The Smallcap Oil & Gas round up.

It’s been a tough write up today for myself. Lots of distracting telephone calls from Trinidad and Oklahoma. Not to mention the emails, OH God no the emails! Piling up yet again! Got to go!




Amerisur Resources (LON: AMER)
Released results for the year ended 31 December 2012. Copy’s of which can be viewed by clicking HERE . AMER Also announced an agreement with the operator of the Rio Loro oil reception facility, Huila Colombia, to receive a minimum of 3,500BOPD from the Platanillo field. This facility had previously been able to receive an average of 1,783 BOPD from Amerisur during the last 6 months, with the remainder of Platanillo production being exported through the Orito facility.  The Company continues in its efforts to enhance export capacity from the Platanillo field.

Antrim Energy (LON: AEY)
Have farmed out its Licensing Option 11/05 (Antrim 100%) in the Porcupine Basin offshore Ireland’s west coast.  Kosmos Energy will acquire 75% interest and operatorship in the Licensing Option in exchange for carrying the full costs of a planned 3D seismic programme within the licence area and reimbursement to Antrim of a portion of the exploration costs incurred on the blocks to date. Antrim will retain 25% interest. The transaction is subject to approval of the Department of Communications, Energy and Natural Resources of Ireland. Kosmos and Antrim expect to apply to DCENR for conversion of the Licensing Option to a Frontier Exploration Licence and approval for the 3D seismic programme as soon as possible. Under the terms of the Licensing Option, a minimum of 25% of the area must be relinquished when converting to a Frontier Exploration Licence. Dead in the water!

Bahamas petroleum (LON: BPC)
Final results. You can read them HERE

Bowleven (LON: BLVN) 
Results of the second test at the IM-5 appraisal/development well drilling offshore Cameroon came in this week. (Looking good) A drill stem test has now been performed on the Intra Isongo reservoir interval and this following the Middle Isongo DST announced on 2 April 2013 completes the successful drilling and testing programme at IM-5. Condensate-rich gas flowed on test from both Middle and Intra Isongo intervals confirming commercial production rates and the significant liquids content of gas. The Combined maximum flow rates of 60 mmscfd and 7,819 bcpd (total over 17,800 boepd).

Bridge Energy (LON: BRDG)
Has commenced the drilling of exploration well 6406/6-3 has commenced. Which will target the Mjøsa gas prospect, which is located 10 km northeast of the Linnorm discovery within the Haltenbanken Area of the Norwegian Sea. The well is being drilled by the Transocean Arctic semi-submersible rig and is targeting Lower and Middle Jurassic reservoirs. The estimated unrisked mean potential targeted by the well is 14 mmboe net to Bridge. Bridge has a 7.5% interest in the well. Wintershall is the operator with 25%, and the other partners are Maersk25% Petoro20% VNG12.5% and Tullow10%

At long last some good news came this week for beleaguered holders of Cadogan Petroleum (LON: CAD) Who confirmed completion of the sale of two gas plants  to Global Process Systems LLC, following receipt in full of the agreed consideration of $29.5 million. In accordance with the terms of the settlement documentation, the parties are now taking appropriate steps to dismiss the legal proceedings commenced in England against GPS and all other claims and liabilities have been released.

Edge Resources (LON: EDG)
Has increased production at the first well of the Company’s spring drilling program in Asset East. EDG previously reported over 60 barrels of oil per day with production fundamentals indicating further production increases were possible. Production from this well has now increased to over 90 bopd and it is providing further indications that additional production increases are possible. The well encountered eight metres of net pay and is being conservatively production tested using a progressive cavity pump to assist with the production of formation sand alongside the oil. Despite some erratic production that is typical and expected of CHOPS wells, the well achieved an average rate of over 50 bopd during the first month of production testing.

Empyrean Energy (LON: EME) the AIM-listed condensate and gas exploration and production company focused on the Eagle Ford Shale, Texas, USA, provided an update on production and operations at its Sugarloaf Project: Click HERE to read it.

