New City Energy Share Discussion Threads

[energiser01] 14/3/2012 10:58

Update NCE Facts

Finally Coastal Energy rewarded with No.1 Holdings slot. End of Jan % for info in brackets

1) Coastal 9% (8.2% at 2)
2) Coalspur 8% (9.7% at 1)
3) Crescent Point 5.9% (6.1% at 3)
4) Baytex Energy 3.6% (3.8% at 5)
5) Rockhopper Exp 3.5% new

Total 30% (prev top 5 accounted for 31.7%)

Rockgate was at 4 last month at 3.9%

83 Holdings down fom 85 last month (Jan 31th)

dyor etc..

[energiser01] 13/3/2012 16:38

Victoria Oil & Gas on a roll today up 17%, is it a blip or part of sustained rerating.

courtesy of maxm4n on VOG thraed



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[energiser01] 13/3/2012 11:24

Update Rialto

Full rel @

Spudding of Gazelle-P3 well
Rialto Energy Limited (ASX: RIA), the exploration, appraisal and development company with operated assets offshore Cote D'Ivoire, West Africa, is pleased to announce the commencement of drilling of the Gazelle-P3 production well on the CI-202 block. Rialto is Operator of the Block with an 85% working
interest.
The Gazelle-P3 well was spudded on 12thMarch 2012 using the Transocean GSF Monitor jack-up drilling rig. The well is planned to be drilled to a total depth (TD) of approximately 3400 mMDRT (-2926 mTVDSS) and is expected to take around 60-70 days to drill and test. The well is the first of an overall
three well drilling programme on CI-202 that is anticipated to take six months to complete, together with testing.
The Gazelle-P3 well, which will be drilled from the Gazelle subsea template, is designed to be drilled as a deviated hole and will target already tested sands over the Upper Cenomanian reservoirs and will be deepened to test a combination structural / stratigraphic trap in the Lower Cenomanian that have
never been drilled before. The well is situated on the northern flank of the Gazelle structure (Figure 1).
The Gazelle field is located approximately 43 km south-west of Abidjan.

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[energiser01] 08/3/2012 16:20

Update Trap Oil (inc Valiant pet) both of which were small trust holdings in sep 2011.

Valiant also hhave release out, they say 35 to 45 days to drill.

Update re Orchid Well


Trapoil (AIM: TRAP), the independent oil and gas exploration and appraisal company focused on the UK Continental Shelf ("UKCS") region of the North Sea, is pleased to announce that operations have commenced on the Orchid exploration prospect (Trapoil 15% interest, of which 5% is carried and 10% is paying) located in Block 29/1c of the UK Central North Sea, within exploration licence P.1556 ("Orchid"). Orchid is a dual target, four-way dip closure at the Tertiary and Chalk level with best estimate gross prospective resources for the entire prospect of approximately 38 million barrels of oil equivalent ("mmboe") (5.7mmboe net to Trapoil) (unaudited estimate by Trapoil's management). The well is being drilled by the Sedco 711 semi-submersible rig and well operations are currently estimated to last 33 days in the dry hole case. The well will be drilled to an estimated total depth of 9,415 feet Measured Depth Below Rotary Table ("MDBRT") or 8,700 feet True Vertical Depth Sub Sea ("TVDSS").

The partners in exploration licence P.1556 are Summit Petroleum Limited (45%, operator), Valiant Exploration Limited (30%), Atlantic Petroleum UK Limited (10%) and Trapoil (15%).


Orchid marks the start of Trapoil's 2012 exploration programme which it is currently intended will include the drilling of up to a total of seven wells targeting total best estimate net risked prospective resources of approximately 14.3mmboe (unaudited estimate by Trapoil's management).Trapoil is being carried for the majority of these wells and anticipates contributing funds to only one other well in this planned drilling programme.


