The Smallcap Oil & Gas Round up.

3Legs Resources : 3LEG

Released a operational update this week. Southern Poland concession As already contemplated, the Company has decided to relinquish the Dabie-Laski concession; it is continuing to consider options for its Bytom-Gliwice and Glinica-Psary concessions Southern Poland concessions. The Company has completed interpreting the 2D and 3D seismic data acquired and processed earlier this year on its three southern Poland concessions, and has also acquired additional legacy seismic and well data in the area of the concessions.  Following a review of the seismic and well data in its possession the Company has concluded, as it had already contemplated doing, that it has insufficient data to justify drilling a vertical test well on its Dabie-Laski concession within the timeframe specified in its licence.  The Company will therefore relinquish the concession.  The Dabie-Laski concession measures 895 sq km (221,000 acres), gross and net. The Company is continuing to consider its options for its Bytom-Gliwice and Glinica-Psary concessions, which are the location for the 50 sq km of 3D seismic data acquired earlier this year.  The Company has an obligation under its licence terms to drill one vertical well on each of these two concessions by August 2013, or to relinquish the concessions.  The Bytom-Gliwice and Glinica-Psary concessions measure 584 sq km (184,000 acres) and 1,038 sq km (256,000 acres) respectively, gross and net.  Operations on the Company’s Baltic Basin concessions in northern Poland are proceeding as previously announced.

Antrim Energy : AEY

Three and Six Months Ended June 30, 2012” Much to convoluted for todays belated smallcap Round up. So here’s the link.

Deo Petroleum : DEO

It’s goodbye to Deo Petroleum as Parkmead’s takeover of the company finally completes. At the request of the company trading on AIM for the securities has been cancelled from 09/08/2012.  If you have any queries or require further information, please contact the company’s nominated adviser on 020 7050 6500.

Falkland Oil & Gas : FOIL

The oil and gas exploration company focused on its extensive licence areas to the South and East of the Falkland Islands, is pleased to announce the execution of a farm-out agreement with Noble Energy Falklands Limited (“Noble”), an affiliate of Noble Energy, Inc. (NYSE: NBL), a leading global exploration and production company.  The license position consists of 40,000 square kilometers (10 million acres).

Gold Oil : GOO

The war seems to be all but over at the  AIM-listed oil and gas exploration and production company, with a primary focus on Latin America, as Gold announced the appointment of Mike Neville and William Daily as a Non-Executive Director’s of Gold Oil. The Board of Gold announced that, on 8 August 2012, the Company received a valid requisition pursuant to Section 303 of the Companies Act 2006, requiring it to convene a general meeting of the Company. The Requisition has been received by the Company from Mark Pritchard and Ben Anderson and proposes the following ordinary resolutions: 1.   to remove Julian Garcia as a director of the Company;  2.   to remove Michael Neville as a director of the Company;  3.   to remove William Daily as a director of the Company; and  4.  to remove any other director appointed by Julian Garcia or the board of directors between 29 June 2012 and the date of the General Meeting.  Gold confirms that the Board will make the necessary arrangements to convene the General Meeting within the required timetable. Meanwhile, shareholders are advised by the Board not to take any action in connection with the General Meeting but should wait until they have received and read the circular from the Company containing the notice convening the General Meeting, which will be sent to all shareholders on or before 29 August 2012. *UPDATEAt the general meeting held ON August 10 2012, all resolutions were passed and the Company accordingly announced the appointment of Rudolph Berends and Camilo Merendoni as Directors of Gold Oil.  The Company also announced that on 9 August 2012, Julian Garcia resigned as a director of the Company with immediate effect and that shortly after the conclusion of the General Meeting today, Mike Neville and William Daily also resigned as directors. The new directors intend to seek the appointment of additional independent directors to establish a board of the Company which is appropriate for the Company’s needs as a company admitted to AIM.  The Company intends to be in a position to update shareholders on this shortly.

