Antrim Energy;
Confirmed that all resolutions put to shareholders at Antrim’s Annual General and Special Meeting of Shareholders held on May 24, 2012 were duly passed.
The Special resolution to approve a plan of arrangement pursuant to Section 193 of the Business Corporations Act (Alberta) among Antrim, Crown Point Ventures Ltd, and the shareholders of Antrim, all as more particularly described in the Information Circular was approved by way of ballot (99.78% for and 0.22% against). Completion of the Arrangement is also subject to approval of the Court of Queen’s Bench of Alberta and receipt of all necessary regulatory approvals. If the requisite court and regulatory approvals are obtained and if all other conditions to the Arrangement becoming effective are satisfied or waived, it is expected that the Arrangement will become effective on or about May 28, 2012. Antrim will issue a press release upon closing of the Arrangement to announce the ex- distribution date and the distribution record date for the Crown Point shares.
Caza Oil & Gas;
Provided an operational update on the Company’s drilling activities in southeast New Mexico. Sombrero Prospect, Lea County, New Mexico. The CML Exploration, LLC operated WC 35 State No. 1 well has been perforated in the San Andres interval between 4,814-4,821 feet. CML is swab testing the well with a 50% oil cut and good fluid entry, reporting 700 feet of fluid on each run. There remains 25% of load to be recovered, and CML is waiting for an available frac crew to frac the well. Caza will update the market accordingly once the frac has taken place. Caza has a 20% working interest and an approximate 17.125% net revenue interest in the WC 35 State No. 1 well….Bradley 29 Prospect, Eddy County, New Mexico. The Mewbourne Oil Company operated Bradley “29” Fed Com No. 3H horizontal well has reached its primary objective, the Second Bone Spring sand, at a total vertical depth of approximately 8,190 feet subsurface. Mewbourne has commenced drilling the horizontal section of the well through the Second Bone Spring sand. According to the latest drilling survey, the well is at approximately 9,806 feet measured depth and is scheduled to be drilled to 12,674 feet MD (8,173 feet TVD). Mewbourne has reported good mud log shows through the Bone Spring section of the well. Caza has a 20% working interest and a 15% net revenue interest in the Bradley “29” Fed Com No. 3H well. Quail Ridge Prospect, Lea County, New Mexico. The Quail “16” State No. 3H horizontal well, operated by Fasken Oil and Ranch, Ltd. (is drilling at approximately 10,787 feet MD. The primary horizontal objective is the Third Bone Spring sand at approximately 10,965 feet subsurface with a total measured depth of approximately 15,340 feet. Caza has a 0.25% working interest and an approximate 0.1875% net revenue interest in the Quail “16” State No. 3H well. Lynch Property, Lea County, New Mexico. Cimerex Energy Co. of Colorado is producing two horizontal Third Bone Spring wells within half a mile of the Company’s Lynch property. Cimerex’s Lynch 23 Federal Com #001H well has produced 105,141 barrels of oil and 72.4 million cubic feet of natural gas in its first 131 days of production, which equates to average daily rates of 803 bbl and 553 thousand cubic feet of natural gas. Cimerex’s Lynch 23 Federal Com #002H well has produced 101,111 bbl and 139.7 MMcf in its first 221 days of production, which equates to average daily rates of 458 bbl and 632 Mcf. As mentioned above, the Fasken Quail “16” State No. 3H is also a horizontal Third Bone Spring well. This well is within one mile of Caza’s Lynch property and will provide valuable information for the Company’s future drilling at Lynch. As previously announced, the Bone Spring formation in Lea and Eddy Counties, New Mexico, contains multiple potential pay zones for oil and liquids-rich natural gas. Caza’s current prospects in the horizontal Bone Spring play are Lynch, Forehand Ranch, Lennox, Copperline, Mad River, Bradley 29, Two Mesas and Quail Ridge. The Company has acquired approximately 4,000 net acres in the play to date. Leasing and drilling activity continues to increase in the play and initial producing well rates continue to improve with technological progressions to drilling and frac designs. The Company is well positioned in the play, and management continues to monitor opportunities to build on Caza’s current acreage position.
Chariot Oil & Gas;
Reached an agreement with Ocean Rig UDW Inc. to use the Ocean Rig Poseidon drill ship to drill the Kabeljou (2714/6-1) well on the Nimrod prospect offshore Namibia. The Poseidon, which is currently on a long-term contract with the operator, Petrobras, is anticipated to arrive on location in July 2012 and the drilling operations will commence shortly thereafter. The Nimrod prospect is located in the Orange Basin in Southern Block 2714A where Chariot has a 25% equity interest. Petrobras has a 50% stake and BP holds 25%.
Faroe Petroleum;
Announced this week that it has begun drilling the Clapton prospect in the Norwegian North Sea – the company’s first operated well in Norway.
