The Smallcap Oil & Gas round up.

Small Gas Pipeline USA


Very quiet week in the Smallcap Oil Underverse.

Afren Energy (LON: AFR)
More bad news from Afren this week. The Board has temporarily suspended Iain Wright and Galib Virani, both Associate Directors of the Company. This is in addition to the 31 July 2014 suspension of the CEO, Osman Shahenshah, and the COO, Shahid Ullah, pending investigation in relation to the receipt of unauthorised payments potentially for the benefit of the CEO and COO. No conclusive findings have yet been reached and the investigation is ongoing. The investigation has not found any evidence that any Board members, other than Osman Shahenshah and Shahid Ullah, were involved.

Amerisur Resources (LON: AMER)
Updated on Platanillo-18 in the Platanillo Field, Colombia, the 14th new well of the current drilling campaign, in addition to three successful sidetracks.
The well has been successfully drilled to a total depth of 9,511ft MD. The reservoir section was logged and log analysis indicated the presence of 20ft gross, 7ft net oil column in the U sand formation and the presence of 13ft gross, 12ft net oil column in the N sand formation. AMER tested the N sand. A total of 5ft of the 12ft net oil pay was perforated and flowed 340 BOPD of 18.0 API oil on test.The Company subsequently completed the well for commercial production from the U sand. A total of 5ft of the 7ft net oil pay was perforated and flowed 530 BOPD of 29.7 API oil on test. The well has now been placed on commercial production at approximately 360 BOPD. Current field production remains constrained in the range 7,000 to 7,500 BOPD. The Colombia and Ecuador bi-national agreement has been ratified and provides for the movement of oil and gas between those countries under favourable terms. Ecuadorian documentation has been submitted and formal approval is expected soon. In the meantime the Colombian environmental license process is underway. All indications are that the transfer line will be in operation by the end of the year.

Bowleven (LON: BLVN)
Said that all parties to the LUKOIL/NewAge Etinde farm-out agreement announced on 24 June 2014 have agreed to an extension to the longstop date.  With the majority of conditions to transaction completion now satisfied, the longstop date has been extended by two months, to 31 October 2014, to enable satisfaction of the few remaining conditions. The principal condition still to be met is approval by the Cameroon government of the transfer of the equity interest and operatorship. The approval process by the Cameroon authorities has commenced and the longstop extension provides additional time to enable logistical arrangements to be made for this requisite step in the process.

Cadogan Petroleum (LON CAD)
Released their Half Yearly Report for the Six Months ended 30 June 2014. You can read t by clicking HERE

Caza Oil & Gas (LON: CAZA)
Announce THE result at Gramma Ridge and provided a drilling update at Lennox. Both properties are operated by the Company. Click here to read it.

Chariot Oil & Gas (LON: CHAR)
Update on its Namibian portfolio, its repositioning in the region and forward work programmes across these licences. Click HERE to read it. Also announced today that all conditions of the Placing Agreement relating to the GBP8.8 million Placing of 58,596,038 new ordinary shares in Chariot have been fulfilled and the Placing Shares will be admitted to trading today at 8am.

Circle Oil (LON: COP)
Some good news from COP re’ the El Mediouni-1 well. EMD-1 was spudded on 8 June 2014 and drilled to a TD of 1,200 metres MD in the Upper Ketatna carbonates. The stratigraphy encountered in the well was exactly as prognosed and very good light oil shows were encountered both in the Lower Birsa carbonate primary target and the Upper Ketatna carbonates secondary target over a combined interval of 133 metres. Strong hydrocarbon indications encountered in the Birsa and Ketatna carbonates confirm the existence of a working petroleum system in the Mahdia Permit for this and other prospects. The robustness of the El Mediouni trap has also been proven. The losses incurred within the target formations, as described below, give further confirmation of high quality permeability. The gross oil zone interval in the Lower Birsa is 77 metres and the Upper Ketatna has a minimum interval of 48 metres, subject to confirmation by logs. Using known reservoir and fluid parameters from equivalent formations in the Gulf of Hammamet, the internally estimated most likely recoverable prospective resources discovered by the EMD-1 well are approximately 100 MMBO. The hole conditions in the well deteriorated rapidly and multiple attempts at open hole logging by wireline and tough logging conditions equipment failed. Ultimately the decision was taken to terminate further efforts and suspend the well.

Falcon Oil & Gas (LON: FOG)
Announces that it has filed its results for the three and six months ended 30 June 2014. To read them CLICK HERE

Gulf Keystone petroleum (LON: GKP)
Issued its results for the six months ended 30 June 2014. Click HERE to rad it.

Mosman Oil & Gas (LON: MSMN)
The Australia and New Zealand focussed oil exploration and development company, advises that it has entered into an agreement to acquire the entire issued share capital of OilCo Pty a wholly owned subsidiary of High Peak Royalties Limited (formally Torrens Energy Limited).

Northcote Energy (LON: NCT)
Has completed the acquisition of its interest in the 1,670 gross acre producing Shoats Creek Project in Beauregard Parish, Louisiana, US. Northcote is now the operator of this project, which further strengthens the Company’s portfolio beyond its operations in Oklahoma, where the Company has work ongoing across its properties, with the main focus being on the non-operated Zink Ranch Project.

Ophir Energy (LON: OPHR)
Announced a successful Mzia-3 flow-testin Block1 Tanzania which was completed in November 2013 having successfully encountered gas in the main Lower and Middle sand targets. A Drill Stem Test has now been successfully completed. The well flowed slightly ahead of expectations at an average controlled rate of 90mmcfd for 6 days with peak flow of 101mmcfd, constrained by equipment limits. The Deepsea Metro I drillship will now move to Block 4 to drill the Kamba-1 exploration well which will also target the shallower Pweza North structure. The Tonel North-1 appraisal well has been completed on Block R, Equatorial Guinea. The Tonel North-1 well was drilled approximately 5km north-east of the original Tonel-1 discovery well. The well encountered gas pay combined in the lower target sands but the upper sands appear to be low gas-saturation. Analysis of the well data is ongoing. The result is expected to marginally reduce the discovered volumes in the Tonel field but will not impact the commerciality of the base case 2.5mmtpa FLNG project. The Vantage Titanium Explorer drillship has now moved to complete the Silenus East-1 exploration well which is targeting ca.420bcf of low-risk mean prospective gas resource as a primary target and will be deepened to test a secondary, high-impact but high-risk oil target that on current mapping could be a potentially extensive play across the Block.

Salamander Energy (LON: SMDR)
Announces its half year results for the six months ended 30 June 2014. Click HERE to read them.

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