Another week and another suspended company. Silvermere Energy.
Gulfsands Petroleum (LON: GPX)
Announces that the Company’s 2012 Annual Report & Accounts have been posted to shareholders, along with a notice of an Annual General Meeting (“AGM”) to be held at 11:00 a.m. on 5th June, 2013 at the offices of Buchanan, 3rd Floor, 107 Cheapside London EC2V 6DN. Copies of the accounts and notice of AGM are available from the Company’s website, www.gulfsands.com and from the Company’s registered office at One America Square, Crosswall, London EC3N 2SG.
Kea Petroleum (LON: KEA)
Has diluted their share-holders with a placing of up to 35,700,000 Units at 14p per unit, to raise up to £5,000,000. Each unit consists of two ordinary shares of 1p each, fully paid, and one warrant, entitling the holder to subscribe in cash for a further ordinary share at 10p prior to 31 May 2015. The notional price of 7p per share represents a premium of 9.8% to yesterday’s closing price. And explains why the sp has been in freefall. Kea has received unconditional commitments to subscribe for 21,428,571 Units, representing a committed investment of £3,000,000.
Nostra Terra Oil & Gas (LON: NTOG)
Yet again Shined briefly this week with yet more positive news. The AIM oil and gas producer, building its portfolio of working interests in US oil fields, updated on progress re’ their High Plain Prospect, located in Texas. Based on encouraging results, the Company has acquired additional working interest and is moving forward in the defining prospects. The High Plains Program covers a contiguous area of 42,000 acres (66 square miles), where subsurface mapping, 3D seismic, vertical and horizontal drilling and completion technologies have successfully been applied to several different formations. The WI partners will seek to increase success rates through the application of a new “proof of concept”. The region was noted in the US$2.85 billion purchase of Cordillera Energy Partners by Apache Corporation in January, 2012. Re-entry – Positive Results….The WI partners suspected that a previously drilled well, which was intended to test the concept, was mis-drilled. The first step of the current program was to re-enter the well in order to validate that the previous well had not tested the exploration model. The re-entry confirmed that the original well missed its target by a wide margin. Seismic Program Advancing…. Accordingly the WI partners are now reprocessing 35,000 acres of proprietary seismic data, integrating that with 42,000 acres of detailed subsurface mapping, and identifying other potential drill targets. The WI partners expect to identify multiple prospect areas within the Area of Mutual Interest (“AMI”), each of which could comprise up to 2,500 acres and each with multiple drilling locations. Additional Interest Acquired…. Nostra Terra has also increased it’s working interest from 5.0% to 6.5% across the entire prospect. “Eventually investors will catch on” Said Matt Lofgran directly to the BMD site.
Magnolia Petroleum (LON: MAGP)
Rita was at it again this week more none news! Rita reports an update on activities in proven US onshore formations including the Mississippi Lime and Woodford in Oklahoma. Yes really? But what’s the current bopd Rita? That’s all we want to know. Any one interested in trying to decipher Ritas’ latest epistle should contact the Alan Turing institute. However if you feel able you can view the RNS HERE
Max Petroleum (LON: MXP)
The oil and gas exploration and production company focused on Kazakhstan, has commenced drilling the ZMA-E6 development well in the Zhana Makat Field on Block E using Zhanros Drilling’s ZJ-20 rig. Total vertical depth of the well will be approximately 900 metres targeting Jurassic reservoirs.
Mercom Oil Sands ( LON: MM0)
Casino company last roll of the dice. Read all about it HERE
Ophir EnergY (LON: OPHR)
Has secured a drilling rig and executed a letter of agreement for Rig Share Assignment with BG Group for the continuation of its 2013-2014 East African offshore drilling programme. Odjfell Drilling is the contract counterpart and drilling service contractor. The Deepsea Metro I drillship is currently being used by the Ophir-BG Group Joint Venture in Tanzania. This contract was previously due to expire in June but has now been extended for a further period of at least 18 months. During this period the DSM-1 will be used to drill a combination of wells in Tanzania for the Ophir-BG Group Joint Venture in Blocks 1-3-4 and also to drill operated wells for Ophir in Tanzania and Kenya and for BG Group in Kenya.
