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Geometric Drilling - UK Based onshore drilling contractor

Oil & Gas Round-Up: 27 March

27 March 2009

Faroe Petroleum's (FPM) Grosso exploration well in Norway was dry.

Nautical Petroleum (NPE) plans to drill up to four wells in 2009 and a further three in 2010 and says it has sufficient funds to take both the Kraken and Mariner fields to Field Development Plan submission in 2009 and 2011 respectively.

Caza Oil & Gas (CAZA) had a 92% success rate on its 2008 onshore US drilling programme resulting in an 81% increase in production from 2007 to 2008. With zero debt, Caza says it has sufficient cash resources to ensure continued activity and is considering drilling additional wells as costs come in line with product pricing and/or leveraging its working capital into a strategic joint ventures, mergers or acquisitions.

Rift Oil (RIFT) said its two discoveries in Papua New Guinea have been declared as 'Locations for the purpose of the Oil and Gas Act' which means they are now recognised by the government of PNG as likely development locations.

In Colombia, Woburn Energy (WBN) expects to participate in a significant programme of appraisal and development well drilling over the Las Quinchas Association Contract to delineate the size and nature of the Acacia Este discovery and its potential productivity.

Plexus Holdings (POS) said it has continued to gain significant contract wins to supply its proprietary POS-GRIP wellhead technology to major international oil and gas companies including ConocoPhillips, Shell Egypt, and Shell Brunei.

Cosalt (CSLT) the provider of safety equipment and services for the offshore oil & gas and marine industries has agreed a payment schedule with the vendors, for the deferred element of £3.75 million for its 2007 acquisition of GTC Holdings.

Lansdowne Oil & Gas (LOGP) has been granted a new licensing option 09/1 along the northern margin of the North Celtic Sea basin, off the south coast of Ireland.

Ithaca Energy (IAE) has signed a five year agreement with BP Oil International Limited for sales and marketing of all of its qualifying oil production from the North Sea.

Matra Petroleum (MTA) is engaged in ongoing discussions with several parties regarding funding for the next stage of drilling in its Arkhangelovskoe licence in Russia. Matra's largest shareholder, Delek has also agreed to provide interim funding to enable the company to find the more substantial funds required for drilling purposes.

Nighthawk Energy (HAWK) is in advanced discussions with an industry participant in respect of the sale of a minority working interest in its Jolly Ranch Group project area.

Empyrean Energy (EME) has raised a further £250,000 in a placing of new shares to meet investor demand. Empyrean has now raised £900,000 from three fundraisings at three pence per share since 19th March.

Zhakyp Marabayev has stepped down as Chairman of Timan Oil & Gas (TMAN) due to his recent appointment to a high governmental position in Kazakhstan. Existing Non-Executive Director Dr. Boris Litvak has been appointed as Non-Executive Chairman.

And finally, Mike O'Brien MP, Minister of State, Department of Energy and Climate Change, along with department officials Jim Campbell and Simon Toole, appeared before the House of Commons Energy and Climate Change Committee this week. DECC estimates there are about 20 billion barrels of oil left to exploit from the North Sea and West of Shetlands and very large reserves of gas. On questioning the Minister said that the figure of 20 has been derived as a mid point in a range of 11 to 37 billion barrels. If you can put up with the obligatory Ministerial woffle, the link is:

http://www.parliamentlive.tv/Main/VideoPlayer.aspx?meetingId=3776