Europa Oil & Gas (LON: EOG)
Also announced a farm-in agreement with a subsidiary of the independent oil and gas exploration and production company Kosmos Energy (NYSE:KOS) for its two Licencing Options LO 11/7 and LO 11/8 in the South Porcupine Basin offshore Ireland. The same Kosmos that has farmed in to Antrim Energy’s licences. Under the terms of the agreement, Kosmos will: acquire an 85% interest and be appointed as operator of both Licences. Fully fund the costs of a 3D seismic programme on each Licence & pay 85% of costs incurred by Europa to date.

Falklands Oil & Gas (LON: FOGL)
The PGS M/V Ramform Sterling has completed a 3D seismic survey over the mid Cretaceous Diomedia fan complex within the southern area licences. A total of 5,235 square kilometres of full fold seismic data have been acquired. The survey was operated by Noble Energy on behalf of the Joint Venture, which includes Edison International Spa and FOGL. More 3D data was acquired in this survey than originally anticipated. The data will now be processed by PGS and a fast track product will be available for interpretation in approximately four months. It is anticipated that the final processed data will be available in the fourth quarter of 2013. The fast track data will be used to commence prospect mapping and well planning. Initial test lines from the survey indicate excellent data quality and imaging of the Cretaceous target interval. A second 3D seismic survey, also using the Ramform Sterling, has just commenced. This survey will cover a minimum area of 1,000 square kilometres and will target a number of prospects and leads in FOGL’s southern licence area, immediately to the west and north-west of Borders and Southern’s Darwin gas-condensate discovery. A further announcement regarding this survey will be made once acquisition is completed. The Joint Venture is also currently reviewing tender offers with respect to a third 3D seismic survey to be acquired in the northern licence area in the fourth quarter of 2013. Lots of seismic being shot here? Think on!

Magnolia Petroleum (LON: MAGP)
Hooray Rita actually released the bopd numbers “Net production as at 31 December 2013 stood at 122.5boepd following significant increase in new wells since Admission to AIM” Boo! Boo! Boo! Says I. Can Rita see into the future? I actually thought we were in APRIL 2013? Maybe it was all the P’s that were being thrown around 3p 2p or not 1p? What is the BOPD? Please clarify & correct! We are watching.

Max Petroleum (LON: MXP)
Yesterday announced that the ZMA-A24 development well in the Zhana Makat Field had successfully reached a total depth of 871 metres, encountering hydrocarbons in Jurassic sandstone reservoirs in line with expectations. The Company plans to complete the well then place it on production as soon as practicable. The Zhanros ZJ-20 rig will now move to drill the ZMA-E5 development well in the Zhana Makat Field.

New World Oil & Gas (LON: NEW)
Drilling is underway in Belize, progress continues to be made across the Atlantic at THE Danish assets. NEW have completed the initial interpretation of the 3-D seismic data on their Jensen prospect on block 1/09, and RPS Energy are now compiling the data into an updated CPR which will be available before the end of Q2 2013. Meanwhile, the recent 2-D programme on block 1/08 has just been completed. NEW are eager to receive the results of this programme as the data will reveal which of several large structures already identified they will further de-risk with a 3-D programme. The CEO William Kelleher piped up, “All of this newly acquired data will be instrumental in our on-going discussions with potential farm-in partners and I look forward to providing further updates on our progress in both Belize and Denmark in due course.”

