27.January.2012
Well here we go once again it’s been a tough week in the smallcaps underverse. Not least
for me as I’ve struggled to get this one out today due to my Apple Mac having a run-in with a Starbucks coffee a week or so ago! Back to the trusty 486!
Aminex;
Announces a further update on drilling of the Ntorya-1 exploration well in the Ruvuma Basin onshore in Tanzania. The well spudded on the 22 December 2011 and has been drilled to 1,535 metres where an intermediate casing string has been set. The well is now drilling ahead towards the target interval of approximately 1,800 to 1,900 metres depth. Ntorya-1 is expected to reach total depth around the end of January. The Ntorya-1 well is designed to test the high quality Basal Tertiary and Upper Cretaceous sands previously encountered in the Likonde-1 well, 14 kilometres to the north. Aminex estimates that the Ntorya Prospect has a probability of success of around 20%, with mean recoverable resource potential of 100 million barrels of oil equivalent.
Antrim Energy;
Said that it has signed an agreement with Valiant Petroleum plc to proceed with early installation of subsea facilities for the development of the Fionn Field in the UK Northern North Sea block 211/22a South East Area (the “Fionn Agreement”). Antrim holds a 35.5% working interest the block.
Gulf Keystone;
Released another operational update on its ongoing exploration and appraisal programme in the Kurdistan Region of Iraq, which includes the Shaikan block, a major discovery with independently audited gross oil-in-place volumes of between 8 billion barrels to 13.4 billion barrels calculated on the P90 to P10 basis with a mean value of 10.5 billion barrels. Copys of the update can be viewed by clicking the link. http://online.hemscottir.com/ir/gkp/news_xml.jsp?item=883747503260280&ST=GKP
Ithaca Energy;
The London and Toronto listed oil and gas group, has confirmed that it has received a confidential, non-binding takeover proposal. The proposal is understood to be conditional on, among other things, due diligence, negotiation of all definitive documentation, receipt of all necessary approvals by the interested party and approval of the Ithaca board. Ithaca stressed that the discussions were at a preliminary stage and there was no certainty that the approach would lead to an offer being made for the company.
Leni Gas & Oil;
Good news came this week for holders of Leni stock as the company announced the formation of a partnership with Range Resources to jointly develop their interests in the Eastern Fields Area onshore southern Trinidad, including the Goudron and Beach Marcelle fields. Later in the week Leni announced the imminent arrival of the Ocean Columbia jack-up rig at the Eugene Island Field in the US Gulf of Mexico. Marlin has informed LGO that the rig is now being released by the previous operator and it is expected to be mobilized to the Eugene Island platform shortly. The rig move is weather dependent; however, the operator anticipates commencing drilling operations next week. The first planned operation is the A-2ST01 well, a sidetrack of the existing A-2 well, which targets reserves in the Tex X2 sandstones. A total of 16 days have been budgeted for the drilling and evaluation. Further drilling and recompletions work at EI-184 is expected to follow the A-2ST01 well.
Magnolia Petroleum;
Reported that drilling was underway on two of its wells in North Dakota. The two Eckelberg wells in the Bakken & Three Forks Sanish Formations are being drilled by US oil and gas operator, Marathon Oil. In December Magnolia elected to participate with Marathon in the drilling of the Eckelberg 14-23H in-fill well, targeting the Middle Bakken Sandstone interval and also the Eckelberg 14-23TFH well, drilling to the Three Forks Sanish Formation. In line with its strategy of pursuing small interests at small net capex, Magnolia holds a 0.53367% working interest in each of the two wells. Last week, the company received confirmation from Marathon that both wells had been spud: the Eckelberg 14-23H on 6 December 2011; and the Eckelberg 14-23TFH on 31 December 2011.
Max Petroleum;
“Unloved” Max the oil and gas exploration and production company focused on Kazakhstan, announced that it has commenced drilling the SAGW-3 appraisal well on the Sagiz West Field in Block E. Total depth of the well will be approximately 1,400 metres, targeting Triassic reservoirs
Nautical Petroleum;
Sells a 25% interest in its Kraken field in the North Sea to EnQuest. The deal centres on Nautical’s Petroleum Production Licence P1077 on North Sea Blocks 9/2b & 9/2c but also covers additional blocks in the wider Kraken area. The agreement follows a move by EnQuest earlier this month to buy two companies from Canamens, whose assets include a 20% interest in Kraken. In return for the stake, Nautical will receive a carry on its future expenditure on the Kraken field of up to $240 million, consisting of a $150 million firm carry and a contingent carry of up to $90 million.
New World Oil & Gas;
Has received a Competent Person’s Report from RPS Energy highlighting the prospectivity of the Danica Resources Licence 1/08. This covers an area totalling 6,420 sq km, and includes both onshore and offshore acreage in Southern Denmark in the productive Western Baltic region of the South Permian Basin. The project is New World’s third since listing on AIM in May 2011. Further to receiving the results of the CPR, the Company anticipates negotiating and finalising the definitive transaction agreements, in the form of a Farm-Out Agreement, with the current operator of the Licence, Danica Resources ApS, as well as an amendment to the underlying Joint Operating Agreement naming New World’s Danish subsidiaries as parties and operator.