Martin David, Technical Director of the Company, has reviewed and approved the technical information contained within this announcement in his capacity as a qualified person under the AIM Rules. Mr David holds a BSc degree in Geology from the University of London and has over 37 years' experience in the oil industry.

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[energiser01] 08/3/2012 10:54

Update Zhaikmunai (1.55% of NAV in Sep 2011)

SP has been increasing consistently from low in $8 (blip to sub 7 in Oct) to around $12 today

From Jan 16th announcement below, should be getting update before end of March12 on progress and throughput.....

Full rel @

Oil Treatment Facility (OTF) production will equally be maximised to reach its peak level of 8,000 bbl per day in the course of Q1/2012 resulting in a total production of 48,000 boepd. This will follow the planned March 2012 connection of two more oil wells, Well # 24 and Well # 116. Both wells are currently being drilled, tested and completed.

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[energiser01] 08/3/2012 08:36

Update Peyto Explo & dev (1.98% ov NAV in sep 2011)

Full realease @


Peyto Exploration & Development Corp. Announces Record Year
CALGARY, ALBERTA--(Marketwire - March 7, 2012) - Peyto Exploration & Development Corp. (TSX:PEY) ("Peyto" or the "Company") is pleased to report operating and financial results for the fourth quarter and 2011 fiscal year. Peyto grew production per share and reserves per share to record levels in 2011 while delivering a 74% operating margin(1), 30% profit margin(2), 11% return on capital and 14% return on equity. Highlights for 2011 include:


-- Production per share up 35%. Annual production increased 49% from 142
MMCFe/d (23,728 boe/d) in 2010 to 213 MMCFe/d (35,465 boe/d) in 2011.
-- Reserves per share up 19%. Proved Producing ("PP"), Total Proved ("TP")
and Proved plus Probable Additional ("P+P") reserves increased 15%, 25%,
and 24% (11%, 20%, and 19% per share) to 0.8, 1.4, and 1.9 TCFe,
respectively.
-- Funds from Operations per share up 22%. Generated $315 million in Funds
from Operations ("FFO") in 2011, or $2.36/share, up from $1.94/share in
2010.
-- NAV per share up 9%. Net Asset Value or the Net Present Value per share,
debt adjusted (discounted at 5%) of the Proved plus Probable Additional
assets grew to $36/share in 2011 from $33/share in 2010.
-- FD&A half the field netback. All in FD&A cost for PP, TP and P+P
reserves was $2.12/MCFe ($12.73/boe), $2.13/MCFe and $1.90/MCFe,
respectively including changes in Future Development Capital ("FDC"),
while the average field netback was $3.98/MCFe ($23.88/boe).
-- Capital investments up 43%. Invested $379 million to build a record 130
MMCFe/d (21,700 boe/d) of new production during the year at a cost of
$17,500/boe/d.
-- Maintained $2/boe operating costs. Industry leading operating costs were
again $0.35/MCFe in 2011.
-- Net Debt to FFO down 13%. The ratio of net debt to Funds from Operations
dropped from 1.7 in 2010 to 1.5 in 2011. Net debt at year end 2011 was
$465 million.
-- Dividends of $0.72/share. A total of $96 million in dividends were paid
to shareholders. Cumulative dividend and distribution payments to date
total $1.2 Billion ($11.59/share).

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[energiser01] 07/3/2012 09:22

update Rialto.

Set up for very interesting year.

Nigeria due to spud today.
Ghana looking like very promising exploration (subject to assignment approvals etc.....)

