Wednesday, September 25, 2013

Oilbarrel Newsletter 25th September 2013 Informed comment and independent oil and gas   news
Oilbarrel Weekly Roundup 18th - 24th September 2013
Weekly Review

We enter the final business quarter with some exciting corporate news. Jim Mellon's interests (in the form of Galloway Limited) have bought us out from Rivington Street Holdings. As a result, the Oilbarrel team now looks forward to launching a completely new re-branded and refreshed website. This site, together with an enhanced social media presence, should be ready ahead of our next conference, which is on Monday, October 7 at the usual venue - The Brewery, Chiswell Street, in the City of London. We will be keeping all of our subscribers and presenters fully informed about the changes.

Our next conference has an exciting line up, with the team pleased to welcome back Northern Petroleum. After a difficult year, the AIM E&P has a new management team, who will be on hand to update delegates on the latest developments from a portfolio that is being reshaped, with divestments underway in Europe and new assets added in Canada and Australia. 

Rialto Energy, the dual-listed E&P, has also had a tough year. Like Northern, Rialto has new management who are busily building momentum behind its assets in Cote d'Ivoire and Ghana.  West Africa is also the focus for TSX Venture-quoted Canadian Overseas Petroleum, which is targeting offshore Liberia, where it is the junior partner in an Exxon-led exploration campaign.  The Calgary oil junior also has interests in New Zealand. 

The October 7 line-up also includes regular Petroceltic International, which after last year's acquisition of Melrose Resources can boast output of around 25,000 boepd and a portfolio that stretches from North Africa and the Mediterranean up into the Black Sea and the Middle East.  The Dublin-headquartered company is working on closing a key farm-out in Algeria, ahead of a move to the LSE Full List in early 2014.

We will also be joined by a Maltese tax and business expert to discuss the offshore prospectivity and the fiscal and regulatory framework for those companies gearing up to explore in the waters off Malta.  Given that the likes of cash-rich Genel Energy and Cairn Energy now hold acreage here, alongside long-time Malta-believer Mediterranean Oil & Gas, this could be an interesting insight into a little known corner of the Mediterranean.

If you haven't yet booked your place, click here and we look forward to seeing you on October 7. 

61st Oilbarrel Conference - Monday 7th October 2013

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Taking place at:
The Brewery
Chiswell Street
London EC1Y 4SD
(Nearest stations are Moorgate and Liverpool Street)

Presenting Companies include:






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Interested in Speaking and/or Sponsoring a Minesite event?

Speak with PAUL NEWMAN on +44 (0)20 7562 5422 or via email

**We have limited availability for the penultimate Oilbarrel Forum of 2013, on Thursday, November 7th**

Latest News

News: September 24, 2013

Petro Matad Hires Seismic Contractor As Investors Await News Of Farm-Out To Meet US$10 Million Funding Gap

After a couple of diabolical years, Petro Matad last week made some forward progress as it hired a contractor for a new seismic shoot over its frontier exploration acreage in Mongolia.  This should go some way to alleviating investor concerns about the long lull in activity levels and might be a signal the small cap company is inching towards a solution to a US$10 million funding gap.

Full story...

Features: September 23, 2013

Poweralternatives:After A Difficult Start To The Year, Advanced Materials Company Ilika Sees Growing Pipeline Of Opportunities

Ilika plc is an AIM-listed  company whose unique high throughput technology (HTT) accelerates the discovery of new and patentable materials for identified uses. Revenue is split three ways with over half coming from energy projects and the remainder from electronics and biomedical schemes.

Full story...

News: September 23, 2013

After A “Challenging Year” In 2012-2013 Max Petroleum Looks At A Happier Time In 2013-2014

At Max Petroleum’s AGM which is due this week (September 25) the joint  chairmen will doubtless reiterate what he said in the company’s Annual Report and Accounts for the year ended March 31 2013. In the report he related that Max experienced a major setback with the suspension of its deep, pre-salt NUR-1 well in Kazakhstan in July 2012 due to technical problems, as the group sought additional capital to refinance its senior debt facility and fund ongoing exploration and production activities. At the same time it faced the approaching end of the exploration period of its Blocks A & E Licence also in Kazakhstan in March 2013. The A &E fields are where Max’s successful “above” or post salt drilling has taken place.

Full story...

Market Overview: September 20, 2013

A Softening Of Geopolitical Issues Impacts Oil Prices To The Downside

In recent weeks, the market has been cautiously preparing for tapering from the Federal Reserve, but the fear was all in vain as the Federal Reserve took no action. This was good for energy prices but a softening of geopolitical issues impacted prices to the downside by the end of the week and in early trading on Friday, Brent crude was priced around US$108 a barrel with WTI trading above US$106 a barrel.

Full story...

News: September 19, 2013

GeoPark Readies To Cross The Pond To Join NYSE As It Begins To Build Critical Mass In Latin America

Over the years, your correspondents have written about hundreds of oil juniors, some listed in Toronto, some on the ASX but mostly on London's Alternative Investment Market. Some of those contributed to the dire reputation of AIM oilys, launching flash IPOs and then quickly burning through the cash on a series of dud wells and generous executive pay.  A few, however, demonstrated why, despite the aforementioned debacles, the small cap oil sector retains the romance of the wildcatter and continues to attract investment, with companies like Cove Energy, Gulf Keystone and Rockhopper Exploration delivering stellar returns for canny investors on the back of stunning drillbit success.

Full story...

