google.com, pub-7842875684800919, DIRECT, f08c47fec0942fa0

Guerilla Investing

Tag: Tullow Oil

  • The Smallcap Oil & Gas Round Up.

    The Smallcap Oil & Gas Round Up.

    Yep! It's a good one this week!
    Yep! It’s a good one this week!

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

     

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

  • The Smallcap Oil & Gas round up.

    The Smallcap Oil & Gas round up.

    Guerilla Investing!
    Guerilla Investing!

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

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

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

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

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

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

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

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

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

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

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

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

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

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

  • The Smallcap Oil & Gas round up.

    Several of our researched success’s are mentioned this week. Urals Energy researched at 5p hit 12p now trading at 10.6p. Nighthawk researched at 6p hit 12.25p now trading at 10.25p and  Exillon Energy tipped at 98p hit 274p now trading at 259p!

    A bit of a free one here for the chaps. Positions are being taken in the fight for the Urals Energy Crown. It’s going to get very dirty. One Russian wag thinks they’ll have to up the anti (Offer) if they want Urals!

    Caza Oil & Gas (LON: CAZA)
    The West Copperline 29 Fed #1H horizontal Bone Spring test well reached its intended total measured depth of approximately 15,035 feet in the 2nd Bone Spring Sand interval on October 11, 2013, and was subsequently fracture stimulated beginning on November 1, 2013. Under controlled flowback the producing rates have remained steady, and the well produced at a peak 24 hour gross rate of 800 barrels of oil and 1.21 million cubic feet of natural gas, which equates to 1,002 bbls of oil equivalent on November 15, 2013. The well continues to clean up and is producing on a 22/64ths adjustable choke at 1,835 pounds per square inch flowing tubing pressure. Caza currently has a 62.5% working interest (approx. 47.25% net revenue interest) in the West Copperline 29 Fed #1H well.

    Chariot Oil & Gas (LON: CHAR)
    Confirms that the Special Resolution proposed to shareholders at the EGM held on 21 November 2013 was duly passed. The Company’s Articles of Incorporation will now be amended and Chariot will no longer be prohibited from holding Board Meetings and General meetings of shareholders in the United Kingdom.

    Exillon Energy (LON: EXI)
    Notes the announcement by Flowdale Investments Limited, the ultimate beneficial owner of which is Mikhail Gutseriev, that states Flowdale holds 24,065,588 shares in Exillon, which represents approximately 14.9% of the Company’s issued share capital. The formal sale process that was described in the Company’s announcement dated 18 September 2013 is proceeding as planned. The acquisition of this 14.9% stake by Flowdale was undertaken without the knowledge or consent of the Board of Exillon.

    Fastnet Oil & Gas (LON: FAST)
    Notes that its partner in the Foum Assaka license, offshore Morocco, Kosmos Energy provided a Technical Update on its exploration assets on 14 November 2013. In its presentation to analysts and investors, Kosmos covered the Foum Assaka permit, offshore Morocco following its farm-out agreement with BP plc (LSE: BP) Kosmos indicated that well planning is underway at the Eagle-1 Well in the Foum Assaka Block, which is estimated to contain 360 mmboe of Pmean resources. The well is scheduled for drilling in Q1 2014 and will target lower Cretaceous reservoirs and multiple deepwater reservoir objectives with a planned target depth of 4,500 metres in water depth of 600 metres.

    Forum Energy (LON: FEP)
    Said yesterday that an agreement had been reached with the Philex group of companies to increase and extend the repayment date of the current loan facility which was provided to the Company’s wholly-owned subsidiary, Forum Philippines Holdings Limited in 2010. The US$15 million Facility, which was US$10 million when first announced on 24 November 2010, and has been fully drawn down, has now been increased to US$18 million. In addition, the repayment date for all amounts drawn under the Facility has been extended for three years to 24 November 2016. Terms of the Facility remain otherwise unchanged, with funds continuing to be borrowed at an interest rate of LIBOR + 4.5% and with Forum Energy remaining as the guarantor under the Facility.

    Max Petroleum (LON: MXP)
    Yawnnnnnnnnnn. http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11778222

    Parkmead Group (LON: PMG)
    Announces that a new gas field has been discovered in the UK Southern North Sea by the Pharos exploration well. Parkmead holds a 20% working interest in the new discovery at Pharos. The other joint venture partners are Dana Petroleum (operator), Dyas Exploration UK Limited, MPX North Sea Limited and Hansa Hydrocarbons Limited.

    Petro Matad (LON: MATD)
    Mongolian geophysical contracting company Khet Co., completed acquisition of 200 km of 2D seismic on Blocks IV and V on 19 November, 2013. Preliminary analysis indicates that initial brute stacks of seismic across the prospect area in Block V confirm the previous interpretation and subject to further processing are expected to result in the delineation of at least two prospective drilling locations for 2014. The initial brute stacks across the prospect area in Block IV shows the presence of a cross fault that indicates an additional trap closure in this area. In light of the encouraging result from the seismic acquisition, Petro Matad has contracted with Khet to acquire a further 30 kms of seismic to confirm this closure as a potential drilling prospect for 2014. his seismic will commence immediately and is anticipated to be completed within one to two weeks.

    Range Resources (LON: RRL)
    Peter Landau came out fighting this week shouting that he would like to? A/ Silence his detractors. b/Resign for failure? C/ Release a Guatemala Update and draw attention to the announcement released by Citation Resources Limited (ASX:CTR) with respect to the Company’s interest in Guatemala?

    Solo Oil (LON:  SOLO)
    Starts the infill seismic survey planned to assist in the appraisal of the Ntorya discovery and to finalise locations for future exploration drilling in the Ruvuma onshore Petroleum Sharing Agreement in Tanzania. The operator, Ndovu Resources Limited, a subsidiary of Aminex plc has indicated that a contract has been signed with AGS and that the survey will shortly commence with 2D seismic data intended to be collected at Ntorya and to support future exploration drilling.

    Sound Oil (LON: SOU)
    Updated on the Casa Tiberi onshore gas discovery in the Marche region, Central Italy. Following Board approval to develop the Casa Tiberi gas field, an Engineering, Procurement, Construction and Lease contract has been awarded to TESI Srl, a local company with proven experience in onshore processing plants in Italy. The contract is for a total of Euro 300,000 and involves the three month construction and subsequent lease of a production skid in anticipation of first gas from the field in early 2014. The plant will be based on modular skids with nitrogen used for both gas dehydration and as “service gas” providing an effective and extremely environmental friendly solution to deliver the gas to the local low pressure network.