Gulf Keystone Petroleum : GKP

Announced that Gulf Keystone Petroleum International Limited (Operator), Kalegran Ltd. and Texas Keystone Inc., collectively being the Contractor under the Production Sharing Contract relating to the Shaikan Block in the Kurdistan Region of Iraq dated 6 November 2007 (“PSC”), have submitted a Declaration of Commercial Discovery with effect from 1 August 2012 to the Shaikan Block Management Committee under Clause 12.6 (a) of the PSC. The Contractor intends to submit its Field Development Plan to the Shaikan Block Management Committee within 180 days following the submission of the Declaration of Commercial Discovery.

Ithaca Energy : IAE

Released a healthy set of results today. With a Q2 2012 profit before tax of $21.7 million as opposed to this time last year where the loss was Q2 2011: $2.1 million loss.  I’ll post a link to the full set of results and advise that it’s well worth a read.

Magnolia Petroleum : MAGP

It’s getting busy at MAGP as the company announced its participation in a well targeting the proven Mississippi Lime formation, Oklahoma, in which the Company has a 25% working interest and a 18.75% net revenue interest. This represents Magnolia’s largest interest in a non-operated well to date and is in line with its expansion strategy to significantly build production and revenues. The Prucha 1-23MH horizontal well is targeting the Mississippi Lime Formation and is operated by Devon Energy Production Company (`Devon’) a leading independent energy company. Magnolia acquired its interest in Prucha via a farm-in at no cost to the Company and was included in the acquisition of leases as announced on 11 June 2012. Total drill costs are estimated at US$4,277,500 with the Company’s 25% working interest in the well estimated at US$1,069,375. Prucha has already been drilled and is currently waiting completion. The participation in Prucha is in line with the Company’s stated strategy to rapidly grow production and revenues by significantly increasing both the average size of its net revenue interests and the number of producing wells in proven hydrocarbon formations,

Matra Petroleum : MTA

Continued to “Bounce Up”  as the company released some much needed news. The independent oil and gas exploration and production company with operations in Russia, announced its results for the six-month period ending 30 June 2012. In April 2012 having completed the purchase of production equipment, production started at the well A-13 on Sokolovskoe field, with an average daily rate of 26 bopd. In May 2012, when an electric submersible pump (“ESP”) was installed, the production rate increased up to 70 bopd. Total production in the first half of 2012 was 2,892 bbl of oil (30 June 2011: 9,730 bbl of oil). Revenue for the same period was€68,423 (30 June 2011: €288,410). Planned activities for Arkhangelovskoe LLC in the second half of 2012: 3D seismic survey over 60 km2, 2D seismic survey over 100 linear kilometers, with a total cost of €1.3 million including supervising and VAT. Field operations will be performed by “Orenburgskaya geofizicheskaya expediciya” OJSC. In the second half of 2012, we expect to produce approximately 9,000 bbl of oil. The Highlights included a New strategy in 2012. The implementation of an acquisition led growth strategy with a focus on Emerging Markets and CIS…The development of a balanced portfolio with production, appraisal and exploration potential…Focus on politically and fiscally stable countries favorable for investors…Build operational hubs and seek to develop license portfolios around these…2D & 3D seismic survey commissioned on the Sokolovskoe oil field…€5.7 million (£4.6 million) raised in private placing  (11 May 2012…Cash or cash equivalents of €5.8 million as at 30 June 2012.  Maxim Barskiy, CEO, commented: “I am very positive about Matra’s outlook as we begin to execute our strategy of creating growth through value accretive acquisitions. This year we have undertaken financial due-diligence procedures and evaluation on an E&P business in South America and a large exploration opportunity with proved deposits located in a Special Tax Regime region of Russia and we are now in the negotiations phase with the owners of the assets. We have recently begun due-diligence review for a few prospective opportunities in Central Asia and we hope to be able to provide a progress update in the coming months.” More news came via press reports abroad that Maxim Barskiy could be or is returning to TNK-BP IN AN “ADVISORY ROLE” The plot thickens! SO JUST WHAT WOULD OR COULD THIS MEAN FOR HOLDERS OF MTA STOCK? Takeover by TNK-BP.

