The CEO states Tullow sp is much too low and I bought in on the comments---todays results are excellent and I feel this one is being overlooked on here. check it out bargain hunters-I'd welcome some expert feedback!

the boys do it yet again!


Oil discovery in the Kigogole-3 exploration well in Uganda

16 June 2009 - Tullow Oil plc (Tullow) announces that the Kigogole-3 exploration well, which is located in the Butiaba region of Uganda Block 2, has encountered over 20 metres of net oil pay in two separate zones.

Located approximately one kilometre from the crest of the structure, the well was drilled to a total depth of 575 metres and has been successfully logged and sampled. Excellent Kasamene-type reservoir sands were encountered in the lower zone with over 15 metres of net oil pay.

In a separate 5 metre total net reservoir section above the 15 metre main reservoir interval, thin-bedded oil bearing sands were also encountered.


Kigogole-3 is the eighth successful test of the Victoria Nile Delta play fairway within the Lake Albert Rift Basin. The well is located southwest of the Kigogole-1 oil discovery made in 2008, which was recently production tested. This latest result further extends the play and de-risks several adjacent prospects located in Blocks 1 and 2, which are scheduled for drilling later in the year.

The well is now being suspended as a future oil producer and on completion of operations the rig will move to the Wahrindi prospect, 13 kilometres to the southwest, close to the shore of Lake Albert. This well is expected to commence later this month and to drill to a depth of approximately 1,300 metres.

Commenting today, Angus McCoss, Exploration Director, said:
'We are very pleased to have made another discovery in the Butiaba region of Block 2 which reaffirms the exceptional quality of the prospects within the Victoria Nile Delta play. We are steadily drilling our prospect inventory in this region and this continued success is enabling us to make significant progress on new leads and prospects. The ongoing campaign will help us define the ultimate limits of this very prolific petroleum system.'

Back in again....should be good for an above 1000p spot again soon !.

cynic has TLW announced how they propose to get the oil out of Uganda as it is 1000 miles to the nearest port?

A lorry load of baksheeesh should do the trick

A pipeline !.

Difficult due to cost of compensating Kenyan interests and of course would be a long term solution if both countries agree. Looks to us the oil will remain in the ground for some time.

does that mean you will go short?

by the way, wasn't it also you who told me HOIL was well overpriced compared to come non-producing minnow?

cynic can't recall that, do remember saying we thought TLW overpriced in relation to DGO. HOIL'S future depends on the political situation in Iraq which does not appear to be improving.But please tell us if you know what is likely to be the solution to the problem of moving the crude oil in Uganda?

spaceship or so i am reliably informed

certainly would be a novel but rather expensive solution and there lies the problem in evaluating the oil finds in Uganda. The oil majors have known for years there was oil in the Lake Albert and West Nile region but were not prepared to invest in a pipeline to the coast.

on the other hand, i dare say Tullow have already done considerable homework on this issue ...... the same could be said about recovering oil in nearly all outlandish regions

57.5 points down in one day ? ridiculous !...on a couple of dollars drop in crude ?...these stocks take ages to climb just to fall like a stone in a matter of days....real pain in the (blank) !.

Rising in line with oil nearly back to $70 again....we might see another crossing of the 1000p line but I think that this depends on whether crude will hold up or not !.

I would have to disagree, rf.

Tullow is a sell at 860p.

well old son, if you did go short, you are getting well and truly caned and should shut in a hurry if you have not already done so.

chart is showing a very bullish breakout - at last - and Panmure have also given TLW the tumbs-up and a target of 1150

guys big news on enegi oil/ENEG this morning mkt not really reacted bigger buys starting too come through now.big recovery play imho

Good of the resident clown to call short at the bottom :-)

