This Round-Up covers the two weeks ending 14th November

25th UK Seaward Licensing Round:

Ithaca Energy (IAE) has been offered six new licenses, three as operator. The licences cover eight blocks and are spread across the northern, central and southern North Sea, in existing core areas and a new part of the basin.

Nautical Petroleum (NPE) has been offered six blocks, four as operator. The blocks consolidate Nautical's position on the East Shetland Platform.

Faroe Petroleum (FPM) has been offered two new exploration licences, one west of Shetland and one in the Southern Gas basin.

Genesis Petroleum (GPC) has been offered interests in two licenses comprising eleven blocks.

Stratic Energy (SE.) has been offered a 20% non operated interest in blocks 42/10 and 42/15 in the Southern Gas Basin adjacent to the Breagh gas discovery and a 100% operated interest in part block 20/15 in the Central North Sea.

Valiant Petroleum (VPP) has been offered nine full and part blocks in and around its core northern North Sea position as well as three blocks West of Shetland and one block in the
Central North Sea. Valiant will act as operator on all of the blocks.

EnCore Oil (EO.) has been offered four licences covering five blocks and part blocks. Two blocks have been offered under traditional licence terms and three blocks under promote licence terms. EnCore expects to become operator on all four of the licences.

Antrim Energy (AEY) has been offered five blocks (100%) in its core areas of Causeway in the northern North Sea and Fyne in the central North Sea.

Wells:

Circle Oil (COP) has discovered gas with well ONZ6 in the Ouled N'Zala Permit, Morocco. The well tested gas at a sustained rate of 3.32 MMscfd and has been completed as a potential producer. The drilling rig has moved to the Sebou permit to commence drilling the second location of the six well drilling programme planned for the two permits.

Gulf Keystone Petroleum (GKP) said the HBH-5 appraisal well on the Hassi Ba Hamou Permit in Algeria had proved the extension of the HBH gas field to the south east. The drilling rig will now move to drill appraisal well HBH-6, the sixth and final well of the first prospecting period on the HBH Permit.

Pan Andean Resources (PRE) has encountered significant gas shows in two of the three targets in the Vieman No. 1 well at Danbury Dome, onshore Texas.

Providence Resources (PVR) is hoping to increase the historic recovery factor at its Singleton Field in the Weald Basin, onshore UK from c. 3.5% to c. 10% to access a further seven million barrels of potential remaining reserves of oil. The SNX-SWD horizontal development well will be drilled in the first quarter 2009.

PetroNeft Resources (PTR) has re-entered and recompleted the Lineynoye No. 1 well at Licence 61, Tomsk Oblast, Russian Federation, which was originally drilled in 1972. The well flowed at a stabilised rate of 271 bopd on an 8 mm choke from the Upper Jurassic J1 sandstone interval. The well be used as a producer.

Results from EnCore Oil's (EO.) Esmond gas storage evaluation well show the reservoir behaviour to be more complex than initially modelled and it will take some time to assess the impact on project design.

EnCore Oil (EO.) said the West Breagh appraisal well spud on 13th November on North Sea block 42/13.

Pantheon Resources (PANR) commenced drilling the Vision Rice University #1 well on 12 November 2008. This is the first well on Pantheon's Tyler County Austin Chalk venture located in East Texas.

Nautical Petroleum (NPE) has postponed drilling of the Hydra prospect until 2009 due to bad weather in the North Sea and the high standby costs.

Operations:

Nighthawk Energy's (HAWK) update on its Centurion project in Kansas said that the Franklin 13-6 well had been placed on production at a restrained rate of 80 barrels of oil per day and hydrocarbons had been encountered at the Atoka-Nighthawk 12-29 well in the Simpson and Mississippian sandstones. Lines are also being laid to a previously drilled water disposal well, which will lower water disposal costs from US$3.00 to US$0.10 per barrel.

In addition, Nighthawk declared that, following drilling results, Jolly Ranch is a significant new oil and natural gas field, particularly in the Atoka Shales of Pennsylvanian age in south east Colorado.

Timan Oil & Gas (TMAN) said the Russian State Reserves Committee has approved new reserves for the Nizhnechutinskoye Field. Timan will now submit data to its independent reserves auditor for an updated SPE standard reserves assessment in accordance with the AIM Rules.

Sound Oil (SOU) has started preliminary operations for a 1250km seismic acquisition programme over several areas of the Citarum Production Sharing Contract, onshore Java, Indonesia.

Rift Oil (RIFT) has reported that seismic data has resulted in an upgrade of the size of its three discoveries, Puk Puk-1, Douglas-1 and Langia-1, to 769 BCF in the P50 case from 688 BCF. Rift also believes that the discoveries, together with further prospects on the PPL 235 licence in Papua New Guinea is now demonstrating the potential to hold contingent resources of greater than two trillion cubic feet of gas.

Matra Petroleum (MTA) has shut-in well 12 of the Sokolovskoe field in the Arkhangelovskoe License in Russia pending a work-over. Matra is still seeking funding for the next well on the licence and is putting in place a plan to ensure the continued viability of the Company over the coming months and the safeguarding of the License assets.

Irvine Energy (IVE) has incurred cost over-runs on a 3D seismic programme in the US as well as additional operational expenditure. Irvine added that the withdrawal of its debt facility provided by GasRock means that Irvine may now need to raise additional finance.

Amerisur Resources' (AMER) wholly owned subsidiary has qualified as an unrestricted Operator for the purposes of the Mini-Ronda 2008. The Mini-Ronda 2008 is a competitive bidding round for approximately 100 blocks located in 5 sedimentary basins in Colombia.

Island Gas Resources (IGAS) announced that an independent evaluation of its Gas Initially In Place resources has risen by 74 per cent from 893 billion cubic feet to 1,554 bcf.

Deals:

Bramlin (BML) has recommended a takeover by Victoria Oil & Gas (VOG)

Ithaca Energy (IAE) has completed its deal to lease the Beatrice oilfield and Nigg oil terminal and has also received Government approval of the Field Development Plan for the
Jacky oilfield. Jacky is an Ithaca discovery immediately north east of the Beatrice field.

Ithaca Energy has also completed the sale of its 20% interest in Block 23/16c containing the Barbara gas and condensate discovery to Dyas UK Limited for US$8.25 million.

Leni Gas & Oil (LGO) has signed an agreement to start cooperation with the Fundación Ciudad de la Energia for the technical assessment of carbon dioxide sequestration pilot sites in Spain.

Bowleven (BLVN) has reached agreement in principle on the key terms of a production sharing contract (PSC) for the Etinde Permit in Cameroon.

People:

Forum Energy (FEP) has appointed Dr. Walter William Brown as Chief Executive Officer.