The Smallcap Oil & Gas Round up. 15. February. 2013

It’s been a busy week here at the BMD site with information flooding in from sources. Our exposure yet again of the Sefton KANSAS Lies can be read HERE Good news just seems to be the norm’ at Nostra Terra Oil & Gas these days! Heavily tipped by yours truly when they were trading at 0.38p. The rumour is that more good news is on the way re’ further Chisholm drills.

Ascent Resources (LON: AST)
Has entered into a £10 million Equity Financing Facility (Death Spiral) with Darwin Strategic Limited, a majority owned subsidiary of Henderson Global Investors’ Volantis Capital.

Bayfield Energy (LON: BEH)
Encountered operational difficulties with the Trintes Field in Trinidad. Bayfield said that production from the Trintes field has recently been impacted by a number of factors including a failure of the main generator on Alpha platform. Current gross production is c.1,800 bopd (c.1,170 bopd net). In December Bayfield said it expected a 2012 exit production rate of 2,600 bopd gross. Following repairs to the generator, intervention work has been undertaken to resume production from the wells impacted by the power outage. Production from these wells is increasing though still at levels below those achieved prior to the incident. Twelve wells from a total of 36 potential production wells are currently shut-in awaiting remediation. None of the recently drilled development wells which have utilised modern completion techniques and pumping equipment are impacted.

Enegi Oil (LON: ENEG)
Has farmed out a 50% interest in the so called Exploration Area of North Sea block 22/12b to Azimuth Limited. Enegi Oil announced a similar farm-out deal with Azimuth over Block 3/23 last month

Gold Oil (LON: GOO)
The AIM-listed oil and gas exploration and production company, is pleased to announce that it has increased its interest in the Nancy Burdine Field field to 100% interest. Gold Oil will now focus on optimising production from the field, establishing proper accounting procedures and on the extension of the field.

Ithaca Energy (LON: IAE)
Felt the wrath of disgruntled investors this week JEC Capital Partners, and Anthion Master Fund, have issued a requisition to the Board of Directors of Ithaca to call a meeting of shareholders for the purpose of adding two new directors to the Board, neither of which Ithaca say “have energy industry experience” As such, the Board does not support the proposal put to the Company by the two shareholders and does not consider it to be in the best interests of all of its shareholders. I bet they don’t! It would seem that Ithaca think they’re entitled to be exempt from share-holder scrutiny!

JKX Oil & Gas (LON: JKX)
Said today that it has completed the acquisition of its 40 square kilometre 3D seismic programme on its Zaplavskoye exploration licence in Ukraine. The additional data set will facilitate the identification of additional targets in the Visean sandstones which form the main reservoirs in this area of the licence. The appraisal programme follows the successful well Z-4 discovery which was drilled in 2012.

Jubilant Energy (LON: JUB)
Has spud the North Atharamura-1 well in the Tripura block, India. This is the second exploratory well to be drilled under Exploration Phase-II and the first well of Phase-II to be drilled on the Atharamura anticline. Jubilant holds a 20% interest in this block through its subsidiary Jubilant Oil & Gas Private Limited, India which is also the Operator for the block.

Salamander Energy (LON: SMDR)
Has spud the North Kendang-1 exploration well in the South East Sangatta PSC. Salamander has a 75% operated interest in the South East Sangatta PSC. The North Kendang-1 well will be drilled to a depth of approximately 2,600 m and is targeting gas and oil pay in a series of stacked Pliocene – Upper Miocene sandstone reservoirs. The combined mean pre-drill estimate of prospective recoverable resources is approximately 770 Bcf and 91 MMbo.

Kea Petroleum (LON: KEA)
Announced an oil discovery in a new sand reservoir with the Puka 2 well in the lower Mount Messenger “Mako” Sands. Puka 2, located in the Taranaki Basin, New Zealand, intersected 4.6m of sand with a vertical thickness of approx’ 3.3m in the lower Mount Messenger near 1,700m measured depth. Preliminary petrophysical log analysis indicates that the porosity and permeability values are amongst the highest recorded in Mount Messenger reservoirs to date. Due to the quality of the sand intersected in Puka 2, Kea expects to record higher oil flow rates than those recorded at Puka 1. The well will be cased and tested as soon as possible. Interpretation of the recently acquired 3D seismic survey and further follow up drilling will be required to appraise and develop the upper Puka Sands discovered at Puka 1, the lower Mako Sand package discovered at Puka 2 and determine the ultimate size of the entire Puka field.

Madagascar Oil (LON: MOIL)
Said that 62.6% of shares under an open offer at 18p per share were taken up. Together with an institutional placing the company has raised £49.5 million. Following the fundraising Benchmark Advantage Fund now holds a 32.2% interest in the company. The funds raised will allow the company to strengthen its financial position and should enable it to complete the Tsimiroro Steam Flood Pilot and commence evaluation of the commercial potential of the Tsimiroro heavy oil field using thermal recovery methods. In addition, Madagascar Oil also intends to progress the further evaluation of conventional oil and gas potential on the Exploration Blocks. The capital cost for completion of the Tsimiroro Steam Flood Pilot was originally forecast to be US$36 million however that has been revised upwards to $65 million. Operating costs have also been reworked and are expected to amount to $1.5 million per month rather than the previously thought figure of $1.3 million. As part of the fundraising a new management and Board was brought in with Paul Ellis appointed as CEO.

Nostra Terra Oil & Gas (LON: NTOG)
Reported that the LONG AWAITED flow results from the fourth horizontal well in the Chisholm Trail Prospect (CT4) in Oklahoma, has exceeded expectations by a substantial margin. The most recent ten days of production have averaged 505BOEPD, which is significantly above the board’s original expectations of achieving 200 BOEPD. Nostra Terra owns a 5.31% working interest in this well. Nostra also said the acquisition of new leases and new well permitting continues in the Chisholm Trail Prospect area. Once elections are received and made on further wells, the company will make relevant announcements.

Range Resources (LON: RRL)
Released some good news this week, on initial flow testing results from its Atzam #2 well in Guatemala. On current numbers the company reckons it could get estimated flow rates of 300-400 barrels per day with an 85-90% oil cut from the well. Range also an update on Trinidad details of which can be viewed by clicking the link

Roxi Petroleum (LON: RXP)
Received the first $10 million of a $40 million equity funding from Kairat Satylganov who has also been appointed Chief Financial Officer

Sefton Resources (LON: SER)
The Sefton fantasy show continued this week as Jimmy Ellerton told us all what we here already knew. January 2013 oil production was down. Preliminary oil production data before Jim’s famous “4% shrinkage” comes in at 3,507 barrels of oil compared to Jim’s Dec’ 2012 preliminary figures of 4,353 a 846 barrel fall or to put it another way down 20%! Production was restricted during January 2013 by Californian State mandated tank testing and repairs. YAWN! Still Jim did try to deflect away from the huge fall in production with another reference to the 3 years too late Dr Ali “Report of Steam” “Dr Ali believes that work on the history match stage of the thermal simulation study will be completed soon” Yes Jim we’ve heard it all before. Yawn!!!!!

Sound Oil (LON: SOU)
Said that it had formally signed a rig contract to spud its high impact well at its Nervesa site in the coming weeks. Mobilisation of the rig could occur on March 25 with the proviso Sound Oil gets the permissions it needs.

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