Oilbarrel Newsletter 31st October 2012

Oilbarrel Weekly Roundup 25th - 31st October 2012 Weekly Review Having missed the October conference slot, the oilbarrel.com team are eagerly looking forward to November’s conference on the 13th.  And it promises to be a corker.  The first presentation of the day will be from Chariot Oil & Gas, the AIM-quoted frontier explorer. Delegates will learn more about the disappointments of this year’s wildcat campaign offshore Namibia, next steps in that frontier territory and the company’s plans in the emerging exploration hotspots of Morocco and Mauritania. President Petroleum is focused on South America, although it still has some legacy producing properties in Louisiana. Until recently, its investments on this resource-rich continent were limited to Argentina, where the oil and gas industry has suffered from under-investment due to the country’s political and financial travails, creating opportunities for companies like President.  Last month saw President complete what it hopes will be a game-changing new country entry, with its debut in Paraguay.  The company reckons its new acreage here could host a gross risked recoverable resource potential of greater than 150 million barrels. Oslo’s Bridge Energy recently 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. The company already has an established production base on the UKCS, with output of around 1,800 boepd.  It expects this to rise to 10,000 boepd by the end of 2016 as further development projects come online.  There’s also a busy exploration programme, both in the UK and Norwegian sectors of the North Sea.  Expect an update on recent wells on the 13th. For those delegates following the highs and lows of explorers in the Falkland Islands, the first presentation after the coffee break will be one not to miss.  Argos Resources, which listed on AIM in 2010, holds a licence in the North Falkland Basin, adjacent to Rockhopper’s Sea Lion oil discovery, the first commercial oil strike in these waters.  This is an opportunity to learn more about this early stage explorer. AIM newcomer Eland Oil & Gas raised £118 million at the start of September in what was the largest AIM IPO since 2009 and certainly twice the size of any previous AIM IPO in the oil and gas sector.  The proceeds were used to complete the acquisition of OML 40, which covers 498 sq km of the onshore Niger Delta.  This is a significant asset, with the potential to deliver meaningful volumes of oil in fairly short order. Eland, working with an indigenous partner, plans to reopen the existing wells to take output to at least 2,500 bpd within six months.  Additional development work, appraisal and exploration work could take production to 50,000 bpd within four years.  There’s also significant upside, with the potential to bring on satellite discoveries and drill new exploration wells.  If this sounds familiar, it’s because others have done it before – think Afren, which quickly migrated from AIM to a full listing as production mounted from its Nigerian properties, and Addax Petroleum, which was acquired by China’s Sinopec for £4.4 billion in 2009.  Significantly, Eland’s CEO Les Blair is ex-Addax. Faroe Petroleum has made a number of appearances at oilbarrel.com conferences in recent years and it always impresses.  The AIM-quoted company has a rising production profile from the UK and Norwegian sectors of the North Sea, which is uses to underpin its exploration work, targeting material prospects in emerging and often challenging plays in North West Europe.  The £328 million market cap company isn’t afraid too punch above its weight when it comes to exploration, drilling high impact wells alongside the oil majors in the West of Shetlands and the Barents Sea.  This will be a useful opportunity for investors to catch up on the latest developments and drilling plans at this always-busy company. As regular readers will be aware our conference programmes are at the mercy of the international schedules of the industry we serve and, yet again, there have been some changes, with Tamboran and Good Power Energy postponing their appearances until December.   Please note the November 13th conference is at a new venue, The Brewery on Chiswell Street, London, EC1Y 4 SD – the nearest tube stations are Moorgate, Barbican and Liverpool Street. Over 250 people have already registered to attend; make sure you’re among them and book now to guarantee your place.  We look forward to seeing you there. 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 31, 2012 Ascent Resources In Farm-Out Talks As Key Loan Remains On Hold To the uninitiated, these may seem like halcyon times for oil and gas companies.  After all, oil prices remain high at around US$100 a barrel, gas prices, at least in Europe, are gaining strength and the industry continues to confound all expectations by finding new sources of supply, be it liquids-rich shale plays that are revolutionising energy economics in north America, the giant gas fields off the east coast of Africa or the new “transform” plays along the Atlantic Margins of West Africa and South America. Full story... News: October 31, 2012 FX Energy Plans Extensive Seismic Work To Identify More Drilling Targets   NASDAQ listed FX Energy continues to balance the solid production and development properties of its Fences concession with the high exploration potential of its other concessions as Poland remains the company’s main focus with drilling a constant and extensive seismic work planned. Full story... News: October 30, 2012 TomCo Energy Begins Permitting Process For Its Utah Oil Shale Project TomCo Energy is making slow but steady progress with its Holliday Block, an oil shale project in Utah, USA.  As CEO Paul Rankine made clear earlier this year, the project won’t really get moving until the key EcoShale technology has been tried and tested on a neighbouring oil shale development operated by Red Leaf Resources – this isn’t expected until early 2014.  