The Smallcap Oil & Gas round up.

Read and enjoy. It’s been a great week for Private Share-holder rights with our very own BMD getting a mention in the Daily Telegraph! Sefton must be kicking themselves!

3Legs Resources : 3Legs

It’s all change at 3Legs as Share-holder action achieves its aim. The notice received from Lynchwood Nominees Limited requisitioning a meeting of the Company’s shareholders pursuant to section 67(2) of the Isle of Man Companies Act 2006 has been withdrawn with immediate effect. Out goes Peter Clutterbuck who resigned his position as a Director and CEO of 3Legs. A man with honour & integrity. In comes Kamlesh Parmar as Group CEO. Mr. Parmar has been with the Company since its activities commenced in 2007 and has previously held the position of Group Commercial Director and Poland Country Manager.

Amerisur Resources : AMER

Has been conditionally awarded a new exploration licence in Colombia.
The Put-12 exploration licence lies in the Putumayo basin, where Amerisur’s Platanillo field is also located. It was awarded under the Ronda Colombia 2012 licencing round held yesterday. The licensing round was organised by the Agencia Nacional De Hydrocarburos, which has made all bids submitted public.The winning bids are subject to confirmation of qualification requirements with final confirmation of licence award expected to be announced on 26th November 2012. Amerisur has formed a joint venture with the Latin America based Pluspetrol to bid for Put-12, with the parties owning 60% and 40% respectively. Amerisur will act as operator on the block. The joint venture’s bid included an additional royalty to the state of 29% and an additional work programme of $7.2 million during the first 36 month exploration phase. The Put-12 block covers approximately 54,444 hectares and lies immediately to the east of Amerisur’s 100% owned Platanillo field.

Bayfield Energy : BEH

It’s goodbye to BEH. The upstream oil and gas exploration and production company with interests in Trinidad & Tobago and South Africa, announced proposals for a merger with Trinity Exploration & Production.

Bridge Energy : BRDG

Partner in the PL497 licence containing the Geite prospect located northwest of the Ula field in the North Sea. ANNOUNCED A “dRY WELL” no hydrocarbons were found by the well. Det norske oljeselskap ASA will, as operator of PL497, complete the drilling operations before the well is plugged and abandoned. Bridge Energy Norge AS, has a 15% interest in PL497. Det norske holds a 35% ownership interest. Other partners include Dana Petroleum Norway AS (25%), Agora Oil & Gas AS (15%) and Lotos Exploration and Production Norge AS (10%). Bridge is also currently drilling the Garantiana prospect on PL554 in the Norwegian North Sea where Bridge has a 20% interest and the Contender exploration well on UK licence P201 where Bridge has a 4% interest. In addition, drilling of the multi-target exploration well on PL457, located on the western flank of the Utsira High in the Norwegian North Sea, is expected to commence soon. Bridge has 20% interest in PL457.

Chariot Oil & Gas : CHAR

The independent Africa focused oil and gas exploration company, is announce today that it has signed a contract for acquisition of a 3,500km2 3D seismic survey in Block C19 offshore Mauritania. The Company has contracted Fugro-Geoteam AS to carry out the programme in water depths ranging from 30m to 2,000m. The programme is expected to commence on 15 November 2012 and the acquisition is anticipated to take approx’ 90 days to complete. Block C19, in which Chariot holds a 90% stake, is located in the Central Atlantic Margin, offshore Mauritania.

Coastal Energy : CEO

Encountered a new hydrocarbon bearing fault block while drilling the Songkhla A-13 well on its Songkhla field in Thailand. Coastal drilled its latest well to a depth of 8,000 feet TVD into an untested fault block in the north-east area of the Songkhla field. The well encountered 67 feet of Lower Oligocene net pay with 18% porosity. Coastal said it was currently evaluating an updip location for a confirmation well but in the meantime a water injection well in the A-10 fault block will be drilled. At Coastal’s Bua Ban North field, the conversion of a recently acquired Richmond mobile offshore production unit has been completed and it is now capable of handling 55,000 barrels per day. Due to the increased fluid handling capacity, the company replaced the Bua Ban North B MOPU with the Richmond. Also the Bua Ban North B MOPU has been re-installed at the Bua Ban South field. The Bua Ban South A-05 is presently being completed with the hydraulic workover unit (HWU). The HWU will then commence the hydraulic fracturing program for the Lower Oligocene and Eocene formations in the A-01 and A-03 wells is scheduled to begin in late October.

