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Geometric Drilling - UK Based onshore drilling contractor

Oil & Gas Round-Up: 30 January

30 January 2009

GeoPark Holdings (GPK) has discovered a new oil field on its 100% owned Fell Block in Chile following the successful drilling and testing of the Alakaluf 1 exploration well. A production test in the Springhill formation, flowed without stimulation, at a rate of approximately 1,460 barrels per day of oil, 0.4 million cubic feet per day of gas and 45 bpd of water through a choke of 10 millimetres and with a well head pressure of 696 pounds per square inch during a 24 hour production test.

Europa Oil & Gas (EOG) has commenced drilling operations on the Hykeham-1 exploration well, onshore UK. The top-hole section of the well, to approximately 100m, will be drilled, cased and the well suspended for re-entry in mid-2009 to complete the main section of the well.

Gold Oil (GOO) has suspended testing operations on the Rosa Blanca 1 well in Colombia after testing of the lower and middle sections of the target reservoirs failed to find producible hydrocarbons.

Egdon Resources (EDR) (20%) and Northern Petroleum (NOP) (5%) are partners in the Avington Field, onshore UK, which came into production on the 23rd January 2009 at approximately 300 barrels of oil per day.

In April, Petroceltic International (PCI) expects to start a seven well appraisal drilling and testing programme on the Isarene permit in Algeria. A rig contract has been signed.

Stratic Energy (SE.) has terminated the drilling contract for the Al Tayr - 101 well on Block 17 in Syria as the contractor could not meet the drilling timetable.

Northern Petroleum (NOP) now has all pre-drilling approvals in place, signed a drilling rig contract and commenced site construction works for the Savio-1X exploration well in the Po Basin, onshore Italy.

Providence Resources (PVR) has awarded the Spanish Point 3D seismic survey acquisition contract to Bergen Oilfield Services AS. The c.300 square kilometre survey programme, offshore Ireland, is expected to commence in Q2/3 2009.

Maple Energy (MPLE) has entered into a US$10 million, five-year secured credit facility with Banco de Crédito del Perú. The net proceeds are expected to be used to finance a portion of Maple's capital costs in developing its producing oilfields, repay up to US$2.6 million of outstanding indebtedness and for general corporate purposes.

Maple added that seismic data over the Santa Rosa prospect in Block 31-E suggests it may be smaller than first thought but still big enough to drill in 1Q2009.

Island Oil & Gas (IOG) has not exercised its option to commit to drill a well to earn-in to Lansdowne Oil & Gas' (LOGP) interest in the prospective Old Head Gas Trend in Licence 4/07, offshore Ireland.

EnCore Oil (EO.) announced that Star Energy will not be proceeding into the Front End Engineering and Design phase of the Esmond gas storage project.

Plexus Holdings (POS) has secured a 25% increase in its banking facilities after completing annual renewal negotiations with Bank of Scotland Corporate. Plexus now has a £4 million credit facility on a three year revolving basis with an additional £1 million overdraft facility agreed on a yearly term. The terms of the facility are 2% over LIBOR for the three year revolving credit facility and 3% over BoSC base rate for the overdraft.

Irvine Energy (IVE) has warned that it may not be able to continue to trade following receipt of a default notice from GasRock Capital LLC requiring Irvine to pay the outstanding balance of a loan of approximately US$5.6 million. The parties involved are having discussions to try to resolve the issue but in the meantime trading in Irvine Energy's shares on AIM has been suspended.

Gasol (GAS) has secured a loan facility with its majority shareholder, African Gas Development Corporation, to bridge its funding requirement until a £3 million funding from a strategic partner is completed, expected by the end of February 2009.

TomCo Energy (TOM) reckons the dramatic fall in world oil prices over recent months, once again provides opportunities to acquire producing assets and reserves in the US and intends to pursue this strategy.

Still in the US, Meridian Petroleum (MRP) also believes the current significantly lower oil and gas prices are generating an increasing number of acquisition opportunities, both for assets and companies. Meridian is now pursuing a number of interesting prospects with a primary focus on adding proven reserves with existing production and near-term upside.

Woburn Energy (WBN) has posted its Report and Accounts for the year ended 30 June 2008 to shareholders and trading of the shares on AIM has recommenced.

And finally, Stephen Thomas has resigned from the Board of Global Energy Development (GED) to pursue various consultancy opportunities.