    Tullow Oil (LON: TLW)
    Good news came today from TLW as the company announced that the Agete-1 exploration well in Block 13T, onshore Northern Kenya, has discovered and sampled moveable oil with an estimated 100 metres of net oil pay in good quality sandstone reservoirs. The Agete-1 wildcat well is part of a major exploration campaign and has made the fifth consecutive oil discovery in the first of a chain of multiple rift basins across Tullow’s acreage in the region. This discovery de-risks several follow-on prospects located to the north and is on trend with the Twiga South, Ekales, and Ngamia oil discoveries and adds to the significant resource base already discovered. The Sakson PR5 rig drilled Agete-1 to a total depth of 1,930 metres. Following completion of logging operations the well will be suspended for future flow testing which will confirm the net pay count. The rig will then move to drill the Ewoi-1 wildcat in the east of this basin, targeting a rift flank prospect similar to the recent Etuko oil discovery. Tullow operates the Agete-1 well with a 50% interest and Africa Oil (50%) has a non-operated interest.

    Urals Energy (LON: UEN)
    The independent exploration and production company with operations in Russia, released an Operational update, tanker loading and alleged debt repayment agreement update/RNS. You can read it by CLICKING HERE.

    Wentworth Resources (LON: WRL)
    Yet more dilution at Wentworth for private share-holders. This is after the company got off a Private Placement of 61,696,024 new Shares to raise USD 40.0 million in October last month. Now we get the euphemistically titled “Over Subscribed Offering” RNS which effectively dilutes by another 9,000,000 million shares on top of the 61 million already soaked up by PI’s. Yes a thumping 70% dilution. What’s the betting that there’s another dilution within the next 12 months?

  • The Smallcap Oil & Gas round up

    The Smallcap Oil & Gas round up

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

     

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

  • The Smallcap Oil & Gas round up. Souvenir Victory Edition!

    The White Flag is flying over the London offices of Uber Expensive City solicitors Pinsent Masons this morning, as I and comrade Tom Winnifrith accept their signed terms. (Surrender) No doubt a tsunami of shame will hit the beaches of Hawaii in due course. I will be signing at 12 noon today! The matter is now closed.

     

    Bridge Energy (LON: BRDG) Advises that the Asha East well has been drilled to its total depth. The primary target in Asha East was Hugin (Jurassic) sandstone with a secondary target in the Skagerrak Fm (Triassic). A 55m core has been retrieved from the Jurassic section. Preliminary assessment of the acquired data indicates that, despite oil shows, there are no signs of movable hydrocarbons in the well. As a consequence, no drill stem test will be carried out. After completion of the on-going data acquisition, the well will be plugged and abandoned.

    Egdon Resources (LON: EDR) Announced the completion of the acquisition of a 3D seismic survey to the south and east of Dorchester in the County of Dorset, onshore U.K. The survey, which covers parts of Petroleum Exploration and Production Licence PEDL237 and Production Licence PL090, was acquired by Tesla Exploration International Ltd. and comprised the acquisition of a total of 2,631 vibroseis source points covering an area of approximately 68.5 square kilometres. The survey was designed to provide detailed structural data over a number of leads and prospects at various reservoir levels including the Sherwood Sandstone, the primary reservoir at the nearby Wytch Farm oilfield. The main focus of the survey was over the area of the Casterbridge and Broadmayne structures where, based on previous 2D seismic data, Egdon evaluated combined gross Best Estimate Prospective Resources of around 50 million barrels of oil. The data will now be processed by a specialist contractor to generate a 3D image of the geological structure of the area to enable the licence group to identify locations for possible future exploration drilling.

    Fastnet (LON: FAST) The listed E&P company focused on near term exploration acreage in Morocco and the Celtic Sea, is pleased to note that its partner, Kosmos Energy (NYSE: KOS), announced that it has entered into a farm-out agreement with BP plc (LSE: BP) (NYSE: BP) to earn a 26.325% stake in the Foum Assaka permit Offshore Morocco.

    Fortune Oil (LON: FTO) Said it was “pleased” on the signing of a US$300 million (GBP188 million) loan agreement by Fortune Oil PRC Holdings Limited, the Company’s principal intermediate holding company in Hong Kong. (Why any company would be “pleased” to be racking up further debt is a mystery to me!) The facility is denominated in US$ with a term of three years and a margin of 2.75% over LIBOR. The facility is guaranteed by Fortune Oil and secured by share charges over its various investment holdings subsidiaries. The facility structure is similar to the Company’s US$180 million three year loan facility signed in April 2011. This new facility will be used to repay the existing syndicated debt, provide the Company with working capital, and finance new investment. (And ever more debt!)

    The directors of Forum Energy (LON: FEP) noted the recent movement in the Company’s share price and confirmed that they are not aware of any reason for such a movement. They then went on to say; “However, the Company notes the speculation in relation to the status of the Phase II development wells being drilled at the producing Galoc oilfield offshore the Philippines (in which Forum Energy has a 2.27% participating interest). Otto Energy Limited, the operator of the permit, has announced that the results from the flow test of the first development well, 5-H, are still in line with the previous forecast of an overall field production rate of 12,000 bopd gross (272 bopd net to Forum Energy), to be delivered once Phase II is brought in to production which is expected to be in late November 2013. The Company also announces that it is in the process of negotiating the refinancing of its US$15m related party loan facility with Philex Mining Corporation. The directors of the Company expect this process to be concluded in the coming weeks. A further announcement will be made as soon as these negotiations have been concluded.” Now which is it? You are either non-plused as to why your sp is moving or your not! Call me a cynic but some Boards will try to use any opportunity to move their sp!

    Ithaca Energy (LON: IAE) Provided an update on third quarter 2013 (“Q3-2013”) operational activities, including recent key milestones achieved on the Greater Stella Area development and production performance. The Company’s Q3-2013 financial results are scheduled to be published on 11 November 2013. Much too long for the smallcap round up. Click HERE to read

    Max Petroleum (LON: MXP) Has completed drilling the SAGW-14 appraisal well to a vertical depth of 1,423 metres without encountering sufficient hydrocarbons to be commercial and it will be plugged and abandoned. The results of the well will be analysed and integrated into the geotechnical evaluation of the field. The Zhanros ZJ-30 rig will next move to drill the SAGW-9 well, one of seven wells remaining in the current appraisal programme in the field. In the Uytas field, the UTS-9 appraisal well reached a total depth of 550 metres, without encountering sufficient hydrocarbons to be commercial and will also be plugged and abandoned. The Zhanros mobile truck mounted rig is now moving to the UTS-18 appraisal well, which will be drilled to a total depth of approximately 450 metres targeting Cretaceous and Jurassic reservoirs. After UTS-18, an additional three wells remain to be drilled as part of the initial appraisal programme in the field.

