Oilbarrel Newsletter 5th July 2012

Oilbarrel Weekly Roundup 27th June - 5th July 2012 53rd Oilbarrel Forum Thursday 19th July 2012 Sponsored By: Thursday 19th July 2012 Merchant Taylors Hall 30 Threadneedle Street London, EC2R 8BJ Presenting Companies Include: Rialto Energy Tower Resources Petroceltic International Mercom Oil Sands Fastnet Oil & Gas   Click Here to Register or contact support@oilbarrel.com Latest News News: July 05, 2012 Tullow Oil Delivers Record H1 Revenues And Accelerates Work in Kenya Following Its Fourth Basin-Opening Wildcat  Tullow Oil issued a robust operational update this week as the FTSE100 super-independent again demonstrated how its drillbit successes are translating into solid gains.  Over the first six months of the year revenues look set to hit a record US$1.15 billion on average production of 77,400 barrels of oil equivalent per day, with the full year forecast coming in at 80-84,000 boepd and an anticipated exit rate of  90,000 boepd.  The balance sheet looks strong, with the farm-down of its interest in Uganda set to deliver a pre-tax profit of US$700 million when the results are released later this month. Full story... News: July 04, 2012 Bayfield Energy Open To Offers As Production Shortfalls Dent Finances One year on from its IPO, which raised £54 million as investors welcomed the chance to back the next venture of ex-Burren Energy boss Finian O’Sullivan, and AIM-quoted Bayfield Energy is mulling its options.  It has been a difficult 12 months with production from its flagship Trintes field offshore Trinidad lagging expectations and the worsening market conditions stymieing efforts to raise additional funding.  This week the company put itself on the auction block, opening itself to potential bids Full story... News: July 04, 2012 Sefton Resources Prepares To Ramp Up Production With Its Steam Injection Programme On Its Heavy Oil Fields In California Sefton Resources, the AIM quoted minnow, with interests in California and Kansas in the US has been getting a lot of favourable comment on the bulletin boards and elsewhere to the general effect that the company is undervalued. The reason is that it has been getting all its ducks in a row and now looks to be in a position significantly to advance its production and cash flow. This is particularly through it steam injection programme to boost output from its California heavy oil fields, but also because of  its activities in Kansas Full story... News: July 03, 2012 Tamboran Resources Looking For Farm-In Partners Ahead Of Expected IPO There’s nothing like having first-hand experience, and for an unlisted company still at the exploration /development stage on its Irish, Northern Irish, Australian and Botswana licences, Tamboran has a remarkable amount.  Even more remarkable is the area in which its management has the experience – shale gas – which being a new phenomenon and centred on North America, is a relatively rare commodity.   However, the company has recruited a team with unconventional experience in around 30 North American shale plays, as well as in countries such as Poland, Australia, Argentina, the UK, Mexico, Tunisia, Japan and Jordan, so operationally Tamboran knows what it is doing. Full story... News: July 03, 2012 PetroNeft Resources In Talks With Strategic Investors As It Seeks Funding Solutions For Its Promising Discoveries In Siberia The past 12 months have been pretty dismal for shareholders in PetroNeft Resources as lagging production and funding concerns have weighed on the stock.  Yet despite the continuing disconnect between production ambitions for its Lineynoye oilfield in Western Siberia and the reality, there is still much to recommend the company to potential investors. Full story... News: July 02, 2012 A New Update On GuIf Keystone’s Ground Breaking Shaikan Discovery In Iraqi Kurdistan Brings Further Good News Iraqi Kurdistan has become one of the hottest hydrocarbon provinces in the world. Small cap and mid -tier companies like Gulf Keystone and Afren have piled in in recent years and they have been joined latterly by “ Big Oil” such as ExxonMobil which late last year signed up for six exploration contracts. It is not the first super major with contracts in the semi- autonomous region in the north of Iraq – Marathon Oil arrived in late 2010 –but it is the first super major with contracts elsewhere in Iraq to do this. Full story... News: July 02, 2012 Faroe Petroleum’s First Operated Well In Norway Disappoints But The Stock Remains A City Favourite The Clapton exploration well in the Norwegian North Sea was something of a milestone for Faroe Petroleum, marking the AIM company’s first operated well in Norway.  It’s a pity then that the result was so disappointing, with the well coming back dry after the primary target reservoir was thinner and poor quality than expected. Faroe had a 40 per cent operated interest in the well, which lies in Block 2/8 some five km east of the Eldfisk field, alongside Dana Petroleum (20 per cent), Lundin (18 per cent), Norwegian Energy Company (12 per cent) and DNO (10 per cent). Full story... Market Overview: June 29, 2012 Volatility Will Be The Watch Word For Oil Prices For The Foreseeable Future Volatility and uncertainty will remain the buzz words associated with the oil industry for months to come. With no long-term European solution in sight, no certainty on geopolitical movements and stagnant growth around the world, oil producers will have to be content with a lower price.  