The independent oil company listed on the main market of the London and Irish Stock Exchanges with exploration and development assets in the emerging hydrocarbon province of East Africa, announced its half-yearly results for the six months ended 30 June 2012. Click to read http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11314168
Antrim Energy : AEY
Has executed an oil sales contract with BP Oil International for the sale of Antrim’s share of oil produced from the Causeway Field in UKCS Block 211/23d (Antrim 35.5%).
Oil produced from the Causeway Field will be transported & processed at the North Cormorant platform operated by TAQA Bratani before being exported to the Sullom Voe terminal for sale. Field operations are in progress for the completion and tie-in of production well 211/23d-17Z, which was drilled in 2006 by Antrim and partners and tested at rates up to a peak of 14,500 barrels of oil per day from the combined Ness and Tarbert Formations. Initial production from Causeway is anticipated in late September, 2012. Under the terms of the oil sales agreement, Antrim can also include its share of oil production from the adjacent Fionn Field in the sales arrangement, once production commences there.
Argos Resources : ARG
The Falkland Islands based exploration company focused on the North Falkland Basin, announce its interim financial results for the six months ended 30 June 2012. Click the link to view. http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11309381
Cairn Energy : CNE
Are farming into the Foum Draa offshore area in Morocco after agreeing a deal with San Leon Energy : SLE. Serica Energy : SQZ and Longreach Ventures. Under the terms of the agreement, Cairn will acquire a 50% operated equity interest in Foum Draa, pro rata from each of San Leon, Serica and Longreach. In return, Cairn will pay its equity interest share of past costs, being US$1.5 million and pay the first US$60 million towards the drilling of the commitment exploration well. The agreement is subject to necessary Moroccan authorities approvals. Cairn has also committed to providing the bank guarantee required by the Moroccan authorities to enter the First Extension Period. Pre completion of the farm-in agreement, San Leon held a 42.5% net operated interest in the block, Serica held 25% and Longreach held 7.5%. ONYHM, the National Bureau of Petroleum and Mines holds a 25% interest, carried through exploration.
Gold Oil : GOO
Reported disappointing results from the La Vega East 1 well, and continues to have bureaucratic problems with the Nancy-Burdine Block, both in Colombia. In the Azar Block, the La Vega East 1 exploration well test results indicated that the well productivity was poor and considered uneconomic. The decision has been made to plug and abandon the well. In the Nancy-Burdine Block the Supreme High Court has ratified the sentence of the local judge that ordered the Company to undertake a consultation with certain indigenous communities who are not in the direct area of influence of the fields and to suspend production operations temporarily until the consultation is completed. The consultation process with the relevant communities is now progressing and it is expected to be completed within the next two months.
New World Oil : NEW
For those of you interested New world has updated its corporate website. To visit the updated website, which includes full overviews of the Company’s portfolio of oil and gas assets in Belize and Denmark, click the link. www.nwoilgas.com.
Nighthawk Energy : HAWK
Released a half decent RNS this week. They updated on their 75% owned & operated project at Jolly Ranch in the Denver-Julesburg Basin, Colorado. There’s a new drilling program underway with 4 new wells planned for spud in the next two months, all with 100% Nighthawk owned. New leases signed for key acreages & a small recovery in production continues with Q3 2012 to date 45% up on H1 2012 levels. Minor mechanical problems caused some lost time in July, the recovery in production is continuing. Gross production in August, up to the 26th has averaged 60 bbls/day, with Q3 average to that date at 55 bbls/day, 45% higher than the average in the first half of 2012. They’ve had a very tough time over the last few years but it’s nice to see that Stephen Gutteridge, Chairman of Nighthawk, has finally done what a contact of ours told him to do some time ago. “Toughen up or cease to exist” Gutteridge has now instructed US legal counsel to formally pursue the ongoing claims against Running Foxes Petroleum. Well done Nighthawk.
Nostra Terra Oil & Gas : NTOG
By all accounts it’s been a busy few months at Lofgrans’ Nostra Terra. This week NTOG released news on a deal to acquire a 20% working interest in the Chisholm Trail Prospect in Oklahoma. The agreement with Ward Petroleum is part of Nostra Terra’s plan to acquire larger working interests in prolific US oil fields. The prospect covers a non-contiguous area of over 1,420 acres. The acquisition further enhances Nostra Terra’s portfolio of wells in areas where proven horizontal drilling and completion technologies are being applied to known reservoirs. The Chisholm Trail Prospect boasts shallow oil targets with associated liquids-rich natural gas and extensive regional structural mapping. Nearby horizontal wells are producing in excess of 200boepd after the first 30 days of production. An initial well has already permitted and drilling is planned for this year. The leasehold also includes working interests in four additional wells, to be drilled by other operators. Nostra Terra’s net working interest in those four wells range from less than 1% to 10%. Nostra Terra’s total estimated cost of lease-hold activities is US$300,000 and drilling for the first three wells is estimated to cost US$720,000, the significant majority of which is related to the 20% working interest well. Nostra also announced that oil had been encountered at both Bale Creek wells. Details on expected BOPD are as they say “in the pipeline”Alden McCall, the chief operating officer at Nostra Terra, said: “It is a genuine pleasure to be part of this project with Mr Ward. Horizontal drilling is a key element of our growth plan and Ward Petroleum has a long and stellar track record in operations that span almost five decades. The key is to utilize leading edge technology (3D seismic where possible, sophisticated log suites, geo-steered horizontal well bores and modern multi-stage completions) to produce oil from compartmentalized reservoirs that have been grossly under-produced.”