Roxi Petroleum (LON: ROXI)
Updated the market with new interim results from the testing of Well 806, at its flagship BNG asset. Roxi has three wells at South Yelemes. Well 54 is a Soviet era well that was re-entered in 2010 and Wells 805 and 806 were drilled in 2010. Testing of these wells was delayed pending changing farm-in partners. Following the $40 million equity commitment secured in January 2013 Roxi decided to test these wells. On 18 February 2013, Well 54 produced at a daily rate of 219 bopd with a 2mm choke. On 14 February 2013, Well 805 produced at a daily rate of 120 bopd using a sucker rod pump. As previously announced Well 806 is being tested at three different intervals. The first level between 2022 and 2032 metres was tested for a period of 6 days during which the natural flow rate averaged some 90 bopd. Testing has now moved to the second interval between 1998 and 2015 metres where the well has been perforated and is currently being swabbed. It is planned that after several days of continuous testing there the third level between 1985 and 1994 metres will be similarly tested. Once it is clear which interval is the most promising, Roxi plans to conduct a full 90-day test at the chosen interval. Clive Carver, Chairman commented: “We are delighted that the first interval tested has flowed naturally and at commercial levels. We look forward to similar success at the other levels.”
San Leon (LON: SLE)
Has signed a framework agreement with United Oilfield Services (UOS) to provide hydraulic well fracturing services for its Baltic Basin wells in Poland. Under the Agreement UOS can provide drilling, completion and stimulation services and San Leon can pay for certain UOS services in cash or a combination of cash (minimum one-third) and San Leon ordinary shares, at the Company’s discretion. Following today’s announcement of San Leon’s acquisition of Talisman Polska, the Company has immediate plans to begin the process of fraccing and testing its wells in the Baltic Basin. The Agreement also covers the use of UOS’s drilling rig for the future, which is expected to arrive into the country in Q3 2013.
Silvermere Energy (LON: SLME)
Trading in the Ordinary Shares of the Company has been suspended with immediate effect, pending clarification of the Company’s financial position. Desperately running around trying to arrange finance. Sefton share-holders take note!
Solo Oil (LON: SOLO)
Has signed a binding Memorandum of Understanding to acquire a 15% shareholding in Swiss based Pan Minerals & Oil AG. Solo will pay a cash consideration of £200,000 plus 60 million new ordinary Solo shares of 0.01p each representing a total aggregate consideration of £500,000.
Sound Oil (LON: SOU)
The European focused upstream oil and gas company, provided an operations update on the Nervesa appraisal well, onshore Italy, this week. Sound has been advised by the owner of the contracted Drilltec TB2100S drilling rig that the rig has reached Total Depth at its current location in the Netherlands. The well will now be completed, after which the rig will mobilize to Italy where spud of the well is expected later this month. In anticipation of the rig’s arrival, all site construction work for the Nervesa appraisal well has now been completed.
Tangiers Petroleum (LON: TPET)
The Board has approved the final terms of its Farm-Out Agreement with CWH Resources Limited (ASX:CWH) and Ansbachall Pty Ltd covering two of Tangiers’ Australian exploration permits . Tangiers has also been informed that the Boards of CWH and Ansbachall have approved the final terms and conditions of this Farm-Out Agreement, which will be executed by the parties at a signing ceremony to be held during the week commencing 20 May 2013.
TomCo Energy (LON: TOM)
The oil shale exploration and development company focused on using innovative technology to unlock unconventional hydrocarbon resources, announces its interim results for the six months ended 31 March 2013. You can read them by clicking HERE
Wessex Exploration (LON: WSX)
Chairman Malcolm Butler, was “Delighted” to report the spudding of the GM-ES-4 exploratory well, (As opposed to being not so “Delighted ” at the previous 2 dusters! Or knocking back a 10p per share Takeover bid!) This one is designed to test the hydrocarbon potential of a different fan system to that of the previous three wells. In addition, the group continues the interpretation of the 3-D seismic acquired over the Central Area during the second half of 2012 to identify prospects for further drilling.” Wessex owns a net 1.25 per cent interest in the offshore exploration licence ‘Guyane Maritime’ through its holding of 50 per cent of Northpet Investment Limited. Wessex is in partnership with Shell (Operator, holding 45 per cent), Tullow (27.5 per cent), Total (25 per cent) and Northern Petroleum Plc (also holding 1.25 per cent through owning the remaining 50 per cent interest in Northpet Investment Limited).