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Rockhopper Exploration, Max Petroleum, Red Rock Resources,Condor Resources and others feature in Fox-Davies Capital Newsflash

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3Legs Resources plc (LON:3LEG, 230p, ► 0.0%) announced a drilling update.  The Company spudded the Warblino LE-1H well on its Damnica licence, at a location approximately 25 km to the west of its recent Lebien LE-2H horizontal well on the Lebork licence.  The Warblino LE-1H well will be drilled initially as a vertical pilot well to enable detailed core and log analysis of the target lower Palaeozoic shales.  The well will then be plugged back and a lateral horizontal section will be drilled.  The Company is working with the same drilling contractor as for its Lebien LE-2H horizontal well.

Jubilant Energy (LON:JUB,  66.5p, ► 0.0%) announced that it has completed the pilot acquisition of 16 km of seismic data in the Northern Manipur Block. This survey has been acquired, before start of the rains, as part of the first season of seismic survey. This survey has been carried out to gain information on logistics and geophysical parameters in a geographically challenging area, in advance of the main seismic survey of 586 km in both of the blocks (Northern Block 154 km and Southern Block 432 km), which is planned to be acquired in the next dry season post October 2011. The total minimum work programme commitment is for 1000 km for both the blocks, to be completed by November 2014. Jubilant is the operator and holds 100% participating interest in the two Manipur Blocks. These blocks were awarded to the Company under NELP-VIII round and Petroleum Exploratio n Licenses ("PEL") for the same were signed on 15th November 2010.

Rockhopper Exploration plc (BUY, £5.00) (LON:RKH, 227.75p, ▼ 1.94%) announced that the 14/10-6 appraisal well ("the Well") was spudded on 15 July 2011. The Well is situated on Licence PL032, which is 100% owned and operated by Rockhopper, and is the third appraisal well to be drilled on the Sea Lion feature since Rockhopper's oil discovery in May 2010.  The Well is located some 4.1km to the west of the 14/10-2 discovery well, on the western side of the structural low at top reservoir, and 2.3km to the south-west and 14m updip from the 14/10-4 appraisal well. The Well is designed to investigate reservoir and hydrocarbon presence outside what the Company considers the minimum case area. Both Sea Lion Main and Lower fan intervals are targets, with all the Sea Lion Main fan expected to be above the Oil-Water Contact established by the 14/10-4 appraisal well, a nd with reservoir expected to be thinner than encountered in previous wells on the Sea Lion feature. Drilling operations are expected to take approximately 38 days and a further announcement will be made once drilling is completed.

Max Petroleum plc (BUY, £0.50) (LON:MXP, 13p, ▲ 1.96%) announced that it has commenced drilling the UTS-2 appraisal well on the Uytas prospect in Block A. The total depth of the well will be approximately 800 metres, targeting potential Cretaceous, Jurassic and Triassic reservoirs.

Bahamas Petroleum plc (LON:BPC, 13.75p, ▼ 1.79%) announced the results from its recent CPR by Ryder Scott Company, L.P. ("Ryder Scott") which confirms the Company's previous estimates of oil potential. Highlights: Four structures over the Bain, Cooper and Donaldson licences with Unrisked Recoverable Prospective Resources (EUR) in excess of 500 million bbls each at multiple reservoir intervals; Three of the four structures have an unrisked EUR in excess of 1 billion barrels of oil; The EUR have been estimated statistically - and each of the separate intervals are considered to have different risk. However, if the hydrocarbon system is working at each level, the four structures have a summed mean EUR greater than four bboe; The report focused on the Cretaceous interval only. The shallower Tertiary strata and deeper Jurassic pre and post-salt will be evaluated after we have completed our 3D seismic interpretation and; and the report also addresses the Chance of Success by reservoir interval for each structure. The CPR was undertaken following the interpretation of Bahamas Petroleum's recently acquired 2D seismic programme, which allowed for evaluation of trap size and potential reservoir intervals. The 2D seismic defined four fold trends, each with the potential for multiple reservoir intervals.

Roxi Petroleum plc (LON:RXP, 3.88p, ► 0.0%) announced the following update that BNG Ltd LLP (subsidiary operating company of the BNG contract), has received the addendum setting out the extension to the BNG Sub-Surface User Contract till June 2013, from the Ministry of Oil and Gas. This extension is the first of two, 2 year extensions provided for in the terms of the Contract, and is awarded with a work programme of commitment of two wells; one to 2500m and one to 4500m. The company continues the process of ranking and maturing the multiple prospects identified so far, with the aim of scheduling a drilling programme for 2012/13. Work is also under way preparing South Yelemes wells 54 and 805 for Pilot production in the fourth quarter of 2011. The final permits to produce are now be sought by BNG.  The South Yelemes Project provides for two additional appraisal w ells to be drilled on the field during the extension period, prior to full field development.

Nautical Petroleum plc (LON:NPE, 337.50p, ▲ 0.75%) announced the results of an Independent Resource Opinion conducted by Gaffney, Cline & Associates (GCA) on the Kraken discovery located in North Sea Blocks 9/2b (Nautical 50%) and 9/1a (Nautical 100%). GCA have reviewed data and the Company's reservoir simulation studies on the Main Sand Unit of the Heimdal III reservoir in order to provide an independent opinion on the Contingent Resources.  The Heimdal III reservoir is the focus of the proposed first phase of development of Kraken and has been penetrated by the 9/02-1A, 9/02b-2, 9/02b-4 and 9/02b-4z wells.  GCA’s evaluation has estimated 2C contingent resources of 83 MMstb net to Nautical. 

Red Rock Resources plc (LON:RRR, 6.90p, ▼ 1.43%) announced that on 15 July 2011 it entered into agreements with Cornhill Capital Limited to raise funds by the issue of a 24 month secured loan note. The first tranche of the Secured Loan Notes 2013 has now closed, raising £2,000,000 before expenses, with settlement expected shortly. Further tranches up to a total principal amount of £5 million may be issued, at the Company's and Cornhill's discretion, through the period up to 15 January 2012.

Condor Resources Plc (LON:CNR, 6p, ▲ 4.35%) announced results of further diamond core drilling on the Constancia Vein, along strike of the existing Constancia Resource. Since the last update on the 9th May, Condor has drilled a further 28 drill holes for 4,115m bringing the total to 40 drill holes for 5,160m drilled this year. Assay results have been received for a total 26 of the drill holes, accounting for 3,446m of the drilling to date. Best results includes 7.6 m at 1.82 ppm Au, 3.25 m at 1.13 ppm Au, and 1.8 m at 10.8 ppm Au.

Rig Count News: The Baker Hughes Rig Count is a leading key barometer for the oilfield services industry and in particular the drilling contractors. Last week’s data (week ending 15/07/11) remained overall positive for the industry. The U.S. Rig Count is up 18 from the previous week standing at 1905, up 334 year over year with the number of land rigs at 1852. The number of oil rigs was up 6 at 1013, gas rigs were up 12 at 885 with the directional/horizontal rig count 22 at 1,339. The Canadian rig count maintained momentum, up 63 on the previous week and up 29 on a year ago standing at 394.

 

 

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