Interesting news this week. Rose Petroleum (ROSE) announced a new CPR covering around 20% of its 80,000 acre land position in the Paradox Basin, Utah, U.S.A. Gross 2C Contingent resources are 15.61 MMBO and 31.23 BCFG with a net present value to Rose of $122.4 million. By comparison, the current market capitalisation is £4.5 million. Cantor Fitzgerald Europe now have been appointed as financial advisor and joint broker to assist Rose in assessing the potential funding options for the drilling of the first wells.
Echo Energy (ECHO) announced that significant hydrocarbons had been interpreted in its third well, EMS-1001. They're talking about a hydrocarbon column of some 500m. More will be confirmed in due course. SDX Energy (SDX) announced a gas discovery at its SD-4X well in Egypt. Subsequently, SDX released a new presentation which can be found at www.sdxenergy.com/investors-presentation. Savannah Petroleum (SAVP) announced the spud of the Kunama-1 well in Niger, the third in its three well drilling programme.
Cabot Energy (CAB), the old Northern Petroleum, announced that Keith Bush and Nicholas Morgan are leaving. Probably good news for shareholders. Zenith Energy (ZEN) announced a successful fundraising of £2.17 million. The funds will mainly be used to lease a new drilling rig. Highlands Natural Resources (HNR) announced significant flow rates at its Nitrogen project. Not sure why we're covering this, but might as well also mention Solo Oil (SOLO), which announced continued progress being reported by its investee company Helium One Limited, the pure play helium explorer in Tanzania, which now is funded through to drilling which is expected to commence in Q4 2018.
Providence Resources (PVR) announced the commencement of the Newgrange site survey operations two months ahead of schedule. They continue to liaise with interested potential co-venture partners whilst monitoring possible rigs of opportunity which may become available for the exploration venture. Eco (Atlantic) Oil & Gas (ECO) was pleased to note the announcement by ExxonMobil Corporation ("Exxon") in relation to its eighth discovery offshore Guyana which "further demonstrates the world class significance of this region". Meanwhile, processing of ECO's 3D seismic data nears completion. Empyrean Energy (EME) announced that a comprehensive oil migration study encompassing China Block 29/11, for which it holds 100% exploration rights, has now been completed and has established potential oil migration pathways into the Jade, Topaz and Pearl prospects. They claim to have now established excellent drilling targets that are of significant size with relatively low geological risk.
Gulf Keystone Petroleum (GKP) announced that agreement with the Kurdistan Regional Government's Ministry of Natural Resources and MOL Hungarian Oil & Gas plc has been reached in relation to the investment plans to increase gross production capacity to 55,000 barrels of oil per day in the next 12 to 18 months. GKP will provide an update on the details of the investment plans for the 75,000 bopd and up to 110,000 bopd phases when finalised. Finally, President Energy (PPC) announced that its Puesto Flores oil field production has surpassed 2,000 barrels of oil per day, an increase of over 50% in the nine months since the acquisition of the Concession. The success achieved so far is demonstrated by the fact that one of the wells has seen production increases which will achieve payback on the investment in under 30 days.
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The author holds one or more investments in one or more of the companies mentioned so this post cannot be viewed as independent research. This post does not constitute investment advice or a recommendation to buy or sell and may be incorrect or outdated.