Bahamas Petroleum (LON: BPC)
Tried to put a brave face on Statoils’ decision to pull out of the joint licence development agreement held with the Company. Bahamas spinned it as thus; “following significant exploration successes elsewhere and a subsequent review of its global portfolio. The JLDA has been in place since May 2009. As a result of this decision, the three licence applications − Zapata, Falcones and Islamorada− will revert into the Company’s sole name. All application costs to date have been fully borne by the Company. This decision provides the Company with the opportunity to offer a wider suite of options to prospective partners and follows the recent mandate from the Government of The Bahamas to proceed with exploration drilling within existing licences. This notification does not affect the status or activities within currently awarded exploration licences, which includes an obligation to commence an exploration well by April 2015. The Company expects to meet the obligation, subject to financing via a farm-out agreement, with an exploration well in the southern licences.”
Faroe Petroleum (LON: FPM)
Announced the spud the VNG-operated Pil exploration well 6406/12-3S (Faroe 25%). The Pil prospect is located within tie-back distance (33 kilometres) to the Njord platform in which the Company holds a 7.5% interest. The prospect is a combined structural and stratigraphic closure and the primary target is at the shallower upper Jurassic Rogn formation sandstone which has proved to be an effective reservoir in the producing Draugen field, located 60 kilometres to the north east. The Pil licence drilling operations are operated by VNG Norge AS (30%) using the Transocean Arctic drilling rig with partners Spike Exploration Holdings AS (30%) and Rocksource Exploration Norway AS (15%).
JKX Oil & Gas (LON: JKX)
Announced the start-up of its stand-alone Elizavetovskoye field development with the successful completion of the first development well E-301.The well is now flowing gas to the newly commissioned early production facility which is located some 35 km to the southeast of Poltava, Ukraine. The first export of gas took place on the 15 January 2014. The well is producing at a stabilised rate of 7.2 MMcfd and 3 bpd condensate through a 44/64-inch choke with a flowing wellhead pressure of 685 psi.
JSC KazMunaiGas Exploration Production (LON: KMG EP)
Released its full year operating results for 2013 with dividends received from joint ventures and associates in 2013. To read it in full CLICK HERE
Leni Gas & Oil (LON: LGO)
Good week for holders of LGO as the sp went on a charge. LGO said that the Company has now started mobilisation for the construction of the first drilling sites following the Certificate of Environmental Compliance (“CEC”) for 30 new development wells having been formally issued by the Environmental Management Agency of Trinidad and Tobago. The work at its 100% Goudron Field will start almost immediately and LGO expects to spud the first new well on Goudron since the 1980’s as soon as the preparatory works are completed.
Welcome to the Board of Leyshon Energy Limited (AIM: LEN) who commenced dealings in its ordinary shares on the AIM market of the London Stock Exchange yesterday. A copy of the admission document and other information pursuant to Rule 26 of the AIM Rules is available on the Company’s website http://www.leyshonenergy.com
Matra Petroluem (LON: MTA)
The still suspended oil and gas investing company announced the completion of Phase 2 of the Company’s investment in the Texas Panhandle region of the USA while providing an operational update. CLICK HERE to read.
Max Petroleum (LON: MXP)
Plugged & Abandoned SAGW-11 appraisal well. The Zhanros ZJ-30 rig will next move to drill the SAGW-10 well, one of three wells remaining in the current appraisal programme at Sagiz West.
New World Oil and Gas (LON: NEW)
Secured a six-month extension in work programme commitment deadlines for Licences 1/09 and 2/09 at its Danica Jutland Project in Western Denmark. This extension was approved by the Danish Energy Agency. In order to secure the extension to 17 June 2014, New World has committed to a passive gas survey to expand its existing prospect inventory in an effort to determine the best possible candidate for a slim-hole well, prior to making a decision whether or not to drill a conventional well. In addition to allowing New World additional time to conduct further work and complete the evaluation of the prospects defined by the survey, the extra six months will provide New World with more time to continue on-going discussions with potential farm-in partners.