    Mediterranean Oil & Gas (LON: MOG) Released a Q3 operational update today. You can read it by clicking this LINK

    Range Resources (LON: RRL) International Petroleum announced it had entered into two binding conditional terms sheets for the sale of its assets in Kazakhstan and Russia for US$60 million. As previously announced, Range had proposed a merger with International Petroleum, subject to various conditions being met, which when announced was likely to be conducted as an off-market takeover offer by Range to International Petroleum shareholders. In conjunction with the proposed merger Range has advanced US$8 million in secured loan financing to International Petroleum. While the sale process for the Russian Assets was known to and supported by the Range board, the final terms of the proposed transaction, and the sale of the Kazakhstan Assets have only now been defined. As a result of clarity on the sale of these assets, the likely proceeds from this sale and the associated shift in focus of International Petroleum to its African assets, Range will now identify and consider a range of corporate alternatives to the original merger proposal, which may or may not include a merger of the two companies – albeit on terms to be renegotiated. (Is it on or is it off?  Simple question! No wonder the sp is in the toilet!)

    Sefton Resources (LON: SER) Noted the recent press speculation regarding a settlement of the legal action initiated against Tom Winnifrith and Daniel Levi, as announced by the Company on 25 February 2013. The Company can confirm that it is in negotiations regarding a settlement of the legal action but no agreement has as yet been signed by the parties. All over bar the shouting?

    Tethys Petroleum (LON: TPL) The E&P Company focused on Central Asia and the Caspian Region, provided an update on operations in Kazakhstan. Click the LINK to read it.

    Urals Energy (LON: UEN) The independent exploration and production company with operations in Russia, announced that following the requisition of an EGM, further details of which were announced on 25 September 2013, it has posted a notice convening an extraordinary general meeting of the Company’s shareholders for 11.00 a.m. on Monday 27 January 2014 at Evagoras Building, Office 34, 3rd floor, 31 Evagorou Avenue, Nicosia, CY-1066, Cyprus. The key points in the Circular are: Removal of Ingeborg Srenger from the Board will be an ‘Event of Default’ under the Petraco Oil Company debt restructuring agreement giving Petraco the right to require immediate repayment of the amounts owing to it. Urals Energy would face litigation from Petraco and this would be extremely detrimental to the Company and its shareholders. Potential cash offer received at an indicative price of 12.25 pence per share for 100% of the entire issued share capital of Urals Energy. Potential cash offer is subject to due diligence from a highly credible purchaser with previous Russian operational oil experience. Uncertainty as to who has ultimate control and ownership of Fire East Corporation.The requisitioners have failed to provide any information on their future plans for Urals Energy. The Board believes that the requisitioners are planning on using the Company to acquire a high risk asset. Existing management have saved Urals Energy from near bankruptcy. The resolutions proposed are not in the interests of shareholders. The Board of Urals Energy recommends that shareholders vote against all the resolutions proposed by the requisitioners. Copies of the Circular convening the EGM are available from Urals Energy’s website in accordance with Rule 20 of the AIM Rules for Companies www.uralsenergy.com

    Wessex Exploration (LON: WSX) Released their final results for the year ended 30 June 2013. (It’s been a terrible year for them. A real stinker.) Time for heads to roll! In the year to 30 June 2013, the loss before taxation was £3.39m (2012: loss £1.64m) and loss per share was 0.47p (2012: loss 0.26p). Operations continue in Guyane on the GM-ES-5 well, a prospect located down-dip from the Zaedyus discovery. Election made to conserve up to £1.5m of cash resources by diluting interest in Guyane Maritime venture to around 1.1% (from 1.25%). New 2D seismic data being acquired in Southern England (P1928), major reprocessing effort completed and now being interpreted. Renewal Application for Juan de Nova Est Permit made with Wessex having the right to hold 50% if awarded. Cash as at 30 June 2013 was £4.4m, of which the Company had projected further commitments of £3.3m, almost all relating to Guyane (pre-dilution) as the current four well drilling campaign draws to a conclusion.

  • The Smallcap Oil & Gas round up

    The Smallcap Oil & Gas round up

     

     

    Quiet week in the Smallcap Oil & Gas Underverse. Don’t forget to Sign the Sefton Resources e-petition DEMAND AN INVESTIGATION NOW!http://epetitions.direct.gov.uk/petitions/52766

    Cadogan (LON: CAD)
    Announced an improvement in well performance at Borynya 3 following a light acid wash and further testing in the 2745-2685m range interval. Flaring and hydrocarbon samples were collected and oil, condensate and gas were evident. There was no evidence of formation water in the fluids produced. Persistent completion brine leakage from annulus to bottom packer is still preventing sustainable production at this stage. The Company plans to release the work-over rig in the next days after re-completion and well testing will continue in order to properly purge the formation without brine interference in production. As anticipated, an acid-frac will be planned for next year in order to obtain and support sustainable and commercial production at Borynya 3. Further updates on these activities will be provided in due course.

    Sign the Sefton Resources e-petition DEMAND AN INVESTIGATION NOW!http://epetitions.direct.gov.uk/petitions/52766

    Europa Oil & Gas (LON: EOG)
    The AIM listed oil and gas exploration, development and production company focused on Europe, announced its final results for the 12 month period ended 31 July 2013.
    The full Annual Report and Accounts will be available today on the Company’s website at www.europaoil.com

    Gulf Keystone (LON: GKP)
    Confirms that, further to a communication received from the Ministry of Natural Resources of the Kurdistan Regional Government, commercial production from its Shaikan field in the Kurdistan Region of Iraq has recommenced. As previously announced, the Company plans to ramp-up ((THE SP) sorry typo!)) production from the first Shaikan production facility to 20,000 barrels of oil per day, while ((((paying themselves tens of millions! sorry typo again!))) completing the construction and commissioning of the second Shaikan production facility, which will add a further 20,000 bopd of production capacity.

