News


March 17, 2014

Funding & Operations Update

Highlights

  • $6.7 million fundraising consisting of
    • $5.2 million new equity issue at 5 pence per share
    • $1.5 million in debt
  • Production higher at 2,400 bopd, reflecting improved well performance
  • Licence 61 farmout confirmatory due diligence and legals progressing well; completion anticipated in coming weeks

January 16, 2014

Operations Update

Highlights

  • Delineation drilling results at Lineynoye No. 9 indicate the J1-1 interval is oil saturated and in line with expectations.
  • Average Production remains at about 2,300 bopd, with additional workovers planned.
  • Farmout negotiations well advanced with an international oil company.

December 3, 2013

Operations update

Highlights

  • Drilling operations re-commenced
  • Production currently 2,300 bopd, workovers planned once winter roads available
  • Continued progress on re-financing as discussions widen to include additional parties

September 30, 2013

Interim Results for the Half Year Ended 30 June 2013

Highlights:

· H1 production of 445,949 barrels of oil for the period – average of 2,464 bopd

· Encouraging further progress on financing

· Current group production 2,500 bopd

September 11, 2013

Operations update

Highlights

  • Production steady at 2,500 bopd
  • Beginning to see positive impact of pressure maintenance at Arbuzovskoye
  • Strong realised oil prices
  • Encouraging progress on financing

June 28, 2013

2012 Final results and operations update

2012 Final results and annual report published

June 2013 Operations Update

• Current total production steady at 2,600 bopd
• Water injection commenced at Arbuzovskoye oil field
• Monthly repayments to Macquarie commenced
• Farmout and refinancing discussions ongoing


March 21, 2013

Operations update

Highlights:

  • Arbuzovskoye well 105 successfully completed
    • Initial oil flow rate of 160 bopd, with no water production
  • Successful workover restores production at Arbuzovskoye well 102 to 380 bopd
  • Recent pressure testing of two Arbuzovskoye wells shows normal pressure decline
  • Arbuzovskoye water source well completed, planned pressure maintenance to commence shortly
  • Timing and location of future Arbuzovskoye wells to be determined by response to pressure maintenance programme
  • Total production increased to 2,800 bopd

February 8, 2013

Operations update

· Arbuzovskoye well 112 successfully completed

· No water production associated with the well

· Initial oil flow rate of 140 bopd, well presently shut-in for pressure build up testing

· Well 105 currently drilling ahead

· Production from two Arbuzovskoye wells temporarily reduced by c300 bopd due to mechanical issues; expected to be fixable by workover or pressure maintenance

· Total production running at 2,600 bopd; excludes 400+ bopd potential from well 112 and the two mechanically reduced Arbuzovskoye wells

December 18, 2012

Operations update

· Arbuzovskoye well 111 successfully completed and put into production

· Initial oil flow rate of 150 bopd

· No water production associated with the well

· Well 112 currently drilling ahead targeting highest flow eastern side of field

· Total production running at 2,800 bopd with 3 producing wells off line for remedial work on pumps

November 23, 2012

Operations update

Highlights:

· Arbuzovskoye well 109 successfully completed and put into production

· The well is just beginning to stabilise after experiencing flow line problems caused by the very cold weather. We expect the initial flow rate of 100 bopd to increase somewhat

· There is no water production associated with the well

· Arbuzovskoye well 111 drilling ahead

· Group production is currently 2,500 bopd; however, 4 production wells are currently off line for remedial work on pumps

· The 4 off line wells plus well 111 are expected to be all on line by year end.

October 26, 2012

EGM Notice and Circular

Further to the press release of 25 October 2012, the Circular to convene an EGM to approve, amongst other things, the second tranche of the placing was recently posted to Shareholders. The EGM will be held at 11.00 am on Monday 19 November 2012 at the Herbert Park Hotel, Ballsbridge, Dublin 4, Ireland.

October 25, 2012

Share Placing

  • Gross proceeds of US$17.25 million raised at Stg£0.05 per share in a placing with institutional and other investors
  • US$7.5 million will be used in part repayment of the Macquarie Bank Limited (“Macquarie”) loan facility with the balance to be used to finance the continuation of the 2012-2013 Arbuzovskoye development programme, working capital and transaction costs
  • Macquarie borrowing base facility amended
  • US$1 million of remaining facility to be converted into equity by Macquarie to retain its pre-placing shareholding

October 22, 2012

Arbuzovskoye 102 well - record flow rate

Highlights:

· Arbuzovskoye well 102 successfully completed with an initial flow of 540 bopd

· Flow rate is highest ever achieved without fracture stimulation in Licence 61

· Production confirms good reservoir properties interpreted from log and core data

· Arbuzovskoye well 109 drilling ahead

· Group production increases to over 2,700 bopd with addition of well 102

October 11, 2012

Operations update - Arbuzovskoye 102 well

Highlights:

· Arbuzovskoye well 102 successfully drilled and logged

· Initial results positive with similar reservoir properties to prior wells

· Confirms J1-1 reservoir in eastern portion of the field

· Group production remains stable above 2,200 bopd

September 28, 2012

Interim Results for the Half Year Ended 30 June 2012

Highlights:

· H1 production of 394,652 barrels of oil for the period – average of 2,168 bopd

· Arbuzovskoye oil field brought into production from the discovery well

· Successful completion of the first of ten planned Arbuzovskoye production wells

· Lineynoye pad 2 studies to inform future field development strategies

· New debt facility for US$15 million agreed with Arawak Energy

· Current group production 2,300 bopd

September 24, 2012

Update on Arbuzovskoye well No. 101

Highlights:

· Arbuzovskoye well 101 successfully completed with a stabilised flow of 310 bopd

· Production confirms good reservoir properties interpreted from log and core data

· Arbuzovskoye well 102 drilling ahead

· Group production increases to 2,300 bopd with addition of well 101

September 19, 2012

Operations update

· Arbuzovskoye well 101 successfully drilled and completion underway

· Initial results positive with similar reservoir properties to prior discovery well

· Arbuzovskoye well 102 drilling ahead

· Group production remains stable at 2,000 bopd

August 13, 2012

Operations update

Highlights:

· Drilling of new production wells commences at Arbuzovskoye

· Two Lineynoye wells converted to water injectors for planned pressure support

· Production stable at 2,000 bopd

· Benefit of pressure support and new production wells anticipated over coming months

June 29, 2012

2011 Final results and operations update

2011 Final results and annual report published

June 2012 Operations Update

  • Arbuzovskoye No.1 well producing at 350 bopd without fracture stimulation.
  • Current total production steady at 2,200 bopd exclusive of wells temporarily shut-in for pressure transient testing.

May 31, 2012

New Debt Facility and Operations Update

· US$15 million three-year term loan agreed with Arawak Energy (“Arawak”)

· New Area of Mutual Interest Agreement agreed with Arawak

· Production drilling to commence at Arbuzovskoye

· Production stable at 2,200 bopd