Full presentation download @

Rialto is a West African focused emerging E&P company
• Post equity raising and IFC investment market capitalisation of ~A$200 million
• Enterprise value of A$71 million leading into drilling campaign
• Funded 3 well drilling campaign expected to commence in February
• The Company intends to list on AIM by the end of Q1, CY121
GAZELLE
DEVELOPMENT
ADDITIONAL
DISCOVERIES &
PROSPECTS
OTHER
PROJECTS
Cote d'Ivoire, 85% operated offshore Block CI-202, moving into development:
• Two development wells targeting Gazelle Field 2C Contingent Resource of 13 mmbbls
& 252 bcf in addition to the Condor prospect – 750 bcf mean Prospective Resource
• Targeting first oil and gas production by end of 2013
• Government approved Field Development Plan at Gazelle
• Gas Sales memorandum of understanding with Government of Cote d'Ivoire
• US$20 million IFC proposed equity investment demonstrates project viability
Gazelle Field Development will facilitate future tie back of:
• Additional three CI-202 discoveries with Contingent Resource of 36 mmbbls & 130 Bcf
• Exploration portfolio of 14 identified prospects with total mean Prospective Resources
of 511 mmbbls & ~1.8 tcf. New block-wide 3D to lower risk and rank portfolio
• Chouette Prospect to be drilled as part of the Q1 3-well programme (84 mmbbls & 42
bcf)
Additional exploration projects located in:
• Ghana: offshore Accra Block 2
• Australia: offshore WA-399-P
(1) Any capital raised as part of the AIM listing will be for compliance purposes only in order to satisfy working capital requirements
(2) Rialto has been awaiting GNPC and Ministerial approval for assignment of 18% working interest to Rialto, there are no guarantees
that such assignment will be granted, and if not granted, Rialto will not have any entitlement.

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[energiser01] 06/3/2012 21:59

Update TAG Oil : a smaller NCE holding in sept 2011.

Up from Can $5 in Dec to approx $9 today. One to watch, with recent sucesses and strong pipeline of drilling coming up.

Full Release @

TAG's Cheal-B7 Well Flows More Than 1,100 Barrels of Oil Per Day
VANCOUVER, March 5, 2012 /PRNewswire/ - TAG Oil Ltd. (TSX: TAO and OTCQX: TAOIF), is pleased to report that TAG's Cheal-B7 discovery well has been flow tested and is naturally flowing at an average rate of more than 1,100 barrels of light oil per day plus associated gas. The Cheal-B7 well is located within TAG's 100%-owned Cheal oil and gas field, located in Petroleum Mining Permit 38156 in the Taranaki Basin of New Zealand.

The Cheal-B7 well was drilled to a total depth of approximately 2,100 meters and encountered a total of 18 meters of high-quality oil-and-gas bearing sands within the targeted Urenui and Mt. Messenger Formations, located to the northeast and up-dip of TAG's recent Cheal-B5 oil well discovery.

With the Cheal-B7 well, TAG is currently producing more than 4,000 BOE's per day with light oil contributing approximately 70% to that daily production figure. In addition, TAG has another 3,500 BOE's per day of production, which is drilled and sitting behind pipe awaiting the expansion of the Company's infrastructure, which will allow this "behind pipe" production to be brought onstream.

These production figures do not include any production arising from the successful drilling of the Cheal-B6, Cheal-A9 and Cheal-A10 wells, which are currently being production tested. The Cheal-B6 well encountered 14 meters of oil-and-gas bearing sands within the Urenui and Mt. Messenger Formations while the Cheal-A9 and Cheal-A10 wells encountered 10.5 meters of net pay and 13 meters of net pay respectively within the targeted Urenui Formation.

TAG CEO Garth Johnson commented, "TAG's Taranaki drilling continues to achieve very significant results, which now stands at 14 consecutive successful wells. The Cheal-B6, A9 and A10 wells will be tested over the next few weeks, and with another 10-wells planned in Taranaki this year, along with workovers to certain existing wells, we will continue to build our reserve base and oil and gas production. In order to facilitate the anticipated new oil and gas production, further expansion to the Cheal Production Facility, is now underway, which will ensure that all current and future Cheal wells can be produced concurrently."


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[energiser01] 05/3/2012 13:33

Update vermillion - Strong set of results for 2011.

Full Release @

Some of the key items.

