The Smallcap Oil & Gas round up.

Caza Oil & Gas;

Provided an operational update on the Bradley 29 Prospect in Eddy County, New Mexico. No. 3H horizontal well has reached its total measured depth of approximately 12,690 feet, which includes a lateral open-hole section of 4,165 feet. The lateral section was drilled in the target objective 2nd Bone Spring sand.  After correlating and reviewing log data, which indicates multiple shows for oil and natural gas throughout the 2nd Bone Spring lateral, Caza has elected to participate with the operator’s recommendation to frac and complete the well in the 2nd Bone Spring sand.  The frac job is scheduled to occur on or around June 14, 2012.  Caza has a 20% working interest and a 15% net revenue interest in the Bradley “29” Fed Com No. 3H well. The Bone Spring formation in Lea and Eddy Counties, New Mexico, contains multiple potential pay zones for oil and liquids-rich natural gas.  Caza’s current prospects in the horizontal Bone Spring play are Lynch, Forehand Ranch, Lennox, Copperline, Mad River, Bradley 29, Two Mesas and Quail Ridge.  The Company has acquired approximately 4,000 net acres in the play to date.  The recently released reserve report prepared by Netherland, Sewell & Associates, Inc. as of December 31, 2011, assigned 100 viable Bone Spring horizontal drilling locations to Caza’s current leasehold position with total proved plus probable plus possible net reserves to the Company of 16.7 million barrels of oil equivalent.  This did not include locations or reserves for the Bradley 29, Two Mesas or Quail Ridge properties.

Gold Oil;

Has published and posted to shareholders its Annual Report and Accounts for the period ended 31 December 2011. For the information of investors and shareholders alike, copies of the Annual Report will be available for at least one month, free of charge, at the registered offices of the Company, being Finsgate, 5-7 Cranwood Street, London EC1V 9EE. In accordance with AIM Rule 26, electronic copies will be available on the Company’s website,

Ithaca Energy;

Said yesterday that initial peak gross oil production rates from the field stand at 22,000 barrels of oil per day and that oil export operations have begun. The flow from each of the four oil production wells is being supported by electrical submersible pumps, the operating parameters for which are being monitored to stabilise long term production rates. Water injection will be used to support the reservoir pressure of the field and thereby maintain and sustain production rates.

Jupiter Energy;

Released a J-53  well and reserves update this week. Copies of which can be viewed by clicking this link. Well worth a read the simalarities with Matra Petroleum’s water influx’s are striking.

Matra Petroleum;

Announced that it has issued and allotted 6,200,000 new Ordinary Shares of 0.1p each at a price of 0.1p following receipt of forms of notice of the exercise of options. The new Ordinary Shares will rank pari passu with the existing Ordinary Shares. Application will be made for these new Ordinary Shares to be admitted to trading on AIM and admission is expected to take place on 11 June 2012. Following admission of these shares, Matra will have 1,936,117,872 Ordinary Shares in issue.

Max Petroleum;

Released an operational update today on its activities in the Blocks A&E Licence area. The ASK-J2 appraisal well in the Asanketken Field has reached a total depth of 1,401 metres with electric logs indicating nine metres of net oil pay in two zones at depths ranging from 1,286 to 1,322 metres in the same Middle Jurassic reservoirs that were proven productive in the first three wells drilled in the Field Reservoir quality appears excellent with porosities ranging from 18% to 30%. The Company is running production casing in the well, which will be completed and placed on test production as soon as possible.  The Zhanros ZJ-20 rig will now move on to drill the Baichonas West prospect in Block E, the first of seven remaining shallow post-salt exploration prospects the Company intends to drill prior to March 2013. Production Test at Asanketken Field…. The ASK-J1 well in the Asanketken Field has begun testing in a Jurassic reservoir from depths between 1,308 and 1,316 metres, flowing at a stable rate of 300 barrels of oil per day.  This is the first of six zones which will be produced on test production for up to 90 days each.  The Asanketken Field is currently producing approximately 2,000 bopd from three wells. New Exploration Prospect in Block E…After completion of the final technical review of recently acquired 3D seismic data in western Block E, a new post-salt prospect has been added to the drillable portfolio.  Tolegen West is a four-way Triassic rim prospect located near the Tolegen Field in Block E.  It is estimated by the Company to have recoverable resource potential of eight million barrels with a geologic chance of success of 26%. Including Tolegen West, the Company estimates the total unrisked mean resource potential of the seven prospects in the Company’s post-salt exploration portfolio on Blocks A&E is now 67 million barrels of oil (“mmbo”) with risked mean resource potential of 24 mmbo.

