SmallCapNews | Oil & Gas Round-Up: 19 December

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Oil & Gas Round-Up: 19 December

19 December 2008

Roxi Petroleum (RXP) discovered oil at the NW Konus field in the Galaz Contract Area, in the Kyzylorda Oblast Western Kazakhstan. Well NK3 encountered a highly commercial hydrocarbon interval in the primary Jurassic reservoir zone. Well NK4 has encountered oil shows in the same interval and is waiting further evaluation.

Nighthawk Energy (HAWK) announced that the Jolly 10-5 well encountered hydrocarbons in multiple formations and has been cased for production to come onstream in January. This well marks the tenth commercial well drilled at the Jolly Ranch Group, in the USA.

Circle Oil (COP) has successfully re-entered and sidetracked well Al Amir-1X, in the North-West Gemsa Concession, Egypt. Development plans to bring the well into early commercial production have been submitted to the Egyptian General Petroleum Corporation.

Aurelian Oil & Gas (AUL) has said that a series of sands in the Lilieci-1 well, located in the Bacau Concession, Romania were gas bearing but of generally low porosity. A total of six sands with a gross thickness of 55 metres will now be flow tested in two separate tests.

Frontera Resources (FRR) has now drilled thirteen wells, each encountering multiple hydrocarbon bearing zones, at the Mtsare Khevi Field within its Shallow Fields Production Unit, Block 12, in the country of Georgia. Daily production from the field is currently approximately 130 barrels per day but is expected to increase.

Sefton Resources (SER) has produced an average of 5,060 bbl per month in the second half year to end November.

At Garden Hill South in Newfoundland, Enegi Oil (ENEG) expects to commence a one week production test shortly. If successful, the well will be put immediately onto production.

Maple Energy (MPLE) expects to commence drilling the Santa Rosa and Cashiboya Deep exploration prospects at its 100% owned Block 31-E, in Peru, in the first quarter of 2009.

Petro Matad (MATD) has completed the interpretation of its 145 km², 3D seismic survey in the north eastern part of Block XX in Mongolia. The 3D data has increased the mean STOIIP for the Greater Davsan Tolgoi Prospect by 57% to approximately 500 MMbbl of oil and improved the geological probability of success to at least 38%. In addition, two further prospects outside of the Greater Davsan Tolgoi Prospect were identified with a mean STOIIP totalling 105MMbbl of oil.

Forum Energy (FEP) said that production at the Galoc Field has been suspended to allow the FPSO Rubicon Intrepid to disconnect from the mooring and riser system. The disconnection was prompted by adverse weather and FPSO equipment availability. Forum has a 2.27% interest in the Galoc Field.

Falkland Oil and Gas (FOGL) has commenced the acquisition of digital site surveys in order to assess drilling hazards in the top few hundred meters of sediment below the sea bed. Efforts to secure a suitable drilling rig are in progress.

Cadogan Petroleum (CAD) has said that first production from Pirkovskoe and Zagoryanska in Ukraine is not now expected until Q1 2009. Cadogan is slowing down is expenditure plans but still expects to complete a total of eight exploration and development wells in 2009 and 2010.

Offshore Hydrocarbon Mapping (OHM) reported that industry adoption of its "demonstrably value adding offshore exploration technology" had slowed dramatically during 2008. OHM added that it will require significantly increased revenues and / or a further fundraising during 2009 and the Board is considering all options to ensure OHM's continued viability.

Bateman Litwin (BNLN) is another oil service company suffering, this time from delay in the award of a number of contracts plus provisions for legacy contracts, and now expects that profits for the year ended 30 June 2009 will be significantly lower than previously indicated.

Black Rock Oil and Gas (BLR) has reached agreement with Cetus Investment Resources Inc to subscribe conditionally £2,000,000 for 200,000,000 new Ordinary Shares at 1p per share representing 86.147 per cent. of the enlarged issued share capital of Black Rock.

Matra Petroleum (MTA) has signed an agreement to sell its 40% shareholding in Gemstone Properties Ltd to HHE America Limited for a cash consideration of US$670,000. Gemstone is the company that holds interests in the Inke Concession and the Mezocsokonya Exploration License in Hungary.

Volga Gas (VGAS) has appointed Tony Alves as CFO in place of the departing Alistair Stobie. Tony Alves was previously an oil and gas analyst with KBC Peel Hunt.

Afren (AFR) has appointed Egbert Imomoh as Chairman in place of Dr Rilwanu Lukman who has been appointed as Nigeria's Minister of Petroleum Resources.

Frank Inouye has resigned as Chairman of Coastal Energy (CEO).