http://epetitions.direct.gov.uk/petitions/52766
The “Fire Sale” continues apace at Ascent Resources (LON: AST) Ascent have “disposed” (FLOGGED to pay the bills) of its full interest in the Netherlands Exploration Licences Terschelling-Noord and M10a & M11 to Tulip Oil Netherlands B.V. for a total cash consideration of up to €450,000, before selling expenses, (What’s a “Selling expense?”. The Board needs the cash to A/ Give back to share-holders? B/ Keep paying their salaries? No value here whatsoever. Get out stay out.
Bahamas Petroleum Company (LON: BPC)
Released their interim results for the six months ended 30 June 2013. You can read them in full by clicking HERE
Cairn Energy (LON: CNE)
Has entered into a farm in agreement with Chariot Oil & Gas Investments (Mauritania) Limited, a wholly owned subsidiary of Chariot Oil & Gas (LON: CHAR) for a 35% non-operated interest in an exploration block offshore Mauritania in West Africa. The block (C19), which is currently held by Chariot (90% & Operator) and the Mauritanian state company “SociétéMauritanienne des Hydrocarbures” (10%), comprises 12,175 km2 in water depths ranging from shallow shelf to over 2000m. The block lies just to the north of existing discoveries in Mauritania and contains the Tertiary and Cretaceous deep water fan plays proven further south along the West African margin. Two wells previously drilled in the shallow water areas of the block, both contained reservoirs with oil shows and point to the oil migration potential from the south.
Caza Oil & Gas (LON: CAZA)
Released unaudited financial and operational results for the three-months ended June 30, 2013. You can read them in full by clicking HERE
Faroe Petroleum (LON: FPM)
A company focusing principally on exploration, appraisal and production opportunities in the Atlantic margin, the North Sea and Norway, announced today that it has completed the previously announced acquisition of a 10% non-operated interest in the BP-operated East Foinaven oil field and a 0.5% interest in the West of Shetland Pipeline System, both from Marubeni Oil & Gas (North Sea) Limited. The net consideration payable for the acquisition of the Interests, after adjusting for net income receivable by the Company from the sale of hydrocarbons from the field during the period, has been reduced to approximately US$22.5 million which is to be funded from the Company’s existing cash resources. Remaining Proved and Probable Reserves, as evaluated by the Company, as at 1 January 2013 were 1.2 million barrels of oil equivalent net to Faroe Petroleum. Average daily production for the first six months net to the Company was approximately 400 boepd. Faroe will release its interim results for the six months ended 30 June 2013, on Thursday 26 September 2013.
Jubilant Energy (LON: JUB)
KPL-3E-5, the sixth and last well of the Phase-III-Extension development drilling campaign in the oil producing Kharsang Field, was spudded on 2 August 2013. KPL-3E-5, is being drilled as an infill development well between KSG#22 and KSG#42, with the D-00 reservoir sand layer as primary objective, & the G-00 sand layers as secondary objectives. The well is planned to deviate by approximately 318.5 metres to the west from the existing plinth of the well KSG#42, and will be drilled to a target depth of approximately 1,015 metres Measured Depth and 950 metres True Vertical Depth. The fifth development well of the current campaign, KSG#69 (previously referred to as KPL-3E-1), which was spudded on 24 June 2013, was successfully drilled to a revised target depth of 1,563.6 metres MD, and 1,358.4 metres TVD. Formation evaluation is in progress for this well, using the results of wire-line logs, drill cuttings and formation pressure data from the Reservoir Dynamic Tester. The consortium will be testing the hydrocarbon bearing sands and expects to put the deepest oil-bearing sand in production soon. The KSG#69 well will be tested with a smaller capacity work-over rig, which will be mobilized to the site shortly. A further release will follow regarding the actual test results. Jubilant holds a 25% interest in the block through its subsidiary, Jubilant Energy (Kharsang) Pvt. Ltd. The other members of the consortium are Oil India Ltd. and GeoPetrol.
http://epetitions.direct.gov.uk/petitions/52766
Leni Gas & Oil (LON: LGO)
Announced that production has been fully restored from existing wells and has been enhanced by the reactivation of a previously dormant well at the Icacos Field (LGO 50%, non-operator). Further to the announcement made on 12 June 2013 when it was indicated that work-over activity was required on the Icacos Field in the Cedros Peninsula, the operator has now reported that the work has been successfully completed on wells IC-1 and IC-3. Well IC-1 is the main producing well in the field and has been worked over in order to repair a defect in the production tubing. The well is now pumping oil and contributes approximately 20 barrels of oil per day to the field output. Well IC-3 has been dormant for several years, but has now had a progressive cavitation pump unit installed and is producing at a gross rate of 5 bopd. Field production is expected to stabilise at approximately 40 bopd in the next week. LGO receives 50% of this production. Neil Ritson, LGO Chief Executive, commented: “Although Icacos is only a small part of our portfolio in Trinidad we are delighted that production has now been restored and that the addition of a further well is contributing to the field’s profitability.” Every little bit helps!