With TomCo planning to wait out the Red Leaf pilot, investors have to make the most of the trickle of newsflow that is available. Full story... News: October 30, 2012 Gerry Orbell Bows Out As Chairman & CEO Of Sound Oil As The Company Reaches The Brink Of First Revenues There‘s some musical chairs being played at the top of the board of AIM listed Sound Oil. Gerry Orbell the founder of Sound and Chairman and CEO for seven years has reached 65 and wants retire. Gerry told Oilbarrel.com, the moves have been in the planning for two years ever since he folded Consul Oil & Gas, which now forms the basis of Sound’s new business in Italy, into the troubled old Indonesia core business. Full story... News: October 29, 2012 Twenty Seventh Licensing Round Signals Return Of Investor Confidence To The North Sea As the fiscal horror show of recent budgets starts to be corrected, the North Sea is attracting record levels of interest from operators.  As we reported earlier this year, the 27th licensing round attracted 224 applications covering 418 blocks on the UKCS, the most ever received.  Now the winners have been announced, with 167 licences covering 330 North Sea blocks offered to companies, with a further 61 blocks under environmental assessment. Full story... News: October 29, 2012 Sundance Energy Chasing Capital To Unlock First Nations Canadian Asset Pool Canadian junior Sundance Energy Corporation is getting to grips with its promising light oil projects that trawl across large swathes of First Nations land in Alberta and Saskatchewan, though it remains constrained by finance for now. Full story... 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... Press releases October 31, 2012 - RenewableUK UK and Scottish politicians champion... October 31, 2012 - Range Resources Annual Report and Notice of Annual General... October 31, 2012 - Roxi Petroleum Plc Update on BNG / KNOC farm-out  October 31, 2012 - Max Petroleum Total Voting Rights October 31, 2012 - Resaca Exploitation Inc Reserves Update October 31, 2012 - Global Petroleum Quarterly Report October 31, 2012 - San Leon Energy Total Voting Rights  October 31, 2012 - Chariot Oil and Gas Ltd Renewal Phase for Namibian Blocks 1811A&B... October 31, 2012 - Amerisur Resources Platanillo-9 Update October 31, 2012 - Sefton Resources Kansas pipeline update & appointment of Nomad October 31, 2012 - Rialto Energy Ltd Quarterly Cashflow Report October 31, 2012 - Rialto Energy Ltd Quarterly Activities Report  October 31, 2012 - Wasabi Energy ASX Appendix 4C October 31, 2012 - PA Resources UK Limited Change in total number of shares in PA... October 31, 2012 - Afren Plc First oil at Okoro Extension  October 31, 2012 - Neon Energy Ltd Quarterly Report September 2012 October 31, 2012 - Oilex Ltd Quarterly Report to Shareholders 30... October 30, 2012 - Beach Energy DLS: Bauer North-1 Appraisal Well Spuds October 30, 2012 - Beach Energy Quarterly Activities Report to 30... October 30, 2012 - Zeta Petroleum Quarterly Activities Review – Period Ended... October 30, 2012 - Dong Energy Gunfleet Sands Demo project reaches... October 30, 2012 - Department of Energy and... MINISTERS WELCOME HITACHI NEW NUCLEAR... October 30, 2012 - Fastnet Oil & Gas Directorate Change  October 30, 2012 - President Energy Completion of Farm-In Agreements October 30, 2012 - Caza Oil & Gas, Inc Operational Update October 30, 2012 - Rialto Energy Ltd Investor Presentation - Africa Oil Week  October 30, 2012 - Wentworth Resources Wentworth Resources Limited to Present at... October 30, 2012 - Edge Resources Edge Resources Inc. Adds Two Successful... October 30, 2012 - Ceramic Fuel Cells Cashflow Report for the quarter ended 30... October 30, 2012 - AWE Limited AWE's September 2012 Quarterly Report October 30, 2012 - Ceramic Fuel Cells Results of Annual General Meeting 2012 October 30, 2012 - FX Energy Inc FX Energy to Plug Kutno-2 Well October 29, 2012 - Advent Energy Limited ASX MMR Advent WC-1 Production Testing October 29, 2012 - TEG Group Change of name of Nominated Adviser and... October 29, 2012 - Good Energy Adviser Change of Name October 29, 2012 - Gasol Plc Gasol signs supply MOU with CEB  October 29, 2012 - Ceramic Fuel Cells CFU to benefit from German subsidy scheme October 29, 2012 - TXO Plc Issue and Amendment of Convertible Loan... October 29, 2012 - Premier Oil Premier announces results of Exchange Offer  October 29, 2012 - Oilex Ltd Change of Name of Joint Broker  October 29, 2012 - Nostra Terra Oil & Gas Company PLC Fourth Well Spud at Chisholm Trail  October 29, 2012 - Ithaca Energy Inc 27th UK Licensing Round Success  October 26, 2012 - Ceres Power Holdings Holding(s) in Company  October 26, 2012 - Enegi Oil North Sea Licence Awards  October 26, 2012 - Dragon Oil Transaction in Own Shares October 26, 2012 - Valiant Petroleum 27th Licensing Round Awards  October 26, 2012 - Premier Oil Extension of Timetable of Exchange Offer  October 26, 2012 - Faroe Petroleum Awarded Several Licences on UK Continental... October 26, 2012 - EnQuest Plc EnQuest Offered Eleven New North Sea Licences October 26, 2012 - Chariot Oil and Gas Ltd Director's Dealings October 26, 2012 - Frontera Resources Director Shareholding  October 26, 2012 - Ascent Resources Statement re. Press Speculation October 26, 2012 - Trap Oil 27th Licensing Round October 26, 2012 - Trap Oil Half Yearly Report  October 26, 2012 - Parkmead Group New UK Licence Awards  October 26, 2012 - Bridge Energy ASA Oil Discovery at the Garantiana Well October 26, 2012 - Tethys Petroleum MOU Signed with an IOC to Acquire Interest... October 25, 2012 - FX Energy Inc FX Energy Reports Third Quarter Production... October 25, 2012 - New World Oil & Gas Drilling Update, Belize  October 25, 2012 - Bridge Energy ASA ommencement of Drilling operations on... October 25, 2012 - Oilex Ltd Cambay Operations Update October 25, 2012 - Alkane Energy Plc Director/PDMR Shareholding  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 Don't forget to visit our other website

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