*
*
*
*
*
*
o RigLogix
o GOMExplorer

login | newsletters | advertise

* E&P NEWS
o Most Viewed
o Industry Headlines
o Exploration News
o Production News
o Finance & Investing
o Commodities
o Industry Images
* CAREER CENTER
o Search for Jobs
o Featured Employers
o Post Your Resume/CV
o Your Career Center
o Recruiters
o Your Recruitment Center
* O&G DIRECTORY
o Companies
o Products
o Services
o Regions
o List Your Company
* RIG DATA
o Offshore Rig Search
o Offshore Rig Reports
o Offshore Rig Utilization
o Offshore Rig Day Rates
o Rig Photo Library
* EVENTS
o Conferences & Shows
o Training Events
o Meetings
o Post an Event
* EQUIPMENT
o Search Equipment
o Browse by Category
o Featured Companies
o Post Your Equipment Ad
* BOOKSTORE
o Books
o CD-ROM/Software
o Maps
o Technical Standards
o Bestsellers
o New Releases
o Sale Items
* TRAINING
o How It Works
o eLearning by PetroEd
o Classroom Training
o Custom Training
* MORE
o Heavy Oil
o Conversion Calculator
o Mobile News
o RSS Feeds
o About Rigzone
*


Industry News

* E&P News Home
* Recent Headlines
o Crude Makes Headway Friday, Closes Above $63
o Chinese Oil Majors Collect Stake in Angolas Block 32 for $1.3B
o Murphy Strikes Black Gold at Turquoise Marine-1 Offshore Congo
o BP Takes Bigger Bite at Mad Dog South with Successful Appraisal
o StatoilHydro Proves Gas at Idun North Find in Norwegian Sea
* Most Popular
o OPEC Says World Oil Demand to Rebound In 2010
o ExxonMobil Starts Drilling Libyas First Deepwater Well
o Tullow Gets Thumbs Up from Ghana Govt to Develop Jubilee
o US DOJ Petitions Supreme Court in Anadarko Royalty Case
o Crude Surges Above $60 as U.S. Crude Inventories Fall
* News Categories
o Industry Headlines
o Exploration
o Production
o Company Operations
o Finance and Investing
* News Topics
o Capital Budget Annoucements
o Commodity Prices
o Company Mergers, Acquisitions, & JVs
o Construction
o Discoveries
o Drilling
o Earnings Reports
o Employment
o Engineering
o Equipment
o Field Development
o Govt & Regulatory
o Health, Safety & Environment
o LNG & Trends
o New Products & Services
o Oil Sands
o Oilfield Services
o OPEC
o People on the Move
o Political & Social Unrest
o Production Start Up
o Property Acquisitions & Divestitures
o Seismic
o Transportation & Pipelines
* Regional News
o Austral-Asia
o Canada
o Caspian/Central Asia
o East & South Africa
o Europe & Russia
o Far East
o Gulf of Mexico
o Latin America
o Mediterranean/N. Africa
o Middle East
o North Sea
o South America
o Southern Asia
o United States
o West Africa
* Search Articles
* Downstream News
o Refining
o Pipelines
o Termins & Storage
o LNG / LPG
o Petrochemicals
o Commodities

Finance & Investing

* Finance Headlines
* Commodity Prices
o Light Crude Oil
o Brent Crude Oil
o Natural Gas

News Services

* Image Library
* Conversion Calculator
* RSS Feeds
* Mobile News

Newsletters
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Job Alert
Event Alert
Our privacy
pledge.

advertisement
NTOG Snaps Up 3 Oil and Gas Properties in Kansas
Nostra Terra Oil and Gas Co. PLC
|
Wednesday, July 15, 2009
Printer Friendly Version

* Printer Friendly Version

* Email this Page

* Save to Favorites

* Create PDF

* Share on Social Bookmarking Sites
* DiggDigg It
* StubleuponStumble it!
* NewsvineNewsvine
* DiggDel.icio.us
* TechnoratiTechnorati
* RedditReddit
* FacebookFacebook

NTOG announced that on July 13 it entered into definitive agreements with Hewitt Petroleum, Inc. ('HPI') for the purchase and exploration
of three properties in Kansas, USA for an initial consideration of US $235,000 which has been paid in cash with US $25,000 of the balance due within 60 days of execution of definitive agreements ('Execution'), US $275,000 within 90 days of Execution and US $100,000 to be satisfied by the assignment by Mr. Lofgran to HPI of his working interest in another property known as the Perth field where HPI is also a partner.