    Ithaca Energy (LON: IAE)
    Came out all trumpets blaring on how super dooper it is that they have; extended and improved long term senior bank debt financing facilities and oil sales agreements. Increased existing Reserve Based Lending facility from $430 million to $610 million, with enhanced terms in the form of a reduced margin cost and greater flexibility over future unallocated capital. This has enabled retirement of the $350 million bridge credit facility established to facilitate the Valiant Petroleum acquisition in April 2013. What a fine piece of business this is increasing your debt via an RBL (Reserve based lending). Spend it before you get it! Ithaca have also established a new five year $100 million corporate facility, providing additional funding flexibility to add new appraisal / development opportunities to the existing portfolio. How about just giving the $100 million back to share-holders as a special divi? Not a chance! The trough needs to be kept full!

    Sign the Sefton Resources e-petition DEMAND AN INVESTIGATION NOW!http://epetitions.direct.gov.uk/petitions/52766

    Leni Gas & Oil (LON: LGO)
    Good news came this week as the Company reached the significant milestone of achieving net oil production of over 500 barrels per day from combined operations in Trinidad and Spain. The majority of this production growth has come from the Company’s assets in Trinidad where the on-going programme to work-over and reactivate wells is proving successful. LGO’s post-tax profit from operations now exceeds US$300,000 per month and the Company sees this financial position as sustainable and will be further strengthened as new wells continue to be put on production in Trinidad and well enhancement work is undertaken in Spain. Neil Ritson, the Company’s CEO, commented: “Reaching this operational milestone is very encouraging and is a further demonstration of the potential in the Goudron Field in Trinidad. It is also very significant that this production increase, when combined with the recently implemented reduced overriding royalty rates in Trinidad, have seen the Company’s overall cash flow strengthen significantly in the last few months. “ Well done Neil Ritson. Now surely on the way to 1,000bopd.

    The week wouldn’t be complete without an RNS from Max Petroleum (LON: MXP) This week we get to learn of “production test results at the Sagiz West field and the spudding of wells at the Sagiz West and Uytas fields.” The SAGW-5 well in the Sagiz West Field is currently testing a Triassic reservoir from depths between 1,324 and 1,330 metres. The well has tested at initial rates on various choke sizes between 100 and 240 bopd and is currently flowing at a stabilized rate of 110 bopd on a 10/64″ choke. After testing for up to 90 days in this reservoir, the well will be recompleted in the next reservoir at depths between 1,283 and 1,296 metres. The Company has also commenced drilling the SAGW-14 appraisal well, the seventh well to be drilled in the field that will further evaluate the southern end of the Sagiz West structure. SAGW-14 will be drilled to a total vertical depth of approx. 1,400 metres targeting Triassic reservoirs. Dear Max expects to drill an additional seven appraisal wells after SAGW-14 as part of its ongoing appraisal programme for the field. At Uytas, the Company has commenced drilling the UTS-9 appraisal well, which will be drilled to a total vertical depth of approximately 550 metres targeting Jurassic reservoirs. After UTS-9, an additional four wells remain to be drilled as part of the initial appraisal programme in the field.

    Nighthawk Energy (LON: HAWK)
    Updated on production at its 100% controlled and operated Smoky Hill and Jolly Ranch projects in the Denver-Julesburg Basin, Colorado. Average gross oil production in the third quarter of 2013 was 1,528 bbls/day compared to an average of 631 bbls/day in the second quarter. The increase was driven by the successful drilling program at Arikaree Creek with a full quarter of production from the Big Sky 4-11 and Taos 1-10 wells and a first contribution from the Silverton 16-10 and Snowbird 9-15 wells which came on-stream in July 2013. As previously announced, production in September 2013 was affected by planned maintenance work and data collection at all five Arikaree Creek producing wells. As a result, average gross oil production in September 2013 was 1,408 bbls/day. All wells are now back on-line and the data gathered during the scheduled tests of pressure and fluid levels is being analysed. The production rate of Steamboat Hansen 8-10, the Arikaree Creek discovery well, increased during the third quarter. This well has now been in production for over ten months and has produced over 90,000 barrels of oil with no water production. The Company continues to benefit from strong oil prices, and generated net revenues of over US$10 million in the third quarter of 2013.

    Sign the Sefton Resources e-petition DEMAND AN INVESTIGATION NOW!http://epetitions.direct.gov.uk/petitions/52766

    Northcote Energy (LON: NCT)
    Released a pre placing ramping RNS READ IT HERE then quickly announced a few days later that it  Was “pleased” to dilute it’s own share-holders by announcing that it has raised £1.75 million through placing 159,090,910 new ordinary shares in the Company at a price of 1.1 pence per Placing Share. “Pleased” I think not!

    Petroceltic (LON: PCI)
    Confirms that it has received formal notification that Sonatrach, the Algerian State Oil Company, is exercising its right under the Isarene Production Sharing Contract to pre-empt the Company’s proposed sale of an 18.375% interest in the PSC. The commercial terms and proceeds of pre-emption are similar to those agreed between the Company and a potential third party purchaser and comprise a $20 million payment on completion, a $140 million development carry and two contingent payments of $10 million each based on the achievement of certain early production and technical completion milestones. Following the completion of the transaction, Sonatrach will hold a 43.375% participating interest, Petroceltic will hold 38.25% and Enel will hold the remaining 18.375%

    Peter Landaus’ ailing Range Resources (LON: RRL) received a share price query from the Australian Securities Exchange this week and in response has confirmed that: The Company is not aware of any information concerning it, that has not been announced and which, if known, could be an explanation for recent trading in the securities of the Company. Range notes the recent decrease in its share price on the AIM market and is not aware of any other information concerning it, that has not been announced and which, if known, could be an explanation for recent trading in the securities of the Company. Yes that’s right Peter you don’t know why your company SP is tanking. As the head honcho don’t you think you should know? Could this be one of the reasons. The failure to close the Texas sale? “The purchaser of its Texas assets continues to indicate that it is proceeding to complete settlement of the acquisition, Range is still awaiting receipt of the final consideration for the sale of these assets with Range agreeing to extend the settlement deadline……….

    Sign the Sefton Resources e-petition DEMAND AN INVESTIGATION NOW!http://epetitions.direct.gov.uk/petitions/52766

    Salamander Energy (LON: SMDR)
    Has spud the West Kerendan-1 exploration well (WK-1), which lies within the Bangkanai PSC, in Central Kalimantan, Indonesia. Salamander has a 70% operated interest in the WK-1 well. The WK-1 well has two main targets, the first of which is the Oligocene Berai Formation carbonates, which form the reservoir in the nearby Kerendan gas field. At West Kerendan, the Upper Berai forms the primary target and has mean recoverable resource potential of 330 Bcf. The WK-1 well’s secondary target comprises an underlying Eocene aged sandstone fairway in a large four way dip closed structure called Sungai Lahei. This higher risk Eocene target has mean recoverable prospective resource potential of 580 Bcf.