Vermilion Energy Inc. Announces Year End 2011 Operating and Financial Results
CALGARY, March 5, 2012 /CNW/ - Vermilion Energy Inc. ("Vermilion" or the "Company") (TSX - VET) is pleased to report interim operating and unaudited financial results for the year ended December 31, 2011.


HIGHLIGHTS

Achieved 10% growth in full year average production to 35,202 boe/d in 2011 as compared to 32,132 boe/d in 2010. Fourth quarter of 2011 production averaged 36,654 boe/d, an increase of 4% and 6% as compared to 35,302 boe/d in the fourth quarter of 2010 and 34,676 boe/d in the third quarter of 2011, respectively. The growth in fourth quarter of 2011 production was attributable to the strong performance of the Company's Cardium light oil program in Canada.


Generated a significant 33% increase in fund flows from operations to $474.3 million ($5.22 per share) for the full year 2011, as compared to $357.5 million ($4.05 per share) in 2010. Fund flows from operations for fourth quarter of 2011 of $136.9 million ($1.46 per share) were higher as compared to $98.2 million ($1.11 per share) in the fourth quarter of 2010 and $116.4 million ($1.29 per share) in the third quarter of 2011, respectively. The growth in fund flows from operations in 2011 was attributable to Vermilion's strong growth in average production volumes during 2011, in addition to the Company's significant exposure (46%) to Dated Brent crude, which averaged a $16.15 premium to West Texas Intermediate during 2011, and the Company's high netback natural gas production in the Netherlands (16%) which received an average price of $9.59 per mcf in 2011. With the addition of Vermilion's Cardium related production, which is priced against West Texas Intermediate, the Company's consolidated production volumes for 2011 were approximately 80% weighted to crude oil pricing.


Significantly grew production in the Company's Cardium light oil play in Western Canada and continued with the long-term development of the assets. Vermilion increased Cardium related production by more than 260% from an average of approximately 1,000 boe/d in 2010 to more than 3,800 boe/d in 2011 and exited 2011 with Cardium related production in excess of 6,000 boe/d. Vermilion participated in the drilling of 48.9 net Cardium wells in 2011 and completed the development and commissioning of a 15,000 bbls/d oil battery to accommodate full field development of the play.


Subsequent to year end 2011, Vermilion acquired certain working interests in six producing fields located in the Paris and Aquitaine basins in France. The assets are expected to average approximately 2,200 boe/d of production in 2012, weighted 86% to high quality Dated Brent based crude, and add an estimated 6.7(1) million boe of proved plus probable reserves (96% crude oil). Taking into consideration an effective date of January 1, 2011 and customary closing adjustments, Vermilion paid approximately $107 million cash at closing of the acquisition reflecting a cash cost of approximately $48,600 per flowing boe and $16.00 per boe of proved plus probable reserves as evaluated by GLJ and effective December 31, 2011.

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[energiser01] 05/3/2012 11:37

Update on Coalspur

Full Presentation @

Worth a read, good reminder of just how important and big this is going to be....expect news on off-take/investment agreements over the coming months.

VISTA COAL PROJECT
February 2012
Gene Wusaty – Managing Director & CEO
POSITIONED TO BECOME THE LARGEST COAL MINE IN CANADA

Forecast marketable coal production capacity of 11.2Mtpa

313Mt Saleable Coal Reserves

Port agreement to ship up to 8.5Mtpa up to 21 years with Ridley Terminals

MOU with CN to rail up to 11.2Mtpa to Ridley Terminals and other deepwater
2
Proven Management
Team and Board
ports on Canada's west coast

Located in Alberta, Canada (Best Global Mining Jurisdiction – 2010/2011
Fraser Institute Report)

Alternative supplier of export thermal coal to Asian Pacific economies

Experienced management team with demonstrated track record of success in
constructing and operating mining projects

Board of Directors with extensive operational and capital markets experience

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[energiser01] 02/3/2012 12:27

Neon Energy

Up in Aus overnight 5.8%

Will be Added to S&P/ASX300 index after close on 16th March.

