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Melrose Resources,Roxi Petroleum, Kea Petroleum,Goldstone Resources, and others feature in Fox-Davies Capital Newsflash


Borders & Southern Petroleum Plc (BUY, £1.50) (LON:BOR, 58p, ▼ 2.52%) announced its preliminary results for the year to 31 December 2010. Highlights: Signed rig contract for unit Leiv Eiriksson drilling unit; Selected drilling locations on the Darwin and Stebbing prospects; Initiated detailed well designs; Procured long lead items; Advanced logistical planning for operations; Signed rig assignment agreement; and cash balance of $194 million. Technical work on Darwin and Stebbing prospects is complete. The Company’s recoverable resource estimates for Darwin is 300 MMbbl (amplitude anomaly only) or 760 million barrels (down to the structural spill point).  The Company’s recoverable resource estimate for Stebbing is 710 million barrels in the Tertiary alone or 1,280 MMbbl for combined Tertiary and Cretaceous reservoirs.  The Company plans to spud the first well in December this year and believes it has sufficient funds, with contingency, to complete the programme.

Melrose Resources plc (LON:MRS, 245p, ► 0.0%)) issued its Interim Management Statement for the first quarter 2011.  MRS continued to progress its various exploration initiatives, preparing for wells to be drilled in Turkey, Bulgaria and Egypt during 2011 and advancing a number of seismic study programmes.  MRS's production averaged 40.7 Mboepd on a working interest basis. This represents a 7% increase compared with the same period in 2010. The total working interest production volumes were 18.7 Bcf of gas and 440 Mbbl of oil, condensate and LPG. On a net entitlement basis, first quarter production totalled 9.9 Bcf of gas and 190 Mbbl of oil, condensate and LPG giving an average daily rate of 21.0 Mboepd. Total capital expenditure in the first quarter amo unted to $14.0 million, of which $11.8 million was on development and $2.2 million on exploration activities. There have been no major changes in the Company's balance sheet since 31 December 2010 and the net debt at 31 March was $412.8 million with a net debt to equity ratio of 121%.  The Company has recently updated its 2011 production guidance to 40.5 Mboepd on a working interest basis. This equates to 19.9 Mboepd on a net entitlement basis assuming a Brent oil price of $90 per barrel. The 2011 capital expenditure forecast remains at $112 million of which approximately 50% is dedicated to exploration and field development activity. 

Roxi Petroleum (LON:RXP, 3.88p, ▼ 11.43%) announced its preliminary results for the year ended 31 December 2010.  Financial highlights: US$20 million advance received in respect of the US$50 million Galaz farm-out with LGI; US$13 million purchase consideration received from LGI for 40% interest in Galaz LLP; US$8 million short-term convertible loans from Altius repaid without conversion; and US$8 million loan from Kuat Oraziman repaid.  Operational highlights: Extension of license area of Galaz granted; NW Konys (Galaz) license extended of 2 years to May 2013; and nearing completion of interpretation of seismic data collected at the BNG Contract Area.  

Kea Petroleum plc (LON:KEA, 11.5p, ▲ 4.55%) announced that it has signed a Letter of Intent, subject to contract, with Atlas Drilling Co Pty Ltd of Australia for the use of the Atlas Rig #2 to drill the Hoadleys-1 well in licence area ATP 837P in Queensland's Surat Basin. Under the terms of the deal for the Surat Basin licence (previously announced in March) Kea is earning a 50% interest in this licence and will become the licence Operator by part funding Hoadleys-1 and another well. Rig#2 is presently drilling elsewhere, and is expected to arrive at ATP837P in late June, with the Hoadleys-1well expected to be drilled during July. The Company's gross median resource estimate for Hoadleys, in the event of success, at Precipice Sands level near 2000m depth, is around a million barrels of oil, with an upside potential several times larger than this. 3D seismic has also identified a large dip-closed structure at 3000m depth beneath the Hoadleys location, with a gross median resource potential of some tens of BCF of gas in the Permian Kianga F ormation, which is the reservoir in the Cabawin gas field, some 20km north along trend to Hoadleys. Consideration will also be given to drilling this deeper trap after Hoadleys-1 has tested the Precipice Sands

Goldstone Resources (LON:GRL, 9.15p, ▼ 2.36%) Goldstone Resources announced initial results from surface sampling and soil sampling from its Sangola and Manso Amenfi projects in Senegal and Ghana. At Sangola, initial results from surface sampling highlight an eight kilometre prospective corridor for hydrothermal mineralisation. Anomalous gold has also been identified over an interpreted splay off the Main Transcurrent Fault Zone. At Manso Amenfi, multiple gold in soil anomalies which are interpreted to be parallel to the gold-bearing Salman and Ayanfuri structures have been detected.

Spectrum (LON:SPU, NOK12.90, ▲ 12.66%) announced the signing of an Agreement with Seabird (SBX) for the acquisition of 2D seismic data to a minimum value of $23M over 3 years.  Spectrum will purchase vessel capacity from SBX  for worldwide acquisition surveys. 

CGG Veritas (LON:GA, EUR24.185, ▲ 4.79%) announced that it has signed an agreement with PetroVietnam Technical Services Corporation (PTSC) to deliver 2D and 3D marine seismic acquisition services to oil and gas company clients mainly operating in Vietnamese waters and the region. CGG also announced today that it has signed an agreement with PT Elnusa to create a marine joint venture company to deliver 2D and 3D marine seismic acquisition services to oil and gas company clients mainly operating in Indonesia and the Region.


Quick facts: Archer Daniels Midland

Price: 44.39 USD

Market: NYSE
Market Cap: $24.67 billion

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