Edge Resources : Edge

Updated on Operations in Grand Forks, Alberta and Primate, Saskatchewan, and an update on the Company’s borrowing facilities with the National Bank of Canada. The Company recently drilled two oil wells in Primate, Saskatchewan (see announcement August 13, 2012), and has now spudded the first of two oil wells in Grand Forks, Alberta. Based on the early successful production results in Primate, the Company has also undertaken a 3D seismic programme in order to fine-tune the multitude of additional drilling locations in the newly discovered Primate oil pool. As well, the National Bank recently completed its regular interim review, resulting in no changes to any of the terms or conditions of the Company’s existing borrowing facilities. Edge recently spudded the first of two wells in Grand Forks, they are a 97% working interest holder and sole operator of the wells and facilities in the area.These low-risk infill wells will utilize existing flow-lines and the Company’s oil gathering system and oil battery.

Fastnet Oil & Gas : FAST

The recently listed E&P company focused on near term exploration acreage in the Celtic Sea and Africa, announced this week that following the acquisition of Pathfinder Hydrocarbon Ventures Ltd (as announced on 18 July 2012, it has been granted Government approval, through a Joint Ministerial Order, of the farm-down from Pathfinder to Kosmos Energy Deepwater Morocco (“KEDM”) on the Foum Assaka licence area.

Matra Petroleum : MTA

Some much needed good news early this week as Matra completed the field phase of a seismic survey on its 100% owned Sokolovskoe oil field in Orenburg, Russia. The survey included 100km of 2D seismic and 60 sq km of 3D seismic, which is now set to be interpreted. Separately, the company said it was continuing to evaluate acquisition opportunities in line with its strategy. Maxim Barskiy, the chief executive of Matra, said: “The completion of the seismic survey is an important operational milestone for Matra and will allow us to accurately determine the future potential of the Sokolovskoe field and best allocate Matra’s resources going forward” Matra owns 100% of the Arkhangelovskoe Production licence where the first exploration, Well A-12, was drilled in 2007 and discovered the Sokolovskoe oil field. Well A-13 was the second well drilled in the Sokolovskoe oil field and was placed on extended test during 2011 when it flowed oil at sustained rates on long-term test. A Competent Persons Report on the Sokolovskoe oil field by Energy Resource Consultants estimates P50 recoverable contingent resources of 15.1 million barrels.

New World Oil & Gas : NEW

Announced this week that drilling operations were on schedule and under budget at its Blue Creek Project in Belize.Drilling commenced on the Blue Creek #2 well on 27 September and it is currently at a depth of around 3,150ft. New World is expecting to reach the target depth of 7,000ft on or before 15 November 2012.Once at TD, the well will have reached the base of the mid Cretaceous Y2 interval. New world said that if an oil discovery is made at B Crest, field operations will likely continue through year-end and into next year to determine the total potential of any find.

Nighthawk Energy : HAWK

Deflated share-holders today as the company released an update on drilling and production at its 100% controlled and operated project at Jolly Ranch in the Denver-Julesburg Basin, Colorado…2012 drilling program to be expanded to five wells…Drilling of Steamboat Hansen 8-10, the fourth well in the program, underway…The Pike’s Peak Williams 4-30, the second well in the program, did not produce under initial completion techniques and further completion has been deferred whilst the stimulation strategy for this well is undergoing re-evaluation…Completion of Knoss 6-21, the third well in the program, to commence shortly… Production; John Craig 6-2 well on permanent production from 7 October 2012, and currently being cautiously managed to produce in a general range of 200 to 250 barrels of oil per day…Production from John Craig 6-2 has increased average current gross production levels to approximately 270 bbls/day…September gross production, including a three day contribution from the 6-2, averaged 118 bbls/day…Average gross production in Q3 2012 of 76 bbls/day, double the average of the first half year 2012.