Likewise a number of otherNCE holdings are also being added to various index's.

In Neon's case we could be due confirmation on the Vietnam Farmout - Orignal details from 19th jan in release below.



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[energiser01] 01/3/2012 15:28

FYI

Have just recd email from NCIM with attached Shares Magazine article for NCE.
Article is titled "Fields of Dreams * Energise portfolio profits through New City Energy's oil, gas, coal and uranium picks"

Presume its for the latest edition (April), so I won't reproduce here as i'm sure there's copyright issues etc...

Article is based on a meeting last week between Shares Magazine's James Crux with NCE's Senior Fund Manager Will Smith.

No major new news for regular followers of NCE, but an interesting read never the less and more importantly the publicity may attract new investors and help close the share price to NAV gap.....

If others are interested best to contact Toni Wall at NCIM ([e-mail]) to go on dist list.

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[marab] 28/2/2012 15:37

ADVFN sticking again

[marab] 28/2/2012 15:37

Nice spread of companies here though, so hopefully all the good news so far will cover any future bad news.

[marab] 28/2/2012 15:37

ADVFN sticking again

[energiser01] 28/2/2012 14:55

Marab, yes could be a very interesting year for NCE (barring major financial melt downs, wars etc......)

Should be expectng news soon for another of the smaller holdings (0.6% NAV in sept 2011). They say themselves "A successful well would have a significant impact on the Company." likewise if it fails.....of course!


ENTERPRISE SPUDS MONTANA BAKKEN/THREE FORKS WELL

--------------------------------------------------------------------------------

Enterprise Energy Resources Ltd. ("Enterprise" or the "Company", TSX.V - EER) is pleased to announce that it has spudded its first well, Archer #1, in Sheridan County, Montana. Enterprise holds a 100% working interest in approximately 30,000 net acres (47 net sections), subject to a 10% back-in right.

The Archer #1 well is located on the northern edge of Enterprise's land package and lies about 40km (25 miles) south west of several successful Bakken wells drilled recently in Montana by one of the area's major operators. The well will evaluate the oil potential of the underlying formations, including the thick Bakken and Three Forks formations within the Williston Basin in North Eastern Montana.

The Archer #1 well, with a TVD of 2,470 m (8,100 ft), is anticipated to take about 14 days to drill, evaluate and case at an estimated cost of approximately US$1.1MM.

"With the rapid north western migration of the productive Bakken and Three Forks play, we anticipate that this well will demonstrate similar positive prospectivity over Enterprise's land holdings. Historical wells in this area have encountered both horizons and there is current local production from deeper zones. Core taken from the well will be evaluated for potential future well stimulation." commented Geoff Carrington, President & CEO of Enterprise. "A successful well would have a significant impact on the Company."

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[marab] 28/2/2012 12:15

energiser01 - bit more interest in the subs too. It's no wonder the NAV is going up with all the news you have been posting here it looks like New City could be one of the bigger success stories of 2012. Don't know where you find the time to keep track of this lot but the effort is much appreciated by us lazier mortals.

[energiser01] 28/2/2012 11:43

NAV up a further 4p on last week.

NEW CITY ENERGY LIMITED

Date of Announcement: 28 February 2012

Net Asset Value per share as at 24 February 2012

The unaudited net asset value (NAV) of the company is noted below in pence per share.
New City Energy Limited
Pence per share 76p

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[energiser01] 27/2/2012 14:26

Update - Pacific Rubiales owns approx 4.5% of Petromagalena since Jan 2012



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[energiser01] 27/2/2012 14:15

Update - Gran Tierra (around 2.8 to 3% of NAV estimated only)

Good figures and position going into this year....

release @

Gran Tierra Energy Announces Fourth Quarter and 2011 Year-End Results
Company Reports Record Levels of Proved Reserves, Production Volumes, and Revenues

CALGARY, Feb. 27, 2012 /PRNewswire/ - Gran Tierra Energy Inc. ("Gran Tierra Energy") (NYSE Amex: GTE, TSX: GTE), a company focused on oil exploration and production in South America, today announced financial and operating results for the quarter and year ended December 31, 2011. All dollar amounts are in United States dollars unless otherwise indicated.