News: September 19, 2013

Losses Deepen At Eland Oil & Gas But It Now Has First Oil In Sight

It's a year now since Eland Oil & Gas came to market, raising £118 million in what was the largest AIM IPO since 2009 and certainly twice the size of any previous AIM IPO in the oil and gas sector.  The Aberdeen-based company had plans to quickly ramp production from its ex-Shell acreage in the Niger Delta, eying 2,500 bpd by March 2013 and as much as 50,000 bpd within four years.  Many a small company has struggled to make headway in Nigeria but Eland promised something different; it is led by the ex-Addax Petroleum team with extensive experience of growing a successful production business in the country

Full story...

News: September 18, 2013

Nighthawk Energy Reports Record Output of 1661 Bopd As Its Recovery Continue

The recovery at Nighthawk Energy is continuing apace. The AIM-listed company has recently reported in an update that August average oil production set a new record of 1,661 barrels at average realised price of US$97 a barrel.  This is not a great increase over July when the average output stood at 1,500 bopd. But is a great deal more than was achieved this time last year when, as the new chairman Stephen Gutteridge was later to say, “the company was dead on its feet”.

Full story..
Press releases

September 24, 2013 - Neon Energy Ltd Cua Lo-1 Drilling Update 
September 24, 2013 - Northern Petroleum Plc Interim Results 
September 24, 2013 - Tangiers Petroleum Ltd Issue of Equity 
September 24, 2013 - Petrel Resources Interim Statement for period ended 30 June...
September 24, 2013 - Regal Petroleum
September 24, 2013 - President Energy Interim Results
September 24, 2013 - President Energy Operations Update
September 24, 2013 - Bahamas Petroleum Company Plc Director's Dealing 
September 24, 2013 - Rialto Energy Ltd Appointment of Nominated Adviser and Joint...
September 24, 2013 - Good Energy Notice of Results
September 24, 2013 - TEG Group Notice of Results
September 24, 2013 - Neon Energy Ltd Cua Lo-1 Drilling Update
September 24, 2013 - Leni Gas & Oil Plc Interim Results for the six months to 30...
September 24, 2013 - Rialto Energy Ltd Appointment of Nominated Adviser and Joint...
September 24, 2013 - Trinity Exploration and Production Trintes Field Operating Update
September 23, 2013 - Oxford Catalysts Operations Update: 2,800 bpd US GTL Plant
September 23, 2013 - Oyster Petroleum Oyster Petroleum farms in to licences West...
September 23, 2013 - Frontier Resources International Plc Operational Update: Zambia 
September 23, 2013 - Ophir Energy Rig assignment for West Africa & portfolio...
September 23, 2013 - Ithaca Energy Inc Further UK Exploration Portfolio Farm-Outs
September 23, 2013 - Leni Gas & Oil Plc Legal claim against Mediterranean Oil and Gas
September 23, 2013 - TomCo Energy Plc Reinitiating Liquidity Facility 
September 23, 2013 - Jupiter Energy Limited $US6.5m Convertible Notes issued 
September 23, 2013 - Empyrean Energy Recommences activity in Block A with...
September 23, 2013 - Petro Matad Limited Half Yearly Report 
September 23, 2013 - Tangiers Petroleum Ltd Issue of Equity 
September 23, 2013 - Cadogan Petroleum Plc Operations Update
September 23, 2013 - Green Dragon Gas Half Yearly Report
September 23, 2013 - Gulf Keystone Petroleum Exercise of Options 
September 23, 2013 - Norwest Energy NL Arrowsmith-2 Completion Program
September 23, 2013 - TXO Plc Acquisition of Interest in Athabasca 
September 23, 2013 - Europa Oil & Gas Update on Holmwood, Onshore UK
September 20, 2013 - Bankers Petroleum Director/PDMR Shareholding
September 20, 2013 - Gulf Keystone Petroleum Director's Dealing
September 20, 2013 - Chariot Oil and Gas Ltd Interim Results
September 19, 2013 - Mediterranean Oil & Gas Interim Results
September 19, 2013 - Global Energy Development Half Yearly Report
September 19, 2013 - Nostra Terra Oil & Gas Company PLC Third Colorado Well Reaches Total Depth
September 19, 2013 - Gulf Keystone Petroleum Half Yearly Report
September 19, 2013 - New World Oil & Gas Unaudited Interim Results
September 19, 2013 - Trinity Exploration and Production Interim Results
September 19, 2013 - Geopark Holdings Ltd NEW EXPLORATION LICENSES IN BRAZIL
September 19, 2013 - Iofina Plc Directorate Change
September 19, 2013 - Falcon Oil & Gas Ltd Falcon Oil & Gas Ltd. Completes Purchase...
September 19, 2013 - Enegi Oil Director Dealing
September 19, 2013 - Afren Plc Notifications of Transactions of PDMR
September 18, 2013 - Zeta Petroleum Plc Rights Issue Shortfall Raises Additional...
September 18, 2013 - Tangiers Petroleum Ltd Letter to Listed Optionholders
September 18, 2013 - Caracal Energy Operations Update
September 18, 2013 - Ceres Power Holdings Notice of Preliminary Results
September 18, 2013 - 3Legs Resources Interim Results
September 18, 2013 - Eland Oil & Gas Plc Interim results for the six months to 30...
September 18, 2013 - Leni Gas & Oil Plc Cashflow increase from Trinidad tax...
September 18, 2013 - Faroe Petroleum Snilehorn exploration well commences
September 18, 2013 - Global Energy Development Updated Bolivar Development Plan
September 18, 2013 - Mediterranean Oil & Gas Guendalina Operational Update
September 18, 2013 - Jubilant Energy Funding Agreement Signed
September 18, 2013 - Volga Gas plc Director Dealing
September 18, 2013 - Tullow Oil plc Appointment of non-executive Director
September 18, 2013 - Faroe Petroleum Snilehorn exploration well commences 
September 18, 2013 - Tullow Oil plc Appointment of a non-executive director

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