Chariot Oil & Gas;
Yesterday was a busy day for Chariot with no less than 3 news releases. Chariot announced the appointment of Mr. Larry Bottomley as Non-Executive Director with immediate effect. Then released a grant of options rns with an exercise of options rns.
The international oil and gas exploration, development and production company, announced an update regarding the Geyad-5X water injection well drilled to support production in the Geyad Field. Copy’s of the update can be viewed by clicking the link. http://www.circleoil.net/operating-update-egypt-3108.aspx
Were left with red faces as the company announced it had made a cock of ‘Director/PDMR Shareholding’ announcement released on 16 August 2011 at 9.43am under RNS No 4309M and to the ‘Issue of Equity’ announcement released on 24 August 2011 at 8.54am under RNS No 9358M. due to incorrect data being applied to the calculations, an incorrect weighted average price per ordinary share traded (“VWAP”) in the Company’s shares was used in relation to conversions, into new ordinary shares, of the funds drawn down under the convertible loan facility (the “Loan”) which were announced on 16 August 2011 and 24 August 2011. Basically they got their calculations wrong!
Said that the second Eagle Ford well (Tyler Ranch EFS #2H) has tested oil and gas at the rates of 1,488 bopd and 700 mcfgpd. The well is located just to the north of the first Eagle Ford well which had an initial test rate of 1,200 bopd. The well has been connected for oil and gas production. Global has a 7.939% working interest (5.95% NRI) in the Eagle Ford wells.
Gulf Keystone Petroleum;
Punters were left as bemused as they were before this announcement regarding press speculation of a sale of the company.
Whilst the Board does not normally comment on speculation, the Company confirms that it remains committed to creating value for shareholders, via the continuing 2011/2012 drilling programme on its world-class assets in the Kurdistan Region of Iraq. Whilst there is clearly increasing interest in the region in which Gulf Keystone operates, the Board is not in discussions with regard to a sale of the Company.
Todd Kozel, Executive Chairman and CEO, commented:
“The Board of Gulf Keystone is confident that it has built an enviable asset base in Kurdistan, with significant further upside potential. We are therefore committed to continuing to successfully prove the potential of our oilfields in Kurdistan. We consider the true value of the Company to be significantly above any figures quoted in recent press articles.”
Released news from ADX Energy, the operator of the Chorbane licence onshore Tunisia,has spud the Sidi Dhaher-1 exploration well. The well is targeting an Eocene aged reservoir with operator estimated prospective resources of 175 billion cubic feet of recoverable gas and a Cretaceous aged reservoir with operator estimated prospective resources of 44 million barrels of oil. Gulfsands is earning a 40% interest in the Chorbane permit by meeting 80% of the well costs for the Sidi Dhaher-1 well.
Spud the KPL-DX exploration well in the southern part of the Kharsang Field in India. The well is targeting the hydrocarbon potential of the lower Girujan and deeper reservoirs. The management estimate of prospective resources for this exploration prospect on a gross and unrisked basis is 342 bcf of gas and 20 mmbbls of oil.
Completed a 13-stage hydraulic fracture stimulation programme on Lebien LE-2H horizontal well in Poland. The frac programme was executed using the ‘plug and perf’ method and the well is now being prepared for testing, which may include flaring of natural gas.
Announced that the UTS-3 confirmation well in the Uytas Field has reached a total depth of 825 metres, with electric logs indicating a total of 31 metres of net oil pay in Cretaceous and Jurassic formations. Max Petroleum plans to drill one additional appraisal well in the field during September 2011 and acquire a high-fold 3D seismic survey over the Uytas structure in October 2011, in order to facilitate preparation of a long-term appraisal and development programme for the field.
Informed the market that it was pleased with the test results from its AT-7 and AT-8 wells at the Ain Tsila field on its Isarene permit in south eastern Algeria. Based on log analysis, the preliminary results from the AT-8 well were particularly encouraging, demonstrating a number of characteristics which indicate the potential for positive flow rates.
Announced disappointing news from two of its wells in Block XX, Mongolia. The testing programme on the Davsan Tolgoi-1 well has been suspended due to problems related to the original cementing operations of the reservoir interval. This resulted in an invasion of water into the third interval tested. At well DT-9 only water was produced from the most promising interval of the well in a valid test of reservoir fluids.
Signed two contracts this week. The first is a further two year frame work agreement, worth £2 million, with Applied Drilling Technology International to supply its standard 10,000 psi POS-GRIP wellhead technology for oil and gas drilling activities in the North Sea region. The second is with Vantage Drilling, to provide, for the first time, a major Malaysian national oil and gas operator with its High Pressure/ High Temperature POS-GRIP wellhead equipment for oil and gas exploration activities offshore Sarawak, East Malaysia. The contract will be for one well with a value of approximately US$1 million.
Advised that it has made a strategic investment (AUD$2m) in Tangiers Petroleum Limited (“Tangiers”, ASX:TPT). Tangiers is an ASX listed exploration company which has a portfolio of two potentially world class oil and gas projects located in Morocco and Australia.
Bad news came from the Cat Ba-1X (“101-CB-1X”) exploration well in Block 101-100/04, offshore northern Vietnam has been plugged and abandoned as a sub-commercial discovery. But good news came as Salamander reached agreement with Risco Energy for the sale of a subsidiary that holds 5% interests in the Offshore Northwest Java and Southeast Sumatra PSCs. The cash consideration is $55 million plus working capital adjustments of $1.3 million, with a further deferred cash consideration payable upon the buyer’s participation in any extension of the ONWJ PSC.
San Leon Energy;
Announced that it expects to spud the Belvedere-1 exploration well, Nida Trough, Poland next week. The Belvedere-1 well is located in the Nida concession, which is 100% owned by San Leon, covering some 280,000 acres and is on trend with significant oil production in Poland. The Company plans to drill two exploration wells on the concession, this month, targeting multiple one to two million barrel prospects.
Reported that the Chamonix exploration well in the Norwegian Sea was dry in the primary target but made a small gas discovery in the secondary Cortina target. The discovery will be evaluated with the view to determine viability as a tie-back as part of a larger field development to surrounding infrastructure.