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Oil & Gas Round-Up: 21 November

21 November 2008

Gulfsands Petroleum (GPX) has discovered oil with the Yousefieh-1 well in Block 26, Syria. The well, located approximately 3 kilometres from the Khurbet East Early Production Facility encountered 63 metres of net oil pay and flowed oil to surface under natural flow at approximately 900 barrels of oil per day.

EnCore Oil (EO.) has discovered oil at the Bowstring East Prospect (also known as 'Cladhan') located in Block 210/29a in the UK Northern North Sea. EnCore has a 16.6% non operated interest in the discovery.

Serica Energy (SQZ) expects to commence drilling the Chablis appraisal well in Block 48/16b shortly.

Valiant Petroleum (VPP) said the West Don and Don South West fields had achieved a number of development milestones with first production from West Don expected in 1Q2009. Valiant added that it remains fully funded beyond first production on both the West Don and Don South West fields.

Stratic Energy (SE.) said in its third quarter statement that it was making good progress in its core North Sea business with first oil from West Don on track for early next year, which is expected to transform Stratic's cash flow position. Stratic added that it expects to expand its divestment activity to increase financial flexibility and maintain activity on the best projects.

Elixir Petroleum (ELP) has been offered interests in Blocks 211/27d and 211/12b in the UK Continental Shelf 25th Seaward Licensing Round, further consolidating the Company's position in the northern sector of the UK North Sea.

Serica Energy (SQZ) has been offered three UK exploration licences in the UK 25th Seaward Licensing Round, Block 15/21e (split) in the central North Sea, Block 48/16a (part) in the southern North Sea and Block 110/2d in the East Irish Sea.

Rockhopper Exploration (RKH) has completed all the technical work it needs to do and is ready to drill its North Falkland acreage subject to rig availability, financing and all relevant consents. Rockhopper said it is keeping all options open with regard to funding its drilling commitments and has noted from discussions with drilling contractors an easing in both rates and availability of drilling units.

Roxi Petroleum (RXP) has entered into agreements to farm-out interests in two of its Kazakhstan assets, Ravninnoe and Galaz. In adition Roxi has raised $800,000 in a placing of new shares at 10p per share.

Sovereign Oilfield Group (SOGP) has secured additional working capital facilities with a number of its existing lenders and is now in talks with new and existing lenders over a longer term restructuring of its debt facilities.

As a result of an approach, Offshore Hydrocarbon Mapping (OHM) has delayed publication of its results for the year ended 31 August 2008 until 18 December. OHM added that the current level of cash stands at just over £5.5 million and the rate of cash burn going forward will be highly dependent on vessel utilisation and data library sales.

Range Resources Limited (RRL) has said a news article published by The Age newspaper in Australia under the heading "Mining Firm tied to Somali Oil Pirates" was misleading and defamatory.