Mediterranean Oil & Gas : MOG

Announced today that the Maltese Minister for Resources and Rural Affairs has approved the transfer of the 10% interest Leni Gas and Oil Investments Limited held in the Malta Offshore Area 4 PSC to Phoenicia Energy Company Limited, a 100% owned subsidiary of Mediterranean Oil & Gas Plc. Area 4 comprises four contiguous licence blocks in the southern part of the Maltese offshore adjacent to prospective acreage in Libya.  MOG is the operator of Area 4 and now holds 100% of the equity. The Company has recently completed key de-risking studies, including interpretation of the extensive long-offset 3D seismic survey over Area 4 acquired in late 2011.  The acreage contains a number of mature prospects that are analogous to proven plays in the Sirte Basin, as well as field analogues in Tunisia. MOG has identified a portfolio of mature prospects in the Lower Eocene/Paleocene sequence with reserves potential.  The top four prospects have combined un-risked potential oil in place of between 1 billion barrels (mean case) and 1.5 billion barrels (upside case).

Oilex : OEX

A busy week for holders of Oilex stock this week as the company released no less than 4 RNS’s All basically about the same event the ENTITLEMENT OFFER PROSPECTUS, as announced on August 2 2012.

Petro Matad :MATD

The oil exploration company with a portfolio of assets in Mongolia, announced the appointment of Dr. Ridvan Karpuz in the position of Exploration Manager. He will take up the role immediately.  Dr. Karpuz will reside in Mongolia and operate from the Company’s office in Ulaanbaatar. (Rather him than me!) Dr. Karpuz joins Petro Matad from Austrian listed integrated oil and gas company OMV where he has spent the last four years as an Exploration and Reservoir Manager working in Iran, Yemen and more recently Tunisia.  He has 23 years’ work experience in oil and gas exploration and production and a proven track record of significant oil discoveries.

Petroceltic : PCI

Have agreed a Formal Declaration of Commerciality in respect of the Ain Tsila natural gas field situated  in the Illizi Basin of Algeria.  The Final Discovery Report, submitted in January 2012, along with the Declaration of Commerciality and supporting documentation will now be passed to the Algerian Competent Authorities. Following their approval, the PSC parties will be granted a 30 year exploitation permit for the Ain Tsila field.  Petroceltic holds a 56.625% working interest in this development, with Enel holding 18.375% and Sonatrach 25%. The field was formally declared commercial on completion of an agreement for Sonatrach to market all of the produced gas from the Ain Tsila field, using a formula linked to Brent oil pricing. The PSC partners estimate the field to contain gross resources of 2.1 tcf of sales gas, 67 mmbbl of condensate and 108 mmbbl of LPG.  Development work is expected to commence in 2014 and  first gas is planned for the third quarter 2017, initially from an estimated 18 vertical wells produced through a new gas processing plant at an annual average wet gas plateau rate of 355 million standard cubic feet/day (10.05 million standard cubic metres/day). The plateau length is 14 years and an additional 106 development wells are estimated to be required during the period to maintain this production plateau.

