395 to 1,532 metres, which was in line with expectations. The Company plans to complete the well and place it on production as soon as practicable. The Zhanros ZJ-20 rig will now move to drill the BCHW-3 appraisal well in the Baichonas West Field.

    Nostra Terra (LON: NTOG)
    The AIM quoted oil and gas producer, with a growing portfolio of horizontal and vertical drilling projects in the USA, updated on the Verde Prospect where it has a historical 16.25% working interest, located in south-eastern Colorado. Highlights included; Third well permitted & to be drilled in 60 days with an increased WI to17.54% from 16.25%. 200% return on Verde 1 expected by year end. Following the rapid payout of the initial well, additional leasing was targeted along with drilling to expand the size of the prospect. Leasing for the next drilling location has now been finalized with Nostra Terra increasing its WI in the well to 17.54%. Permitting is in process and the well (“Verde #3”) is scheduled to be drilled within the next 60 days. The first well in this project reached payout in less than one year, it continues to be a strong producer with cumulative net proceeds to Nostra Terra estimated to reach 200% of the Company’s original investment, by year-end. Due to the strength of the prospect the Company plans to continue to participate in further development. Alden McCall, Chief Operating Office of Nostra Terra, said; “Our first well in the Verde Prospect reached payout in approximately ten months of production, which is outstanding. We continue to be very pleased with this project and are looking forward to the results of the third well. Core analysis of the second well indicates that it will make an excellent injection well when the project is water-flooded in the future, and our investment in the well will be recovered in that way. The Verde Prospect remains an exceptional prospect and we intend further participation going forward.”

    Oilex (LON: OEX)
    Successfully raised $3.4 million through the placement of new shares to domestic & international Sophisticated and Professional Investors at $0.05 per share. The placement also consisted of a one for two attaching listed option (ASX:OEXO) with a strike price of $0.15 expiring on 7 September 2015. The bookbuild was supported by new and existing Oilex shareholders and closed oversubscribed. The Placement will be conducted in two tranches. The first tranche will utilise the Company’s available 15% placement capacity under ASX Listing Rule 7.1 which will total 38 million New Shares raising $1.9 million. The remaining 30 million New Shares will be issued in the second tranche subject to shareholder approval which will be sought at an Extraordinary General Meeting  scheduled to be held as soon as practicable. The issue of all of the attaching Placement options will also be subject to shareholder approval at the EGM.

    Ruspetro (LON: RPO)
    The independent oil & gas development and production company, with operations in the Khanty-Mansiysk region of the West Siberian basin, announces its first half 2013 results and an update on its operations to date: Click HERE to read.

    Sefton Resources (LON: SER)
    Out on his arse went John J Ellerton today. The now Disgraced & Humiliated EX exec’ Chairman finally got his just rewards for 13 years of lies and fraud.

     

    Please sign the Government e-petition demanding an investigation into Sefton Resources! http://epetitions.direct.gov.uk/petitions/52766

  • The Smallcap Oil & Gas round up.

    The Smallcap Oil & Gas round up.

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

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

     

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

  • The Smallcap Oil & Gas round up.

    The Smallcap Oil & Gas round up.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

  • The Smallcap Oil & Gas round up.

    The Smallcap Oil & Gas round up.

     

    A quiet week in the Smallcaps Oil & Gas Underverse.

     

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

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

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

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

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

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

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

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

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

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

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

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

  • The Smallcap Oil & Gas round up

    The Smallcap Oil & Gas round up

    Another busy week for me personally. Family matters etc

    Good read this week enjoy it. Dan x

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

  • The Smallcap Oil & Gas round up.

     

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

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

     

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

  • The Smallcap Oil & Gas round up.

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

    Antrim Energy. (LON: AEY)

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

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

    Falcon Oil & Gas. (LON: FOG)

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

    Gulf Keystone Petroleum (LON: GKP)

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

    Gulfsands Petroleum (LON: GPX)

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

    Lochard Energy Group (LON: LHD)

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

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

    Mediterranean Oil & Gas (LON: MOG)

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

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

    Oilex. (LON: OEX)

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

    Petroceltic (LON: PCI)

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

    Premier Oil (LON: PMO)

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

    Providence Resources (LON: PVR)

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

    Range Resources (LON: RRL)

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

    Rialto Energy (LON: RIA)

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

    President Energy (LON: PPC)

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

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

    Tethys Petroleum (LON: TPL)

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

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