Financial and operating highlights for the year include:

In 2011, oil and natural gas production net after royalty ("NAR") and inventory adjustments averaged 17,408 barrels of oil equivalent per day ("BOEPD"), an increase of 20% over 2010;
Estimated proved oil and natural gas liquids ("NGL") reserves, NAR, as at December 31, 2011, were 30.9 million barrels ("MMbbl"), a 31% increase from Gran Tierra Energy's estimated proved reserves as at December 31, 2010;
Estimated proved gas reserves, NAR, as at December 31, 2011, were 18.3 billion cubic feet ("Bcf") compared with 1.2 Bcf as at December 31, 2010;
Revenue and other income increased by 60% to $597.4 million in 2011 compared with $374.5 million in 2010;
Net income grew by 241% from the prior year to $126.9 million, representing basic net income per share of $0.46 and diluted net income per share of $0.45. This compares with net income of $37.2 million, or $0.15 per share basic and $0.14 per share diluted, in 2010;
Funds flow from operations increased 57% to $319.0 million in 2011 from $203.1 million in 2010;
Cash and cash equivalents was $351.7 million as at December 31, 2011 compared to $355.4 million as at December 31, 2010;
Completed the acquisition of Petrolifera Petroleum Limited ("Petrolifera") on March 18, 2011;
Commenced production from the Moqueta field in Colombia in June of 2011 and successfully drilled three additional appraisal wells;
Discovered oil on the Rinconada Norte Block in Argentina with the RN x-1004 exploration well and made a second oil discovery on the Garibay Block in Colombia with the Melero-1 exploration well;
Stabilized production from the Puesto Morales Block in Argentina and drilled two new development wells on the Puesto Morales Este Block;
Announced two farm-in agreements with Statoil do Brasil Ltda. ("Statoil"). Statoil is a partner in a joint venture with PetróleoBrasileiro S.A. in the two blocks in Brazil's deepwater offshore Camamu-Almada Basin; and
Expanded Gran Tierra Energy's partnership with Compania Espanola de Petroleos, S.A.U. ("CEPSA") with two farm-in agreements, adding new exploration acreage in the Llanos Basin.
"2011 was another year of success strategically, operationally and financially. Strategically, we added new exploration acreage and drilling prospects to the portfolio in all four countries of operations, and established partnerships with strategic players in the region. Operationally, we attained record levels of production and reserves through a combination of superior reservoir management of existing reserves, appraisal success of recent exploration discoveries, and the acquisition of Petrolifera. Financially, revenues, net income and funds flow from operations reached record levels due to record production levels and robust oil markets," said Dana Coffield, President and CEO of Gran Tierra Energy. "Although we had a number of exploration disappointments last year, this year is starting with positive indications at Ramiriqui-1 in Colombia, and we have several other very exciting exploration wells to be drilled this year in Peru and Brazil. As before, our balance sheet remains strong, with our 2012 capital program expected to be funded out of cash flow and cash at current oil prices, as we diligently execute on the continued growth of Gran Tierra Energy."

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[energiser01] 27/2/2012 12:13

Coastal Update - Broker Update courtesy of Buffin on the CEO thread...



Coastal Energy Company
Oil Production Well Ahead Of Estimates, 250
MMBbls OOIP Prospect Set To Spud

Interesting Para -

Bua Ban South

The rig is on site at Bua Ban South and drilling of the first of four appraisal wells will commence shortly. We expect results from the first well within approximately two weeks.

