Oilbarrel Newsletter 31st October 2013

Oilbarrel Weekly Roundup 24th - 31st October 2013 Oilbarrel Looks Fordward to a Very Buzzy Conference on November 7th Written By Stewart Dalby Under new ownership and management in the form of Jim Mellon’s Galloway Group, Oilbarrel has had a final quarter 2013, fresh lease of life. We have moved into new state- of- the-art offices with studio and conference facilities, not a stone’s throw from our old HQ at Rivington Street Holdings, with whom we no longer have any connection. We are preparing to launch our newly designed, rebranded website and our conferences have a renewed bounce to them. Our last gathering had 220 people through the door and they were an eclectic mix of high net worth individuals’, analysts, brokers and fund managers as well as industry professionals. It was a very buzzy affair with several long time, regular attendees, It was like the “good old days”. We are now back at The Brewery in Chiswell Street, after a not entirely happy temporary residence at Merchant Taylors Hall in Threadneedle Street. Our next event, on Thursday November 7, again at The Brewery looks like being another very busy affair. In one respect it is a “First” in that, through a complicated set of developments we have a mining company presenting. We would be interested in hearing from attendees and readers of our website their view on co-mingling oil and gas companies with mining groups. Otherwise, we have a varied number of hydrocarbon companies in terms of size, activity and geographical spread. At a time when UK companies active in Russia have dwindled to a handful and with some of them experiencing funding difficulties, Zoltav Resources joins as a new, rather big, big kid on the block. The AIM-quoted company, backed by Abramovich-owned ARA Capital (to the tune of US$20 million) this summer acquired the Koltogorsky licences in Western Siberia, home to 2P reserves of 75 million barrels. Callinan Royalties is our miner. Quoted on the TSX Venture Exchange, the company creates and acquires royalty interests in mineral properties across North America, Central America and Western Europe. Callinan has no debt, cash in Treasury of C$25 million and offers a dividend yield of 4.5 per cent. AIM quoted Tower Resources will be no stranger to regular Oilbarrel conference attendees as it has presented on a number of occasions. Tower is focused on Africa, where it is set to participate in a high impact wildcat offshore Namibia in Q1 2014. The company successfully raised £10 million this summer to pursue new business opportunities in Africa, including Cameroon and Madagascar. Founded in 2012, Rockflow resources is an upstream oil and gas consultancy with a full suite of services, including reserve audits, field development studies, asset management and exploration and appraisal consultancy. Its consultants have worked on oil and gas projects around the globe for the world’s biggest oil companies. Finally there is Fastnet Oil & Gas. Fasnet completed its IPO on AIM in June and is already speeding towards its first wildcat in the highly prospective Foum Assaka block offshore Morocco in H1 2014. The Irish company also holds material position in the resurgent Celtic Sea, where it has been acquiring 3D seismic. In May 2013 the company inked in farm terms for a gas appraisal/development project onshore Morocco, which could lead to near- term production and revenues. 62nd Oilbarrel Conference - Thursday 7th November 2013 Sponsored By: 62nd Oilbarrel Conference Thursday 7th November 2013 The Brewery Chiswell Street London EC1Y 4SD (Nearest stations are Moorgate and Liverpool Street) Presenting Companies Include: Zoltav Resources Rockflow Resources Callinan Royalties Fastnet Oil & Gas Tower Resources To Register Click Here - or Contact support@oilbarrel.com to find out more Our free-to-attend Forums have enabled Investors and Industry experts, for 9yrs now, to hear directly from presenting Oil & Gas and Exploration companies and in-turn, created new investment opportunities. Interested in Speaking and/or Sponsoring an Oilbarrel event Speak with PAUL NEWMAN on +44 (0)20 3651 5627 or via email Paul@Oilbarrel.com Latest News News: October 31, 2013 Oilbarrel Looks Forward To A Very Buzzy Conference On November 7 Under new ownership and management the form of Jim Mellon’s Galloway Group, Oilbarrel has had a final quarter 2013, fresh lease of life. We have moved into new state- of- the-art offices with studio and conference facilities, not a stone’s throw from our old HQ at Rivington Street Holdings, with whom we no longer have any connection. We are preparing to launch our newly designed, rebranded website and our conferences have a renewed bounce to them. Full story... News: October 31, 2013 Po Valley Energy Pushed Into The Red By Castello Impairment As Its Italian Projects Remain Bogged Down By Production Problems And Bureaucracy It has been some years now since we last wrote about Po Valley Energy (PVE).  