interesting news last week. Petro Matad (MATD) announced a half-year report, confirming the current status of its three exploration drills in Mongolia.
The results of Heron-1 will be announced this coming week, results of Red Deer-1 will be announced mid-September, and Gazelle-1 will follow Heron-1, taking approximately 35 days to drill and log. Plenty of excitement coming up with this one.
A number of other drill results are close too. Eco (Atlantic) Oil & Gas (ECO) currently is drilling the Joe-1 exploration well, offshore Guyana. Results are expected mid-September. Touchstone Exploration (TXP) is drilling the COHO-1 exploration well in the Republic of Trinidad and Tobago. Results are imminent. Independent Oil & Gas (IOG) is drilling the Harvey appraisal well in the UK Southern North Sea. Results expected mid-September.
I3 Energy (I3E) is drilling its North Sea LPt-02 pilot well. Results are due later this month and this well is to be followed with two further wells over the subsequent two months. I3E is my current favourite.
Fast approaching is the spud of the UK Oil & Gas (UKOG) HH-2/2z Portland horizontal well, onshore UK Alba Mineral Resources (ALBA) have a stake in this also). News from Horse Hill is expected any day now and the share prices are already starting to move higher. Coro Energy (CORO) and Empyrean Energy (EME) hope to be drilling offshore Indonesia in Q4. First, the spud is expected in October.
Echo Energy (ECHO) claim their La Vanguardia x-1 well currently remains on course to be spud in Q4. Removing the Argentina location from their last RNS only further illustrates this company’s shiftiness though (Argentina has very recently imposed price controls on oil sale prices, plus currency controls to prevent funds being transferred out of the country).
For the sake of completeness, Zenith Energy (ZEN) is underway with drilling operations at Well-37 in Azerbaijan (a placing could come at any time), Block Energy (BLOE) is avoiding interviews and preparing for planed horizontal sidetrack operations in the Republic of Georgia and Anglo African Oil & Gas (AAOG) maybe drilling a sidetrack in the Republic of the Congo provided it can obtain a rig, negotiate new licence terms and Riverfort doesn’t sell its shares down to a fractional level in the meantime.
Bahamas Petroleum (BPC) announced a technical update. Their four most recent studies have reconfirmed their view that their prospects in The Bahamas represent a drill-ready, potentially multi-billion barrel prospect inventory. All they need now is the cash to drill them.
Meanwhile, onshore Trinidad, Columbus Energy Resources (CERP) and Predator Oil & Gas (PRD) announced a progress update. Well survey workover operations at AT-4 and AT-13 have completed, confirming the Herrera #2 Sand is accessible for CO2 EOR operations. Also in Trinidad, Range Resources (RRL) announced the sale of its subsidiary for a headline figure of $93.5 million. In reality, they are receiving $2.5 million and intend to progress new opportunities.
Still no cash from China for Providence Resources (PVR) and Lansdowne Oil & Gas (LOGP), however, PVR has started the Barryroe site survey regardless. Absent receipt of funds on Monday, both PVR and LOGP are going to have to obtain financing virtually immediately.
Another company in desperate need of cash, Cabot Energy (CAB), announced a $300,000 subscription from major shareholder, High Power Petroleum. Those chasing the shares (they were up to 6.375p on Friday) perhaps are unaware there is going to be an open offer at 3p next month.
Rose Petroleum (ROSE) announced directorate changes and board restructuring. Matt Idiens now has stepped down from the board and Colin Harrington has been appointed as CEO. Rick Grant is now Non-Executive Chairman and Gordon Stein (Chief Financial Officer of Columbus Energy Resources (CERP) and previous CFO of Madagascar Oil (MOIL), Cadogan Petroleum (CAD) and Regal Petroleum (RPT) has been appointed as an Independent Non-Executive Director. Important, but little commented upon is that Jon Fitzpatrick, Managing Director of Gneiss Energy and one of the UK’s leading oil and gas corporate financiers, has been buying steadily and now owns 7% of ROSE. There’s an interesting opportunity here.
In other news, Lekoil (LEK) announced an extension of their OPL 310 licence, President Energy (PPC) announced a further update on Argentina, Baron Oil (BOIL) announced unaudited interim results, Aminex (AEX) announced directorate changes, Gulf Keystone Petroleum (GKP) announced the completion of its share buyback programme, Serinus Energy (SENX) announced the resignation of its Chief Financial Officer, Caspian Sunrise (CASP) announced the purchase of equipment, including four rigs, in return for the issue of $7 million of new shares (does not sound like an entirely straightforward transaction).
TomCo Energy (TOM) announced a field test update, Oilex (OEX) announced that their Chairman will drive their Cooper Basin strategy for an additional A$16,000 per month and Attis Oil & Gas (AOGL) announced an update of their investee company, Petroteq Energy (PQE, PQEFF).
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