Gulf Keystone Petroleum;
Has begun drilling the Sheikh Adi-2 exploration well on the Sheikh Adi block in the Kurdistan Region of Iraq. The block is located immediately to the west of the company’s Shaikan block, where it already has a major discovery on its hands. Sheikh Adi-2, the second exploration well on the block, is being drilled 1.45 km to the north of the Sheikh Adi-1 exploration well, which was drilled to a total depth of 3,800 metres in August 2011. Based on the Sheikh Adi-1 well log results from the Cretaceous, Jurassic and the upper Triassic formations, gross oil-in-place resources of 1 billion to 3 billion barrels with a mean estimate of 1.9 billion barrels were assigned to the western part of the Sheikh Adi field by Dynamic Global Advisors, the independent Houston-based exploration consultants.
Ithaca Energy;
Lots of rumours flying around at the moment here. However the only sure news is thus; The completion of the transaction announced March 26 2012 concerning the Company’s interest in the Carna discovery, located in the Southern Gas Basin of the UK North Sea. Completion of the transaction results in Ithaca increasing its position in the Carna discovery to 32% (from 16%); the Company will become Operator with immediate effect.
Kea Petroleum;
Updated on current drilling activities in New Zealand and announced an exit from Austrailia in order to concentrate on New Zealand activities. Kea has signed a deed of termination to dispose of its interests in two Australian licences. Kea’s expenditure on its Australian operations was limited to AU$1.24Mits drilling programme in Australia. Drilling of Douglas-1 well on permit PEP 51153 within New Zealand’s onshore Taranaki Basin has been completed, having reached its total depth of 3000m. The NRG rig has been de-mobilised and moved offsite. Kea has intersected the target Tikorangi Limestone, which hosts oil in the adjoining Waihapa oil field. As the well encountered extensive open fracture networks together with some encouraging hydrocarbon shows, Kea moved directly to testing which is expected to last approximately four weeks. Targeting of the Douglas 1 well was assisted by the recent completion of a key seismic line over the Douglas prospect. In the event of a commercial discovery, production will be assisted by Douglas 1 having been drilled from the former Wingrove site which has existing production facilities.The Douglas completion and testing is budgeted to cost US$1.4 m. Puka-1 Completion and commencement of testing The Drillforce rig has arrived on the 100% owned Puka-1 well in permit PEP 51153, to begin completion of the well and testing. Completion and testing is expected to take up to two weeks. Kea announced on 10 April that Puka-1 had intersected a 40m interval of Mt. Messenger reservoir quality sands with a net pay of between 4.5m and 9m. Independent petrophysical analyses of electric logs indicate moveable hydrocarbons in good reservoir quality sands. Kea has not altered its original estimate of gross recoverable resource of one million barrels of oil with a potential upside of up to three million barrels of oil.
Lansdowne Oil & Gas;
See Providence Resources entry.
Leni Oil & Gas;
Confirms the immediate mobilization of a rig to the Goudron Field in south-eastern Trinidad. Working through its wholly owned subsidiary Goudron E&P Limited as a sub-contractor to Cameron Oil and Gas Limited, pending completion of the full contract assignment, LGO is mobilizing a work-over rig to commence the initial planned work program as previously announced on the 21st May.
Matra Petroleum;
Sad news came this week from Matra as the company announced what we here suspected. A parting of the ways with its chief executive, Peter Hind. Mr Hind’s resignation is effective immediately and comes just a week after Matra’s exploration director Neil Hodgson quit the company. In April, ex-TNK-BP boss Maxim Barskiy subscribed for £4.6 million of new equity in Matra and joined the board as a non-executive director. He will now assume the role of chief executive.
Max Petroleum;
Said it has commenced drilling the ASK-J2 development well in the Asanketken Field in Block E. Total depth of the well will be approximately 1,400 metres, targeting Jurassic reservoirs.
Oilex;
Advises that, following its announcement dated 7 May 2012, the Cambay-76H well has been suspended and a work programme to commercialise the value of the work completed on Cambay-76H at the earliest opportunity is being prepared.
Providence Resources;
Released news yesterday telling the markets that a series of post-drill studies of its Barryroe well offshore Ireland had confirmed high productivity potential of the oil bearing rock. The Barryroe appraisal well was drilled in February and flowed oil during testing operations during March. A comprehensive programme of post-drill studies is continuing in order to better define the Barryroe oil in place resource and potential recoverable reserves. In early May, the first of these studies detailing results of seismic inversion work confirmed that the basal hydrocarbon bearing sandstone package could be directly mapped from 3D seismic data. These data also indicated that this basal reservoir sequence is widely developed in the Barryroe area. Further analysis forecasts that a 1,000′ horizontal well could deliver an IP of c. 12,500 barrels of oil per day and c. 11 million standard cubic feet of gas per day through standard production tubing under natural lift. Further well deliverability analysis and optimization studies are ongoing to incorporate artificial lift which is expected to form part of the field development plan.
Roxi Petroleum;
The struggling AIM quoted oil and gas group with operations in Kazakhstan, has received “encouraging” early results from its latest well on the Galaz Contract Area. Well NK7, which was spudded on 25 April 2012, reached a total depth of 1,360 metres on 15 May, after which wireline logging was run. Preliminary interpretations indicate that the well encountered oil bearing zones in the lower Cretaceous at a depth of 1,288 metres and also in the upper Jurassic sands at a depth of 1,307metres.