In early trading on Friday, Brent crude was selling close to US$93 with WTI below US$80 a barrel. Full story... News: June 29, 2012 Aminex And Solo Oil Rally As Ntorya-1 Flows Gas And Condensate Shares in Aminex and Solo Oil lifted 15 per cent on Thursday after the joint venture partners revealed positive test results from their Ntorya-1 wildcat onshore Tanzania.  Operator Aminex, which has a full London listing and a market cap of £40 million, reported that the upper 3.5 metres of a gross 25 metre Cretaceous sand interval had been tested and flowed at a maximum rate of 20.1 million cubic feet of gas per day and 139 barrels per day of 48-degree API condensate. Reservoir pressures were an encouraging 5,424 psi. Full story... News: June 28, 2012 As Syria Continues Its Bloody Slide Towards Civil War, Gulfsands Petroleum Finds No Relief In Tunisia Beleaguered investors in Gulfsands Petroleum who were hoping that its Tunisian assets would offset the suspension of activities in Syria were disappointed this week when the AIM-quoted E&P reported a dud well in Tunisia.  Gulfsands, which has seen its stock price halve over the first six months of 2012, said the Sidi Dhaher well on the Chorbane licence recovered substantial amounts of fluids – mainly muds and formation water - but no oil and will now be P&A.  Full story.. Press releases July 05, 2012 - Quadrise Fuels International Central & South America July 05, 2012 - Dragon Oil Transaction in Own Shares July 05, 2012 - Matra Petroleum Change of Adviser July 05, 2012 - Xcite Energy Resources Limited Exercise of Warrants July 05, 2012 - Genel Energy Operational Update July 05, 2012 - Petroceltic International Award of two Licences offshore Italy July 05, 2012 - Edge Resources Inc First Day of Dealings July 05, 2012 - Aurelian Oil & Gas Operational Update July 05, 2012 - San Leon Energy Two well exploration programme & JV... July 04, 2012 - New World Oil & Gas Readmission document and Notice of AGM July 04, 2012 - Urals Energy Completion of Well #41 and operational update July 04, 2012 - Circle Oil plc Appointment of Joint Brokers July 04, 2012 - Exillon Energy June Production Update July 04, 2012 - Ambassador Oil and Gas Shocking 1 Drill Test Update July 04, 2012 - Nexus Energy Crux ACL9 Terms and Documentation Finalised July 04, 2012 - Tullow Oil plc Trading Statement and Operational Update July 04, 2012 - Central Petroleum Ltd First Oil to Market and 3-D Seismic Survey... July 03, 2012 - Good Energy Group AGM Statement July 03, 2012 - Northern Petroleum Plc Appointment of New Company Secretary July 03, 2012 - Magnolia Petroleum Participating in Three Additional Wells in... July 03, 2012 - Ophir Energy Operational Update July 03, 2012 - Antrim Energy ANTRIM ENERGY INC.: BLOCKLISTING SIX... July 03, 2012 - Dragon Oil Transaction in Own Shares July 03, 2012 - Infratrata Plc CCS Innovation Programme Application July 03, 2012 - Frontera Resources Director Purchases Shares July 02, 2012 - Altona Energy July 02, 2012 - Dragon Oil Plc Transaction in Own Shares July 02, 2012 - Heritage Oil Temporary Suspension Heritage Oil Plc July 02, 2012 - Jubilant Energy Final Results July 02, 2012 - Solo Oil Ruvuma Independent Evaluation July 02, 2012 - Silvermere Energy PLC Operations Update July 02, 2012 - IGas Plc Review on Fracturing by the Royal Society July 02, 2012 - IGas Plc Corporate Presentation July 02, 2012 - Amerisur Resources Holding(s) in Company July 02, 2012 - JKX Oil & Gas Notice of Results July 02, 2012 - Ithaca Energy Inc Facility Agreement Executed for US$400... July 02, 2012 - Oilex Ltd Appendix 3B July 02, 2012 - Aminex Plc TANZANIA RESOURCES UPDATE July 02, 2012 - TEG Group Holding(s) in Company July 02, 2012 - Norwest Energy NL Project Updates July 02, 2012 - Petroceltic International Holding in Company June 29, 2012 - Aminex Plc Nyuni Seismic Update June 29, 2012 - Gold Oil Plc Trading Update June 29, 2012 - Petro Matad Limited Final Results June 29, 2012 - Trap Oil Total Voting Rights June 29, 2012 - Circle Oil plc Operating Update Tunisia June 29, 2012 - Frontera Resources 2011 Annual Results June 29, 2012 - Sirius Petroleum Final Results June 29, 2012 - New World Oil & Gas Issue of Equity June 29, 2012 - Petroneft Resources 2011 Final Results June 29, 2012 - Aminex Plc Nyuni Seismic Update June 29, 2012 - Argos Resources Change of Adviser June 29, 2012 - Tehty's Petroleum Loan Facility Agreed June 29, 2012 - Petroceltic International Update on Italian Offshore Legislation June 29, 2012 - Ambassador Oil & Gas Shocking 1 Drilling Update June 29, 2012 - San Leon Energy Final Results June 28, 2012 - Xtract Energy Plc Heads of terms signed on Julia Creek... June 28, 2012 - Aminex Plc Ntorya-1 Test Results June 28, 2012 - Lochard Energy Operational Update June 28, 2012 - Dragon Oil Transaction in Own Shares June 28, 2012 - Nostra Terra Oil & Gas Company PLC Result of AGM June 28, 2012 - Valiant Petroleum Director/PDMR Shareholding - Replacement June 28, 2012 - Ithaca Energy Inc 2012 Annual & Special Meeting Presentation June 28, 2012 - Solo Oil Tanzania Test Results June 28, 2012 - Texon Petroleum Ltd Investor Update June 28, 2012 - Karoon Gas Boreas-1 Progress Report No 5 Don't forget to visit our other website

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