Petro Matad : MATD
Pursuant to the provisions of the Petroleum Law of Mongolia the exploration term of the Production Sharing Contract on Block XX has been extended for five years until July 2017. Petro Matad has entered its seventh contracted year at Block XX, one of three PSCs that the Company is exploring in Mongolia. As a part of the extension application process, Petro Matad has committed US$47.1m for exploration programmes in the next five years. The final year of the previous 2-year extension expenditure programmes has been subsumed by the new agreement. In addition, the new expenditure commitments can be offset against previous expenditure that exceeded past obligations. Apart from statutory land rental increases, there are no other changes to the current conditions of the PSC. What MATD need to do is to get on with it! No oil equals no value!
Range Resources : RRL
After the huge disappointment in Puntland, as foretold by this site! Range has now commenced to spud the MD248 well in Trinidad. Range now has four drilling rigs in operation. Rig 8 is Range’s largest drilling rig, capable of drilling to approx’ 11,000 ft.; a depth believed to be sufficient to test the highly prospective Herrera exploration targets. The MD248 well will target the development of the Middle Cruse sands at 4,000 ft., as well as explore the Lower Cruse formation at 6,500 ft. This will be the first well drilled by Range Resources that targets both the Middle and Lower Cruse formations. Upon completion of the MD248 well, Rig 8 is scheduled to move on to drill the first of a series of wells that primarily target the prolific Herrera formation as an exploratory target. The first well in this program is designed to test multiple objectives and will penetrate both the Forest and the Cruse formation targets as well as the primary Herrera target. The Herrera test well will be an important step forward in the Trinidad drilling campaign, as it is expected to yield critical stratigraphic control at the Herrera level. This should help to calibrate the broader Herrera exploration program. Peter Landau, Executive Director commented: “Our active drilling fleet in Trinidad continues to grow with the addition of Rig 8 to the line-up. With Rig 8 in service, the Company is now able to test all of the identified conventional targets on its existing acreage. We are confident that as the drilling program progresses, Rig 8 will encounter new reservoirs in both the known field plays and deeper objectives. Given the existing infrastructure, any new reserves would be expected to be translated into additional production and cash flow in a very short time.”
San Leon : SLE
Hooray! SLE has found oil and has completed the drilling of the Lelechow-SL1 well, the first of a two well exploration programme, on the Company’s Nowa Sol Concession targeting the Main Dolomite trend in the Southern Permian Basin insouthwest Poland (San Leon 100%). The well was drilled to a depth of 1,167 meters TVD. Initial evaluation of the results from core and wireline logging results indicate the primary target in the Zechstein Main Dolomite is highly fractured and contains moveable oil. Oil was recovered to the surface during initial clean out of the well. Final completion of the well will incorporate an electrical submersible pump to continue to clean out the well and maximize oil flow rates during production. San expects to resume testing of the well in the next few weeks pending final completion of drilling operations. Well completion is being designed for near-term commercial production from the well. The Company is now preparing to move the rig to begin drilling the Czaslaw-SL1 well, the second well in the Nowa Sol Concession, which will also test the Main Dolomite. We want more oil!
Silvermere Energy : SLME
An independent oil and gas company focused principally on appraisal and production opportunities in the US, is pleased to announce further progress with the tie-in of the I-1 well in its Mustang Island 818-L Field. This is based on information provided by the Operator, Dominion Production Company. The hook-up of the well at the platform end was completed on 24th August 2012 and the well was opened up to flow to begin the testing sequence. Some small gas leaks were initially encountered and subsequently repaired and a modification to a control device was also completed on 28th August 2012 so as to make it possible to leave the well running in an unmanned state. The testing sequence and charging of the pipeline has resumed. Further updates will be provided as the work progresses.
Solo Oil : SOLO
Yesterday announced full-scale oil production has commenced at the Ausable Field in South Western Ontario, Canada, operated by Solo’s Joint Venture partner, Reef Resources. Reef has reported that the field has been on production since the 13 July 2012. Two of the four wells at the Ausable Oil Field (Ausable #1 and Ausable #5) have now been put on line and total liquids potential of 275 barrel oil equivalent per day gross has been computed based on the current gas cycling rate of 236 thousand cubic feet per day. The initial two wells production rate averaged 13 boepd although this is now being rapidly scaled up as gas cycling rates are increased.