The acquisitions and development plans fit within NTOG's new strategy announced on June 30, 2009 in which it looks to acquire assets in the USA to diversify from Ukraine into areas of low political risk, while acquiring properties of low geological risk with significant undeveloped reserves, with an objective of developing a stable, and steady cash flow.

NTOG's newly appointed CEO Matt Lofgran commented, "This is a critical turning point for NTOG and its shareholders. The properties we have acquired and are seeking to acquire have existing production, but more importantly proven reserves, which provide the opportunity for significant upside. In addition we have partnered with Hewitt Petroleum Inc, a proven operator and expert in these given fields. We are very excited about the quality of properties and relationships we are bringing to NTOG."

The properties acquired are as set out below:
Koelsch Field

A 50 percent working interest in two production wells and one salt water disposal well in the Koelsch Field, located in Russell County, Kansas. The working interest is subject to an over burden of not more than 22 percent. HPI has undertaken to deliver a recordable assignment of the assigned working interest within 90 days of Execution failing which a US $60,000 advance shall be repaid to NTOG. In the event the leases and wellbore are acquired the estimated costs for the deepening and reworking of the two production wells and the development cost for the reworking of the Salt Water Disposal Well are US $231,000 to be met by NTOG which will receive 75% net revenues until its actual costs have been repaid and thereafter 50%;
Hoffman Field

A 25 percent working interest in five production wells (of which two are plugged) and one salt water disposal well in the Hoffman Field, located in Barton and Russell County, Kansas. The working interest is subject to an over burden of not more than 22 percent. US $125,000 cash has been paid for the assignment of the working interest, with the balance of US $275,000 due within 90 days of Execution. The estimated costs for the deepening and reworking of the five production wells and the development cost for the reworking of the Salt Water Disposal Well are US $1,350,000 of which 25 percent is to be met by NTOG.

If revenue is generated from production on the project prior to NTOG completely paying for their interest then the revenue shall be adjusted on a prorate basis for the amount that NTOG has actually paid; and
Bloom Field

A 50 percent working interest in nine production wells and two salt water disposal wells in the Bloom field, located in Russell County, Kansas. The working interest is subject to an over burden of not more than 22 percent. US $50,000 cash has been paid for the assignment of the working interest, with US $25,000 of the balance due within 60 days of Execution and a further US $150,000 within 90 days. The remaining US $100,000 is being satisfied by the assignment by Mr Lofgran to HPI of his working interest in another property known as the Perth field where HPI is also a partner. NTOG shall have no obligations owed to Mr. Lofgran in compensation of the transfer of his asset to HPI. The estimated costs for the deepening and reworking of the nine production wells and the development cost for the reworking of the two Salt Water Disposal Wells are between US $1,820,000 and US $2,550,000 to be met by NTOG which will receive 75% net revenues until its actual costs have been repaid, thereafter 50%.

Under the agreements between NTOG and HPI, in the event that either party elects not to participate in the drilling, deepening, reworking or completion attempt on an additional well, such party will be deemed to have released and relinquished to the other participating party or parties all its right, title and interest in and to that well and the participating party shall own the relinquished interest free and clear of all obligations to the non-participating party.

APPL 82 revised joint operating agreements have been executed in respect of all three leases between NTOG and HPI (as non-operators) and Hewitt Energy Group, Inc (as Operator).



