Announced that its partners, Tullow Oil and Solo Oil, have executed an assignment agreement which will vary the percentage interests in the PSA. Tullow has assigned 18.75% to Aminex and 6.25% to Solo, so that the partners’ interests will now become: Aminex 56.25%, Tullow 25% and Solo 18.75%. Tullow has also transferred the operatorship of the PSA to Aminex with immediate effect. This is a logical and practical move, as Aminex is already operating a well in Tanzania at present with the Caroil Rig-6, which will move directly to the Ruvuma PSA after the current well is completed. Tullow does not have any other operations in Tanzania at the moment and this change will create operational efficiencies. The above have been informally approved by the Tanzanian authorities but remain subject to formal approval from the Tanzanian Minister of Energy.
The board of Bahamas Petroleum confirmed press speculation that the Company is in the process of finalising the appointment of Simon Potter as Chief Executive Officer of the Company. Mr Potter’s appointment is subject to final approval from the Company’s nominated adviser. Simon brings over 30 years of international oil and gas experience to the Board at a time critical to the future growth of the Company, including 20 years with BP and subsequent CEO roles with AIM listed Hardman Resources and ASX listed Dart Energy Limited.
Released an operational update regarding their Oman assets. Copy’s of which can be viewed by clicking this link; http://www.circleoil.net/5th%20September%202011.aspx Later on in the week Circle released a healthy set of Interims the highlights of which included thus; Highlights; Group turnover increased by 35% to US$28.7 million (H1 2010 : US$21.3 million)…Profit after tax US$8.7 million – up by US$6.6 million (316% increase) on H1 2010…Cash at bank of US$29.3 million (H1 2010: US$10.9 million)… Oil price achieved of US$104.81 BO – up 40% on H1 2010…Gas prices achieved of US$8.65 Mscf – up 27% on H1 2010…Three gas wells successfully tested in Morocco and new pipeline infrastructure under construction…One oil producing and two water injector wells successfully drilled in Egypt…Oman Block 52 interpretations successfully completed and farm-out exercise commenced.
Falkland Oil & Gas;
Released Interim Results for the six months ended 30 June 2011. Contract signed for the Leiv Eiriksson drilling rig for two firm slots in first half 2012. Operatorship and remaining 51% equity in Northern Licence Area assigned back to FOGL by BHP Billiton together with a significant cash settlement. Completed the site survey and 2D seismic programme. Equity placing raised US$51.8 million before expenses. Cash balance of $110.6 million at period end (2010: $80.4m). Current available funds, including BHPB settlement, of $150.6 million.
The punters’ favourite released a Kurdistan operations update with OIP numbers in their Billions. Copys of which can be found by clicking this link; http://online.hemscottir.com/ir/gkp/news_xml.jsp?item=773925189454357&ST=G Gulf Keystone will also announce half year results for the period ended 30 June 2011 on 14 September 2011. A presentation for analysts will be held at 2pm at Pelham Bell Pottinger, 6th Floor, Holborn Gate, 330 High Holborn WC1V 7QD. The presentation slides will be available on the Company’s website at www.gulfkeystone.com from 2pm UK time.
The oil and gas exploration and production company focused on Kazakhstan, announced that it has commenced drilling the UTS-4 appraisal well on the Uytas prospect in Block A. The total depth of the well will be approximately 800 metres, targeting potential Cretaceous and Jurassic reservoirs.
Informed the city of the appointment of Stephen Gutteridge as Non-Executive Chairman with immediate effect. Mike Thomsen, the Company’s current Executive Chairman, will remain on the Board in his capacity as President of US Operations.
Started operations for an extended well test of the Markwells Wood oil discovery in West Sussex. The test will enable Northern Petroleum and its joint venture partners -Magellan Petroleum (UK) Limited and Egdon Resources U.K. Limited – to evaluate the potential and scheme for future development of the Markwells Wood oil accumulation. The Workover rig arrived on site on Tuesday 06 September 2011. The production string is being installed prior to the installation of testing facilities to enable testing operations to begin in early October 2011. Production testing may take 40 days and will utilise a Linear Reciprocal Pump that has a lower height profile, lower noise emission and a smaller footprint than the more traditional `Nodding Donkey’ pump.
The oil and gas producer with assets in the USA, announced that it has entered into a Standby Equity Distribution Agreement for up to £5 million of additional funding with YA Global Master SPV Ltd. Nostra Terra may elect to increase the commitment amount under the SEDA from £5 million to £10 million at any time during the three-year term. Matt Lofgran, Chief Executive of Nostra Terra, commented: ”Nostra Terra continues to see numerous opportunities for it to grow its asset base and while not all opportunities make it to the due diligence phase, the Company continues to evaluate a number of potential transactions. Whilst most of these are within its existing resources, the Board wanted to ensure that it has the capability to enter negotiations with potential partners in the best position. As a result, we believe that the SEDA is a good way to continue to show the financial strength of the Company and will enable us to move quickly on exploiting these opportunities”.