Premier Oil : PMO

Begun drilling operations at the Spaniards East exploration well in the North Sea. Premier are leading a group of co-venturers including Parkmead (LON:PMG) Serica Energy (LON:SQZ), Cairn Energy (LON:CNE), Faroe Petroleum (LON:FPM), Maersk Oil & Atlantic Petroleum. Parkmead has a free-carried interest of 12.624% in the well. The Spaniards East prospect is located on Block 15/21a, east of the Spaniards oil discovery and close to the producing Scott oil field and the Parkmead operated Perth oil development in the Central North Sea. It is being drilled with the Will Phoenix semi-submersible drilling rig. The Spaniards oil discovery was made in 1989 by well 15/21a-38z, which flowed at a rate of 2,660 barrels of oil per day on test. The Spaniards East well, which is targeting Upper Jurassic reservoirs, is expected to take around 40 days to drill and is aiming to test the down-dip oil reserves potential some 1.2 kilometres to the east of the Spaniards discovery well. It is not planned to test the well.

Solo Oil : SOLO

Announces that it has mutually agreed to terminate the three year £10 million Equity Line Facility with Dutchess Opportunity Cayman Fund Ltd as the Company now believes that this type of facility no longer fits with the Company’s forward funding plans.

Sound Oil : SOU

Has agreed a deal to sell its interest in the Citarum Production Sharing Contract, onshore Java, Indonesia. The transaction involves Sound Oil selling its 20% working interest in the PSC to Pan Orient Energy (Citarum) PTE Ltd, the operator. In return, Pan Orient has agreed to waive a total of US$2.4 million of cash calls as well as pay Sound Oil US$10 million in cash contingent on revenues from the first discovery. It will also pay Sound Oil a further US$6 million in cash contingent on revenues from the second discovery. All payments are guaranteed by the ultimate parent of the purchaser, Pan Orient Energy Corp, and are structured as 100% royalties on revenues from the discovery, capped at the agreed contingent consideration. Sound Oil said that, as with all Indonesian transactions of this nature, completion requires the approval of the local regulatory bodies. The working interest will be held in trust by the company on behalf of POE until such approval occurs. The current Citarum drilling campaign involves three commitment wells.

Tethys Petroleum : TPL

It’s been a good week for TPL as the company reached a Total Depth of 2,750 metres on the AKD07 exploration/appraisal well and has now run the production liner in order to test the Jurassic carbonate zone which appears to be oil bearing from the drilling and wireline log results. The results of the TD logging confirm those of the previous wireline logging indicating potential oil in the Jurassic carbonate some 30 metres deeper than the previous lowest known oil encountered in the area.This interval is now to be production tested using a staged approach. A positive test could result in a significant upgrade in reserves in this zone in the Doris oil field area and provide further appraisal/development targets at this level.In the remainder of the well down to TD, there were a number of sands encountered with limited hydrocarbon indications. However, these zones are likely too thin to contribute commercial production and, as such, will not be tested. It is expected that the initial test results for the Jurassic carbonate zone will be available within the next month. The well was drilled and completed significantly quicker than originally projected.

Xcite Energy : XEL

Announced the safe and successful conclusion of the Phase 1A offshore work programme, with the Rowan Norway drilling rig having been demobilised and handed back to Rowan Companies Inc.The 9/3b-7 and 7Z wells were successfully suspended for future use as production wells during Phase 1B. The Scott Spirit and shuttle tanker are now off hire and the offtake pipelines have been safely recovered. Commenting on the conclusion of the Phase 1A programme, Rupert Cole, CEO, said: “On behalf of the Xcite Energy team, I would like to thank everyone involved in Phase 1A for their contribution to the safe and very successful conclusion of the work programme. We look forward to progressing towards Phase 1B.”

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