The oil and gas exploration company with offshore licence permits in The Commonwealth of The Bahamas, announced that it has finalised an agreement with CGGVeritas to undertake a 3D seismic survey over the Company’s southern licence areas, starting in May 2011. The survey will cover approximately 3,000 square kilometres and will take approximately 90 days to complete.
Baltic Oil Terminals;
Announced that the terminal capacity at its Petro Broker International BV (“PBI”) subsidiary at Europort, Rotterdam, is now 100 per cent let until the end of this calendar year following the signing of contracts with two significant businesses in the oil production and oil trading sectors.
Berkeley Mineral Resources;
Which is primarily engaged in processing mining tailings, announces that it has entered into an underwriting agreement with Novum Securities Limited pursuant to which Novum has agreed to seek subscribers for 145,000,000 new ordinary shares in the capital of the Company at a price of 4p per share. Pursuant to the terms of the Underwriting Agreement, the Placing Shares have been subscribed in full by a single large UK financial institution. In addition to the Placing Shares, the Company will issue one warrant for every two Placing Shares subscribed, exercisable at 6p per warrant at any time up to three years from issue.
Informed the market that the Sapele-2 well drilling in the Douala Basin, offshore Cameroon has encountered a total of approximately 35 metres of log evaluated net hydrocarbon-bearing pay in the Omicron objectives based on the results of drilling and conventional wireline logs. A testing programme is expected to commence on completion of the logging programme. A testing programme is currently underway on Sapele-1ST.
Caza Oil & Gas;
Released their Unaudited First Quarter Operational Results. Caza’s aggregate production increased 26% to 23,974 boe for the three-month period ended March 31, 2011, up from 19,073 boe in the fourth quarter of 2010. This represents an average daily production increase to 266 boe/d. The companys’ average lifting cost decreased to $3.26 per boe versus $6.22 per boe for the fourth quarter of 2010. This decrease in lifting costs reflected additional wells being brought on and the sale of properties with high operating costs during the last three quarters of 2010. Caza is well capitalized with a cash balance of $30,829,289 as of March 31, 2011 down from $33,885,900 at December 31, 2010. The decrease in cash during the quarter ended March 31, 2011 was used to reduce the year end accounts payable, fund capital expenditures and general and administrative activities. Revenues from oil & gas sales increased 41% to $1,043,943 for the three-month period ended March 31, 2011, from $742,409 for the fourth quarter of 2010. The increase in revenues from the first quarter of 2010 is a result of additional wells brought on line during 2010 and the first quarter of 2011 and the increase in commodity prices.
Chariot Oil & Gas;
The Africa focused oil and gas exploration company, is pleased to announce an increase of a further 1.5 billion barrels in its estimate of gross mean unrisked prospective resources from its Southern licence 2714A offshore Namibia. The total gross mean unrisked prospective resource estimate now stands at 15.46 Bbbls (11.2 Bbbls net to Chariot). Further technical work undertaken on the 3D seismic data acquired across this block, in which Chariot has a 50% interest, has identified additional resources within 4 new prospects and has increased the gross mean unrisked prospective resource volume in the Nimrod prospect by a further 833 million barrels, to a total of 4.6 Bbbls. Nimrod will be the first well to be drilled in the Southern licence – anticipated to commence in early 2012. The Tapir North prospect in the Northern licence is still scheduled to be drilled in Q4 of this year. This latest technical work, which included remapping of the Nimrod prospect using updated seismic attribute analysis, together with mapping of deeper target horizons, has also led to the further development of the prospect inventory – now comprising of 16 prospects and 5 leads across all blocks.
Provided an update on operations at the Sugarloaf Project within the Sugarkane Gas & Condensate Field, Texas. PMT #1H (1.11% WI) The PMT well location lies across Sugarloaf and neighbouring Hilcorp operated acreage that Empyrean does not participate in. As such Empyrean holds a blended working interest of 1.11% in this well. This well has been fracture stimulated and for operational reasons production tubing was run prior to unloading the well. The well is now cleaning up to flare. Buehring #1H (3% WI)Production commenced on this well on 8/4/11. Davenport #1H (1.4% WI) The Davenport #1H well location lies across Sugarloaf and neighbouring Hilcorp operated acreage that Empyrean does not participate in. As such Empyrean holds a blended working interest of 1.4% in this well. The well reached a total depth of 18,220 ft on the 23/04/11. The well will be fracture stimulated shortly. Best Fenner #1H (3% WIThe Best Fenner #1H well has been drilled within the Sugarloaf AMI and reached a total depth of 18,020 ft on the 27/04/11. This well has been successfully cased and will be fracture stimulated in due course. Best Huth #1H (0.58% WI) The Best Huth #1H well location lies across Sugarloaf and neighbouring Hilcorp operated acreage that Empyrean does not participate in. As such Empyrean holds a blended working interest of 0.58% in this well. The well is presently being drilled having been spudded on 02/05/11.