Oil Production Well Ahead Of Estimates, 250 MMBbls OOIP Prospect Set To Spud - February 23, 2012 4 Bua Ban South is situated in a Miocene graben, similar to Bua Ban North. Two wells were previously drilled down structure on the Bua Ban South prospect and encountered Miocene pay. Both wells have produced oil at the northern, downdip, edge of the Bua Ban South. The existence of producible Miocene oil downdip of the main Bua Ban South structure greatly reduces the risk associated with this prospect.

The company has remapped the Bua Ban South prospect and sees two principal
reservoir targets, the Miocene M50 and M100 sands. The wells will be drilled to
the Eocene Formation to evaluate all potential reservoir sands beneath the
principal targets. New mapping suggests that the volumetric OOIP at Bua Ban
South in the M50 and M100 sands is ~248 MMBbls. Management estimates that
74 MMBbls of the OOIP could be recovered.

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[energiser01] 27/2/2012 12:00

FAR - Up a further 15% overnight in AUS. (up 21% Friday)

90+ million shares trades.

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[energiser01] 27/2/2012 11:57

Update Provence Resources - a small 1.18% of NAV holding in Sep 2011.

Currently up 20% to 350p in London trading

BARRYROE APPRAISAL WELL
OPERATIONAL UPDATE
 DRILLING ACTIVITIES SUCCESSFULLY COMPLETED
o PRIMARY BASAL SANDSTONE RESERVOIR PACKAGE ENCOUNTERED
 EXTENSIVE FORMATION EVALUATION PROGRAMME CARRIED OUT
o LOG AND CORE DATA CONFIRM PRIMARY BASAL SANDS AS BEING HYDROCARBON BEARING
o OIL PRESSURE GRADIENT CONSISTENT WITH A C. 40o API CRUDE
o PRESSURE ANALYSIS INDICATES POTENTIAL FOR SIGNIFICANT HYDROCARBON COLUMN
 OPERATIONS FOR WELL FLOW TESTING HAVE NOW COMMENCED
o PROGRAMME EXPECTED TO TAKE UP TO 10 DAYS TO COMPLETE
Providence Resources P.l.c., („Providence‟) the London (AIM) and Dublin (ESM) quoted oil and gas exploration and production company, is pleased to provide an operational update on its ongoing well operations in the North Celtic Sea Basin, offshore southern Ireland. The 48/24-10z Barryroe appraisal well is located in c. 100 metre water depth, c. 50 kilometres offshore Ireland in Standard Exploration Licence (SEL) 1/11 in the North Celtic Sea Basin. Providence (80%) operates SEL 1/11 on behalf of its partner Lansdowne Oil & Gas plc (20%).
DRILLING ACTIVITIES SUCCESSFULLY COMPLETED
The 48/24-10z Barryroe appraisal well was drilled to a final total depth of 7,550‟ TVDSS and encountered the primary basal sandstone reservoir interval within the pre-drill depth prognosis. Reservoir development within this sand package is better than expected, with very good correlation of the overall sand packages with the offset 48/24-3 well.
EXTENSIVE FORMATION EVALUATION PROGRAMME CARRIED OUT
Indications of hydrocarbons were seen whilst drilling, and the subsequent results from wire-line logging have confirmed the presence of 41ft. of net pay (averaging 15% porosity and 87% hydrocarbon saturation), with no indication of a hydrocarbon water contact. Pressure data over this interval have revealed the presence of both oil and gas bearing zones, with the oil gradient being consistent to that of a light c. 40o API crude. A number of in-situ reservoir oil samples have been recovered and have been transported to the UK for further detailed laboratory analysis.
Preliminary pressure gradient analysis indicates that the basal sandstone could have the potential for an oil-water contact to be significantly down-dip from the current well location. It is notable that this basal sandstone package can be regionally correlated to the previous wells drilled on the Barryroe licence area, including the 48/23-1 well which was drilled by a previous operator some 20 kilometres to the west of the 48/24-10z well.
OPERATIONS FOR WELL FLOW TESTING HAVE NOW COMMENCED
With drilling operations now completed, and with all the wire-line logging data and side walls cores now in hand, the operations phase now moves to the well flow testing programme. The forward plan is to set a production liner, prior to flow testing the well over a number of days. The overall programme is expected to take up to c. 10 days to complete.
Commenting on the announcement, Mr. John O‟Sullivan, Technical Director said:
"The confirmation of high quality light oil within a porous and potentially laterally extensive sandstone system is extremely encouraging. The comprehensive newly acquired well data are already providing key insights into the hydrocarbon resource potential of this system. These sands, which appear to have an intact overlying pressure seal, sit directly on a proven mature and oil prone source rock and therefore open the route to significant resource volumes within the Barryoe licence area. We look forward to materially progressing the Barryroe project on foot of a successful outcome to our imminent well testing programme."

