Oilbarrel Newsletter 25th October 2012

Oilbarrel Weekly Roundup 17th - 25th October 2012 Weekly Review We said that organising Oilbarrel.com conferences is like going from famine to feast. While we had to postpone our planned October event because of late pull outs, our next gathering on November 13 promises to be a bumper feast of companies including Chariot Oil & Gas, President Petroleum, Tamboran Resources, Bridge Energy, Argos Resources, Eland Oil & Gas, and Faroe Petroleum. Between them these companies cover just about every hydrocarbon province on the planet such as offshore Namibia, Morocco, Mauritania, Argentina, Louisiana, the Falklands and the Niger Delta. The companies presenting embrace shale gas in Ireland, exploration and production in the Norwegian and UK sectors of the North Sea. There is also high impact exploration in the Atlantic margin. It should be a very interesting event. The conference will also mark our return to The Brewery, which has symbolic value for us as it was here we held our first event and saw some of our most successful gatherings. At that first meeting we had 79 attendees including presenters. Our audiences grew at one point to over 300 delegates. Are we in for a reprise? With three weeks to go we have just under 200 people. Hurry and sign up while seats last. Stewart Dalby 55th Oilbarrel Conference Tuesday 13th November 2012 Sponsored By: Tuesday 13th November 2012 ***NEW VENUE*** The Brewery Chiswell Street London EC1Y 4SD (Nearest stations are Moorgate and Liverpool Street) Presenting Companies Include: Eland Oil and Gas Faroe Petroleum Bridge Energy Chariot Oil & Gas Argos Resources President Petroleum Click Here to Register or contact support@oilbarrel.com Latest News News: October 25, 2012 PetroNeft Resources Cheers Shaken Investors As Arbuzovskoye Wells Exceed Expectations The week started strongly for Ireland’s PetroNeft Resources after the AIM-quoted company reported strong initial flow rates from its new development in Western Siberia, Russia. This cannot come too soon for the AIM company’s beleaguered shareholders, who have seen the shares losee three-quarters of their value over the past 12 months. Full story... News: October 25, 2012 Canada’s WesternZagros Resources On Track With Its Kurdistan Drilling Campaign Canada’s WesternZagros Resources could be sitting on something special in Iraq’s semi autonomous Kurdistan region, a part of the world that continues to draw huge industry attention. Full story... News: October 24, 2012 Bridge Energy Crosses The North Sea To List On AIM As It Ends The Year With A Flurry Of Exploration Drilling Norwegian E&P Bridge Energy has been on the oilbarrel.com radar for sometime but after last month’s admittance to AIM looks set to win many more followers.  Two years after it debuted on Oslo’s Axess exchange, the company joined AIM with a market cap of around £75 million, a move designed to broaden the investor base and widen its access to capital as it seeks to add critical mass in the North Sea. Full story... News: October 24, 2012 Oilex Has Much To Gain And Lose In The Drilling Of Cambay-76H’s Offset Well Pioneering the drilling of horizontal fracture stimulated wells in India is a brave move even for a large company, but for AIM and ASX listed junior Oilex Limited the risks and rewards are heightened.  The company’s Cambay-75H ‘proof of concept’ well represents this groundbreaking  move, and while operational challenges have inevitably arisen, momentum has been maintained with the attraction of supplying a vast and increasingly energy hungry domestic market providing strong motivation. Full story... News: October 23, 2012 Cadogan Petroleum Increases Capex But Investors Have Yet To See The Results Cadogan Petroleum has worked hard to right itself after a bruising couple of years in Ukraine but, as evidenced by its share price, investors are not yet convinced by its turnaround story. Over the first half of this year the company increased spending fourfold to over U$16 million – and, happily, also trimmed almost US$5 million off operating costs - yet production remains stubbornly low, around 210 barrels of oil equivalent per day and the share price is limping along at 15 pence Full story... News: October 23, 2012 Emperor Oil & Gas On The Financing Trail To Launch Sudanese, Turkish Production Canadian junior Emperor Oil has a pair of projects on the go, in Turkey and Sudan,that are both tantalizingly close to healthy near-term production. In fact, the Calgary-based company, listed on the TSX Venture Exchange, says its projects will produce “within six months of funding”, which is where it finds itself now, putting together an initial US$20 million package that will enable it to make the leap to the ranks of oil producer. Full story... News: October 22, 2012 Petromanas Energy Diversifies Into France As It Buys Gallic Energy For C$10 Million With access to capital choked off, the small cap sector is being picked off by better funded rivals.  