    Tangiers Petroleum (LON: TPET)
    Has terminated its Farm-out Agreement with CWH Resources Limited in relation to the offshore permits WA-442-P and NT/P81 located in the Joseph Bonaparte Gulf, northern Australia. Tangiers terminated the agreement because CWH did not meet the deadline to satisfy the conditions precedent.

    Trapoil (LON: TRAP)
    Updated in respect of its proposed farm-in to the Trent East Terrace Area and its existing interests in certain adjacent acreage. As announced previously, on 7 February 2013 Trapoil entered into a conditional sale and purchase agreement to potentially acquire a 33.33% working interest in Licence P.685 (Block 43/24a) containing the Trent East gas discovery, from Perenco UK. Holywell Resources is also a party to this Agreement under the terms of which it agreed to acquire Perenco’s residual 66.67% interest in TET. In the event that all of the conditions precedent were not satisfied or waived by 30 September 2013 any of the parties were thereafter entitled to provide 10 days notice of their intention to terminate their involvement. As at 30 September 2013 some legal documentation relating to certain conditions precedent, although acceptable to Trapoil, had not been agreed by Holywell. Given the circumstances Trapoil had no confidence that funds would be placed in an escrow account to cover the anticipated costs of an appraisal well. On 9 October 2013 Perenco issued a notice of its intention to terminate the Agreement in the event that the conditions precedent are not fulfilled by 19 October 2013. Trapoil’s subsidiary, Trap Oil Ltd, currently holds a 30% working interest in the Conrad prospect (Licence P.1923, Block 43/20c), an adjacent block to TET, which it acquired from Holywell last year for a nominal consideration. Trapoil’s partners in Conrad are Centrica Resources 40% working interest and operator and Holywell 30% working interest. A decision to either drill or drop this licence will need to be made by the partnership group by 30 January 2014.

    Trapoil also has an outstanding licence application under the Department of Energy and Climate Change’s 27th Seaward Licensing Round for acreage proximate to the Trent East Terrace Area containing the Opal discovery. This potential full or partial licence award by DECC remains pending. The Company has to date been assessing the possible development of Conrad, and the abovementioned potential additional licence award from DECC, as part of its envisaged development plan for TET which comprised a single well tie-back to the Trent platform operated by Perenco. In light of the termination of the TET farm-in opportunity, Trapoil will now proceed to review and evaluate its position with regards to the adjacent acreage.

    Sign the Sefton Resources e-petition DEMAND AN INVESTIGATION NOW!http://epetitions.direct.gov.uk/petitions/52766

    Victoria Oil & Gas (LON: VOG)
    Provided shareholders with an update on trading and operations with a (Love) letter from Kevin Foo, Chairman and Interim CEO. Click HERE to read it!

    Sign the Sefton Resources e-petition DEMAND AN INVESTIGATION NOW!http://epetitions.direct.gov.uk/petitions/52766

    SIGN THE PETITION!!!!
  • The Smallcap Oil & Gas round up.

    The Smallcap Oil & Gas round up.

    Egdon Resources (LON: EDR)
    Announced the commencement of production from the Waddock Cross oil field in UK Onshore Production Licence PL090, located in Dorset around 10 kilometres to the east of Dorchester. Waddock Cross is mapped by Egdon as containing mean in-place volumes of over 30 million barrels of oil in the Lower Jurassic Bridport Sandstone reservoir. Initial production will be from the Waddock Cross-2 well which has had larger production tubing and a higher capacity pump installed and is expected to produce at gross rates of around 30 barrels of oil per day. The plan for the first phase of the development thereafter is to restore production from the Waddock Cross-3 horizontal well and to drill two further horizontal producer wells by 2015. Egdon estimate gross Proven and Probable Reserves for the field for this initial phase to be about 300,000 barrels of oil. The interest in the Waddock Cross oil field is Egdon Resources 45% (Operator)

    Europa Oil & Gas (LON: EOG)
    Reported the renewal of its 100% owned Béarn des Gaves permit in the proven Aquitaine Basin, onshore France. The Permit includes Berenx Deep, the large gas appraisal prospect, and the recently identified Berenx Shallow prospect. The permit is located 20km to the southeast of the producing 9 trillion cubic feet Lacq gas field.

    Falkland Oil & Gas (LON: FOGL)
    The boards of FOGL and Desire Petroleum (LON: DES) announced that they have reached agreement on the terms of a recommended combination of FOGL with Desire, pursuant to which FOGL will acquire the entire issued and to be issued share capital of Desire in exchange for FOGL Consideration Shares. The Combination is to be effected by way of a Scheme of Arrangement of Desire under Part 26 of the Companies Act. The boards of FOGL and Desire believe that the Combination will diversify the activities of the two companies, resulting in a balanced portfolio with enhanced long-term prospects, a strong balance sheet and improved financing options. FOGL has also signed heads of agreement with Premier Oil (LON: PMO) and Rockhopper Exploration (LON: RKH) with respect to a farm-out of licences PL004a and PL004c. Premier & Rockhopper will farm-in to the Licences and, in exchange, will fund the Combined Group’s share of the cost of two exploration wells, one on each of the Licences. Completion of the Farm-Out is subject to, inter alia, the Scheme becoming effective, any required approvals from the Falkland Islands Government and completion of definitive documents in respect of the Farm-Out. The Combination and the Farm-Out together will enable the execution of an enhanced drilling programme of five wells in the next drilling campaign, including: two wells in the South Falkland Basin, partnered with Noble Energy and Edison International; and three wells in the North Falkland Basin, one of which will target the Zebedee prospect. The next drilling campaign is expected to be fully funded from existing cash, the Farm-Out and other previously completed farm-out agreements.

    Magnolia Petroleum (LON: MAGP)
    Issued a Quarterly Operations Update for the Period Ended 30 September 2013. You can read it HERE.