Nighthawk Energy (LON: HAWK)
The US focused oil development and production company updated on drilling and development at its 100% controlled and operated Smoky Hill and Jolly Ranch projects in the Denver-Julesburg Basin, Colorado. You can read the Jolly Smokey Update HERE

Northern Petroleum (LON: NOP)
Announced the joint venture decision to extend current drilling operations on the Guyane Maritime permit in French Guiana. The GM-ES-3 exploration well is the second well of a four well exploration drilling campaign that commenced in 2012 to follow up the oil discovery at GM-ES-1 in 2011. (Here comes the “Flannel”) The GM-ES-2 well had exploration objectives in the major Cingulata fan system within which the original oil discovery was made in two ages of formation. GM-ES-3 has been planned to deliver exploration information in the subsidiary Priodontes fan system to the north west of the Zaedyus oil discovery. The GM-ES-3 well intersected a 50 metres gross section of oil stained sands in the lower part of the Bradypus fan which was not a target formation at this location although it is also within the main Cingulata fan system. A 325 metres gross interval of sandstones was encountered in the targeted Priodontes fan, (And Here comes what they’re trying to “Flannel”) but these were logged with no significant hydrocarbon shows. That’s all we need to know the rest of the RNS is more “Flannel!”

President Energy (LON: PPC)
Seismic acquisition has commenced at its Concessions in the Chaco region of Paraguay. Approx’ 780 sq kms of 3D seismic and 100 kms of 2D seismic will be acquired over high-graded areas of the Pirity and Demattei Concessions respectively. Approx’ two hundred people are being deployed in the seismic operations by President’s seismic partner, Global Geophysical Inc. of Houston, Texas. Global will provide a full suite of data acquisition, data processing, interpretation and reservoir risk reduction tools, as well as passive micro-seismic monitoring using their proprietary Tomographic Fracture Imaging technology. This is the first 3D survey to be shot in Paraguay and the first comprehensive and concentrated modern seismic survey to be undertaken in the prospective Pirity Basin of the Paraguayan Chaco. In line with original timetable, the seismic survey will be completed by the end of August with initial results being available during the latter part of Q4 2013.

Range Resources (LON: RRL)
Have been placed into a precautionary suspension on the AIM market until
such time as it can issue a clarification announcement in respect of a
potential significant transaction. Range’s shares have also been placed in a
trading halt on the Australian Securities Exchange. What could it be? If you join you’ll find out.

San Leon Energy (LON: SLE)
Said that its planned stimulation and test of the Czasław-1 well on the Company’s Nowa Sol Concession in the Permian Basin of Poland will begin on April 22, 2013 with the mobilisation of coiled tubing, nitrogen lift equipment, and surface test equipment from Vechta, Germany. Recent measurements of the well have shown that the well is building pressure. After taking samples of the fluid in the wellbore the Company has recovered natural gas (including C1-C8) and light oil. Schlumberger has been contracted to complete this phase of the project.

Silvermere Energy (LON: SLME)
Darkening clouds are hovering over SLME. On 11 January 2013, the Company announced a subscription to raise £371,000. An existing shareholder who subscribed for £80,000 worth of shares failed to honour his commitment to pay for them despite repeated verbal and written assurances to both the Company and its advisers that such funds were being or had been remitted directly or indirectly to the Company. That subscriber’s 1,200,001 subscription shares in the capital of the Company have, however, already been admitted to trading on AIM. OH DEAR! Silvermere has accordingly now instructed its lawyers to pursue the defaulting subscriber for the amount owed.( Waste of time and a waste of money on solicitors fees You’re responsible for the present predicament. Not some Private Investor who has already lost money in Silvermere!) The unpaid subscription commitment has a material effect on the Company’s available cash resources such that in the absence of a refinancing it is dependent upon the support of it s directors and creditors. The Company also has an unsecured convertible loan of £750,000, repayment of which is due by the Company on 1 July 2013. (Lesson in economics. If you have £5 pounds Don’t spend £10). It is now in default of significant outstanding financial commitments on its I-1 Well which could prejudice the Company’s interest in the Well, in respect of which it has received a notice of default. The Company is in active discussions with Athol Gold and Value Ltd, which holds 88 per cent. of the Loan.

Tethys Petroleum (LON: TPL)
Announced the appointment of Denise Lay as Deputy Chief Financial Officer (Deputy CFO) with immediate effect.

Wessex Exploration (LON: WSX)
“Flannel” See Northern Petroleum entry.

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