Oilbarrel Newsletter 31st May 2012

Oilbarrel Weekly Roundup 23rd - 31st May 2012 Reports that Oilbarrel.com has been sold have created uncertainties in some peoples mind about the direction of the company. Well , heads of agreement have been signed about a possible sale . But the deal has not been consummated. It is not over until the fat lady sings, as they say. In any case it has been, and is, very much business as usual on the ground at Oilbarrel and we are busy building a diverse card for our 53rd conference on June14. At the time of writing presenting companies include Eaglewood Energy, the TSX-listed cash comfortable international oil and gas exploration company with licences in Papua New Guinea . ASX-listed Texon Petroleum holds 7,200 aces of leases in an oil sweet spot of the booming Eagle Ford Shale in Texas. It is currently looking to cash out some of its properties to secure value for shareholders and reinvest cash in new growth projects or, as chairman John Armstrong put it projects with the potential to "create Eagle Ford like" value. In the UK, Aim listed Gold Oil is cash flow in Colombia while seeking big resources in Peru. The company's key assets remain the 2 Colombian production and development block which underpin the company's current market cap, while the 2 blocks in Peru offer the potential for high impact exploration. Solo Oil is also quoted on London's AIM. The company plans to acquire a diverse portfolio of direct and indirect interests in exploration, development and production oil and gas assets which are based in the Americas, Europe or Africa. A the moment the company is in the spotlight mainly because t is involved with partner Aminex in testing the Ntorya- 1 discovery well in Tanzania, East Africa. Other presenters should be announced shortly. The conference will be held in the usual place Merchant Taylor Hall in Threadneedle Street, in the heart of the City of London. Register soon. 53rd Oilbarrel Forum Thursday 14th June 2012 Sponsored By: Thursday 14th June 2012 Merchant Taylors Hall 30 Threadneedle Street London, EC2R 8BJ Presenting Companies Include: Eaglewood Energy Solo Oil Texon Petroleum Gold Oil Click Here to Register or contact support@oilbarrel.com Latest News News: May 31, 2012 Ithaca Energy Secures US$400 Million Loan To Make Its Own North Sea Acquisitions As It Ends Talks With Potential Buyers Ithaca Energy, the North Sea producer, took a hit on earlier this week when it announced all takeover talks had ceased.  As we reported in January, the company had received an approach to buy the company, which then triggered interest from other parties. Five months on, against a back drop of volatile financial markets and easing Brent prices, the Calgary-headquartered company, which is listed on AIM and the Toronto Stock Exchange, said it had been unable to conclude a deal that met its price ambitions.  As a result, shares in the company, which had been as high as 200 pence this year as bid fever mounted, dropped by 30 per cent in morning trading, to 122.5 pence. Full story... News: May 30, 2012 Rialto Energy Knocked By First Post-IPO Well Result Rialto Energy took a hit today when the latest drilling reports from its Gazelle-P3 well offshore Côte D'Ivoire, its first well following last month’s IPO on AIM, spooked investors.  The inconclusive results were a blow as Gazelle is the flagship project in the Australian company’s portfolio, with the company pushing to bring the field into production in Q4 2013.  News of the result, which also hit the stock on the ASX, saw the shares drop 20 per cent in London to 15.5 pence. Full story... News: May 30, 2012 Tullow Oil And Africa Oil Rally As Excitement Mounts About Kenyan Oil Strike Shares in Tullow Oil ended higher last week after the FTSE100 oil company admitted that during a meeting with investors in Nairobi it had let slip that its high profile Ngamia-1 well in Kenya had found further oil-bearing sands in the primary target.  This was then repeated by its partner in the well, TSX Venture-quoted Africa Oil, which is currently trading at record highs of almost C$10 per share as excitement mounts about the Kenyan wildcat. Full story... News: May 29, 2012 Canada-Based New Zealand Energy Enters Production Phase With Copper Moki Success As the name suggests, Toronto-listed New Zealand Energy (NZEC) is focused on onshore and offshore oil and gas projects in New Zealand, where it hopes to establish itself as a major producer. Full story... News: May 29, 2012 What Alan Did Next: EnCounter Oil Seeks Exploration Targets For Premier Oil You can’t keep a good oil man down.  