    Matra Petroleum (LON: MTA)
    Which now starts its epistles with this “the oil and gas investing company” provided the following strategy update on progress towards implementing its investment policy and making a value accretive acquisition. The Company has appraised and evaluated a number of opportunities in Russia and the CIS and has concluded that the valuations expected by vendors are currently proving unattractive. Therefore, the Board of Matra has decided to currently focus its efforts on pursuing opportunities in the United States of America. A favourable tax regime, extensive established infrastructure and a large number of independent players makes the USA a very attractive place for the Company to pursue the implementation of its investment policy. The Board remains committed to the declared investment policy, and believe that such a shift in our geographic preferences will work in favour of our Shareholders. The Company will focus on acquiring assets with conventional oil reserves and depleted fields, where our Executive team has extensive experience and expertise. The Management has already identified a number of investment opportunities and the Company is in the process of conducting extensive technical and legal due diligence on several of these opportunities. Maxim Barskiy, CEO, commented: “We have been working hard to identify opportunities that will provide value for Matra’s shareholders. We have therefore taken the strategic decision to focus on the US, where favourable market conditions mean that attractive targets are more readily available to the Company.”

    Max Petroleum (LON: MXP)
    Two RNS’s this week from Max. First one. SAGW-6 appraisal well in the Sagiz West Field electric logs indicating 30 metres of net oil pay over a 93 metre interval at depths ranging from 1,194 to 1,287 metres. Reservoir quality appears good with porosities ranging from 15% to 23%. The Company is running production casing in the well, which will be completed and placed on test production after obtaining the requisite governmental approvals. The ZJ-30 drilling rig will next move to drill the SAGW-14 appraisal well near the southern end of the Sagiz West Field. Second one. Successful drilling results with appraisal wells in the Eskene North and Uytas fields. The ESKN-2 appraisal well in the Eskene North field has reached a depth of 1,523 metres with electric logs indicating 29 metres of net pay over a 173 metre gross interval in the Triassic Formation. The Company is setting production casing in the well and will begin testing ESKN-2 as soon as practicable. In the Uytas field, the UTS-12 appraisal well successfully reached a total depth of 450 metres, with electric logs indicating seven metres of net oil pay in Cretaceous and Jurassic reservoirs, including two metres of net oil pay over a four metre interval ranging in depths from 119 to 123 metres in the Cretaceous Aptian formation, two metres of net oil pay ranging in depths from 245 to 247 metres in the Lower Cretaceous formation and three metres of net oil pay over a seven metre interval ranging in depths from 311 to 318 metres in the Jurassic section. Reservoir quality is excellent. The Company plans to complete the well and place it on test production as soon as practicable. The Company will now drill the UTS-9 well targeting Jurassic reservoirs with a total vertical depth of approximately 550 metres. After UTS-9, an additional five wells remain to be drilled as part of the initial appraisal programme in the Uytas field.

    New World Oil & Gas (LON: NEW)
    Has secured an eight-month extension (Breathing space) in work programme commitment deadlines for Licence 1/08 at its Danica Resources Project in Southern Denmark. This extension was discussed with Danica Resources ApS and the Danish North Sea Fund, the Company’s 20% full-paying partner, and approved by the Danish Energy Agency. In order to secure the extension, New World has committed to a geochemical survey to high grade its existing prospect inventory in an effort to determine the best possible candidate for a 3-D seismic survey prior to making a commitment to drill. While more problems continue with the transfer of funds required to complete the subscription for new shares in the Company by Niel Petroleum S.A. which has not yet occurred. Notwithstanding the continuing delay in the receipt of funds, the Board believes that the Subscriber fully intends to complete the investment in the Company and consequently is continuing to work with Niel to finalise the necessary steps to resolve matters. Hope springs eternal.

    Nighthawk Energy (LON: HAWK)
    Has posted an explanatory circular to shareholders containing details of a proposed reduction of the Company’s share capital and a request for shareholder authority for the purchase by the Company of its own Ordinary Shares, together with formal notice of the requisite general meeting to be held at 11.00 a.m. on 18 October 2013. The Circular also contains the Company’s unaudited interim results for the six month period ended 30 June 2013. The Circular (containing the Notice and the Interim Results) will shortly be made available on the Company’s website at www.nighthawkenergy.com

    Northcote Energy (LON: NCT)
    An onshore US oil and gas exploration and production company, is pleased to announce plans to drill its first horizontal well targeting the Mississippi Lime formation on its 100% owned Mathis lease prior to end of December 2013. In addition as part of the well planning process, the first two undeveloped locations on Mathis have been designated P1 PV-10% reserves of US$14.8million, which combined with the previously announced reserves brings the value of the Northcote’s P1 reserves to US$76.7 million.

    Nostra Terra Oil & Gas (LON: NTOG)
    Finally get their hands on the Richfield Note cash. On 2 October 2013 it was determined by the Court that US$1.15 million of the $1.3 million deposited with the Court be released to Nostra Terra. Following this successful outcome for the Company a further hearing will now take place later this year to determine any additional sums owed to Nostra Terra, including attorneys’ fees, costs of collection, and reimbursement for operating expenses. Nostra Terra’s liens will remain in place until final settlement is determined. Matt Lofgran, Chief Executive Officer of Nostra Terra, commented:”It’s great to be receiving this cash as it will fund additional scheduled drilling. Plans are already in place for additional drilling at Chisholm Trail throughout the remainder of the year, along with further development of the High Plains Prospect and additional prospects we will operate. The funds allow us to expand our drill programme at no cost to shareholders.”

    Ophir Energy (LON: OPHR)
    Reported the successful completion of the Pweza-3 appraisal well and flow test in Block 4, Tanzania. Ophir holds 40% of Blocks 1, 3 and 4.BG Group operates with 60%. The Pweza-3 appraisal well was drilled approx. 2km north of the original Pweza discovery well and encountered 61m of gross pay on prognosis. A Drill Stem Test was performed which achieved an equipment constrained flow-rate of 57mmscfd with minimal drawdown and no observable depletion after 5 days of flow. The implied unconstrained flow-rate is expected to be in excess of 150mmscfd. The DST has confirmed that the Tertiary reservoirs in Block 4 have similar excellent characteristics to those in Block 1. This result is expected to dramatically reduce the number of development wells required in Block 4, thereby simplifying the development plan and having a positive impact on the project’s economics.

    The Parkmead Group (LON: PMG)
    The Pharos exploration well has commenced drilling in the UK Southern North Sea. The Pharos gas prospect has the potential to contain up to 500 billion cubic feet of gas-in-place (86 million barrels on an oil equivalent basis) and is located in Blocks 47/4d, 47/5d and 47/10c. The Pharos structure is located only 14km south west of Parkmead’s Platypus gas field, which was discovered in 2010 and successfully appraised with a horizontal well in 2012. Pharos is mapped as a much larger structure than Platypus and has the potential to contain almost three times more gas-in-place than the targeted amount at the successful Platypus discovery.