Matra Petroleum (LON: MTA)
Released results for the six-month period ending 30 June 2013. Revenue from production from the Sokolovskoe Field was $ 0.28 million in the period. $25 million ( £16.4 million) raised from sale of Arkhangelovskoe Licence with cash or cash equivalents of $26.1 million as at 31 July 2013 (Post completion of Arkhangelovskoe Licence disposal) Matra are now implementing their Investment strategy which is primarily aimed at onshore or near shore oil and gas assets, in existing proven hydrocarbon basins, with production potential and exploration / appraisal upside with the initial geographic focus on Russia and CIS also potentially Latin America and the USA. Head honcho Maxim Barskiy, CEO, commented: “The completion of the sale of the Arkhangelovskoe Licence was a significant achievement for Matra in the first half of this year and has considerably strengthened the Company’s balance sheet, leaving us better placed to make a value accretive acquisition. We continue to undertake due-diligence on several opportunities and I remain very positive about Matra’s outlook.”
Max Petroleum (LON: MXP)
The ZMA-A21 development well in the Zhana Makat Field has successfully reached a total vertical depth of 861 metres, encountering hydrocarbons in Neocomian and Jurassic sandstone reservoirs in line with expectations. The Company plans to complete the well and then place it on production as soon as practicable. The Zhanros ZJ-30 rig will now move to drill the SAGW-5 appraisal well in the Sagiz West Field. MAX has also commenced drilling the BOR-4 development well in the Borkyldakty Field on Block E using the Zhanros ZJ-20 rig. Total vertical depth of the well will be approximately 1,600 metres targeting Triassic reservoirs.
The Board of Mediterranean Oil & Gas (LON: MOG) said this week that, further to the announcement of 12 July 2013 and the continuing delay to the Ombrina Mare Project, it had yesterday filed an appeal before the Administrative Court in Rome against the Italian Ministry of the Environment and of Protection of Land and Sea through the Company’s Italian subsidiary Medoilgas Italia S.p.A. The Appeal is aimed at obtaining an annulment and, as an interim measure, the suspension of the letter dated 9 July 2013 from MEPLS requesting the Company to apply for and obtain an Integrated Environmental Authorisation as a precondition for MEPLS’ approval of the Environmental Impact Assessment for Ombrina Mare. As part of the Appeal, the Company has also requested a judicial order to instruct MEPLS to issue the EIA Decree.
Northcote Energy (LON: NCT)
An onshore tiddler US oil & gas exploration and production company, said this week that it was “delighted to announce that it has met its 31 December 2013 production target, 5 months ahead of schedule, by achieving net production in excess of 100 barrels of oil equivalent per day” Well done.
Nighthawk Energy (LON: HAWK)
More good news this week from HAWK the US focused oil development and production company updated on production at its 100% owned and operated Smoky Hill and Jolly Ranch projects in the Denver-Julesburg Basin, Colorado. The cash is rolling in. Total production from all producing wells is currently running at over 1,650 bbls/day. Mentioned on the BMD site many times as “One to watch”
Nostra Terra Oil & Gas (LON: NTOG)
Announced its seventh well in the Chisholm Trail Prospect (CT7) following forced pooling. NTOG has acquired a net Working Interest of approx. 1.61% in its first horizontal well in the Mississippian Play, which intersects the Chisholm Trail Prospect. Drilling has already commenced on the well. The working interest in the CT7 well, results from additional acreage recently acquired by the Company. The Mississippian Play has been widely exploited in other parts of Northern Oklahoma and Southern Kansas. The current activity stretches from Harper County, Oklahoma, on the West to Osage County, Oklahoma, on the East and from Kingfisher County on the South, to beyond Sumner County, Kansas, on the North. The progression of drilling in the Chisholm Trail Prospect has been such that Nostra Terra now participates with multiple operators across 21 potential locations in the Hunton formation alone. Fourteen more possible half-sections remain to be drilled out of this total. CT6 is waiting to spud and additional wells are being planned and permitted by a number of operators. Nostra Terra will update shareholders of its participation in these wells once elections are made. Alden McCall, Chief Operating Officer of Nostra Terra, added: “The CT7 well marks our first test of the Mississippian formation (overlying the Hunton) in this play. One of the reasons behind our concentration in Oklahoma is the very nature of ‘stacked pay zones’, as it allows us to exploit numerous zones within the same acreage blocks. Success with this Mississippian test could essentially double the drilling opportunities for us at no additional acreage cost.”
http://epetitions.direct.gov.uk/petitions/52766
San Leon (LON: SLE)
Has started mobilizing equipment to undertake the second Diagnostic Fracture Injection Test on the Siciny-2 in the SW Carboniferous Basin in Poland. This DFIT will be carried out in a section of the tight gas sand reservoir which is at a shallower depth than where the first DFIT was executed earlier this year. Log interpretation shows higher porosity in this zone, likely accompanied by higher permeability. A bridge-plug will be set above the previous perforations, and the well will be perforated in the new zone. The well will then be shut in with down-hole gauges installed. Pressure bleed-off will be monitored for the next several days and subsequent data analysis over the following three weeks will be instrumental for designing a potential future fracture of the tight gas sand in Siciny-2.San also announced that United Oil Services had completed its first vertical fracture stage in the Rogity-1 well on the Braniewo S Concession in Poland’s northern Baltic Basin.
Sound Oil (LON: SOU)
Said that operations at the Nervesa site continue to progress as planned. In preparation for testing the well, the Company has successfully run and set the 7 inch liner while perforating 7 gas levels. Set a double string production completion & initiated rig demobilisation. It is anticipated that well testing will occur at the end of August, after which the Company will announce the estimated quantity of commercial gas.
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