Smallcap Oil & Gas round-up.

Aurelian Oil & Gas;

Cheered investors after last weeks disappointing news on Trzek3. The company released several TR1 Notifications of “Major Interests in Shares”. Toscafund Asset Management LLP, on behalf of Tosca Mid Cap, Tosca Opportunity and DB Platinum Tosca Mid Cap Equity Fund, stated there had been an acquisition of shares.  These transactions took the relevant interests to above the 17% threshold. The company also released their interim report stating that “The good progress that the Company made up to this point has been overshadowed by the recent test results from theTrzek-3 well announced on 16th September 2011 and the subsequent negative impact on our share price. We will provide a full evaluation of the Siekierki Tight Gas project and our plans to take the appraisal programme forward before the end of the year. In the meantime the Company will focus on optimising capital investment and creating value for shareholders by successfully delivering our conventional exploration growth plan.” The full report can be viewed by clicking the link.

Bahamas Petroleum;

Released its interim results for the six months ended 30 June 2011. Highlights: a period of significant progress for the business; successfully raised £45.6m through an equity placing; completed acquisition of 2D seismic in four southern licences and confirmed presence of multiple prospects; 3D seismic data shot by CGGVeritas and currently being evaluated; High resolution seabed survey undertaken by Fugro N.V. Post period end, appointment of Simon Potter as Chief Executive Officer. Chairman Alan Burns commented: “The first half of 2011 has been a period of significant change for the Company.  We successfully shot 2D seismic and, following the evaluation of the results, engaged CGGVeritas to undertake a 3D seismic survey on our four southern licences.  The results of this are currently being evaluated and we look forward to updating shareholders in due course.

Borders & Southern Petroleum;

Released their unaudited interim financial statements for the six months ended 30 June 2011. The Highlights included signed assignment agreement for the Lev Eiriksson..Cash balances of $197 million dollars as of June 2011… Operations base in the Falklands…And the finalised well engineering for Darwin and Stebbing wells. The company are currently anticipating a mid January start date for drilling.

Cadogan Petroleum;

Was pleased to announce the appointment of Chicco Testa as a non-executive Director of the Company with effect from [1 October] 2011

Caza Oil & Gas;

Announced that it had  increased its net, daily production by approximately 88% over Second Quarter rates from 199 boe/d to approximately 374 boe/d;The  Caza Elkins 3401 and 3402 wells produced a combined, gross rates of 219 bbl/d of oil and 356 Mcf/d of natural gas; O.B. Ranch #1 and #2 wells producing combined, gross rates of 34 bbl/d of condensate and 661 Mcf/d of natural gas; Caza 158 #1, 158 #2, 158 #3 and 162 #1 wells producing combined, gross rates of 80 bbl/d of oil and 151 Mcf/d of natural gas; All near term wells remain fully funded said the company. This didn’t impress Investors or the market the shares duly slipped over 9%. Today Caza announced that it was informed on September 29, 2011, that following a purchase of 1,400,000 ordinary shares in the Company completed on September 28, 2011, the Junior Oils Trust now holds 16,400,000 shares representing 9.97 percent of the issued shares of the Company. This did impress Investors the shares jumped up yes you’ve guessed it 9%!

Cove Energy;

Released their 2011 Interims this week copys of which can be viewed by clicking this link.

Europa Oil & Gas;

Came out fighting this week as the company announced that it intended to appeal  a €730,000 VAT bill from Romanian authorities in respect of the sale of the Bilca gas field in 2007. The appeal process will likely take several months, thus having an effect on cashflow. The Board will be assessing all the Company’s projects to prioritise capex spend in the meantime. The Company are also finalising an agreement with a farm in partner for the Brates Licence in Romania where it plans to deepen Barchiz-1, which was drilled in late 2010 but failed to reach the primary target. Further more Europa are currently undertaking a 2D seismic acquisition programme on its Brodina and Cuejdiu blocks in Romania. In addition, the Voitinel-2 appraisal well (Europa28.75%) is due to spud in the very near future. This well follows the Voitinel-1 discovery, drilled in 2009, which flowed 3 mmscfpd. Voitinel-2 is a low risk appraisal well intended to prove a minimum gas in place number for commercial development.