    Urals Energy (LON: UEN)
    Released an update in relation to its current operations as well as in relation to the requisitioned EGM. The directors of Urals Energy believe that the preliminary review of the results (Passive Seismic Spectroscopy and a separate Micro-Seismic survey) show the possibility of significantly increasing production at Arcticneft from the current horizons with limited capital and operational expenditure. This is based on five main trends of hydrocarbon potential as revealed by the results of the Surveys and is consistent with the Company’s existing exploration strategy. The Company continues to review the results of the Surveys in more depth, including encouraging data on possible future deeper drilling sites at Arcticneft. Urals Energy expects to conclude the drilling of Well #53 during the next two weeks and will make further announcements at the appropriate time. The EGM. Pursuant to Cypriot law, a notice convening the requisitioned extraordinary general meeting must be posted by the Company to the shareholders of Urals Energy on or before 15 October 2013 and the requisitioned extraordinary general meeting will be held within the requisite period following the date of the Notice.

  • The Smallcap Oil & Gas round up.

    The Smallcap Oil & Gas round up.

    It’s been a quiet week in the Smallcaps Underverse. Today was piss poor for news!

    Bankers Petroleum (LON: BNK)
    Said this week that a claim has been filed in the Commercial Court of England and Wales against the Company’s subsidiary Bankers Petroleum Albania Ltd. (“BPAL”) by BP Oil International: BPO in connection with a dispute between BPAL and BPO over the termination by BPAL of a crude oil sales contract between BPAL
    and BPO. BPO has alleged that BPAL wrongfully terminated the Contract and is seeking damages of approximately US$ 54 million. The Company and BPAL believe that BPAL was fully within its legal rights to terminate the Contract, that BPO’s claim is without merit and that, in any event, BPO’s estimate of damages is exaggerated. The Company intends that BPAL will vigorously defend the claim.

    Bridge Energy (LON: BRDG)
    Takeover! Spike Exploration Holding AS, announces a recommended voluntary cash tender offer to acquire the entire issued share capital of Bridge Energy ASA at £1.62pence per BRDG share. Take the money & run!

    Desire Petroleum (LON: DES)
    Released their interim results for the six months ended 30 June 2013. Click HERE to view them

    Enegi Oil (LON: ENEG)
    The independent Oil and Gas Company with a portfolio of assets located in the UK North Sea, Newfoundland Canada, Ireland, and Jordan released an update on the Company’s strategy. Much too long winded for the smallcap round up. Click HERE to read it.

    Faroe Petroleum (LON: FDP)
    Announced the spudding of the Statoil-operated Snilehorn exploration well 6407/8-6 (Faroe 7.5%). The Snilehorn prospect is located four kilometres from the Hyme producing oil field (Faroe 7.5%) in the Norwegian Sea. Hyme produces into the Njord field facilities (Faroe also 7.5%). The well and a planned side-track will target oil and gas in the Jurassic Ile, Tilje and Åre Formations (analogous to the Hyme reservoir) and, if successful, the plan is to fast-track a development along similar lines to the Hyme development. The water depth is 282 metres and the well is planned to be drilled to a total depth of approximately 3,205 metres. The drilling operations are being undertaken by Statoil (50%) utilising the Songa Trym rig.

    Falcon Oil & Gas (LON: FOG)
    Has completed the purchase of 2,462,686 shares from certain of the remaining shareholders in Falcon Oil & Gas Australia Ltd. As previously announced, the consideration was 2.25 common shares in Falcon for every one FOGA ordinary share held. The valuation used in this offer was the same used in the recently completed acquisition of Sweetpea Petroleum Pty Ltd’s 24.2% holding in FOGA. As a result of this transaction, 5,541,044 new Falcon common shares have been issued. Application has been made to the London Stock Exchange for the new shares to be admitted to trading on the AIM Market of the London Stock Exchange. 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 Falcon holds 202,462,686 shares in FOGA, representing 98.1% of the issued share capital of FOGA. The transaction is subject to final approval from TSXV.

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

    Frontier Resources (LON: FRI)
    Updated on its activities in the Sultanate of Oman. Frontier’s 100%-owned Block 38, located in the Dhofar Region of southwest Oman, covers an area of approximately 17,425 square kilometres. A 6 year Exploration & Production Sharing Agreement was signed on 25 November 2012. Frontier is the operator. From the declaration of commerciality, which under the Oman EPSA means the date on which the Government of Oman approves a field development plan for the commercial discovery of crude oil or natural gas and as appropriate a gas sales agreement becomes effective, an Oman Government company will be entitled to a 25% participating interest in the Oman EPSA. Having received bids from several data processing companies, the Company has selected BGP Inc., the U.S. subsidiary of the China National Petroleum Corporation, as the contractor to utilise its proprietary software package to provide high quality data processing services by re-processing selected 2-D seismic data from the vintage seismic data sets on the concession. These data sets were originally acquired by previous operators on the Block that included Phillips Petroleum, BP, Petroleum Development Oman and Sinopec. Frontier also expects to benefit from any new developments that result from work done at BGP’s recently established state-of-the art research and development centre in Houston, Texas. Data reprocessing uses the latest in signal processing technology to enhance the interpretability of the seismic data by extracting information from the older data that would not have been possible at the time of the original acquisition and processing. This is achieved mainly by suppressing noise and enhancing the signal reflected from the subsurface. Re-processed data quality will be strongly affected by the acquisition parameters used during the initial data recording. The results of the re-processing will be integrated into the overall seismic dataset on Block 38 to come up with an interpretation that will help guide Frontier to optimise the location of a planned 3-D seismic survey.

    Genel Energy (LON: GENL)
    Along with DNO International ASA, has signed a Gas Sales and Purchase Agreement with the Kurdistan Regional Government to supply gas from the Summail field in the Dohuk licence in the Kurdistan Region of Iraq. Earlier this week Gene “Noted” that DNO International ASA as operator of the Tawke Field in the Kurdistan Region of Iraq, issued the following statement on the field: “DNO International ASA, the Norwegian oil and gas company, announced that it has commenced extensive testing of the Tawke-23 exploration well in the Kurdistan region of Iraq. The well is the second horizontal well drilled by the Company in the Tawke field and has encountered continuous oil shows within a 930 metre horizontal section in the main Cretaceous reservoir. The test program, expected to last up to three weeks, will focus on ten fracture zones with production potential. The Company’s first horizontal well in the field, Tawke-20, tested 8,000 barrels per day from each of ten producing intervals in the Cretaceous reservoir and is currently on stream at an average rate of 25,000 barrels per day. Also currently drilling in Kurdistan are two other Tawke horizontal development wells, Tawke-21 and Tawke-22.”

