The Smallcap Oil & Gas round up.

It’s been an exciting week in the Smallcaps Oil & Gas Underverse. With news a plenty.

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Afren (LON: AFR)
Released their Half-yearly Results for the six months ended 30 June 2013 with an update on its operations year-to-date 2013. Information contained within this release is unaudited and is subject to further review. You can read it in full HERE

Faroe Petroleum (LON: FPM)
The independent oil and gas company focussing principally on exploration, appraisal and production opportunities in the Atlantic margin, the North Sea and Norway, released an Operational Update. Click HERE to read it.

JKX Oil & Gas (LON: JKX)
Provided details of Stages 4 to 7 of the well R-103 frac and advise that the number of planned stages has now increased from nine to ten. Each stage covers approximately 100m of the sub-horizontal 1,000m reservoir section. Work has now started on the final Stages 8 to10 of the programme.

Magnolia Petroleum (LON: MAGP)
Released an RNS update this week the title of which was; “Increase in Working Interests, Existing Well Updates and Participation in Two New Wells in the Woodford Formation, Oklahoma” Translation? We’ll say anything to raise more cash. Enough said. Click HERE to read it

Northern Petroleum (LON: NOP)
Updated on the the production potential of the leases acquired by the Company in northern Alberta, Canada, in the first quarter of 2013. Since acquiring the acreage, the Company has purchased and interpreted 19 square kilometres of 3D seismic data. This analysis has increased the number and type of drilling opportunities available on the land. These opportunities include the identification of undrilled reef structures as well as reefs which may benefit from drilling up-structure from the previous entry point. NOP now say the Company is now sufficiently confident to extend the proof of concept programme to include a possible side track and a new well alongside the re-entries. Rig tenders are currently being evaluated for this programme.

Range Resources (LON: RRL)
Updated with respect to its Trinidad operations and new appointments to management and operational team. Much too long winded for the Smallcap round up. Click HERE to view

Rockhopper Exploration (LON:  RKH)
The North Falkland Basin oil & gas exploration company, confirms the annual report and accounts for the year ended 31 March 2013 have today been made available on the Company’s website  The accounts and AGM notice will be sent to shareholders, who elected to receive a hard copy, on or around 3 September. The AGM will be held at 11 am on Thursday 26 September 2013 at Plaisterers’ Hall, One London Wall, London, EC2Y 5JU. Shareholders wishing to attend should note that registration will commence at 10am.

Roxi Petroleum ( LON: RXP)
The Central Asian oil and gas company with a focus on Kazakhstan, released an operational update on its flagship BNG asset, in which Roxi maintains a 58.41% interest. Well 143 was spudded on 1 April 2013, on the MJ-F structure located towards the North of South Yelemes field at BNG. The total depth of the well was planned to be 2,500 metres.

This exploration initially targeted Jurassic Callovian sands at a depth of 2,170 metres with a secondary objective in the Cretaceous Valanginian limestone at a depth of 1,935 metres. As the middle Jurassic section is also expected to be within 4-way dip closure in the MJ-F structure as well as the top Jurassic section, Roxi decided to drill continuously to 2,750 metres, 250 metres deeper than the original planned depth. The well reached the total depth of 2,750 metres on 21 June 2013 and at that time wireline logging was completed.

Interpretation of these results has been encouraging with three main intervals of interest identified, between 2,193, 2,216 and 2,692 metres. Additionally a 4th interval of interest at 2,088 meters has been identified from the core samples and will now be tested. Testing will commence in September by a work-over rig.

Testing on all four intervals is expected to be completed by October 2013. The rig will be released from Well 143 after running the tubing there and mobilized to Well location 807 where a 2,500 metre well is to be spudded targeting Cretaceous Carbonate and Jurassic sandstone. The Total Depth of 2,500 metres is expected to be reached in November 2013.

Work is progressing at Well 806 in anticipation of an early commencement of the 90 days testing at the three intervals, which have already displayed encouraging characteristics. Aryshagal 5 is the deep well spudded in July 2013, which is to be drilled to a Total Depth of 4,700 metres targeting the Permian formation at 4,120 metres and the Carboniferous formation at 4,390 metres. The first 800 metres of the well have been drilled and the well has been fitted with casing and cement to that depth without any significant problems. Drilling the remaining 3,900 metres continues, which the Roxi management expect to be at a faster pace, given the reduced dimensions of the well bore. Investors are reminded that BNG has a turn-key contract to drill this well and would therefore not be subject to any cost overruns stemming from drilling delays which can result from difficulties associated with pre salt drilling in the region.