Announced admission news on their off-shoot XEO Exploration plc which was incorporated on 26 August 2010 by EnCore Oil plc in order to exploit certain exploration and appraisal assets located in the UKCS Central North Sea and East Irish Sea. On 10 March 2011, the Company entered into the Acquisition Agreement with EnCore Petroleum Limited, a wholly owned subsidiary of EnCore Oil plc, pursuant to which, the Company will acquire a portfolio of exploration and appraisal assets from EnCore Petroleum Limited. The acquired portfolio will offer the Company a multi-well drilling programme, commencing in 2011, with two to four wells expected to be drilled over the next twelve to eighteen months. The main country of the Company’s operation is the United Kingdom. The Company has not yet commenced operations. In the event that the Acquisition does not complete by 10 September 2011 (or such later date as the Company and EnCore Petroleum Limited shall agree), it is the Directors’ intention that the Company, in consultation with Matrix Corporate Capital LLP and Westhouse Securities Limited, shall agree with EnCore Petroleum Limited a further period of three months from 10 September 2011 (or such later date as the Company and EnCore Petroleum Limited shall agree), during which the Company shall endeavour to address and satisfy any requirement of DECC which the Company has not been able to comply with prior to such date. If at the end of the extended period, the Company has still not been able to comply with the DECC requirements as described in the Acquisition Agreement and completion of the Acquisition has not taken place, it is the Directors’ intention to convene a general meeting as soon as possible for shareholders to determine the future investing policy of the Company.
Are currently in discussions with seismic contractors to ascertain the availability and cost estimates associated with a 3D programme over block Z34 offshore Peru. Gold Oil currently intends to acquire an initial 500 sq km of 3D seismic data over the southern part of Block Z34, considered to be the most prospective area.
Suspended the Khurbet East 101 appraisal well as a potential future oil production well following a drill-stem test that achieved a potentially commercial stabilized flow rate of 447 barrels of oil per day from the Triassic aged Butmah Formation reservoir. Government approval will now be sought to develop this reservoir within the Khurbet East field area. The rig will be moved to the Yousefieh 7 well location on the northern flank of the Yousefieh field in Syria
Hardy Oil and Gas;
Informed the city of the commencement of drilling of the third exploration well on the D9 exploration licence. The exploration well KG-D9-A2 commenced drilling on 10 May 2011 using the Transocean drillship Dhirubhai Deepwater KG2 in a water depth of approximately 2,700 m. The target depth of the well, which aims to explore the hydrocarbon potential of Early and Late Miocene Channel Fan Complex, is 4,875 m MDRT. The D9 exploration licence is located in the Krishna Godavari basin on the East Coast of India and covers an area of approximately 8,700 km2. Hardy holds a 10 percent participating interest in the licence which is operated by Reliance Industries Limited. The licence’s minimum work programme provides for the drilling of four exploration wells.
Announced an operational update of its activities in the Blocks A&E Licence area in the Republic of Kazakhstan. Narmundanak. South Drilling has commenced at the NARS-1 exploration well on the Narmundanak South prospect in Block E, the tenth of the Company’s 15 post-salt exploration prospects. The total depth of the well will be approximately 1,700 metres, targeting Triassic reservoirs. Asanketken.Drilling at the ASK-1 exploration well in the Asanketken prospect on Block E has been slower than expected due to mechanical problems encountered with the drilling rig that are currently being addressed. The well has not yet reached the primary Triassic target section between 2,800 to 3,250 metres, which the Company expects to evaluate in the next several weeks. The results of the well will be announced after the Company reaches its target depth of approximately 3,300 metres and logs the well. The Company earlier announced a Jurassic discovery in the ASK-1 well with 24 metres of net oil pay at depths between 1,230 and 1,302 metres. Zhana Makat. Drilling at the ZMA-ET2 appraisal well in the Zhana Makat Field has reached total depth at 1,492 metres and is preparing to log. The Company has taken four 18m cores in the well.