Nighthawk Energy;
Said that its wholly owned subsidiary, Nighthawk completed the acquisition of a further 25% working interest in, and assumed the operatorship of, the Jolly Ranch Project. On Completion, Tim Heeley has stepped down (Good-riddance) as Chief Executive and as a Director to work with the existing Denver team to progress the development of the Jolly Ranch project. Stephen Gutteridge, (Hooray)previously Non-Executive Chairman, has assumed the role of Executive Chairman.
Range Resources;
Announced updates with respect to its operations in Trinidad and Texas. Copys of the update can be viewed by clicking the link. http://www.rangeresources.com.au/
Red Emperor Resources;
Updates with respect to its Georgian operations. The Company is pleased to announce that site construction has commenced in readiness for the spudding of the Company’s second exploration well in Georgia the Namakhvani well which is the Kursebi 6 Prospect. Targeted spudding date is early to mid February 2012 with a target depth of circa 3,500m. Given the unexpected geological sequences encountered with the first well, Red Emperor’s joint venture partner, Range Resources, has engaged new independent technical consultants, NTD Energy, to perform a fresh review of all of the seismic and geological data across the top 3 Kursebi prospects previously identified. The Kursebi 6 prospect was identified as the most robust prospect with a more clearly defined structure and indications of a significantly thicker Jurassic section, increasing chances of encountering more reservoir and mature source rocks.
Roxi Petroleum;
Informed the markets this week that the commencement of pilot production from the NW Konys field in the Galaz Contract Area, in the Kyzylorda Oblast Western Kazakhstan, on 19 January 2012. The Company successfully drilled six new wells on the NW Konys field in 2008/9 and re-entered one old well drilled in the 1990s. The wells were tested and shut-in pending application and receipt of final regulatory approvals, which were received in December 2011. Well NK-6 re-commenced production from NW Konys on 19 January 2012, achieving a rate of approximately 225 barrels of oil per day. The oil is a saturated, low sulphur crude, with a density of 37-39o API, and wax content varying between 12% and 29%. Production is currently being transported by road to neighbouring operating company KuatAmlonMunai (WHAT A MOUTHFUL) for sale on the domestic market. The Company, together with its farm-in partner LG International, now plans to re-commence production from another of its previously drilled wells, well NK-4 as well as testing multiple intervals in well NK-9, before moving to test well NK-10, both of which were recently successfully drilled to a depth of 1500 metres.
San Leon Energy;
Is pleased (UNLIKE ITS SHAREHOLDERS ME BEING ONE!) to announce that it has completed the acquisition of more than 2,280 km of 2D seismic across its Tarfaya and Zag Licenses onshore Morocco. The data was acquired by San Leon Energy’s wholly owned subsidiary, NovaSeis.
Sefton Resources;
Released a trading update and a drilling update re’ Tapia copys of which can be viewed by clicking the link! www.seftonresources.com
Solo Oil;
A drilling update came today from Solo on the drilling of the Ntorya-1 exploration well in the Ruvuma Basin onshore in Tanzania operated by Ndovu Resources Ltd (a subsidiary of Aminex). The well was spudded on the 22 December 2011 and has been drilled to 1,535 metres where an intermediate casing string has been set. The well is now drilling ahead towards the target interval of approximately 1,800 to 1,900 metres depth. The well is expected to reach total depth around the end of January. The Ntorya-1 well is designed to test the high quality Basal Tertiary and Upper Cretaceous sands previously encountered in the Likonde-1 well, 14 kilometres to the north. Solo estimates that the Ntorya Prospect has a probability of success of around 25%, with mean recoverable resource potential of 100 million barrels of oil equivalent.
MEAN-WHILE
Sound Oil;
Confirmed that, the Casa Tiberi-1 well has been re-entered and the planned test over the interval 571-581 metres successfully completed. The well flowed gas with a final rate of 37,850 scmd on a 5/16″ choke (approximately 1.3 MMscfd). The data from the test will be studied in detail to assess the production potential of the well. The good gas quality and the nearby presence of a low pressure gas network provide an opportunity for a commercial fast-track development of this discovery. A further announcement will follow once the test results have been fully analysed and commercial alternatives explored. In the meantime, an application to extend the permit for a further three years has been submitted to the relevant authorities. Sound was also advised by the Operator that the Cataka-1 exploration well on the Citarum PSC, Java, Indonesia has encountered unstable formation in the top hole section, necessitating a sidetrack. The sidetrack hole has already been drilled to the casing depth at 1,397 feet and the 13 3/8ths casing set and cemented. Now that this part of the unstable formation has been cased off, the well will drill ahead to the objective at 6,995 feet as originally planned. It is estimated that at least two additional weeks will be needed to complete operations beyond the planned 21 day programme.
Test
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