Novatek Awarded Yamal-Nenets Licenses

- Novatek Awarded Yamal-Nenets Licenses

Tuesday, August 30, 2011
OAO NOVATEK

OAO NOVATEK today announced that its subsidiary OOO NOVATEK- Yurkharovneftegas was granted four new license areas for exploration and production in the Yamal-Nenets Autonomous Region based on a ruling by the Russian Government.

Two of the license areas –Salmanovskiy (formerly, Utrenniy) and Geofizicheskiy - are located in the hydrocarbon-rich Gydan peninsula, and have combined reserves of 978.6 billion cubic meters of natural gas and 46.3 million tons of liquid hydrocarbons under Russian reserve classification “ABC1 + C2”. The remaining two license areas - North-Obskiy and East-Tambeyskiy – are located offshore in the northern portion of the Gulf of Ob, and have a combined resource base of 1,763 billion cubic meters of natural gas and 220.7 million tons of liquid hydrocarbons according to the Russian reserve classification “D1 + D2”. All the license areas are adjacent to the Yamal peninsula where the Company is developing its Yamal LNG project.

According to NOVATEK’s Management Board Chairman, Leonid Mikhelson, “These new license areas significantly expand our current reserve and resource base and provide access to a region with enormous resource potential to support NOVATEK’s long-term growth plans”.

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Second Seismic Survey Commenced at Manas' Tajikistan Licenses

- Second Seismic Survey Commenced at Manas' Tajikistan Licenses

Tuesday, July 12, 2011
Manas Petroleum Corp.

Manas announced the commencement of the second seismic survey on CJSC Somon Oil Company's WEST and NORTH WEST licenses in the Republic of Tajikistan. This program includes up to 774 km of 2D seismic survey, which up to 115 km will be acquired over the WEST license and up to 659 km will be acquired over the NORTH WEST license. An additional 24 km will extend across the Kyrgyz-Tajik border into Manas' Tuzluk license in the Kyrgyz Republic.

Somon Oil, a 90% owned subsidiary of DWM Petroleum AG, signed the agreement for Seismic Services with the Tajikistan branch of the Kazakh company, DANK Scientific Industrial Firm ("DANK"), on June 29, 2011. DANK has extensive experience in the hydrocarbon exploration industry performing seismic work in the larger Caspian region. DANK also performed Somon's seismic survey in 2010. The seismic work will be conducted with vibrators, airguns (a significant volume of the data is to be acquired across the Karakum Reservoir, for the first time), with the remainder utilizing dynamite as a source.

This seismic survey is being carried out to improve the quality of the existing prospect data, and hence increase the chances of success of the exploratory wells to be drilled upon completion and interpretation of the new seismic data. The first well is anticipated to be spudded at the end of the first quarter of 2012.

Santos International Ventures Pty Ltd ("Santos International")., a wholly owned subsidiary of Santos Ltd., has an option to farm-in to Somon Oil pursuant to an option agreement signed between DWM Petroleum AG, Santos International (and others) on December 10, 2007. The Production Sharing Agreement has yet to be ratified and remains one of the hurdles for Santos exercising the option. Prior to exercise of that option, Santos International has agreed to provide preliminary discretionary funding towards the costs of the abovementioned seismic, although binding fully funded commitments are not intended to arise until exercise of the option. Once exercised, it is intended that (subject to further agreement on terms), Santos International will fully fund the seismic survey and that these costs will be credited to the total funding commitments to be agreed.

Somon has also commenced the process of obtaining all required permits to commence drilling operations in the Chkalovsk area (WEST license) as well as in the West Supetau area (NORTH WEST license).

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Fugro-Jason Acquires 5 Licenses to TerraSpark's Insight Earth Platform

- Fugro-Jason Acquires 5 Licenses to TerraSpark's Insight Earth Platform

Wednesday, June 29, 2011
TerraSpark Geosciences LLC

TerraSpark Geosciences announced that Fugro-Jason, a member of the Fugro companies and recognized global leader in seismic inversion and reservoir characterization software and services, has acquired five licenses to TerraSpark's Insight Earth® 3D seismic interpretation platform. The licenses include complete access to Insight Earth Base™ and Insight Earth Structure™ application tools.

