The Smallcap Oil & Gas round up

Exillon Energy (LON:EXI)
London Premium listed independent oil producer with assets in two oil-rich regions of Russia, Timan-Pechora (“Exillon TP”) and West Siberia (“Exillon WS”), announces unaudited production data for the month of December 2012. Average daily production1 was 16,114 bbl/day during the period. Average daily production for Exillon TP was 3,694 bbl/day, and for Exillon WS it was 12,420 bbl/day during the period. Peak daily production2 was 17,532 bbl/day during the period.

Ithaca Energy Inc. (TSX: IAE, LSE AIM: IAE)
Reported their fourth quarter 2012 production results with guidance on the Company’s planned 2013 production and capital expenditure programme.

Leyshon Resources (LON:LRL)
Has completed the drilling and wire line logging of its second well at its Zijinshan Gas Project in China. Well ZJS6 was drilled by Leyshon’s local subsidiary Pacific Asia Petroleum, with analysis of logs and samples ongoing. However the company said that positive initial results had indicated that about 80 metres of cumulative potential pay interval had been intersected across 15 potential pay zones. A production casing string has been installed which will provide multiple opportunities to conduct flow tests on selected potential pay zones.

Magnolia Petroleum (LON;MAGP)
Released a quarterly update. Still no bopd figures from Magnolia COO, Rita Whittington Yes we all know “Magnolia now has interests in 86 producing wells, all of which are generating revenues for the Company, with a further 19 currently drilling/completing and 10 waiting to spud.” But what we don’t know Rita is how much oil are YOU MAGNOLIA actually producing? We are all ears Rita. You can contact us at administrator@guerillainvesting.co.uk to discuss the figures or lack of them!

Max Petroleum (LON:MAX)
An oil and gas exploration and production company focused on Kazakhstan, has commenced drilling the TOLW-1 exploration well on the Tolegen West prospect on Block E using Zhanros Drilling’s ZJ-20 rig. Total vertical depth of the well will be approximately 1,600 metres. The Tolegen West prospect is a four-way anticline targeting unrisked mean resources of 8 million barrels of oil in Triassic reservoirs.

New World Oil & Gas (LON:NEW)
Are on schedule to reach target depth at its latest well in Belize on 20 January, the company said. New World is currently drilling a side track well on the B Crest Prospect at its Blue Creek Project in the Petén Basin. The deviated well, the Blue Creek #2A side track, is targeting the Hillbank and Y3 oil bearing formations seen in the Blue Creek#2 vertical well. The aim of the side track is to relocate the bottom hole location of Blue Creek#2 by some 4,535 feet to the south-south-east and up-structure by 150 to 300 feet, where the company is targeting a potentially significant trap. On 7 January 2013, the well was at 10,195 feet depth, with the proposed total depth of 11,880 feet expected to be reached on or before 20 January 2013. The top of the targeted Hillbank and Y3 formations lies at 10,835ft MD.

Mediterranean Oil & Gas Plc (AIM: MOG)
Released an operational update related to the Company’s activities in Italy: Much to long-winded for the Smallcap round-up. You can however view the OP by clicking the link http://www.medoilgas.com/resources/Operational%20update%2007-01-13.pdf

Nostra Terra (LON:NTOG)
The AIM-quoted oil and gas producer with projects in the USA, announced that the third and fourth horizontal wells in the Chisholm Trail Prospect (CT3 and CT4) located in Oklahoma, have been completed and are now producing. As with the first two wells, the third and fourth wells are cleaning up, while recovering a mixture of fraccing fluid, oil & gas during this process. The acquisition of leases and well permitting continues by the Company in the Chisholm Trail Prospect area. Once elections are received and made on further wells, the Company will make relevant announcements. Hooray!

Roxi Petroleum (LON:RXP)
Has agreed a deal to raise $40 million from the issue of new shares. Mr Kairat Alpamysovich Satylganov, a Kazakh investor, has agreed to subscribe for 355,165,716 new Roxi shares at a price of approx’ 7p per share, being a significant premium to the closing share price of 2.125p per share as at 7 January 2013. The first $10 million will be paid on 31 January 2013, in exchange for the issue of 88,791,429 new Roxi shares, representing approx’ 14.57% of Roxi’s current issued ordinary share capital and 12.71% of Roxi’s ordinary share capital as enlarged by such share issue. The remaining $30 million will be called down by Roxi’s Board in exchange for a further 266,374,287 new Roxi shares, to fund work programme commitments at the company’s assets, principally at BNG, where the funding will allow Roxi to drill three deep wells and two shallow wells at BNG in 2013. Furthermore Well NK-12, has been drilled to a total depth of 1,402 metres, and wireline logging has been run. The wireline log interpretation indicated that the well encountered an oil-bearing zone in the Cretaceous interval from 1,285 to 1,292.8 metres. Production casing has been run and cemented for perforating the above interval for testing.

Sefton Resources (LON:SER)
The fantasy show continued unabated at penny dreadful Sefton as the company tried to “thermally stimulate” interest (con) via yet another in a long line of Dr Ali steamflood updates. Suffice it to say YET AGAIN there’s No report released or ever likely to be. 12 years of abject failure hasn’t Diluted Ellerton’s avarice to keep pocketing share-holder cash. Oil production did rise in December but you can be assured that the capex spent to artificially inflate the figures renders the rise meaningless. Still mired in debt, still diluting and still falling in value. On track for Bankruptcy.

Silvermere Energy (LON:SLME)
An independent oil and gas company with assets in the Gulf of Mexico, updated. Production and sales of oil and gas from its Mustang Island 818-L Field have now recommenced following the repair of the main interconnect pipeline operated by Exxon Mobil. This is based on information provided by the operator of the I-1 Well, Dominion Production Company LLC. Repairs were successfully completed on 5 January 2013 and the sales line from the Mustang Island 818-L Field was re-opened on 7 January. With production re-established, the clean-up of the I-1 well will continue and an indication of likely sustainable commercial flow rates is expected to be available after a few weeks of continuous production.

Solo Oil (LON:SOLO)
Released news this week that interest in the farmout of its Ruvuma PSA in Tanzania has been significant and a call for bids is still expected to be made in February. The farmout is being managed on Solo’s behalf by joint venture partner, and PSA operator, Aminex plc, with advisors from FirstEnergy Capital LLP. Further to the announcements made on the 8th October and the 22nd November the Company now confirms that there has been substantial interest in the farmout from companies including both multi-nationals and NOCs.

Sound Oil (LON:SOU)
Confirmed a successful initial operation at the Rapagnano field in Italy, with flow rates and pressure in line with expectations.
Following site clearance, the Rapagnano-1 well was re-entered and operations to isolate the upper perforated interval and re-open the lower perforated interval were successfully completed using coiled tubing. Whilst testing will continue for the next 24 hours, Sound Oil said a stabilised rate of 14,000 Scmd (0.5 MMscfd) with a flowing well head pressure of 19.3 Bar (280 psi) had already been confirmed. The gas is also confirmed as dry, with no trace of water from the reservoir.

Trapoil (LON:TRAP)
Said that the Romeo exploration well in the North Sea encountered hydrocarbons at three different stratigraphic levels comprising in aggregate some 200ft of gross oil pay. The oil encountered was of a similar type to the nearby Fulmar Field and was recovered to the surface from one of the three zones. Another fluid sample was recovered from a second stratigraphic level and is currently being analysed. No cores were cut but an extensive wireline evaluation has been undertaken. A wireline test was planned but had to be cancelled due to poor hole conditions. No drill stem tests have been conducted.

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