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Tag: Tullow Oil

The Smallcap Oil & Gas round up.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

22 August, 2014
The Smallcap Oil & Gas Round up.

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

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

UKOG shot themselves in the foot this week!

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

19 July, 2014
The Smallcap Oil & Gas round up

The Midas touch has returned!

Quiet week this week. But it’s going to hot up soon enough at Lenigas & Oil! Fantastic story developing. Eyes on UKOG!

Empyrean Energy (LON: EME)
Released a strange one this week. It is launching a review of strategic options open to the Company to maximise value for shareholders. They’ve basically called Takeover without any takeover actually occurring. They’ve put the whole company up for sale! You can read the RNS HERE

Faroe Petroleum (LON: FPM)
Duster! Centrica-operated Butch South West exploration well 8/10-6S no hydrocarbons were encountered. Oil strike! The Bue side-track well (6406/12-3 A) was drilled to a depth of 3,656.5 metres below sea level, 2.1 kilometres north east of the Pil discovery well 6406/12-3 S. The objective was to investigate the extent, thickness and reservoir properties in the Middle and Upper Jurassic reservoirs in the Bue prospect and to establish the pressure regime and hydrocarbon/water contact. The well encountered an 18 metre hydrocarbon column in reservoir rocks of variable quality. Pressure data indicates no communication between the Pil and Bue discoveries and Bue has therefore proven a separate accumulation of hydrocarbons. An extensive data acquisition programme was carried out including a fluid sample and the operator’s preliminary estimate of the gross size of the Bue discovery is between 6 and 25 million barrels of recoverable oil equivalent In addition, following the Pil side-track, which encountered a gross hydrocarbon-bearing reservoir section with approximately 80 metres of oil in the Upper Jurassic reservoir of the Rogn Formation, the operator of the licence, VNG, has advised the partners of an updated gross recoverable resources range estimate for the Pil discovery of 72 to 172 mmboe (18 to 43 mmboe net to Faroe), up from a previous gross recoverable resource range estimate of 50 to 170 mmboe.

Fastnet Oil & Gas (LON: FAST)
Announces that its wholly owned subsidiary Pathfinder Hydrocarbon Ventures has entered into an amended exclusive option agreement with Oil and Gas Investments Funds, in relation to eight Exploration Permits comprising the Tendrara Lakbir Petroleum Agreement onshore Morocco. Following substantive negotiations with its partner OGIF, Fastnet has secured improved commercial terms from those previously announced on 29 May 2013.

Forum Energy (LON: FEP)
A UK incorporated oil & gas exploration and production company confirms that the Philippine Department of Energy has granted the Company’s request for an extension to the second sub-phase of Service Contract 72. The deadline for completion of the second sub-phase, comprising the drilling of two appraisal wells, has now been extended by one year to 15 August 2016; Further details regarding the Company’s plans for SC72 will be made in due course, as and when appropriate.

Frontera Resources (LON: FRR)
Announced that it has begun the start of a new drilling campaign at the Mtsare Khevi Gas Complex in the country of Georgia. Location construction for well #32a will commence shortly and drilling is expected to commence during the month of August. The well will take approx. 15 days to reach total depth. Well #32a is planned to be drilled to a depth of approx. 400 metres and is designed to continue to explore and expand the identified gas potential associated with the Mtsare Khevi Gas Complex. Gas production operations have continued since commencement in April and are delivering gas to Georgia’s national grid via the Company’s gas gathering/processing facilities and associated 14 kilometer transportation system. This system accommodates gas production at a planned rate of approx. 2 million cubic feet per day of gas.

Ithaca Energy (LON: IAE)
A production update following the end of the second quarter of the year came this week. Average pro-forma production in Q2-2014 was approximately 14,400 barrels of oil equivalent per day (“boepd”), 94% oil, including the contribution from the assets being acquired from Sumitomo Corporation. This performance is in line with the Company’s pro-forma 2014 production guidance range of 13,500 to 15,500 boepd.

Leni Gas & Oil (LON: LGO)
It’s just going to get better and better for David Lenigas & Neil Ritson at the LGO Trinidad drills! The fourth of its planned Goudron development wells, GY-667, was successfully spudded yesterday at 1530 hrs and is now drilling ahead in the Goudron Sandstones. The well is being drilled as a deviated hole from the same well pad as used for the recently drilled wells GY-665 and GY-666. Well GY-667 has a planned total depth of 3,600 feet true-vertical depth (equivalent to 3,840 feet measured depth) to a bottom-hole location that is approximately 590 feet south east of the surface location. The primary target of this well is the Gros Morne sandstones, the top of which are anticipated at a depth of approximately 2,180 feet TVD. The well will also investigate the reservoir potential of the Lower Cruse at this location. Separately, final approvals have now been received for the construction and installation of a new 2,000-barrel sales tank and construction contracts have been awarded. The new tank will be installed at the Goudron Field’s oil sales point at Tank Battery Station 134 and will be adjacent to the two existing sales tanks increasing total daily export capacity equivalent to approximately 2,750 barrels of oil per day. It is anticipated that the new tank will be commissioned to coincide with the completion of the four wells being drilled on the current well pad; of which GY-667 is the third. Negotiations for a second drilling rig are actively being progressed with a variety of different options emerging. It is planned to retain Well Services Rig 20 for at least a further six wells and no decision has yet been taken on the choice of the second rig.

