Oilbarrel Newsletter 13th June 2012

Oilbarrel Weekly Roundup 7th - 13th June 2012 53rd Oilbarrel Forum Thursday 19th July 2012 Sponsored By: Thursday 19th July 2012 Merchant Taylors Hall 30 Threadneedle Street London, EC2R 8BJ Save the Date Click Here to Register or contact support@oilbarrel.com ****Oilbarrel Conference scheduled for Thursday 14th June has been cancelled, we apologise for any inconvenience this may cause**** Latest News News: June 13, 2012 Coastal Energy Delivers Record Q1 Results And Targets Additional Upside Across Bua Ban North And South Canada’s Coastal Energy has grown into a £1 billion enterprise on the back of last year’s sterling drilling efforts in the Gulf of Thailand, where it tapped into a seam of prolific Miocene reservoirs.  It has lost it golden touch this year, however, as the shares have subsided since March 2012 when an exploration well on the Bua Ban South prospect failed to find the Miocence as expected, although it did find a surprise package in the Oligocene.  Indeed results that would delight most oil companies hit Coastal hard because investors had got used to a 100 per cent strike rate.  With the shares now under £10, some see the current price as a buying opportunity (the company itself is in share buyback mode), particularly given the record levels of production and cashflow now being generated by the business. Full story... News: June 12, 2012 Max Petroleum Chalks Up Another Drilling Success In Its Low Cost/Low Risk Campaign In The Shallow Fields In The Blocks A & E Licence Area In Kazakhstan Max Petroleum is jogging along very nicely with its drilling campaign of low risk/ low cost wells  “above the salt” on its blocks in the A & E licence  area in Kazakhstan. The company has recently announced the ASK-J2 appraisal well in the Asanketken Field has reached a total depth of 1,401 metres with electric logs indicating nine metres of net oil pay in two zones at depths ranging from 1,286 to 1,322 metres in the same Middle Jurassic reservoirs that were proven productive in the first three wells drilled in the field. Full story... News: June 12, 2012 AIM Newcomer Fastnet Oil & Gas Raises £10 Million As Investors Race To Back “The Next Cove Energy” As we have noted in our coverage of the ongoing battle to gain control of AIM explorer Cove Energy, investors will be keen to back the next venture of John Craven, the veteran oilman who led the transformation of Cove from exploration start-up to £1.2 billion must-have acquisition target in less than three years.  This week they got some indication of his next move as Fastnet Oil & Gas debuted on AIM and Ireland’s ESM exchange on Monday. Full story... News: June 11, 2012 Providence And Lansdowne Hail Further Good News On Barryroe Ireland’s first offshore oil strike took another step towards commercial reality last  week when technical reports came back from oil samples taken from the breakthrough 48/24-10z appraisal well on the Barryroe oilfield.  A 20 litre oil sample was tested and the results were better than expected, confirming the crude is a “premium” light (43 degree API) oil, with low sulphur and low acidity with wax content of 17 per cent. Full story... News: June 11, 2012 Sound Oil Announces It Is Close To FindingThe Funding To Finance Appraisal Drilling On The Strombone Field In The Torrente Alvo Permit, Onshore Italy Operationally and in terms of news flow AIM listed Sound Oil has been ping-ponging between what you might call its old core area in Indonesia where it has exploration and development acreage and its new focus in Italy where it has a clutch of low cost/ low risk prospects. Full story... Market Overview: June 08, 2012 China Provides Relief To The Global Economic Gloom With An Interest Rate Cut Producers and consumers seem happy with the oil price around a hundred dollars but the UK Brent Crude benchmark tested that to the downside earlier this week and again as traders ended the week. In a matter of days, it was back beyond US$102 a barrel.  