Back in 2010 the ASX-listed Italian gas producer was battling on a number of fronts after its Castello gas field suffered a drop in reservoir pressure, the reserves estimate on its Bezzecca project was slashed, its funding position came under pressure and other projects suffered from the inevitable bureaucratic delays that meant investors were losing patience with its portfolio of gas projects in northern Italy. Full story... News: October 30, 2013 Morocco Activity Levels Step Up A Gear With New Drilling On And Offshore As Cairn Energy And BP Ink Farm-In Deals Activity levels are really heating up offshore Morocco, a country that a decade ago barely registered on the industry's radar.  Now companies are jostling for position in what some believe could be the next extension of the Atlantic Margin play that has proved so prolific further down the coast. Full story... News: October 30, 2013 Heritage Oil Adds To Its PNG Footprint As It Readies For New Wildcat Campaign In 2014 Heritage Oil has been through something of a transformation since its wildcatting successes in Uganda. Three years, one US$1.45 billion sale of assets and one value-damaging three-way tax wrangle with Tullow Oil and the Ugandan government later, and Heritage is now rebuilding its frontier exploration portfolio. Full story... Features: October 29, 2013 Poweralternatives: Chinese CBM Driller Green Dragon Gas Notes 400 Per Cent Boost To 1P Reserves As A Result Of Unauthorised Drilling We wrote recently how Green Dragon Gas had discovered that 1,500 unauthorised wells had been drilled across its blocks in China.  The AIM-quoted company has now crunched through some of the data from these wells and calculated a significant reserves uplift as a result of this third-party drilling, undertaken at an estimated cost of around US$500 million by state behemoths China National Offshore Oil (CNOOC), CNPC, PetroChina and China United Coalbed Methane Corporation (CUCBM). Full story... News: October 29, 2013 Norwest Energy’s Arrowsmith-2 Well Has “Variable” Times FollowingThe Earlier Ground-Breaking Results In September Just one month after it talked about the exciting results for its ground- breaking Arrowsmith -2 well (September 23), ASX-listed Norwest Energy has announced a subsequent much reduced flow rate. The company said in September: “Since recommencing flow back operations on September 18 2013 and following the initial maximum constrained gas flow rate of 3.5 million standard cubic feet a day (mmscf/d), the well has continued to flow gas and unload stimulation fluids to the surface Full story... News: October 28, 2013 Plexus Holdings Delivers Another Record Set Of Results As New Product Developments Signpost Future Growth Specialist wellhead supplier Plexus Holdings has done it again, posting another set of record  results as the industry continues to wake up to the safety advantages of its proprietary technology. The AIM-quoted engineering group reported a near 30 per cent rise in revenues to £25.57 million, with EBITDA up 22 per cent at £7.6 million and post-tax profits up 25 per cent at just over £3 million for the full year ending June 30 2013. Full story... News: October 28, 2013 Kosmos Energy Fast-Tracks Partner Europa Oil & Gas’s Highly Prospective Acreage Offshore Ireland We noted in April, at the time of its farm-out, that Europa Oil & Gas's new partner offshore Ireland had a reputation for working fast.  Six months on from inking the farm-out agreement, which  saw NYSE—quoted Kosmos Energy agree to take on 85 per cent of two licences in the South Porcupine Basin; and just four months since the licensing options were converted into Frontier Exploration Licences, the partners have already starting processing newly acquired 1,500 sq km 3D seismic.  In terms of oil and gas activity, this is lightning fast – and means the partners have completed their minimum work obligations for the first three years within six months. Full story... Market Overview: October 25, 2013 A Mixture Of Cautious Reality About The US And Good News From China Drives Oil Prices Slightly Higher Growth in the global economy drove the oil price this week with a mixture of good news and cautious reality.  The Chinese economy was forging ahead but figures from the US and the Eurozone disappointed the market. In early trading on Friday, Brent crude was priced slightly higher than US$107 with WTI trading above US$97 a barrel. Full story... News: October 24, 2013 As The French Again Reject Fracking, GdF Suez Inks Joint Venture With Dart Energy To Explore The UK's Shale Gas Potential After a torrid few years, which has seen the share price come under pressure and the Board besieged by dissident shareholders seeking their replacement, Australia's Dart Energy had some good news for shareholders on Wednesday.  