Mosman Oil & Gas (LON: MSMN)
Couple of RNS’s this week. Latest progress on its drilling programme at the Petroleum Creek Project, New Zealand. Crestal-1 was drilled to 75m and 7 inch casing run and cemented. Drilling continues and on 6 July had reached a depth of 100m. Oil shows (fluorescence) from 55m to 70m and 80m to 95m have been encountered. Rock samples under ultra-violet (UV) light show fluorescence indicating hydrocarbons on rock cuttings circulated out of the hole and separated from drilling fluid (mud) by screens. These rock samples are collected as representative of every 2.5m of hole drilled. If there is no oil on the sample then there is no fluorescence shown in UV light. ****These standard site tests are useful qualitative indications and will be followed up with additional work, including wireline electric logs and flow tests before any technical and commercial significance can be determined**** Therein the stars is the truth of exactly what’s going on here. You have been warned. Second RNS Crestal-1, oil shows have been identified throughout the Cobden Limestone from 158m to 173m. (I’d hardly describe oil shows from 158m to 173m as “Through out the Cobden limestone.”) John W Barr, Executive Chairman of Mosman commented: “It is important to put our progress into context as this positive news is the first step of the drilling programme which will be followed by the appraisal process. The next stage of which will be to carry out flow tests, additional seismic acquisition and processing work, and then complete the economic modelling required to determine commercial viability of our wells, which as previously announced is anticipated to take several months.” Several months? You have been warned!

Providence Resources (LON: PVR)
Provided took a kick in the goolies this week. An operational update on activities in FEL 2/04, FEL 4/08 and FEL 1/14, which are all located within Quadrant 35 in the northern Porcupine Basin. Capricorn Ireland Limited (38%, Operator (wholly owned subsidiary of Cairn Energy (LON: CNE) operates these licences on behalf of its partners, Providence Resources (32%), Chrysaor E&P Ireland (26%) and Sosina Exploration (4%). The licences, which cover an area of c. 2,000 km2, are located c. 175 km off the west coast of Ireland in water depths of c. 400 metres. The Operator has advised that the Spanish Point appraisal well will not be drilled in 2014, as previously planned. Extensive delays in the refurbishment of the Blackford Dolphin drilling rig which had been scheduled to drill the well, mean that drilling operations would not be able to commence until at least October, thereby putting the Spanish Point drilling operations into the winter period. Accordingly, the Operator has advised that the contract with Dolphin for the Blackford Dolphin has been terminated and tendering for another rig to carry out the planned well operations in 2015 has commenced. Separately, the Operator has confirmed that, subject to regulatory approval, a large 3D seismic acquisition programme over blocks 35/13, 35/14, 35/15, 35/18 and 35/19 in FEL 1/14 will go ahead this summer.

Roxi Petroleum (LON: RXP)
Hit the oily stuff this week with news of a discovery at its flagship BNG asset. The BNG Contract Area is located in the west of Kazakhstan 40 kilometres southeast of Tengiz on the edge of the Mangistau Oblast, covering an area of 1,561 square kilometres of which 1,376 square kilometres has 3D seismic coverage acquired in 2009 and 2010. Roxi has a 58.41 per cent interest in the BNG Contract Area. Deep Well A5 the first deep well on the BNG Contract Area, with a planned Total Depth of 4,700 meters is targeting principally the middle Carboniferous formation at 4,390 meters of the South Emba sub-basin. Oil and gas shows have been detected at a depth of 4,332 meters. After the completion of clean-up work to deal with the oil and gas shows encountered, core samples will be taken to determine the oil bearing horizon. News also came today of a licence extension and operational progress at its Galaz asset. Roxi announced the extension of the licence at the Galaz Contract Area for a further two-year period to 14 May 2016. The licence has been extended on the current pilot production basis, although at the request of Galaz LLP may be converted to a full production licence. As previously announced Roxi Well NK-31 has been spudded and is to be drilled to a total depth of 2,500 meters targeting the Middle Jurassic. The well is expected to reach Total Depth by the end of July 2014. It is being drilled on the main Contract Area. Drilling has reached a depth of 2,350 meters without incident. Core samples taken between 2,070 and 2,079 meters in the Karagansaisky horizon contain an interlayering of argillite and conglomerates.