PetroNeft Resources : PTR

Owner and operator of Licences 61 and 67, Tomsk Oblast, Russian Federation, provided an update on its operations this morning. Highlights: Drilling of new production wells commences at Arbuzovskoye…Two Lineynoye wells converted to water injectors for planned pressure support…Production stable at 2,000 bopd…Benefit of pressure support and new production wells anticipated over coming months. Drilling of the first of ten new production wells on the Arbuzovskoye oil field has commenced and is expected to come into production in September 2012. The drilling rig and necessary supplies to drill ten wells were moved to location during Q1 when winter roads were in place to handle the heavy loads. The Arbuzovskoye No. 1 well is currently producing 300 bopd (with negligible water production) through the recently constructed 10 km spur pipeline to the Lineynoye oil processing facilities. This rate is currently constrained by an electrical fault with the pump that is preventing it from operating at its optimum rate. The pump will be replaced in due course. Arbuzovskoye contains 2P reserves in excess of 13 million barrels of oil according to independent reserve auditors Ryder Scott and is the Company’s second production development. Total oil production, comprising both the Lineynoye and Arbuzovskoye oil fields, is currently steady at about 2,000 bopd. In July 2012, two Lineynoye producing wells were converted as planned into water injection wells to provide pressure support in the reservoir; we expect to recover the production lost from these two wells through improved rates in nearby producing wells over the coming months. Dennis Francis, Chief Executive Officer of PetroNeft Resources plc, commented: “We are delighted to have commenced drilling of the first of 10 planned new production wells at Arbuzovskoye where our existing well has demonstrated very encouraging production characteristics.  We will focus on developing Arbuzovskoye and seek to steadily build on our existing production profile and positive cashflows throughout the remainder of the year.”

San Leon Energy : SLE

Today noted the Serica Energy Quarterly Update announced this morning where it references the near conclusion of farm in contracts for the offshore Foum Draa and Sidi Moussa permits. San Leon is looking forward to informing its shareholders of the final terms upon completion of the agreements which is expected shortly. Pre completion of the farm-in agreements, San Leon Energy holds a 42.5% net operated interest in both blocks. The remaining interest is held by Serica (25%), Longreach Oil and Gas (7.5%) and ONYHM, the National Bureau of Petroleum and Mines, in Morocco (25%).

Petro Matad : MATD

The oil exploration company with a portfolio of assets in Mongolian, is pleased to announce the appointment of Dr. Ridvan Karpuz in the position of Exploration Manager. He will take up the role immediately.  Dr. Karpuz will reside in Mongolia and operate from the Company’s office in Ulaanbaatar.  Dr. Karpuz joins Petro Matad from Austrian listed integrated oil and gas company OMV where he has spent the last four years as an Exploration and Reservoir Manager working in Iran, Yemen and more recently Tunisia.  He has 23 years’ work experience in oil and gas exploration and production and a proven track record of significant oil discoveries.

Solo Oil : SOLO

Announced more dilution as the company announced that it has raised £1.5 million gross proceeds through the issue of 500,000,000 new ordinary shares of 0.01p each in the Company at a price of 0.3 pence per share to investors. Following Admission, the Company’s issued share capital will consist of 3,278,394,708  Neil Ritson, Solo’s CEO, commented: “The funds will be deployed (Fto complete the payment schedule due under the Ruvuma SPA in Tanzania in order to maintaining our 25% working interest in this exciting new gas and liquids discovery at the Ntorya-1 well and to prepare for the next phase of the work programme in the basin. Ntorya-1 well flowed 20 million cubic feet of gas per day on test through a one inch choke and 140 barrels of liquids per day. Recent business development activity in Tanzania has greatly enhanced the Company’s interests there and the Directors believe that significant opportunity exists to generate long term value for shareholders A infill seismic programme is planned for the end of 2012 and a further two well is planned in 2013.  Some of the funds will also be used to maintain and increase our interest in the new oil production coming on stream in Canada over the next few weeks.”

Xcite Energy : XEL

Announces that it closed on the issue of US$10 million of unsecured Loan Notes to a fund managed by West Face Capital Inc. The Loan Notes have been issued on the same principal terms as the US$50 million of unsecured Loan Notes previously issued to West Face as announced on 10 April 2012. The Loan Notes have an initial term of 236 days and, subject to West Face approval, may be extended by XEL for a further 360 days. The Loan Notes bear interest at 14% per annum payable in arrears on 31 March, 30 June, 30 September and 31 December in each relevant year and at maturity.  Interest can be paid or rolled up into the principal amount of the Loan Notes at the Company’s discretion. West Face is entitled to receive a maintenance fee equal to 1% of the outstanding principal amount of the Loan Notes 180 days from issue date and at maturity. The Company has paid a fee of US$0.2 million to a third party in connection with the initiation of this transaction.

Join the Forum discussion on this post

You may also like...