There’s a growing list of those “reviewing their strategic options” and a number of companies have already succumbed to takeover pressures: last week Bayfield Energy was bought by privately-owned Trinity Exploration & Production to build critical mass in Trinidad; the summer months saw a merger of equals between Petroceltic International and Melrose Resources to create a super-independent focused on the Mediterranean; and in the North Sea, cash-rich Cairn swooped on Nautical and Parkmead bagged cash-strapped DEO.  With many oil veterans saying times have never been tougher for small to mid-sized oil companies, this trend looks set to increase. Full story... News: October 22, 2012 Coastal Energy Has Yet Another Discovery In The Songkhla Field In The Gulf Of Thailand Coastal Energy, the Toronto TSE and London AIM listed explorer, has had yet another discovery, it seems, in its acreage offshore the Gulf of Thailand. The Songkhla A-13 well was drilled to a depth of 8,000 feet TVD into an untested fault block in the northeast area of the Songkhla field. The well encountered 67 feet of Lower Oligocene net pay with 18 per cent porosity. The company said it was evaluating an updip location for a confirmation well. In the meantime a water injection well in the A-10 fault block will be drilled. Full story... Market Overview: October 19, 2012 Oil Markets Stabilise On BetterThan Expected Statistics From The US And China Stronger economic data will always move the market, especially in its recent fragile state. Better housing statistics from the US and stabilising news from China gave traders a sense of optimism. In early trading on Friday, Brent crude was priced above US$112 with WTI still trailing behind around US$92 a barrel. Full story... News: October 18, 2012 Bayfield Energy’s Funding Squeeze Leads To Agreed Merger With Trinity E&P To Create Largest Trinidad-Focused Independent Venture Production was one of the stalwarts of the North Sea independent sector until it eventually fell to a £1.3 billion bid from Centrica in 2009.  (The price-tag made the Venture board rich but they grumbled that it never fully reflected the value of the Aberdeen company).  One long-running anomaly in Venture portfolio, however, was a legacy asset set in Trinidad, which was eventually sold in 2005 to Ten Degrees North Energy, a company founded by Venture founder and Trinidadian national Bruce Dingwall.  That company later changed its name to Trinity Exploration & Production, with Dingwall still on board, and this week it hit the radar again when it announced plans for a reverse takeover of AIM-quoted Bayfield Energy. Full story... News: October 18, 2012 Europa Oil & Gas Pushes Up Production And Revenues But Is Firmly In The Red After Romanian Write-Offs Europa Oil & Gas is one of those AIM companies – and there are many - that has drifted in recent years, never really delivering on the promise of its portfolio.   Perhaps that is set to change.  A new CEO, Hugh Mackay, was appointed late last year and since the arrival of the former BP and Enterprise Oil executive there have been some changes worth noting, notably the decision to exit Romania and the identification of a large shallow gas play in France. Full story... News: October 17, 2012 Ithaca Energy Strengthens The Balance Sheet And Hints At More Asset Acquisitions To Come There has been a flurry of announcements from Canada’s Ithaca Energy in recently but, in these capital constrained times, it is perhaps the news concerning its debt facility that is most significant. The TSX- and AIM-listed E&P agreed a US$430 million facility with BNP Paribas in June, which has now been successfully syndicated to six other international banks.  