Sound Oil (LON: SOU)
Has issued shares in respect of the first equity tranche of the £14 million institutional funding first announced by the Company on 25 April 2014. Following receipt of a cash payment of £1.86 million, the Company has issued a total of 23,212,500 new ordinary shares in the Company to related parties of Continental Investment Partners S.A. The issue of the New Ordinary Shares represents the first of two tranches of the equity issue associated with the institutional funding. The remaining equity tranche, totaling a further £5.14 million, is expected to complete during July 2014.

Victoria Oil and Gas (LON: VOG)
Updated on its Logbaba gas supply operations in the industrial port city of Douala, Cameroon, operated by wholly owned subsidiary, Gaz du Cameroun S.A. The announcement is the first update which includes supply to both thermal and gas fired electricity generation customers. Much to lengthy an epistle for the round up. Click HERE to read it

11 July, 2014
The Smallcap Oil & Gas round up.

The famous, BMD smallcap oil & gas round up!

Amerisur Resources (LON: AMER)
The oil and gas producer and explorer focused on South America, is pleased to announce an update on operations in Colombia and Paraguay. CLICK HERE

Aminex (LON: AEX)
Has signed a sale and purchase agreement for the sale of Aminex USA Inc. to Northcote Energy an AIM listed oil and gas company, and Springer Oil and Gas, a private company, for a total consideration of USD$5,000,000. Consideration from the sale of Aminex’s US portfolio of assets, which mainly comprise the Shoats Creek field in Louisiana and the Alta Loma field in Texas, will allow the Company to pay down part of its loan facility and provides further flexibility for working capital.

Borders & Southern (LON: BOR)
In April 2012 Borders & Southern made a significant gas condensate discovery with its first exploration well in the Falkland Islands. The discovery had a high condensate yield and a good quality reservoir. An initial scoping facilities study proposed an FPSO development, stripping out the liquids and re-injecting the gas back into the reservoir. Our phase 1 reservoir engineering study indicated that a mid case of 200 million barrels of liquids could be recovered from the discovery. Subsequent to this work, the Company has enhanced the seismic data with rock physics information derived from the Darwin East well and undertaken a more detailed phase 2 reservoir engineering study. Additionally, the 2008 seismic data has been reprocessed and merged with the new 2013 3D survey. Reprocessing of the 3D seismic has greatly improved the quality of the data. Resolution has been enhanced, amplitude mapping is sharper and fault definition has improved. This new data has confirmed our previous interpretation of the potential distribution of hydrocarbons over Darwin East and West. The phase 2 reservoir engineering study used a more detailed geological and petrophysical description of the reservoir, creating a 3D model in Petrel (The phase 1 study had used a simple layer cake model) and incorporated results from a laboratory revaporisation study and analysis from side wall cores. Our new base case model estimates a wet gas in place of 2.6 tcf and the recovered condensate of 263 million barrels. The increase in recovered condensate from our phase 1 model to the phase 2 model is attributed to improved net pore volume and an improvement in fluid recovery. New base case estimate of recoverable condensate of 263 million barrels is of course dependent on successful appraisal wells. However, this resource assessment only includes the reservoir interval encountered in the discovery well on Darwin East. Our seismic interpretation indicates that Darwin West is structurally higher than Darwin East and that two additional potential reservoir intervals below the main reservoir, each displaying amplitude conformance to structure, may be encountered. These additional potential reservoirs do not extend over the whole structure, but nevertheless could add further to the total recoverable resource depending on their thickness and quality.

Doriemos (LON: DOR) United Kingdom Oil & Gas (LON: UKOG) Solo Oil (LON: SOLO)
All three updated on the highly prospective Horse Hill prospect. Horse Hill Development Ltd, the operators of the Horse Hill Prospect in the Weald Basin near Gatwick Airport, have advised that site construction has now commenced for the proposed 8,512 feet Horse Hill-1 well. The well is expected to spud in July 2014 and is targeting a number of conventional stacked oil targets in Jurassic aged reservoirs and possible gas in the Triassic. After evaluating the Jurassic targets in the Portland sandstone, Corallian sandstone and Great Oolite limestone, the well is planned to be drilled to Triassic age formations in order to evaluate the potential, so far unexplored, for conventional gas within the Horse Hill structure.

Falcon Oil & Gas (LON: FOG)
Announces the appointment of Mr. Michael Gallagher as Chief Financial Officer (“CFO”) with immediate effect.