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[energiser01] 27/2/2012 11:48

Update Coalspur - up slightly overnight in Aus. Has dropped recently back high of 1.86 to around 1.53 level.

This should enable a lot of activities in 2012 now, to support bringing this project to realisation and its full value in coming years.

COALSPUR ENTERS INTO C$70 MILLION FACILITY AGREEMENT
Highlights:
 Entered into an agreement with the Highland Park Group that provides Coalspur with a loan facility of C$70 million
 Following the closing of the Facility Agreement, Coalspur will have access to approximately C$100 million in cash and available credit
 Facility Agreement will provide the Company with the capital resources to commence detailed engineering on Vista and pursue business development opportunities
CALGARY, Alberta: Coalspur Mines Limited ("Coalspur" or "Company") (ASX: CPL, TSX: CPT) is pleased to announce that it has entered into a binding agreement with the Highland Park Group for a C$70 million loan facility ("Facility Agreement"). The purpose of the Facility Agreement is to provide the Company with substantial capital resources to commence detailed engineering on its flagship Vista Coal Project ("Vista") and pursue further business development opportunities.
Commenting on the agreement, Managing Director and CEO, Gene Wusaty said "We are extremely happy to have concluded this agreement in the current market. The Facility Agreement will significantly strengthen the Company's financial position as we will have access to approximately C$100 million in cash and credit lines. The Company is now positioned to fund all anticipated activities at Vista through to the start of construction in early 2013. We expect these activities to have a positive impact on shareholder value during 2012. The agreement underlines the Highland Park Group's commitment to the Company and provides Coalspur with significant flexibility to assemble an optimal funding solution for the remaining capital requirements of Vista."
Coalspur anticipates that detailed engineering on Vista will commence in the coming weeks with completion scheduled for early 2013. In addition, Coalspur is focused on several additional initiatives as it prepares for construction on Vista. These initiatives include progressing project financing discussions with potential off-take partners, evaluating the utilization of a mining contractor and submitting the final regulatory applications required to begin construction.
The Facility Agreement will be subject to the necessary shareholder and TSX approvals.

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[energiser01] 27/2/2012 11:40

Update Rialto

up 3.7% overnight in AUS

CI-202 Drilling Program Update
Drilling Rig Mobilised to Site
Rialto Energy Limited (ASX: RIA), the exploration, appraisal and development company with operated assets offshore Cote D'Ivoire, is pleased to advise that the Transocean GSF Monitor drilling rig has today been released to Rialto. The rig will now be towed from Nigeria to Cote d'Ivoire and is scheduled to arrive on location in Block CI-202 before the end of February 2012. The Company anticipates that, subject to successful rig jack-up procedures, the spud of the Gazelle-P3 well and commencement of drilling operations is expected before mid March 2012. The Gazelle-P3 well will be the first of Rialto's scheduled three well drilling programme for Block CI-202 using the GSF Monitor jack up drilling rig. Gazelle-P3 is expected to take around 60-70 days to drill and test, with the overall three well drilling program anticipated to take approximately six months to complete, together with testing.

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