The Smallcap Oil & Gas round up.

Antrim Energy; AEY

Said it has been granted an extension for the submission of a Field Development Plan for the Fyne Field in UK Central North Sea licence P077 Block 21/28a. The UK Department of Energy and Climate Change notified Antrim that it has extended the deadline for submission of a FDP for the Fyne Field from June 2012 to January 2013. Antrim also anticipates DECC approval of the transfer to Antrim of the working interests of the other two partners in the Licence, Premier Oil UK Limited and First Oil Expro Limited, as well as the transfer of operatorship to Antrim from Premier. Once DECC approves the transfers, Antrim will be operator and hold 100% working interest in the Fyne Licence.

Caza Oil & Gas; CAZA

Confirmed that it has posted its annual report and accounts for the year ended December 31, 2011 to shareholders. Copies are available on the Company’s website at Caza also confirms it held its Annual General Meeting on June 8, 2012.  Shareholders approved all resolutions put to the meeting.

Cove Energy; COV

Confirmed a major new gas discovery at the Atum exploration well located approximately 16.5km south of the recently announced Golfinho discovery well in the northern part of Area 1 Rovuma Offshore, Mozambique. Atum intersected 300+ net feet of Natural Gas Pay in two high quality Oligocene deep water fans. The discovery is believed to be connected to the Golfinho Oligocene gas reservoirs with estimated recoverable gas resources of 10 to 30 plus trillion cubic feet. Details of the latest discovery were released along with an associated resource upgrade for Area 1, where block wide recoverable gas resources are now estimated to be between 30 and 60 Tcf. The current upside for total gas in place for the discovered reservoirs on the block is approaching 100 Tcf.

Empyrean Energy; EME

Grabbed some much-needed cash this week. as the company announced that it has satisfied the major conditions precedent enabling it to draw down on the first US$10 million of the facility with Macquarie Bank Limited to provide a 3 year term debt facility for up to US$50 million to support its participation in the development of the Sugarloaf Project, an Eagle Ford Shale Condensate and Gas development project in onshore Texas, USA.

Enegi Oil; ENEG

The independent oil and gas company, provided an operational update on its activities and the milestones that can be expected as a result of the work being undertaken. It’s much too long for the round-up. However investors can read the full Operational Update by clicking the link!

Europa Oil & Gas; EOG

Whoopee! At last some news from EOG this week. The AIM listed oil and gas exploration and development company with producing and exploration assets in Europe, is pleased to announce? Wait for it …wait for it….”it has updated its corporate website.” Let’s quickly move on. For a minute this week I actually thought Europa were in the Oil Business!

Kea Petroleum; KEA

It’s all hands to the pumps at Kea as the company announced Swabbing operations at Puka-1 produced oil and gas to the surface almost immediately. Initial independent field analysis of the oil showed it to be of excellent quality light oil with a density of 43.7 Degrees API and a relatively low pour point of 15 Degrees Centigrade. Preparations are currently underway to commence a longer term production testing of the well to establish production rates and reservoir characteristics.

Magnolia Petroleum; MAGP

There came a “Positive Update on Operations in Oklahoma” from the much tipped tiddler this week. The AIM quoted US onshore focused oil and gas exploration and production company, provided an update on its activities in the producing Mississippi Lime and Hunton formations in Oklahoma, in line with its expansion strategy to rapidly grow production and revenues.  Copies of the “Positive update” can be viewed by clicking the link.

Nautical Petroleum; NPE

It’s good-bye to Nautical Petroleum who have agreed the terms of a deal that will see Cairn buy the North Sea E&P player for 450p per share in cash. The offer represented a premium of 51.1 percent on Nautical’s closing price (Wednesday 12 June 2012) and values its share capital at £414 million. Cairn’s move on Nautical comes just a month after it wrapped up the acquisition of Norwegian North Sea oil group Agora. The deals are part of a strategy by the group to expand its existing portfolio in north-west Europe and to introduce more appraisal and development assets.

New World Oil & Gas; NEW

Released details this week of a “highly encouraging” update to the Competent Person’s Report covering its Danica Jutland Project in south-western Denmark. The assessment was produced by RPS Energy following the first phase of a 2D seismic acquisition programme on the 1/09 and 2/09 licences that total 4,107 sq km. Last year, New World signed a deal to acquire a working interest of up to 80 percent in the two licences. With the completion of Phase 1 seismic, New World has applied for the assignment of the first 12.5% working interest in the project. Phase 2 seismic on the project will begin in August 2012 and should be completed by the end of Q1 2013. According to the latest data, all eight Zechstein and two Triassic leads and prospects identified in first CPR (August 2011) using old 2D seismic data, are confirmed. New World also announced yesterday improved terms for the Blue Creek Farm Out Agreement. Its partner, Blue Creek Exploration Limited, have agreed to amend the terms of the Farm-Out Agreement entered into between them on 15 June 2011. The Amendment will lead to a substantial reduction in the cost of a drilling programme should the Company elect to proceed with drilling, as well as provide New World with the opportunity to commence production at Blue Creek earlier than previously anticipated.