* Printer Friendly Version

* Email this Page

* Save to Favorites

* Create PDF


Visit DownstreamToday.com for More News:
While Rigzone covers every aspect of the exploration and production side of the oil & gas business, you can trust DownstreamToday for complete coverage of the pipeline, transportation, storage, LNG, refining and petrochemical industries. Just visit www.DownstreamToday.com.




Most Popular Articles

* LAST 24 HOURS
*
* 7 DAYS
*
* MONTH
*

1. BP Takes Bigger Bite at Mad Dog South with Successful Appraisal
2. Search Ongoing for Missing Oil Rig Worker from Brent Delta
3. Murphy Strikes Black Gold at Turquoise Marine-1 Offshore Congo
4. Chinese Oil Majors Collect Stake in Angola's Block 32 for $1.3B
5. Baker Hughes: US Oil, Gas Rig Count Up 4 to 920 This Week
6. Drilling Activity in Kansas Up Slightly
7. Crude Makes Headway Friday, Closes Above $63
8. BJ Services Employees Earn Graduate Certificate in Project Management
9. StatoilHydro Proves Gas at Idun North Find in Norwegian Sea
10. Technip Bags 2 Subsea Contracts for Caesar/Tonga Development

1. OPEC Says World Oil Demand to Rebound In 2010
2. ExxonMobil Starts Drilling Libya's First Deepwater Well
3. Tullow Gets Thumbs Up from Ghana Govt to Develop Jubilee
4. US DOJ Petitions Supreme Court in Anadarko Royalty Case
5. Crude Surges Above $60 as U.S. Crude Inventories Fall
6. BP Takes Bigger Bite at Mad Dog South with Successful Appraisal
7. Palin's Successor Talks to Exxon, TransCanada about Gas Pipeline
8. Search Ongoing for Missing Oil Rig Worker from Brent Delta
9. Brazil's Lobao Confirms Proposal to Create Subsalt Oil Firm
10. Pemex Struggles to Meet $20B Investment Target

1. Is the Rig Count About to Rebound? Scenarios for The Future
2. Analysis: Industry Gears Up for Drilling as Crude Rises
3. Analysis: Saudi Aramco's Rig Appetite
4. ExxonMobil's Weapons of Gas Destruction
5. Analysis: Shell Open to Offshore Drilling
6. If at First You Don't Succeed, Try Alberta's Plan
7. BG Group Takes Billion-Dollar Bite of US Shale
8. Barclays Expects Oil Cos to Loosen Purse Strings in 2010
9. Exxon Unveils Big Canadian Natural Gas Field
10. DNV Classes World's First Circular Ultra-Deepwater Rig

Related Articles
- More Exploration articles
- More Property Acquisitions & Divestitures articles
Regional News
United States
- Baker Hughes: US Oil, Gas Rig Count Up ... (7/17)
- Nat. Gas Driller Range Resources ... (7/17)
- Drilling Activity in Kansas Up Slightly (7/17)
- Petroflow Cites Production Increases ... (7/17)
- Halliburton Declares Third Quarter ... (7/17)
more united states news
O&G Products

Nontechnical Guide to Petroleum Geology, Exploration, Drilling, and Production, 2nd Ed.
Practical Underbalanced Drilling and Workover

* Contact Rigzone
* 5870 Hwy 6 North, Suite 107
* Houston, TX 77084
* (281) 345-4040
*
* Copyright 2009 Bishop Interactive

* Inside Rigzone
* E&P News
* Career Center
* O&G Directory
* Rig Data
* Events

*
* Equipment
* Bookstore
* Training
* About Rigzone
* Privacy Policy



* More from Rigzone
* Heavy Oil
* Conversion Calculator
* Mobile News
* RSS Feeds

http://www.smallcapnews.co.uk/article/Nostra_Terra_Oil_and_Gas_buys_interests_in_US_properties/7935.aspx

mr halifax would do well to take note of the old investment adage, "don't listen to what people say; listen to what the market says".

with that in mind, TLW continues it's (strong) upward trend, with the next significant resistance being at 1040, being the all-time high