Wildcatting – when it’s successful – can be addictive.  Those who have made fortunes by finding oil and then selling on their discoveries to bigger players are soon itching to be back out in the field, looking for the next elephant. Think of the former Burren Energy team, now busy drilling in Trinidad: Burren joined the London Stock Exchange with a market capitalisation of £175 million in 2003 and sold out to ENI in 2008 for a whopping £1.7 billion.  Or the former Hardman Resources management team now reunited as ASX-quoted Jacka Resources after Hardman was bought by Tullow Oil for A$1.5 billion in 2007.  And you can be sure that whatever Cove Energy’s top brass do after their triumph offshore Tanzania they will have a loyal band of followers, hoping they can replicate that success. Full story... News: May 28, 2012 After Last Year’s Davsan Tolgoi Disappointment, Petro Matad Plans Low Risk Drilling Programme For 2013 It has been a pretty dismal 12 months for shareholders in Petro Matad Limited, with the shares losing 90 per cent of their value after a run of disappointing drilling results.  The AIM-quoted explorer has halted all drilling on its frontier acreage in Mongolia in order to conserve cash while it pores over the reams of data from last year’s multi-well campaign and draws up new plans for 2013. Full story... News: May 28, 2012 Nostra Terra Broadens Funding Options And Spuds A Third Horizontal Well In Oklahoma According to Alden McCall, Chief Operating Officer of Nostra Terra, "there are three critical stages in the drilling of horizontal wells that can present particular technical challenges”, these being building the ‘curve’, keeping the well in the targeted horizon and completing the well as a producer.  These challenges undoubtedly keep many a rig operator awake at night, but for this AIM junior, it is a problem worth having when one considers how the company has now established itself with some decent positions in the oil and gas producing heartland of America.  Indeed with Goldman Sachs’s prediction that America will regain its title as the world’s largest oil producer by 2017 heading Nostra Terra’s promotional material, the company will be doing all it can to uphold this prediction. Full story... News: May 25, 2012 PTTEP Trumps Shell In Battle To Acquire Cove Energy Five months after it put itself up for sale, Cove Energy remains in play as Anglo-Dutch oil giant Shell and the Thai state oil company PTTEP battle for control of the AIM-quoted explorer, which has an 8.5 per cent stake in a string of giant gas fields off the coast of Mozambique.  Earlier this week PTTEP trumped Shell’s recommended cash offer of 220 pence per share, with a 240 pence per share bid that values the explorer at a whopping £1.22 billion.  This is a nine per cent premium to the Shell bid, and a 113.3 per cent premium on the share prices before the formal sale process began in December 2011. Full story... News: May 24, 2012 Improved Fiscal Terms Helps Deliver Record Applications For North Sea Acreage The latest North Sea licensing round has attracted a record number of bids from oil and gas companies, as sustained high oil prices and improved fiscal terms have encouraged the industry to invest in the UKCS.  A total of 224 applications for 418 blocks have been submitted for the 27th licensing round, the largest number since offshore licensing began in 1964 and 37 more than the previous high total in the last licensing round.  The minister of state for energy Charles Hendry said the result was “tremendous news”.  Full story... News: May 24, 2012 Senex Energy Continues To Drill Like Mad While Announcing A Major CSG Reserve Upgrade Oilbarrel is not in the habit of bombarding our readers with articles on the same company in such a short period of time, but given the news flow from ASX listed Senex Energy, our May 1 article has already been overwhelmed by a flurry of news worthy announcements.  