    Leni Gas & Oil (LON: LGO)
    Said this week that their had been a positive impact of recent revisions to capital allowances and tax credits to be applied to the oil and gas sector in Trinidad. You can read the full RNS HERE

    Max Petroleum (LON: MXP)
    Not a good week for MXP! The BCHW-3 appraisal well in the eastern portion of the Baichonas West Field on Block E to a total vertical depth of 1,525 metres was plugged and abandoned. In the Uytas field, the UTS-16 appraisal well successfully reached a total depth of 200 metres, with electric logs indicating three metres of net oil pay in the Cretaceous Aptian reservoir over a 33 metre interval ranging in depths from 111 to 144 metres. Reservoir quality is excellent. Hydrocarbon shows were not encountered in the Albian section. The Company plans to complete the well and place it on test production as soon as practicable. The Zhanros mobile truck mounted rig is now moving to the UTS-15 appraisal well, which will be drilled to a total depth of approximately 200 metres targeting Cretaceous reservoirs. After UTS-15, an additional six wells remain to be drilled as part of the initial appraisal programme in the field.

    Nostra Terra Oil & Gas (LON: NTOG)
    Updated on the Verde Prospect, located in Colorado. The third well has reached total depth, drilling has ended and completion operations are now underway. Drilling in the primary pay zone was interrupted to perform two Drilling Stem Tests (DST). The second test resulted in free gas nearly reaching the surface and recovery of several hundred feet of liquids, a mixture of gas and oil, plus oil and gas cut drilling muds, the majority of which was oil. No free water was reported. Nostra Terra owns a 16.25% working interest in this program of development wells, but has recently increased its working interest in this well to 17.54%. The prospect is operated by Plainsmen Partners, LLC and is located in south-eastern Colorado.

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

    Petroceltic International (LON: PCI)
    Announced this week the successful tie-back of a new production well on the Kaliakra gas field, offshore Bulgaria. The well was completed with a subsea wellhead and connected to the existing Kaliakra pipeline for export via the Galata platform. The well and flow line works were performed by the GSP Prometeu jack-up drilling rig and Big Foot 1 lay barge and concluded on 10 September. The new well has been flow tested at rates in excess of 12 MMcfpd and is currently being produced through the Galata facilities, which are shared with the Galata and Kavarna fields. Once the production from the three fields has been rebalanced, the combined rate is expected to stabilise at around 30 MMcfpd. Petroceltic holds a 100% working interest in the fields and associated infrastructure.

    Range Resources (LON: RRL)
    Released a Texas & Trinidad update. You can read it HERE

    Salamander Energy (LON: SMDR)
    Has spud an exploration well in Block G4/50, Gulf of Thailand targeting the Ayutthaya prospect. Ayutthaya is located in the Western Central sub-basin, some 7 km northeast of the recent Surin oil discovery. The well will target oil in Miocene sandstones and is estimated to contain mean prospective recoverable resources of 30 MMbo. The well will be drilled to approximately 2,350 metres total vertical depth sub-sea using the Atwood Mako jack up rig.

    San Leon (LON: SLE)
    Two RNS’s this week from San. Preliminary results for the hydraulic fracture treatment performed on the Rogity-1 well on the Braniewo S Concession in Poland’s northern Baltic Basin. This was the first frac of a three-stage programme at Rogity-1 as part of the recently signed farm-out agreement with Wisent Oil & Gas, under which Wisent will fully design, perform, and fund the costs of the programme as well as any subsequent testing in the well. The objective of this first fracture was to understand the frackability and production potential of the tight Cambrian sandstones. It is anticipated that any future development would be with multi-staged fracced long offset horizontals. San Leon has mapped a large Cambrian structure at the Rogity-1 well, which the Company is analysing as a sweet spot for oil production via fractures. The frac was performed according to plan. Following a period of frac fluid clean up, oil accumulated and has been sampled at surface. This is seen as a highly encouraging result, and further clean up and testing of the Cambrian will be performed following fraccing of the upper two zones, scheduled for late September 2013.

    San have also Completed the flow back, testing and initial analysis of its first vertical hydraulic fracture stimulation of the Lewino-1G2 well on its 221,000 acre Gdansk W Concession in Poland’s northern Baltic Basin. This initial vertical frac was performed to test frackability and the flow potential of the lower Ordovician shale and to gather critical data necessary for future horizontal drilling and multi-staged hydraulic fracture stimulation, targeted on obtaining commercial flow rates from the Ordovician and Lower Silurian shales. The frac was performed through a 4.5-meter perforated interval, at a depth of 3,545.5 to 3,550 meters, in the highly prospective Ordovician Caradocian shale. The frac pumped over 11,000 barrels of fluid and 95 tons of sand propant at an average of 120 barrels per minute with a maximum pressure of 12,200 psi. This is the highest frac pump rate at pressure ever performed outside the US. Approx. 25% of the frac fluid was recovered along with a small, consistent flow of burnable gas. The well flared gas on several occasions including initial opening of the well after the frac and following a shut-in period after approx. 20% of the frac fluid was recovered.

    Trapoil (LON: TRAP)
    The independent oil and gas exploration, appraisal and production company focused on the UK Continental Shelregion of the North Sea, announced that it had been notified by the Athena field operator (Ithaca Energy LON: IAE) that further to its recent diagnostic testing, including an investigation of the ESP installed in the “P4” well in the Athena Field, the fault has yet to be rectified. The pump failure in the P4 well has reduced the gross field production by approximately 1,400 barrels of oil per day (210 bopd net to Trapoil). Current production from the field is therefore running at approximately 7,500 bopd (1,125 bopd net to Trapoil). The field’s partners are currently assessing the most appropriate remedial actions, which may include repairing or a work over of the existing well or the potential drilling of a new well. The Company considers that it is currently unlikely that production will be restored to its optimum level prior to Q2 2014. A further update will be provided in due course. In addition, Trapoil said that its unaudited interim results for the six months ended 30 June 2013 will be released on 27 September 2013.

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

google.com, pub-7842875684800919, DIRECT, f08c47fec0942fa0
Verified by MonsterInsights