Oilbarrel Newsletter 6th November 2013

Oilbarrel Weekly Roundup 31st October - 6th November 2013 TXO Joins Our 62nd Conference Giving Us A Very Strong "Card" Written By Stewart Dalby It’s better late than never is an adage I am very happy to embrace when it comes to TXO. The company has signed up to present at our 62nd conference in the last few days before the event takes place on November 7, at The Brewery in Chiswell Street in the heart of the City of London. This gives us a strong “Card” of five oil and gas companies plus, for the first time, a miner. Our last conference in October attracted a varied mix of high net worth individuals, brokers, analysts, fund managers and industry professionals with 220 attendees passing through the doors for the morning event. We at Oilbarrel are looking forward to seeing whether these audience numbers will be exceeded on Thursday because of a greater variety of presenters. TXO has been through various incarnations in recent years. It used to specialise in stripper wells in Texas. Now it is an investment company with a stake in an exploration company, Tasmania Oil & Gas in Australia, a 30 per cent interest in a promising oil recycling project in Freeport, Grand Bahama, as well as an involvement in modest production in Kentucky in the US. The Tasmania project is what you might call a high risk/ high impact scheme. Tasmania Oil & Gas (TOG) holds its stake in the EL14/2009 licence on Tasmania. The permit is being challenged in the courts over various legal issues. These look like being resolved and at the end of the day the property could be material. A CPR on the permit suggested a sizeable gas resource. Senergy gave the permit a Total Mean Recoverable Prospective Resource of 2.7 tcf or 508 million barrels of oil equivalent (boe). Synergy has been due to publish an economic valuation of the permit. This, plus data from a pre-collar well, will help TOG as it seeks to raise funding following a successful outcome to the licence appeal in the courts. For TXO this is an interesting project to have in the portfolio, because it does offer drillbit exposure and material upside in the event of a commercial discovery. Yet the main asset is the company’s 30.17 per cent shareholding in Grand Bahamas Group (GBG) which, through its 100 per cent held subsidiary Morgan Oil Marine (MOM) is developing a waste recycling plant at Freeport, on Grand Bahama. This was to have cost US£3 million on a 3.24 acre plot at the bustling port of Freeport, Recently the plot has been expanded to 5 acres,so will probably cost more. As an interim measure GBG has chartered a barge the “Martha” with a capacity to store one million gallons, to collect crude, petroleum, diesel and ship slops. The idea is generate early revenues while the plant is under construction. Once it is built the plant will collect oil waste for recycling not only from the thousands of ships which visit Freeport each year, but also from ships as they pass by in one of the busiest lanes in the world. While volumes are difficult to predict, agents say that before plans for a bigger plant were announced, there could be, in the first year 17,000 tonnes from contracts as well as 50,000 tonnes from the Freeport shipyard. This will equate to 20 million gallons depending on water content. TXO’s own figures, again before the bigger plant was envisaged, say at the end of “stage one” the forecast annual collection could be 35,000 tonnes giving an EBITDA of US$5.3 million. At the end of what it calls Stages 1 & 2 annual collection could be 70 tonnes with an EBITDA of US$21.8 million These calculations cover a trading period of 2-10 years. GBG has said it will pay out generous dividends to shareholders which, of course, include TXO TXO has a story worth listening to. But so too do the other five companies presenting on Thursday. Do hurry to register for the conference on our website. 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 TXO Plc 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: November 07, 2013 TXO Joins Our 62nd Conference Giving Us A Very Strong "Card" It’s better late than never is an adage I am very happy to embrace when it comes to TXO. The company has signed up to present at our 62nd conference in the last few days before the event takes place on November 7,  at The Brewery in Chiswell Street in the heart of the City of London. Full story... News: November 06, 2013 Lekoil Raises US$100 Million As It Delivers Second Oil Discovery At Ogo, Just Five Months Post-IPO Nigeria may not be the easiest place to do business but, as evidenced by its share price performance since its May 2013 IPO, the markets appear to have confidence in the ability of AIM newcomer Lekoil to deliver returns from its acreage in the oil rich nation. The City's confidence in the company was underpinned last week when the AIM-quoted company raised US$100 million through a placing conducted by Mirabaud Securities.  The equity raise, priced at 55 pence per share, was backed by existing and new institutional and other shareholders through an accelerated book-build to fund work on the Ogo-1 sidetrack, development of the OML113 licence, home to the Aje field, and repayment of a loan to Afren, its partner in the Ogo-1 well. Full story... News: November 05, 2013 Ascent Resources Ascends As It Finally Untangles Contractual Mess To Fire Up Petišovci Tight Gas Project In Slovenia Shares in Ascent Resources gained 10 per cent in morning trading when the AIM-quoted E&P reported that long-awaited signatures on key contracts had at last been secured.  