Uncertainty and volatility are the main concerns and in early trading on Friday, Brent Crude evened off a bit holding strength in early Asian trade but fell back just below $US97 with WTI heading below US$83 dollars a barrel. Full story... News: June 08, 2012 Cancellation Of Oilbarrel Conference Thursday June 14 2012 Full story... News: June 07, 2012 Repsol Looks To Join Tower Resources Offshore Namibia Fresh from drilling a duster offshore Cuba, and still reeling from the annexation of its Argentina subsidiary YPF, Spanish oil giant Repsol has turned its attention to one of Africa’s new frontier plays.  Repsol, which has seen its shares drop almost 45 per cent this year, has announced plans to enter Namibia following a farm-in agreement with Arcadia Petroleum, which owns 85 per cent of Licence 0010.  Should this deal go through – and as yet the formal documentation and government approvals have not been completed – then Repsol would hold 44 per cent of the licence alongside privately-owned Arcadia with 41 per cent and AIM-quoted Tower Resources with 15 per cent. Full story... News: June 07, 2012 SacOil Can Enjoy Total Developing Block III In The DRC While It Pursues Production In Nigeria And Looks For New Opportunities  JSE and AIM listed SacOil is a pan-African upstream oil and gas company with assets in Nigeria, the DRC and South Africa.  The company sprang to life in March 2008 when JSE listed Samroc acquired the South Africa Congo Oil Company (SacOil), which effectively allowed SacOil to reverse into a listed vehicle and fund its development plans in the DRC.  Since then the company has acquired its two Nigerian interests and gained its AIM listing on April 8, 2011.  SacOil remains on the lookout for opportunities and sees the retreat of the Majors from discovered but underdeveloped / marginal oil fields in Africa as providing exciting opportunities for smaller operators Full story... News: June 06, 2012 Near Term Production From Vostochny Makarovskoye Will Access Significant Reserves for Volga Gas Europe begrudgingly sources a significant proportion of its gas from Russia, and for companies willing to navigate the notoriously difficult regulatory system, there are big rewards to be had.  AIM listed Volga Gas has accepted this challenge and assembled a collection of oil and gas assets in the Volga region of South West Russia.  While current output is sold domestically, the location of its assets would naturally lend itself to European export. Full story... Press releases June 13, 2012 - Clontarf Energy Update on Peruvian Operations June 13, 2012 - TomCo Energy Interim Results June 13, 2012 - Dragon Oil Holding(s) in Company June 13, 2012 - Valiant Petroleum Tryfan Well Spud June 13, 2012 - Antrim Energy Antrim Updates Fyne Field and Other North... June 13, 2012 - Rialto Energy Ltd Weekly Drilling Progress Report June 13, 2012 - Ithaca Energy Inc Officers' Dealing June 13, 2012 - Austin Exploration Horizontal Drilling To Commence June 13, 2012 - Cairn Energy Offer for Nautical Petroleum plc June 13, 2012 - Enegi Oil Operational Review and Update June 13, 2012 - Xcite Energy Resources Limited Drawdown on Equity Line Agreement June 13, 2012 - Xcite Energy Resources Limited Bentley Phase 1A Operational Update June 13, 2012 - Lakes Oil Holdgate-1 Update 13 June 2012 June 13, 2012 - Eureka Energy Ltd Update on Aurora`s Takeover Offer June 13, 2012 - Eureka Energy Ltd Second Supplementary Target`s Statement June 12, 2012 - Petroceltic International Price Monitoring