Global Petroleum (LON: GBP)
Tried to distance themselves from the Tower Resources (LON: TRP) duster this week. GBP noted the recent announcement by the partners in the Welwitschia-1A well of their decision to plug and abandon the well. The Welwitschia-1A well was drilled to a depth of 2,454m in Block 2011A, adjacent to Global’s Block 2010A in the Walvis Basin offshore northern Namibia. The Global technical management team wishes to make it clear that the geological setting of Global’s blocks 2010A and 1910B is distinct from that targeted by the partners in the Welwitschia-1A well. The great majority of the prospectivity in Global’s acreage is mapped in older sediments. These deeper structures were not reached by the Welwitschia-1A well. Therefore, the significant potential of these deeper traps and reservoirs remains to be tested. Don’t waste share-holder money. It’s a duster above and it’ will be a duster below.

Gulfsands Petroleum (LON: GPX)
Drilling operations within the Rharb Centre Permit in Northern Morocco using the COFOR SAS Cabot 750 rig have now recommenced with the drilling of the Lalla Yetou Updip-1 gas exploration well (“LTU-1”). The LTU-1 well location has been selected based upon interpretation of the Rharb 3D seismic survey data acquired by the Company during 2013. LTU-1 is designed to be drilled to a total vertical depth of approximately 1180 metres, and will evaluate predicted Miocene aged sandstone reservoirs contained within a fault bound structural closure that have been identified from 3D seismic data as having the potential to be gas bearing. LTU-1 is located up dip structurally from a previous well Lalla Yetou-3 that found gas bearing sands. The Company expects that drilling operations at LTU-1 will be completed within 28 days.

Independent Resources (LON: IRG)
Results for the fifteen months ended 31 December 2013. Click HERE to read.

Leni Gas & Oil (LON: LGO)
The third of its Goudron development wells, GY-666, was successfully spudded this week and is now drilling ahead. As with the previous two wells the third well in the planned 30 well redevelopment program is intended to test the Goudron, Gros Morne and Lower Cruse sandstones, all of which are known to be productive for oil in offset wells. The well is being drilled as a deviated hole with a maximum angle of 16 degrees from the same well pad as used for the recently drilled well GY-665. Well GY-665 will be completed as a Gros Morne producer once the Well Services Rig 20 is demobilized from the well pad. The reservoir pressure recorded at the Gros Morne in GY-665 is higher than that observed in the recently completed well GY-664 and this is likely to lead to improved production potential. Well GY-666 has a planned total depth of 3,700 feet true-vertical depth (“TVD”) (equivalent to 3,820 feet measured depth) to a bottom-hole location that is approximately 900 feet south-west of the surface location. The primary target of this well is the Gros Morne sandstones, the top of which are anticipated at a depth of approximately 2,100 feet TVD. Further announcements will be made once the main reservoir targets have been drilled.

Mosman Oil & Gas (LON: MSMN)
As predicted by YOURS TRULY! Wouldn’t you just know it? The third placing in a matter of months. MSMN raised circa £3,000,000 by way of the placing of 13,043,474 new ordinary shares in the capital of the Company at 23p per share.

Nostra Terra Oil & Gas (LON: NTOG)
The AIM quoted oil and gas producer with a growing portfolio of producing assets in the USA, announced results from two additional horizontal wells in the Chisholm Trail Prospect, located in Oklahoma. Click HERE TO READ IT. Click HERE to read todays RNS

President Energy (LON: PPC)
Has spud the Jacaranda 1 well, the first deep exploration well drilled in Paraguayan Chaco for almost 30 years. The Jacaranda prospect will test the potential double play system (Cretaceous and Palaeozoic) in the North West Flank of the Pirity Concession, Paraguay. The well is designed to drill multiple independent reservoir targets. Total gross mean prospective resources of 624 mmboe are being targeted. The well is anticipated to be drilled to a depth of 4200 metres and is expected to take approximately 70 days to drill. A further update will be given after reaching the targeted depth.

Range Resources (LON: RRL)
Rorys stories continued this week. A Trinidad Operations Update and Increase in Reserves. Click HERE

Tethys Petroleum (LON: TPL)
Following on from the recently announced Kazakh State Reserves Committee approval, today confirmed that it has received approval from the Ministry of Oil & Gas of the Republic of Kazakhstan for the extension its Kyzyloi Production Contract for a further 15 years to June 2029.

Wentworth Resources (LON: WRL)
Drilling operations have commenced on the Tembo-1 well in the Rovuma Onshore Concession in northern Mozambique. Wentworth has an 11.59% net interest in this well which is being operated by Anadarko and drilled with the Helmerich & Payne rig #243. The Tembo-1 well is targeting mid-Cretaceous sands with secondary targets in the upper Jurassic. Tembo-1 has a planned total depth of 4,250 meters True Vertical Depth Sub Sea and is expected to take between 60 and 90 days to complete. An update on drilling operations will be provided after drilling operations have been fully completed. To date there have been two wells drilled in the Rovuma Onshore Concession including the Mocimboa-1 well, which encountered oil and natural gas shows in the Cretaceous and is located approximately 17 kilometres to the northeast of the Tembo-1 well.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Yep! It’s a good one this week!

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

24 May, 2014

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