The news will help unlock project financing for the Petišovci gas field in Slovenia, putting the small cap on track for first gas by the end of 2014 Full story... News: November 05, 2013 Edge Resources Celebrates Over Better Than Expected Results From Its Eye Hill East Concession In Canada To say that  Brad Nichol the President & CEO of TSX and AIM-Listed Edge Resources is pleased with the results of his company’s, latest vertical well  in the group’s Eye Hill East concession in Canada is to put it mildly. On October 29 Brad put out a letter to shareholders and others he had been in contact with, saying that, as previously reported, production from the vertical well in Eye Hill East (Asset East) had increased) from 60 to 90 and then to over 100 barrels of oil per day (bopd) with indications that further production increases were possible, as the well was producing on a restricted choke Full story... Features: November 04, 2013 Poweralternatives:Ceramic Fuel Cells Hopes To Confirm Its Micro-Generation Solution Is Gaining Real Market Traction As It Looks To Raise Additional Funding For Sales Push Shares in Ceramic Fuel Cells Limited, which raised £5 million in May through the issue of convertible loan notes and equity, remain under pressure as funding concerns continue to weigh on the AIM- and ASX-quoted clean-tech stock.  The micro-generator developer ended September with £2.5 million in cash and confirmed that, as advised in the annual report, another capital raising will be necessary if it is to meet its sales targets and continue with R&D. Full story... News: November 04, 2013 Nighthawk Energy Attracts Farm-In Partners To Exploit Its Unconventional Oil And Gas Acreage In Colorado Has the management of Nighthawk Energy been reading Oilbarrel? It is entirely possible. When writing about the AIM-listed group last September we said that now the recovery of the group was underway and the company was achieving increased production it could use the positive cash flow to attract farm-in partners. Full story... Press releases November 06, 2013 - Magnolia Petroleum Operations Update  November 06, 2013 - Tangiers Petroleum Ltd Issue of Equity  November 06, 2013 - Oilex Ltd Appendix 3Y  November 06, 2013 - Oilex Ltd Appendix 3B November 06, 2013 - Kea Petroleum Posting of Annual Report and Notice of AGM November 06, 2013 - Max Petroleum Operational update  November 06, 2013 - Geopark Holdings Ltd Share purchase program  November 06, 2013 - Nostra Terra Oil & Gas Company PLC 7th Chisholm Well in Production  November 06, 2013 - Petro Matad Limited Management Changes  November 06, 2013 - Petro Matad Limited Operational Update November 06, 2013 - Wentworth Resources Subscription Period in the Subsequent... November 06, 2013 - Union Jack Oil Plc Hydrocarbon Portfolio Update November 06, 2013 - Egdon Resources Final Results for the Year Ended 31 July 2013 November 05, 2013 - Empyrean Energy Production and Operational Update,... November 05, 2013 - Altona Energy Notice of AGM November 05, 2013 - Tower Resources plc Issue of Equity to P.D.F. Limited  November 05, 2013 - Caza Oil & Gas, Inc CLOSING OF $4,340,000 CONVERTIBLE LOAN  November 05, 2013 - Ceres Power Holdings Grant of Share Options November 05, 2013 - President Energy Appointment of Broker November 04, 2013 - Soco International Operatorship and farm-in in Congo... November 04, 2013 - President Energy Contract with Schlumberger for Paraguay... November 04, 2013 - Tangiers Petroleum Ltd Listed Options Expiry and Issue of... November 04, 2013 - President Energy Contract with Schlumberger for Paraguay... November 04, 2013 - Soco International Operatorship and farm-in in Congo... November 01, 2013 - Pura Vida Pura Vida to Acquire 50% Interest in... November 01, 2013 - Altona Energy First tranche of placing and Directorate... November 01, 2013 - Alkane Energy Plc Change of Nominated Adviser  November 01, 2013 - Range Resources Quarterly Activities Report and Appendix 5B November 01, 2013 - Rockhopper Exploration Total Voting Rights  November 01, 2013 - Urals Energy Operational Update November 01, 2013 - Falcon Oil & Gas Ltd Falcon Oil & Gas Ltd. Announces... November 01, 2013 - Sterling Energy Plc Farm-out of interest in Ambilobe... November 01, 2013 - Gulf Keystone Petroleum Akri-Bijeel Block Declared Commercial  November 01, 2013 - Tullow Oil plc Pricing of $650 million senior notes November 01, 2013 - Tullow Oil plc Total Voting Rights November 01, 2013 - Bowleven Plc Holding(s) in Company November 01, 2013 - Infrastrata plc Notification of Results 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 - Trinity Exploration and Production TGAL-1 exploration well commences drilling October 31, 2013 - Afren Plc Board Appointment  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 - Ascent Resources Signing of key contracts in Slovenia  October 31, 2013 - Matra Petroleum Suspension - Matra Petroleum Plc  October 31, 2013 - Wentworth Resources Completion of Private Placement  October 31, 2013 - Norwest Energy NL Quarterly Cashflow Report October 31, 2013 - Norwest Energy NL Quarterly Activities Report October 31, 2013 - Sefton Resources Trading Statement October 31, 2013 - Rialto Energy Ltd Quarterly Activities Report Don't forget to visit our other website

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