The facility was oversubscribed, which is a credit to Ithaca in these risk-averse times. Full story... Press releases October 25, 2012 - Bridge Energy ASA ommencement of Drilling operations on... October 25, 2012 - Alkane Energy Plc Director/PDMR Shareholding  October 25, 2012 - Oilex Ltd Cambay Operations Update October 25, 2012 - Rialto Energy Ltd Annual Report to shareholders October 25, 2012 - Dragon Oil Transaction in Own Shares October 25, 2012 - Lochard Energy Lapse of Unlisted Options October 25, 2012 - Exillon Energy Information Memorandum for Secondary Listing October 25, 2012 - Exillon Energy Drilling Report October 25, 2012 - Gasol Purchase of shares by Director  October 25, 2012 - Max Petroleum Holding(s) in Company October 25, 2012 - Europa Oil & Gas Award of Options October 24, 2012 - Karoon Gas Boreas-1 Progress Report No 16 October 24, 2012 - Good Energy Good Energy announces electricity price rise  October 24, 2012 - Magnolia Petroleum Rig Secured for Drilling First Operated Well  October 24, 2012 - Jupiter Energy Limited Quarterly Report October 24, 2012 - Dragon Oil Transaction in Own Shares  October 24, 2012 - Clontarf Energy Update on Peru  October 24, 2012 - Fastnet Oil & Gas Mizzen seismic re-processing contract... October 24, 2012 - Gold Oil Plc Notice of General Meeting October 24, 2012 - Sefton Resources Holding(s) in Company  October 24, 2012 - Sound Oil PLC Nervesa Funding Contract October 24, 2012 - Texon Petroleum Ltd Investor Update October 24, 2012 - PA Resources UK Limited PA Resources postpones interim report... October 23, 2012 - Dragon Oil Award of contracts in Turkmenistan  October 23, 2012 - TomCo Energy Plc Trading Update  October 23, 2012 - Nexus Energy Crux ACL9 Completion of Consolidation... October 23, 2012 - Oilex Ltd Oilex appoints General Manager Operations... October 22, 2012 - FX Energy Inc FX Energy Updates Well Operations on Kutno... October 22, 2012 - Department of Energy and... New oil and gas field will add two percent... October 22, 2012 - Plexus Group GBP2million New Contract Win with Lundin October 22, 2012 - Oilex Ltd Oilex appoints General Manager Operations... October 22, 2012 - Dragon Oil Transaction in Own Shares October 22, 2012 - Quadrise Fuels International Final Results  October 22, 2012 - Sound Oil PLC Rig Letter of Intent for Nervesa October 22, 2012 - Argos Resources Result of Annual General Meeting October 22, 2012 - Leni Gas & Oil Plc Acquisition  October 22, 2012 - Sterling Energy Plc Interim Management Statement  October 22, 2012 - Circle Oil plc Operating Update Egypt October 22, 2012 - Max Petroleum Operational Update  October 22, 2012 - Empyrean Energy Appointment of PR October 22, 2012 - Petroneft Resources Operations Update  October 22, 2012 - Jupiter Energy Limited Drilling Update  October 22, 2012 - San Leon Energy Spud of Czaslaw SL-1 Well, Nowa Sol... October 19, 2012 - CBM Asia Development Corp CBM Asia Selects Netherland, Sewell to... October 19, 2012 - Alkane Energy Plc Additional Listing October 19, 2012 - Premier Oil Completion of farm-out agreement with... October 19, 2012 - Rockhopper Exploration Completion of farm-out agreement with... October 19, 2012 - Dragon Oil Transaction in Own Shares October 19, 2012 - Nighthawk Energy plc Drilling and Production Update October 19, 2012 - Gulf Keystone Petroleum Settlement and closing of convertible bonds  October 19, 2012 - Lansdowne Oil & Gas Holding(s) in Company October 18, 2012 - Department of Energy and... OFFSHORE WIND PROGRAMME BOARD.... October 18, 2012 - Infrastrata Islandmagee Planning Permission Granted  October 18, 2012 - Mainstream Renewable Power Capturing the Value of Offshore Wind October 18, 2012 - Cairn Energy Interim Management Statement October 18, 2012 - Sound Oil PLC Citarum Sale  October 18, 2012 - Dragon Oil Transaction in Own Shares  October 18, 2012 - Solo Oil Solo Terminates Equity Line Facility October 18, 2012 - Serica Energy plc Share purchase by Directors  October 18, 2012 - Amerisur Resources New exploration licence in Colombia  October 17, 2012 - Wasabi Energy Result of AGM October 17, 2012 - Department of Energy and... CHANGES PROPOSED TO OVERHEAD POWER.. October 17, 2012 - Egdon Resources Notification of Results October 17, 2012 - Karoon Gas Boreas-1 Progress Report No 15 October 17, 2012 - Coastal Energy Co Results of Songkhla A-13 Well & Operations... October 17, 2012 - Syngas Successful Fund Raising for BioSyngas Pty Ltd Don't forget to visit our other website

You are receiving this e-mail because you have either registered to receive e-mails from us on our website or you have attended a past Oilbarrel Conference.

If you would like to unsubscribe from our e-mails or have any queries about the website or our events, please contact support@oilbarrel.com.