Evaluation well drilling of an unconventional target, oil appraisal well drilling, hydraulic fracturing, ballooning Coal Seam Gas (CSG) reserves and responding to business news articles have all made headlines for the Antipodean junior since our previous article. Full story... Press releases May 31, 2012 - Leni Gas & Oil Plc Drilling update, Trinidad May 31, 2012 - Magnolia Petroleum Initial Production from Thomason Well,... May 31, 2012 - Wessex Exploration Plc Juan de Nova Update May 31, 2012 - SacOil Holdings Operational and Trading Update May 31, 2012 - Silvermere Energy PLC Total Voting Rights May 31, 2012 - Gulfsands Petroleum Plc Tunisia: Commencement of Testing Operations May 31, 2012 - Regal Petroleum SALE OF INTEREST IN SUCEAVA CONCESSION,... May 31, 2012 - Rockhopper Exploration Final Results May 31, 2012 - Gold Oil Plc Board change May 31, 2012 - Petroneft Resources Plc New Debt Facility May 31, 2012 - Tangiers Petroleum Ltd Results of Annual General Meeting May 31, 2012 - Petroneft Resources Plc New Debt Facility and May 31, 2012 - Tangiers Petroleum Ltd ANNUAL GENERAL MEETING RESULTS May 30, 2012 - Aminex Plc NYUNI AREA SEISMIC SURVEY - TANZANIA May 30, 2012 - Bluebird Energy Terms of proposed dividend in specie May 30, 2012 - New World Oil & Gas Blue Creek Working Interest Increased to 25% May 30, 2012 - Tower Resources plc Appointment of CEO & Grant of Options May 30, 2012 - Ascent Resources Final Results May 30, 2012 - President Petroleum Director Dealing May 30, 2012 - Amerisur Resources Platanillo-3 Update May 30, 2012 - Rialto Energy Ltd Weekly Drilling Progress Report May 30, 2012 - Maple Energy Maple Announces Grant of Options May 30, 2012 - Texon Petroleum Ltd AGM Presentation May 30, 2012 - Oilex Ltd Appointment of Joint UK AIM Broker May 30, 2012 - Cue Energy Resources Limited Banambu Well Drilling Update, WA-389-P May 30, 2012 - Rialto Energy Ltd Weekly Drilling Progress Report -... May 30, 2012 - Maple Energy plc Maple Announces Grant of Options May 29, 2012 - Silvermere Energy PLC Holding(s) in Company May 29, 2012 - Nexus Energy Commercial Arrangements for Crux Field... May 29, 2012 - Dart Energy Strategic Update May 29, 2012 - Alkane Energy Plc Trading Statement May 29, 2012 - Genel Energy Update on Ber Bahr-1 Exploration Well May 29, 2012 - Infrastrata Plc Mobilisation for Infill Seismic Survey in... May 29, 2012 - Bayfield Energy Operational Update May 29, 2012 - BG Group Binding agreement signed for sale of... May 29, 2012 - Xcite Energy Resources Limited Bentley Phase 1A Operational Update May 29, 2012 - Antrim Energy Antrim Energy Announces Closing of the... May 29, 2012 - Gulf Keystone Petroleum Ber Bahr-1 Exploration Well Update May 29, 2012 - Ithaca Energy Inc Corporate Update May 29, 2012 - Roxi Petroleum Plc Operational Update May 29, 2012 - Ithaca Energy Inc Mandate Signed for US$400 Million Fully... May 28, 2012 - Donnybrook Energy Donnybrook Provides the Results of... May 28, 2012 - Senex Energy Limited PGS: PEL 514 Update - 3D Seismic Survey May 28, 2012 - Senex Energy Limited Extensive 3D seismic survey underway in... May 28, 2012 - Bayfield Energy Holdngs Final Results May 28, 2012 - Regal Petroleum Posting of Annual Report and Notice of AGM May 28, 2012 - Jubilant Energy Award of Block PSC-I in Myanmar May 28, 2012 - Jubilant Energy Commencement of Drilling May 28, 2012 - Valiant Petroleum Tybalt Appraisal Well Result May 28, 2012 - Gulfsands Petroleum Plc 2011 Results Announcement May 28, 2012 - Mediterranean Oil & Gas Director/PDMR Shareholding May 28, 2012 - Trap Oil First Oil at Athena Oil Field ("Athena") May 28, 2012 - Range Resources Change of Director’s Interest Notice May 28, 2012 - Texon Petroleum Ltd Fifth Eagle Ford Well May 28, 2012 - Ithaca Energy Inc Athena First Oil May 28, 2012 - Texon Petroleum Ltd Mosman Rockingham Olmos Well May 25, 2012 - Senex Energy Limited BPT: BPT Progressing Tie-In of New Oil... May 25, 2012 - Antrim Energy Results of Annual General and Special... May 25, 2012 - Mediterranean Oil & Gas Final Results May 25, 2012 - Gulfsands Petroleum Plc Spudding of Sheikh Adi-2 Exploration Well May 25, 2012 - Petro Matad Limited Update on oil shale operations May 25, 2012 - Petro Matad Limited Operational Update May 25, 2012 - Tullow Oil plc Well Update - Kenya May 25, 2012 - Cadogan Petroleum Plc Notice of AGM May 25, 2012 - Eureka Energy Limited Response to Aurora Announcement re.... May 25, 2012 - Oilex Ltd Oilex - Status Cambay Field May 24, 2012 - Coastal Energy Co Insider Transactions May 24, 2012 - San Leon Energy Barryroe Update May 24, 2012 - Kea Petroleum Douglas 1 and Puka 1 Commence Testing May 24, 2012 - Circle Oil plc Extension of Convertible Loan Agreement May 24, 2012 - Cove Energy Plc Offer by Shell for Cove: Extension of Offer May 24, 2012 - Leni Gas & Oil Plc Drilling Report May 24, 2012 - Faroe Petroleum Norwegian North Sea, Clapton well commences May 24, 2012 - Providence Resources Providence Resources plc : Barryroe Well... May 24, 2012 - Gold Oil Plc Board Change May 24, 2012 - Donnycreek Energy Donnycreek Announces $3.5 Million Private... Don't forget to visit our other website

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