Extension June 12, 2012 - Texon Petroleum Ltd Mosman Rockingham Olmos Well 220 BOEPD June 12, 2012 - TomCo Energy Mineral Resource Statement June 12, 2012 - New World Oil & Gas Highly Positive Update to Danica Jutland CPR June 12, 2012 - Xcite Energy Resources Limited Marketing and Offtake Agreement with BP Oil June 12, 2012 - Nostra Terra Oil & Gas Company PLC Oklahoma operations update June 12, 2012 - Fastnet Oil & Gas Notification of award of licensing options... June 12, 2012 - Lakes Oil Holdgate-1 Update 12 June 2012 June 12, 2012 - Eureka Energy Ltd Update on Non-binding merger proposal from... June 12, 2012 - Eureka Energy Ltd Investor Presentation June 12, 2012 - Target Energy Limited Fairway and Shepards Channel Operations... June 12, 2012 - Austex Oil Limited Drilling Success on ETU 17-6 Snake River... June 11, 2012 - Global Energy Development Sale of Remaining Interest in PeruBlock95... June 11, 2012 - Donnycreek Energy Donnycreek Announces Letter of Intent to... June 11, 2012 - Cove Energy Plc ATUM WELL - A MAJOR GAS DISCOVERY June 11, 2012 - Kea Petroleum Puka 1 First Flow Testing Results June 11, 2012 - Magnolia Petroleum Positive Update on Operations in Oklahoma June 08, 2012 - Origin Energy Limited GDY: Advice regarding outcome of Operating... June 08, 2012 - Origin Energy Limited China EXIM finalises APLNG project finance... June 08, 2012 - Lakes Oil Holdgate-1 Drill Update 8 June 2012 June 08, 2012 - Eureka Energy Ltd Update on Aurora`s Takeover Offer June 08, 2012 - Eureka Energy Ltd Supplementary Target`s Statement June 08, 2012 - Eureka Energy Ltd Receives Non-binding Merger Proposal June 08, 2012 - Eureka Energy Ltd AUT: Aurora confirms Offer for Eureka to... June 08, 2012 - ... Audited Results for the Year... June 08, 2012 - Quadrise Fuels... Operational Update June 08, 2012 - Dragon Oil plc Transaction in Own Shares June 08, 2012 - Max Petroleum Operational Update June 08, 2012 - BAYFIELD ENERGY HOLDINGS PLC Posting of Final Results and Notice of... June 08, 2012 - ARGOS RESOURCES LIMITED Exercise of options June 08, 2012 - Wentworth Resources Limited Notification of Trade June 08, 2012 - Coastal Energy Co Update of Normal Course Issuer Bid June 08, 2012 - Range Resources Ltd Texas Reserves Upgrade June 08, 2012 - Exillon Energy plc May Production Report and Drilling Update June 07, 2012 - Dong Energy £425 million Lincs Wind Farm project... June 07, 2012 - New Guinea Energy ltd PPL 277 June 07, 2012 - Dragon Oil Transaction in Own Shares June 07, 2012 - President Petroleum Company... Date of AGM June 07, 2012 - Jupiter Energy Limited J-53 Well and Reserves Update June 07, 2012 - Parkmead Group Plc Irrevocable undertaking - RAB Energy Fund Ltd June 07, 2012 - Caza Oil & Gas, Inc Operational Update June 07, 2012 - Tullow Oil plc Well update June 07, 2012 - Circle Oil plc 2011 Preliminary Results June 07, 2012 - Deo Petroleum Plc Final Results June 07, 2012 - Deo Petroleum Plc Irrevocable undertaking - RAB Energy Fund Ltd June 07, 2012 - Ithaca Energy Inc Athena Production Rates June 07, 2012 - Deo Petroleum Plc Form 8.5 (EPT/RI) June 07, 2012 - Trap Oil Group Placing of New Ordinary Shares and... June 07, 2012 - Ithaca Energy Inc Athena Production Rates June 07, 2012 - Cove Energy Plc Form 8.3 - Cove Energy PLC June 07, 2012 - Cove Energy Plc Form 8.3 - Cove Energy Plc June 07, 2012 - Cove Energy Plc Form 8.3 - Cove Energy Plc June 07, 2012 - Santos Limited Santos and ConocoPhillips enter agreement... June 07, 2012 - Austex Oil Limited Blubaugh 21-3 Vertical Well Success -... June 07, 2012 - Lochard Energy Group Plc Athena Production Rates June 07, 2012 - Cove Energy Plc Holding(s) in Company Don't forget to visit our other website

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