Sterling Energy (LON: SEY)
Updated for the Ntem Concession, offshore Cameroon this week. The Ntem Concession has been under force majeure since June 2005 as a result of overlapping maritime border claims by the Republic of Cameroon and the Republic of Equatorial Guinea. The border claims remain unresolved but the joint venture partners, Sterling Cameroon and Murphy Cameroon Ntem Oil Co, have now agreed, with Société Nationale des Hydrocarbures, the national oil company of Cameroon, to formally lift the declaration of force majeure in order to allow exploration activities to proceed. The Ntem Concession is a large, undrilled block, in water depths ranging from 400m to 2000m, in the highly prospective southern Douala – Rio Muni Basin, offshore Cameroon. In November 2011, Sterling signed a farm-out agreement with Murphy (a wholly owned subsidiary of Murphy Oil Corporation) under which Murphy was assigned a 50% working interest in, and operatorship of, the Ntem Concession. Sterling retained a 50% non-operated working interest. As part of the consideration for the farmout, Murphy will pay Sterling’s share of the costs for drilling the first well. Sterling estimates that the primary objective may contain mean un-risked, gross prospective resources of 422 million barrels of oil and 170 billion cubic feet of gas, a total of some 450 million barrels of oil equivalent. The Bamboo-1 well is expected to spud in February 2014.
President Energy (LON: PPC)
Released results of an independent audit of its Prospective Resources carried out by the international consultancy RPS over its three 2014 drilling target prospect areas in Paraguay which are scheduled to be drilled in its 2014 exploration programme. The audit is based on the results of the extensive 2013 3D and 2D seismic campaign conducted by President over the last 12 months. President is on track to spud its first well during May.
San Leon Energy (LON: SLE)
Announced the successful completion of flow testing in the Ordovician shales in the Lewino-1G2 well on its 221,000 acre (894 km2) Gdansk W Concession in Poland’s northern Baltic Basin. San has achieved all of its goals in the Lewino testing programme including extensive data gathering of crucial information required to understand the recipe for a successful frac & commercial flow in the Ordovician shales. Based upon these results San Leon plans to spud its first horizontal well and multi-stage frac at Lewino in the near future. You can read the RNS in full by CLICKING HERE
Tower Resources (LON: TRP)
Updated today re’ a possible farm-out of part of its interests in Namibia PEL0010 and the issuance of New Ordinary Shares. The Company said it was “pleased with the level of interest”. Tower expects the final well design and budget to be agreed soon with its partners, Repsol (operator) and Arcadia, and anticipates that this should allow the farm-out process to be brought to a timely conclusion. Tower also announced that it had raised a gross £0.82 million at an average issue price of 4.2p per New Ordinary Share via a modest draw-down on its Equity Financing Facility with Darwin Strategic. This funding will result in the issue of 19,250,000 New Ordinary Shares and raised £0.78 million net. Tower’s cash balances are now approx.$18 million.
Victoria Oil & Gas (LON: VOG)
And its operating subsidiary, Gaz du Cameroun SA have signed a Settlement Agreement with RSM Production Corporation in relation to the Logbaba gas project in Cameroon operated by GDC. Terms agreed are… US$16.3m paid by RSM towards the cash call for expenses issued by GDC on 23 December 2013 with agreement for an audit to determine the final balance payable by or to be refunded to RSM…. The audit will be undertaken by an independent auditor, jointly instructed in accordance with the terms of the Operating Agreement. The audit is to commence in Q1 of 2014 and be completed within 90 days…. RSM’s Emergency Application to the ICC and Third Arbitration Request have been withdrawn…. The Notices of Default served by GDC on RSM have also been withdrawn….. The 2014 Work Program and Budget have been deemed approved by RSM with RSM to pay its share of cash calls for 2014 in accordance with the parties’ Operating Agreement upon completion of the audit. As announced on 13 January 2014, RSM sought the appointment of a new emergency arbitrator by the ICC to obtain an order protecting RSM from the consequences of default for non-payment of the pending 2013 Cash Calls. These cash calls were issued for RSM’s participating interest share of incurred expenses since July 2011 (US$24,044,870) and an advance for January 2014 (US$1,977,600). The Order applied for was to prevent GDC from enforcing the forfeiture provisions of the Operating Agreement until the conclusion of the proposed Third Arbitration. Since that application has been withdrawn, no order will result and the process is at an end.