Nautical Petroleum;

Released some good news this week. The company’s Carnaby well in the North Sea discovered oil. Carnaby, which is operated by Premier Oil and is also part-held by Cairn Energy’s recently acquired Agora Oil & Gas, reached Total Depth of 4,695 feet Measured Depth and successfully encountered good quality oil in the Lower Tay sandstone. The well encountered 44 vertical feet of net oil pay in a single Tay sandstone interval of 46 feet gross vertical thickness. Preliminary log analysis indicates that the average porosity in the reservoir interval is 36% and the average oil saturation is 85%. The oil gravity estimated from wireline samples is 24°API.

Range Resources;

Some much needed good news came today as Range announced a significant increase in Proved (P1) and Probable (P2), reserves for the North Chapman Ranch Project, in which Range holds a 20-25% interest. Range engaged leading Independent Petroleum Consultants Forrest A. Garb and Associates to complete a review of the North Chapman Ranch reserves following the successful completion of the Smith #2 and Albrecht wells that has seen a significant reclassification of the previous Possible (P3) reserves into the Proved (P1) and Probable (P2) categories.  Earlier this week Range announced the spudding of the second well in the Puntand region of Somalia. Horn Petroleum, the licence operator, together with Range and Red Emperor Resources, are drilling the Shabeel North well some 3.5 km to the north of the first well in the campaign, Shabeel, which was last month suspended pending further testing. In particular, the Shabeel North well is targeting Upper Cretaceous Jesomma sands which had good oil and gas shows in the Shabeel well. Petrophysical analysis of downhole electrical logs in the Shabeel well indicated a potential pay zone in the Jesomma of up to 12 to 20 meters with an average porosity of 18 to 20%. It is planned to bring the rig back to the Shabeel location to test these sands to confirm their ability to flow oil once the drilling of the Shabeel North well is completed. The planned TD of the Shabeel North well is 2400 meters and drilling is expected to take 45 to 60 days to complete.


The independent oil and gas company focusing principally on appraisal and production opportunities in the US, provides the following update on preparations for production from the I-1 well in its Mustang Island 818-L Field. This is based on information provided by the Operator, Dominion Production Company LLC. Laredo, the contractor to Dominion has advised that the replacement lift boat is expected to conclude its current contract by 15 June and that it will then mobilise to install the platform at Mustang Island.

Tower Resources;

Claimed this week that Spanish oil giant Repsol is close to completing a move to farm-in to its acreage. It’s understood that Repsol announced during its investor presentation last week that it is planning to enter Namibian offshore licence 0010 as operator and take a 44% interest, which is consistent with previous remarks made to the media by the Namibian authorities. The licence is presently held 85% by Arcadia Petroleum and 15% by Tower.

Valiant Petroleum;

Don’t piss off Valiant that’s the message as the company announced the drilling contract with Awilco Drilling PLC has now been terminated as a consequence of the technical downtime. The well has been suspended for re-entry and the licence partners are currently investigating alternative rig options to complete drilling of the Timon prospect. An update will be provided in due course. The partners in the license are MPX North Sea Limited (operator, 15%), Agora Oil & Gas (UK) Limited (25%), Taqa Bratani Limited (18%), Wintershall E&P Limited (17%), Sorgenia E&P (UK) Ltd (15%) and Valiant Exploration Limited (10%).

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