The US focused oil development and production company announced that Richard Swindells has agreed to join the Board of Directors as Chief Financial Officer to work alongside Chief Executive Tim Heeley and Executive Chairman, Mike Thomsen.
New World Oil and Gas;
Announced they had raised £3 million in a placing of new shares at 5p per share. The new stock has been admitted to trading on AIM. The funds raised will be used to identify and acquire exploration or development projects in the oil and gas sector with an initial focus on Central America and Eastern Canada.
Said that the La Rocca-1 well drilled to section total depth of 2,220 metres and run and pressure tested casing.Current operation is waiting on weather.
Announced that well AT-5z has completed drilling at a total depth of 2421 metres along hole, and has a horizontal section in the main Ordovician reservoir of 376.5 metres. Good gas shows have been encountered throughout the reservoir section. Petroceltic then went on to announce its intention to raise approximately £37 million through an issue of new ordinary shares of €0.0125c each by way of a placing with both new and existing institutional investors to advance the Company’s enlarged drilling and appraisal programmes in Algeria, to advance drilling plans for the Rovasenda prospect in Italy and for general corporate purposes, including new ventures.
Received the final payment of $2.5m payment due in relation to the Engineering, Procurement and Supervision of Services contract on the Subba and Luhais oil field development in Iraq. Petrel retains a 10% profit interest in the project. Petrel is now preparing a detailed proposal to participate in the recently announced Fourth Licensing Round in Iraq.
Informed investors that it was “pleased to announce that its joint venture partner and operator Africa Oil has signed a letter of intent with a drilling subcontractor, paving the way for the milestone exploration well in Puntland to be drilled in Q3 2011”.
Dismayed investors with the announcement that it has cancelled the deal in respect of the sale of a 35 per cent interest in BNG Ltd LLP, the operator of the BNG Contract Area.The interest was originally sold to Canamens BNG BV (“Canamens”) in 2009 and has now been cancelled and transferred back to Roxi together with all rights under the sale and purchase agreement.
Hit the stratosphere with the release of an Independent Report on Kansas Oil & Gas Exploration Prospects,Acquisition of Cholla Kansas Assets And Outstanding Oilfield Award. Independent Competent Persons Report by consultant Dr. Nafi Onat estimates the PV10 value of Sefton’s oil and gas resources in Kansas at US$100.1 million (circa £60 million at current exchange rates) Dr. Onat’s report also highlights prospective resources of 1.747 million barrels of oil in Kansa Completion (subject to additional due diligence) of the acquisition of the Cholla assets in Kansas (as previously announced on 10 February and 21 March 2011) together with a proprietary Kansas geological database. Sefton’s Tapia oil field in California wins an operators award for the third year in a row. The sp had risen over 450% since the news was announced.
Recently floated Sirius has now decided to focus on the acquisition of Nigerian oil assets with a target minimum recoverable reserves of 20 million bbls and has identified several attractive opportunities with valid licences held by a number of oil majors in relation to potential marginal oil field opportunities in Nigeria.
Has appointed Andrew Hockey as a non-executive director. Andrew Hockey is currently General Manager of Joint Ventures and New Business at Fairfield Energy.
Failed to woe investors with their eagerly awaited evaluation of the Bentley Field.The developer of heavy oil assets in the UK North Sea, announced the results of an evaluation of the Company’s oil and gas properties in which it holds an interest, pursuant to which “reserves” have been assigned. The Company, holds a 100% working interest in Block 9/3b, which contains the Bentley field and a 100% working interest in Blocks 9/3c and 9/3d (both adjacent to the Field). These Blocks are located in the North Sea in the United Kingdom (collectively, the “Company’s Assets”). The Company has recently drilled and tested the 9/3b-6 and 6Z wells in the northern part of the Field, which demonstrated commercial flow rates and, on this basis, XER commissioned TRACS International Consultancy Ltd an independent qualified reserves auditor, to prepare an independent audit of reserves and resources for the Company’s Assets. That audit by TRACS is set out in the Reserves Assessment Report dated 9 May 2011 and effective 30 April 2011, prepared using guidelines outlined in the Canadian Oil and Gas Evaluation Handbook and in accordance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities. This assignment of reserves to the Field is a key milestone to enable the Field to be developed, commencing with the First Stage Production currently being planned by the Company in the Core Area . The Company intends to submit the Field Development Plan for the FSP to DECC shortly.