Exillion Energy;

Released a TR1 notification that Schroders plc had on the 23.September this month increased their holdings in the company to over 10%.

Global Petroleum;

Released a convoluted Annual Financial Report –  up tp 30 June 2011. The report began with all the names of the Board then carried on with what can only be described as a CV. for each member. Copys of the monster document can be viewed by clicking this link

Lansdowne Oil & Gas;

Released their interim results for the six months to 30 June 2011. Operational highlights. 3D seismic data acquired over the Barryroe oil discovery (Lansdowne 20%).Rig contracted by operator Providence Resources to drill appraisal well on Barryroe expected to commence within the next month. 3D seismic acquired over the Lansdowne operated oil and gas prospects: Amergin (Lansdowne 100%); Rosscarbery (Lansdowne 99%); and Midleton (Lansdowne 100%). Processing of data progressing well with data due for delivery in November 2011. Financial highlights. Loss after tax for period of £429,000 (6 months to June 2010 loss £626,000). Placing of new shares completed in March 2011 raising £4.5 million net of expenses. Shareholder loans totalling £1.9 million converted to equity in March 2011, reducing borrowings to £0.2 million. Placing of new shares completed in July 2011 raising £6.0 million net of expenses.

Max Petroleum;

The oil and gas exploration and production company focused on Kazakhstan, announced that it has begun testing the ASK-1 exploration well in the Asanketken Field, successfully producing 35 degree API oil at a stable rate of 672 barrels of oil per day from perforations in a Jurassic reservoir from depths of 1,281 to 1,287 metres during a 12 hour period. The well has been connected to temporary production facilities and will be placed on long-term test production. With the addition of ASK-1, the Company’s current daily production is 3,671 bopd.  This daily rate is variable due to several high rate wells being subject to occasional shut-in during long-term testing.

Nautical Petroleum;

Announced that it had successfully completed its Kraken 9/02b-5Z horizontal well in North Sea Block 9/2b, with flow tests achieving rates of up to 4,550 barrels of oil per day.The news is a significant boost for Nautical, which began drilling the latest appraisal well on Kraken in July as part of an assessment of the field’s commercial viability.

Nostra Terra;

Failed to overwhelm investors when they released their Interim results for the six months ended 30 June 2011.

Petro Matad;

Informed the market that it has completed the analysis of initial test results for the Davsan Tolgoi 4 well in Mongolia and is designing a stimulation program and contracting stimulation services for final completion of the well. Swabbing of the primary test objective recovered 2 litres of 42.5º API oil with no water, with an indicated un-stimulated flow rate of 2 barrels of oil per day. No formation fluid was recovered from the deeper secondary test interval. Testing is ongoing at DT-8 to be followed by DT-11. DT-11, the last well in the 2011 drilling programme, has now been drilled, logged, cased and cemented

President Petroleum;

Has announced that Well A49 East White Lake, Louisiana has identified potential oil reserves at least 50% higher than expected. Preliminary analysis indicates that 37 feet of what is considered to be oil pay was identified at about 9,490 feet MD. After drilling on, a further 60 feet of potential oil pay was unexpectedly encountered in the Y2 Sands at about 9,700 feet.  A new “twin” well will be drilled as soon as possible.  Electric logs will then be run on all identified and further possible pay zones, and then the new well will be completed as a producer.

Range Resources;

Sneaked through a $15 million dollar placement in their Operational Update. The $15 million dollar placement to Socius  also included the following total number of securities on issue are as follows: 1,803,272,094   Ordinary Fully Paid Shares (RRS)…     189,965,531  Listed Options (RRSO) (A$0.05, 31 December 2011)…    855,166  Unlisted Options (£0.04, 30 June 2015)…    60,000,000  Unlisted Directors Options (A$0.10, 31 Dec 2011)…    3,177,029  Unlisted Options (A$0.50, 30 June 2012)…   41,781,715  Unlisted Options (A$0.1898, 30 Sep 2015)….   17,921,146  Class A Performance Shares…    17,921,146  Class B Performance Shares.  Range has applied for admission of the new shares to trading on the ASX and AIM markets. All of the shares are expected to be admitted to trading on AIM on or around 5 October 2011. The Range share-price retreated over 10% down on the news. If you want to read the full Operational update click the link.