Released yet another “Cambay-76H Tight” Reservoir Well Report No 14“. Operations to prepare for well clean-up flow and production testing are continuing. Operations to retrieve down hole equipment, open up the remaining fracture stimulation stages and install production tubing will be conducted with a workover rig. Given the likely duration of this phase of the operations will be a few weeks, Oilex will provide the next update on operations when progress has been made.
Announced that their Davsan Tolgoi-10 exploration well in Mongolia did not encounter moveable hydrocarbons and will be plugged and abandoned. The drilling rig will next be moved to a site about 225m south of the DT-1 well. DT-11 will be drilled as a replacement for the DT-1 well, which has been abandoned due to probable formation damage.
North Falkland Basin oil and gas exploration company, announced that all resolutions proposed at the Annual General Meeting of the Company held today were duly passed. A presentation given at the AGM is available for viewing on the Company’s website: www.rockhopperexploration.co.uk
Spoiled the online celebrations that had been raging for several days on rumours of a massive oil find. At one point the Roxi sp had trebled to 8p. The Company eventually scotched speculation over discoveries by informing investors that they were not aware of any operational reason for the movement. Roxi intends to release its Interim Financial Statements for the six months ended 30th June 2011 on 26th September 2011.
Has agreed to farm-in to Block G4/50 in the Gulf of Thailand, earning equity in the acreage from Mitsui Oil Exploration. Salamander will hold a 100% working interest in the acreage, while MOECO will retain certain commercial options in the case of a future discovery. Block G4/50 is located in the western Gulf of Thailand and surrounds the Company’s B8/38 licence that contains the Bualuang oil field and Bualuang East Terrace oil discovery.
Reported, further to its announcement on 1 September 2011, that drilling has now commenced on the Nida Concession (San Leon 100%). The Chopin-1 exploration well, as opposed to the Belvedere-1 exploration well, has spudded today. The well is planned to reach a total depth of 1,000 meters and will test multiple targets on trend with the Plowowice and Grobla oil fields. The Company plans to drill two exploration wells on the concession, this month, targeting multiple one to two million barrel prospects. The second exploration well to be drilled on the concession will be the Belvedere-1 and drilling on this well will commence post the Chopin-1 well.
Released an operational update. Copy’s of which can be viewed by clicking this link; http://www.seftonresources.com/news/pressreleases/7Sept2011.aspx
Said that the Independent Board Sub-Committee has Declared that the “Pala Offer” undervalues Sierra Rutile. Pala Minerals have offered 25p which was unsolicited. The independent Sub-Committee of the Company’s Board believes that the Offer significantly undervalues the future prospects of the Company and recommends that shareholders take no action.
The globally diversified potash development group, has engaged Australia’s leading research institute, the Commonwealth Industrial and Scientific Research Organisation (“CSIRO”), in a research project that will explore the application of new and potentially more accurate methods for potash resource analysis and estimation.
Announced the initial logging results of its KBD01 exploration well drilled in the Kul-Bas block some 50 km north west of the Doris oil discovery. Electric logs just run over the deeper section indicate more than 100 metres of gross potential hydrocarbon bearing zones in what is interpreted to be shelf limestones of Carboniferous age. This is in addition to the hydrocarbon indications noted on logs and drill data in the overlying Jurassic section. A comprehensive testing programme on both the Carboniferous and Jurassic intervals is planned once the approvals are granted.
Victoria Oil & Gas;
Released a chairman’s’ letter to shareholders today. The full contents of which can be viewed by clicking this link. http://www.investegate.co.uk/article.aspx?id=201109090700089284N The letter stated that Victoria Oil & Gas had raised its resource estimates for its oil and gas project in Russia. The company, which also operates in Africa and Kazakhstan, said an independent assessment of the West Medvezhye project in Russia revealed prospective resources in excess of 1.4 billion barrels of oil equivalent, which exceeded previous expectations by more than 300 million boe. The results also included increased oil prospects of about 670 million barrels of oil in the lower Cretaceous and Jurassic layers, VOG said. The company said it was on track for the first gas sale from its flagship project in Cameroon during the fourth quarter.
The Tiddler Tried to infuse investors with an RNS today. Stating that the Tullow Oil discovery issued re’ the Zaedyus exploration well, offshore French Guiana, which encountered 72 metres of net oil pay in two turbidite fans was great news for the company. Tullow (27.5%) operates the Guyane Maritime license and is partnered by Shell (45%), Total (25%) and Northpet (2.5%), a company owned 50% by Northern Petroleum plc and 50% by Wessex Exploration. Which means that Wessex have a thumping 1.25% interest! The shares were up over 28%!