Nostra Terra; NTOG

Results from the first horizontal well within the Warrior Prospect, (came this week) which is operated by Crown Energy Company. NTOG has a 10% working interest in this prospect. The well has been completed and is on production. The well has been stabilizing over the last 10 days, following the frac and flow-back period. Current indications are that the well should become stable at approximately 50 boe/day. The well is still recovering frac fluid and as such this is a very early indication of the well’s likely level of production. While Bale Creek Drilling is finished on both the first and the second wells. The first is currently undergoing completion operations, while the second well is being logged with completions to follow shortly afterwards. Matt Lofgran, Chief Executive of Nostra Terra, commented: “We’re pleased to add more production to our portfolio.  Throughout the remainder of the year we anticipate adding production and reserves in our growing interests”.  

Range Resources; RRL

Informed investors that the Columbia farm-in had been finalised and that a new joint broker had been appointed. Looks like and feels like private investors are being shafted here! The “Highlights” Make interesting reading. Looks & reads more like “Padding” to me! “Highlights” INCLUDED * Appointment of GMP Securities Europe LLP as Joint Broker…..The Putumayo Basin is a hydrocarbon producing region in Colombia with established infrastructure…. Range to earn 65% (option to move to 75%) interest in the highly prospective blocks PUT-6 and PUT-7 in the Putumayo Basin in return for providing funding for the PSA work commitments (3D seismic and 2 wells)….Additional opportunity to appraise and potentially re-enter a shut in well on Block PUT-7
* 21 mapped leads across the 2 blocks to be the focus of 3D seismic programme
established infrastructure…. Exactly how these are “Highlights” is beyond me! All is not well here!

Salamander Energy; SMDR

Announced that, in a consortium with three other companies, it has entered into a Rig Sharing Agreement for a semi-submersible rig for Indonesian exploration drilling. Salamander will use the rig for its upcoming drilling campaign in the North Kutei basin, East Kalimantan, Indonesia. The Rig Sharing Consortium has contracted the semi-submersible rig Ocean General, owned by a subsidiary of Diamond Offshore Drilling. The rig will be on contract to the Rig Sharing Consortium from July 1st

San Leon Energy; SLE

Expanded its existing Rawicz Concession in the Permian/SW Carboniferous Basin of Poland. Part of the modification of the Rawicz Concession the Polish Ministry of Environment has approved merging the Rawicz and Winsko Concessions and expanding the total concession area. The amended concession includes the previously discovered, unproduced Rawicz gas field in the Permian Main Dolomite and Rotliegendes formations. San Leon estimates that Rawicz gas field to contains up to 17 billion cubic feet of recoverable, high quality methane gas in the Permian Rotliegendes formation with potential upside for oil and gas production the Zechstein Main Dolomite.

TomCo; TOM

Finally announced that SRK Consulting has reviewed recent work carried out by TomCo on the Company’s Holliday Block and has issued an updated mineral resource statement. In doing this, SRK has upgraded the 123 million barrels previously reported in the Indicated category to 126 million barrels in the Measured category.

Valiant Petroleum; VPP

Drilling has commenced on the Tryfan prospect (Valiant, 33.33%) located in UK Block 3/17 and operated by Apache North Sea Limited. Tryfan is an Eocene channelized sand play in the UK Northern North Sea which benefits from a strong seismic amplitude response. Tryfan has gross prospective resources estimated internally by Valiant to be 24 mmboe (net 8 mmboe). The well is estimated to take around 25 days to complete.

Wessex Exploration; WSX

The shit hit the fan this week for tiddler Wessex as the newly elected French Government abruptly suspended licences to drill for oil off the coast of French Guiana. An exploration well less than 160km (100 miles) off the South American colony struck a hydrocarbon deposit at a first attempt in September, sparking excitement about prospects for as much as $80bn in oil. Shell, Tullow Oil, Total, Wessex Exploration and Northern Petroleum jointly own the drilling project and had expected authorisation to continue.

Xcite Energy; XEL

Poked small private investors in the eye yet again this week as they announced a private placement of 30,000,000 units with Global Resource Funding Partners LLC based in Boston Massachusetts. The “Units” are in-fact shares! Yes you’ve got it now more dilution! The financing made available from the Placing will further strengthen the Company’s balance sheet at an important time in the development of the Bentley field. In addition, the private placement provides for a subscription of further “units” by Global Resource by mutual agreement of the parties.

You may also like...