San Leon Energy (LON: SLE)
Has signed a binding Letter of Intent with Aspect Energy (through its subsidiary, Horizon General Ltd, “Aspect”) under which Aspect will acquire a 22.5% working interest (half of San Leon’s current interest) in a portion of San Leon’s Cybinka and Torzym Concessions in Poland’s Permian Basin. The Area of Interest is defined based upon the paleogeography of the Main Dolomite formation, to include areas north of the Platform edge, a shallow water depositional area, into the deeper basin deposits. The AOI and current drill ready prospect inventory have all been defined using San Leon’s 220 km2 3D survey acquired in 2010.

The company also announced that they had completed two additional Diagnostic Fracture Injection Test’s in the Carboniferous tight gas sand in Siciny-2. The DFIT’s were pumped in the upper section of the tight gas sand, and were designed to assess formation pressure, fracture gradient and permeability of the sand and therefore the viability of future hydraulic fracturing and test production.

San will also assume operatorship of the Jany C1 well on the Nowa Sol licence in the Southern Permian Basin in Poland, approximately 15km north of the Company’s Czaslaw-1 well. Legal transfer of title to the Jany C1 well is subject to execution of a legally binding agreement, certain ministerial approvals and regulatory consents. The Jany C1 well was drilled this month by Zielona Góra Copper Sp. z o.o., an affiliate of Miedzi Copper Corp., as the second well in a multi-well programme to assess the potential for copper in the Upper Permian Kupferschiefer. During drilling, oil was encountered in the above-lying Main Dolomite, which was found to be 43 meters thick. Furthermore, an additional 6-meter layer of oil-bearing dolomite was encountered 10 meters below the Main Dolomite.

Sefton Resources (LON: SER)
The shit has been hitting the fan at Sefton Resources. (Nothing knew there campers) The Company’s Executive Chairman, JimmyLiar Ellerton has temporarily stepped down from the Board of Directors of the Company while the Non-Executive members of the Board, in conjunction with the Company’s lawyers and Nominated Adviser, conduct a full and thorough investigation into the alleged matters. Both Mr JimmyLiar and the Non Executives believes this will be in the best interests of the Company. This is in the wake of the “retirement” of the CEO K Arleth the resignation of Pinsent Masons as Company Secretary and, yet to be announced, the dismissal of Alex Walters of Cadogan PR. Of course ‘yours truly’ has been instrumental along with “Another highly respected financial big wheel” (Tom Winnifrith) in exposing Sefton for what they were under Ellerton. Little better than a Ponzi fraud. The change at the top has been roundly welcomed by all Investors, Brokers and City analysts.

Solo Oil (LON: SOLO)
Has agreed a 30 day extension to the first right of refusal to participate in any future equity financing of Pan Minerals in the development of its West African oil production opportunities. A Share Purchase Agreement with Swiss based Pan Minerals & Oil AG was announced on 9 May 2013 and 21 May 2013 in which Solo acquired a 15% shareholding in Pan Minerals. The FROR which was a part of the SPA allows Solo, at its sole discretion, to increase its direct equity interest in Pan Minerals from 15% to up to 49.9%. The FROR has now been extended from 90 to 120 days. The purpose of the investment is to assist Pan Minerals to conclude existing production agreements that it has negotiated onshore in West Africa. Pan Minerals is a Special Purpose Vehicle company that focuses on proven reserve situations which have the potential to be brought on production at over 2,000 bopd within a twelve month period. SOLO also updated on its activities in the Ruvuma Basin PSA in onshore Tanzania. Click HERE to view it

Tangiers Petroleum (LON: TPET)
Released their Half Year Report for the Period Ending 30 June 2013. You can read it by clicking HERE

Trinity Exploration & Production (LON: TRIN)
Have reached a US$25 million financing agreement, which provides the company with financing flexibility if required for development capital expenditure or acquisitions. This brings the total credit facilities currently outstanding and committed by Citi to the Company to US$43 million. Trinity, the leading independent exploration and production company focused on Trinidad and Tobago, will use the loan to continue their growth in the country.

Xcite Energy (LON: XEL)
Released their results for the 3 and 6 month periods ended 30 June 2013. Among the “Highlights” Net profit in the current period of £8.3 million arising from the sale of technical well data from the Bentley field to a third party for an initial sum of $15 million, and the disposal of surplus oilfield equipment. As at 30 June 2013, XEL had a cash balance of £24.9 million with no escrow accounts. The Revised Reserves Assessment Report on the Bentley field, with 2P Reserves of 250 million stock tank barrels (increased from 116 MMstb), with a further 46 MMstb of P50 Contingent Resources, confirming Bentley as one of the largest proven, undeveloped oil fields in the UK North Sea.

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