Shares in the ASX-quoted unconventional gas explorer jumped more than 30 per cent as it announced the farm out of 13 of its 31 UK licences to French utility giant GDF Suez. Full story... Press releases October 31, 2013 - Tethy's Petroleum Tethys Petroleum Limited: Drilling... October 31, 2013 - Iofina Commissioning of IO#3 iodine extraction... October 31, 2013 - Aminex Plc Kiliwani North Update October 31, 2013 - Rialto Energy Ltd Quarterly Cashflow Report  October 31, 2013 - Rialto Energy Ltd Quarterly Activities Report October 31, 2013 - Afren Plc Board Appointment  October 31, 2013 - Trinity Exploration and Production TGAL-1 exploration well commences drilling October 31, 2013 - Afren Plc Interim Management Statement October 31, 2013 - Lekoil OPL310 Drilling Update October 31, 2013 - Global Petroleum Quarterly Report October 31, 2013 - Matra Petroleum Suspension - Matra Petroleum Plc  October 31, 2013 - Ascent Resources Signing of key contracts in Slovenia  October 31, 2013 - Wentworth Resources Completion of Private Placement  October 31, 2013 - Norwest Energy NL Quarterly Activities Report October 31, 2013 - Norwest Energy NL Quarterly Cashflow Report October 31, 2013 - Sefton Resources Trading Statement October 31, 2013 - Rialto Energy Ltd Quarterly Activities Report October 30, 2013 - Ceramic Fuel Cells Quarterly Cashflow Report  October 30, 2013 - Good Energy Planning consent for 8.3MW solar farm in... October 30, 2013 - Oilex Ltd Quarterly Report to Shareholders 30... October 30, 2013 - Genel Energy Interim Management Statement  October 30, 2013 - Aminex Plc Extension of Canyon Oil & Gas Agreement... October 30, 2013 - San Leon Energy Holding(s) in Company  October 30, 2013 - Quadrise Change of Adviser  October 30, 2013 - Aminex Plc Extension of Canyon Oil & Gas Agreement... October 30, 2013 - San Leon Energy Holding(s) in Company October 29, 2013 - Sino Gas & Energy Sino Gas - Supplementary GSA Signed On... October 29, 2013 - Beach Energy ICN: Geoffrey-1 Well Update October 29, 2013 - Beach Energy Quarterly Activities Report October 29, 2013 - Nostra Terra Oil & Gas Company PLC Quarterly Operations and Production Update October 29, 2013 - Dragon Oil Interim Management Statement  October 29, 2013 - Amerisur Resources Platanillo-14 Update  October 29, 2013 - Amerisur Resources Colombia Update  October 29, 2013 - Geopark Holdings Ltd Share Purchase Program October 29, 2013 - Edge Resources Production Update and Revised Banking... October 29, 2013 - Nighthawk Energy plc Farm-Out Agreement  October 29, 2013 - New World Oil & Gas Renewal of Blue Creek PSA, Belize October 29, 2013 - Gulfsands Petroleum Plc Morocco Operations Update October 29, 2013 - Edge Resources Production Update and Revised  October 29, 2013 - Nighthawk Energy plc Farm-Out Agreement October 29, 2013 - Geopark Holdings Ltd Director/PDMR Shareholding October 29, 2013 - Tullow Oil plc Well update, Norway October 28, 2013 - Serica Energy plc Morocco Update October 28, 2013 - San Leon Energy Morocco Update  October 28, 2013 - Tullow Oil plc Kenya Operations Update October 28, 2013 - Oilex Ltd Results of General Meeting - 28 October 2013 October 28, 2013 - Oilex Ltd Cambay Drilling Update  October 28, 2013 - Tangiers Petroleum Ltd Issue of Equity October 28, 2013 - Range Resources Guatemala Update October 28, 2013 - Tangiers Petroleum Ltd Quarterly Report for Period Ending 30... October 28, 2013 - Caracal Energy Filing of Final Base Shelf October 28, 2013 - Oilex Ltd Results of General Meeting - 28 October 2013 October 28, 2013 - Oilex Ltd Cambay Drilling Update October 28, 2013 - Gulfsands Petroleum Plc Morocco Operations Update October 28, 2013 - Gasol plc Draw down US$ 30 million on new Euro... October 28, 2013 - Green Dragon Gas Reserves Update October 28, 2013 - Tullow Oil plc Kenya Operations Update October 28, 2013 - Sterling Energy Plc Farmin to Odewayne Block (Republic of... October 28, 2013 - Wentworth Resources Private Placement of 61,696,024 new Shares... October 28, 2013 - Wentworth Resources Wentworth Resources Limited : Corporate... October 28, 2013 - Wentworth Resources Wentworth Resources Limited : Notification... October 25, 2013 - Tangiers Petroleum Ltd Response to ASX Price Query October 25, 2013 - Good Energy Corporate Bond Issue Update October 25, 2013 - Victoria Oil & Gas Plc Final Results October 25, 2013 - Antrim Energy Inc. Causeway and Cormorant East Fields Resume... October 24, 2013 - Good Energy Corporate Bond Issue Update October 24, 2013 - Alkane Energy Plc Director/PDMR Shareholding  October 24, 2013 - Tullow Oil plc Intention to offer $500m senior notes  October 24, 2013 - Ceramic Fuel Cells Notice of AGM  October 24, 2013 - Europa Oil & Gas Completion of 3D Seismic Offshore Ireland  October 24, 2013 - Sterling Energy Plc Interim Management Statement October 24, 2013 - Heritage Oil Exploration Portfolio in Papua New Guinea October 24, 2013 - Serica Energy plc Posting of Placing and Open Offer Circular Don't forget to visit our other website

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