The Smallcap Oil & Gas round up

Busy week for myself as we finally nail the new site launch. Not so busy in the Smallcaps Oil & Gas underverse!

Afren (LON: AFR)
Released a bold Trading statement and operations update in advance of the Company’s 2013 full year results which are scheduled for release on 27 March 2014. Information contained within this release is un-audited and is subject to further review. You can read it by clicking HERE

Amerisur Resources (LON: AMER)
Updated on operations in the San Pedro block, Paraguay. A seismic acquisition programme has been initiated in the block, which will acquire approximately 416km of new, high quality 2D seismic data over 5 leads. The leads are associated with multiple stacked reservoirs within the Lima and Santa Helena formations which are of Devonian age. AMER currently estimates a potential unrisked Stock Tank Oil Initially In Place for the Lima formation of 501 million of barrels of oil, with unrisked prospective resources of 200 MMBO. The Santa Elena leads are estimated to hold unrisked STOIIP of 1,206 MMBO with unrisked prospective resources of 422 MMBO. The seismic data will be acquired by Global Geophysical Services using the acquisition technique called Vibroseis.

Aminex (LON: AEX)
Announced a placing to raise £8 million and proposed Open Offer to raise up to approximately £2 million. Click HERE to read.

Egdon Resources (LON: EDR)
Announced yet more good news this week. The signature of an Opt-in Agreement with Total E&P UK Limited, in respect of UK Onshore Petroleum Exploration and Development Licence PEDL209 located in Lincolnshire. The Licence covers 64 square kilometres and is located adjacent to licences PEDL139/140 (the subject of the recently announced farm-in by Total) and PL161/162 where Egdon has further interests. The Licence is located in the eastern part of the Gainsborough Trough geological basin.

Europa Oil & Gas (LON: EOG)
CEO Hugh Mackay purchased 545,880 ordinary shares of 1p each in the Company at a price of 8.2p each. Hugh is interested in 2,340,883 Ordinary Shares representing 1.14 per cent of the issued ordinary share capital of EOG.

Magnolia Petroleum (LON: MAGP
Rita was at it again this week! Another RNS operations update across its portfolio of interests in proven US onshore formations including the Bakken, North Dakota and Mississippi Lime, Oklahoma. Nothing much to report. Yet more ramptastic news. Any one for “another” placing or drawdown? Oh I recall that Rita stated last year that now she’d got her hands on a $5 million dollar credit facility she didn’t expect to drawdown from the Darwin Strategic EFF for the “foreseeable future”. We shall see!

Matra Petroleum (LON: MTA)
Has received, on 24 January 2014, further notification under DTR 5.3.1R, that Tricon Energy Finance has exercised the call option over 157,000,000 ordinary shares in Matra previously owned by Delek Energy Systems. Following the acquisition of these additional 157,000,000 ordinary shares, Tricon Energy Finance now holds 396,516,129 ordinary shares that represent 20.48% of the voting rights in Matra. One to watch

Max Petroleum (LON: MXP)
Hit the skids yet again today as the incompetents in control released a corporate update. Needles to say the stock went down over 20%. MXP announced that it has begun implementation of a significant cost cutting initiative that it expects to continue for the remainder of FY 2014 and beyond. The initiative recognises the Company’s shift from exploration and development to primarily production with a focus on maximising cash flow. The Company expects to announce in early February a modest Sagiz West reserve increase as of 31 December 2013, resulting from wells that have been drilled since its most recent reserve report. The Company believes there are a few other opportunities to increase reserves, but no longer plans an ongoing level of drilling activity that its current cost structure is intended to support. The Company intends to maintain the organisational capacity to resume drilling its NUR-1 deep well while efforts to obtain financing continue. Negotiations with prospective partners are, however, no longer currently in progress. Robert Holland and James Jeffs, Co-Chairmen of the Company, commented, “We expect significant improvement in our cash flow as expected production increases from existing discoveries and cost reductions are realised, although some material transitional implementation costs may be expected”. How about the Board cut their present salaries by 99%?

Oilex (LON: OEX)
Two main news items from OEX this week. 1/All the drilling services tenders have now been evaluated and successful contractors are preparing to mobilise. Assembly of the Essar LR-4 rig has commenced and components continue to arrive from Mumbai. The estimated spud date window is 22 February to 9 March 2014. The Cambay-77H well will evaluate the production potential of the extensive Eocene “tight” Y Zone reservoir that extends across the 161 km2 Cambay PSC contract area. The well, which includes a 350 metre lateral section with 8 fracture stimulations to test the deliverability of the Y zone. Services associated with fracture stimulation and production testing are currently being finalised. 2/ Quarterly report up to Dec’31 2013 click HERE to read

Sterling Energy (LON: SEY)
On 8th November 2013, Sterling announced that its wholly owned subsidiary, Sterling Energy (East Africa), had executed a Farmout Agreement for the Production Sharing Contract of the Odewayne Block, located onshore in the Republic of Somaliland, with Jacka Resources Somaliland. The consent of the Government of Somaliland to the transaction has been granted and completion under the Farmout Agreement has now occurred.

Range Resources (LON: RRL)
Yet another {twatemala} Guatemala “we would like to draw attention to the announcement released today by Citation Resources (ASX:CTR)” RNS Read it HERE.

Roxi Petroleum (LON: RXP)
Updated re’developments at its Galaz asset, in which Roxi has a 34% stake. Pilot production commenced on 19 January 2012 following approval of the NW Konys Pilot Production Plan from the Ministry of Oil and Gas. Roxi has spudded Well NK-14 at North-West Konys. The planned total depth is 1,500 meters targeting Jurassic and Cretaceous reservoirs. Currently, drilling has reached a depth of 603 meters and is expected to be complete by the end of February. Galaz is also planning to spud the NK-24 well in early February with planned total depth of 1,500 meters targeting Jurassic and Cretaceous reservoirs. Importantly, NK-24 will be the first well to be located on the Galaz extension area. Aggregate gross pilot production from the existing wells is running at 875 bopd (300 bopd net to Roxi). Roxi’s share of costs of the drilling work at Galaz is largely funded by oil sales from existing wells.

San Leon Energy (LON: SLE)
Signed a Memorandum of Understanding with Chevron Lummus Global LLC, to exclusively cooperate in respect of the oil shale upgrading technology required to produce high quality synthetic crude oil from the raw shale oil to be produced in the Company’s Timahdit oil shale License Area, Morocco.

Sound Oil (LON: SOU)
The European / Mediterranean focused upstream oil and gas company, has signed a land lease contract for the forthcoming well addressing the Nervesa discovery on the Carita permit in Northern Italy.

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