Rockhopper Exploration;

The North Falkland Basin oil and gas exploration company, announced that the 14/10-8 exploration well was spudded at 03:45hrs BST on 25 September 2011. The Well is situated on Licence PL032, which is 100% owned and operated by Rockhopper, and is located approximately 4.1km to the south-south-east of the 14/10-2 discovery well, outside of the Sea Lion Discovery Area. This well is designed to investigate reservoir and hydrocarbon presence within the Sea Lion Main Complex in an area of relatively low amplitudes and is also an exploration well on both the Casper and Kermit oil prospects. Drilling operations are expected to take approximately 28 days and a further announcement will be made once drilling is completed.

Roxi Petroleum;

Good news came from Roxi as the company finally announced, “New debt facilities, the conversion to equity of existing debt & Directors dealings The signing of a new $5 million debt facility.The conversion of $9.4 million of existing debt to 188,771,895 of Roxi shares at a price of 3.2p per share”. The extension of repayment dates until July 2013 for the remaining $10 million facility that will not be converted to equity. The increase in the effective shareholding of Mr Kuat Oraziman from 46 per cent. to 62.7 per cent.Background, Roxi owes Kuat Oraziman, and companies with which he is associated, in aggregate, $17.9 million (principal and accrued interest). Mr Oraziman is a director of the company and its largest shareholder. The Independent Directors, being the Directors other than Mr Oraziman, announced that $9.4 million (principal and accrued interest) owed by Roxi to Mr Oraziman or companies associated with him has been converted into 188,771,895 of Roxi shares.  This reduces the indebtedness of the Company to more manageable levels and removes an annual interest burden of some $1.1 million. Additionally Mr Oraziman has made available (through an associated company) a new facility of $5 million principally to assist in the continued development of BNG and has agreed to extend the repayment date on the remaining $10 million facility (under which an aggregate of $8.4 million (comprising $5 million in principal and $3.4 million in accrued interest) is currently outstanding) until 2 July 2013.

San Leon Energy;

Announced that it has spudded its Lewino 1G2 well on Gdansk-W concession, which is operated by Talisman Energy Poland. The well is targeting unconventional shale gas in the Lower Silurian, Ordovician and Upper Cambrian in the Baltic Basin in Poland.  This is the first of a three well program in the Baltic Basin with wells to be drilled in the Braniewo and Szczawno concessions following Lewino 1G2. Later on in the week San Leon announced the Chopin1 well result.(Dry). The company is now plugging the well as a dry hole at a total estimated well cost of 700,000 Euros. The Jasło DIR-700 rig is plugging the well and will immediately move the rig to the Belvedere-1 location which is ready to receive the rig. The Belvedere-1 well is targeting a four-way closure within the Cretaceous and Jurassic horizons.

Sefton Resources;

The independent oil and gas exploitation and production company with interests in California and Kansas,  announced that, further to the announcement on 22 September 2011 of a share placing of 70,000,000 new common shares of no par value in the capital of the Company (“New Common Shares”) at a price of 2.0p per share, the New Common Shares have now been issued and allotted. The additional New Common Shares will represent approximately 20 per cent. of the Company’s enlarged issued share capital immediately following the Placing.

Sound Oil;

Informed the market of the award of the Costa Del Sole Permit, onshore Sicily to the Company’s wholly owned subsidiary Apennine Energy srl. Apennine Energy will be the 100% interest holder and operator of the permit. The award is made by the Department of Energy of the Sicily Region subject to the submission and acceptance of an Environmental Impact Assessment. Apennine Energy will submit the necessary documentation in the next few days.

Victoria Oil & Gas;

Announced that it had raised £9.5 million in a placing of shares priced at 3.25p each in what will likely be its last equity fundraising before gas production begins at its Logbaba gas project and gas condensate in Cameroon later this year. Cash from the placing has been earmarked to complete the development of the Logbaba project following an increase earlier this year in the company’s working interest in the project to 95%. It will also fund the final payment to acquire a one third interest in Cameroon Holdings Ltd, announced in August 2011.

You may also like...

No Responses

  1. Maria Stevens says:

    I always enjoy your round ups Dan.
    Must take you hours of hard work.