According to Fugro-Jason's geoscience consulting teams, they will use Insight Earth to support exploration and production projects worldwide. The teams will leverage Insight Earth to improve structural interpretation speed and accuracy, while accelerating reservoir characterization projects.

Fugro-Jason found that its inversion results, when combined with Insight Earth interpretation tools, provide an optimally productive environment for rapidly defining faulting and structure. After Fugro-Jason inversion improves interpretation accuracy by transforming the interpretation environment from reflectors to impedances and lithologies, applying Insight Earth tools allows quicker, easier, more robust interpretation decisions and workflows.

"We are fully confident that Insight Earth will deliver multiple efficiency and performance upgrades to enhance various workflow functions within Fugro-Jason's consulting base," said Geoffrey Dorn, PhD, CEO and president of TerraSpark. "Geoscientific consulting is a time-sensitive discipline, and requires best-in-class tools and technologies that support continual optimization and efficiency improvements."

Insight Earth Base provides data management, including data input/output, data transfer, workflow definition, workflow and process control, and interactions modes. This enables geoscientists to condition seismic data for subsequent processing, and to optimize volumes for interpretation. Insight Earth Structure allows users to more rapidly and accurately interpret 3D surfaces including faults, horizons, canyons and salt bodies in seismic volumes for prospect definition and reservoir delineation.

Insight Earth is widely recognized throughout the energy exploration and production market for its workflow-accelerated True Volume seismic interpretation process, wherein each step in the interpretation process informs and improves the next step.

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Novatek CFO: To Be Granted 4 Licenses Next Week

- Novatek CFO: To Be Granted 4 Licenses Next Week

Tuesday, June 21, 2011
Dow Jones Newswires
LONDON
by Alexis Flynn

Novatek will next week be granted four new licenses on the Yamal and Gdansk gas condensate fields in the Arctic, Chief Financial Officer Mark Gyetvay said Tuesday.

Novatek will get two licenses on each block, which are estimated to hold 8 billion barrels of oil equivalent in potential and proven reserves, said Gyetvay, who was addressing a business audience here.

Separately, Novatek will sign a deal with French major Total SA (TOT) July 1 to build the Sabetta onshore liquefied natural gas plant.

Total will take a 25% stake in the terminal project. In March, Total bought a 12% stake in the Yamal LNG project for $4 billion. At the time, Total Chief Executive Christophe de Margerie said it plans to raise its holding in Yamal to 19.4% within three years.

Copyright (c) 2011 Dow Jones & Company, Inc.

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ATP Acquires Licenses Offshore Israel

- ATP Acquires Licenses Offshore Israel

Monday, June 13, 2011
ATP O&G Corp.

ATP O&G and its wholly-owned subsidiary ATP East Med have acquired the Shimshon, Daniel East and Daniel West licenses in offshore Israel and the Israeli government has approved these licenses. Based on the acquired licenses, ATP through ATP East Med anticipates spending between $3 and $5 million in 2011 in offshore Israel for acquisition costs, seismic and preliminary exploration plans.

ATP East Med, as operator of the licenses, has assumed the drilling contract with Transocean Drilling Israel Ltd. for the Sedco Express drilling unit at the Shimshon location where it anticipates initial drilling during the second quarter 2012. ATP expects to spend between $24 and $29 million during 2012 related to the initial exploratory well on the Shimshon license for its 40% working interest.

ATP notes that Isramco Negev, its partner in Shimshon, on March 6, 2011 reported that it received an independent reservoir engineering evaluation from Lockwood & Associates estimating gross potential natural gas reserves at Shimshon. According to Isramco Negev, "Lockwood & Associates considers the calculated assessment of the total geological and geophysical exploration probability of success of 20 percent to be reasonable. Lockwood said its high estimate was for 3.4 TCF, the low estimate was 1.5 TCF and its best estimate was 2.3 TCF."

Additional information on the Daniel East and Daniel West licenses will be provided as drilling and exploration plans are approved. ATP East Med is also party to two other licenses in offshore Israel which are awaiting approval by the Israeli Ministry of National Infrastructures.

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Exxon Mobil Gains 1.1%; Makes Progress Resolving Dispute with Nigeria

- Exxon Mobil Gains 1.1%; Makes Progress Resolving Dispute with Nigeria



May 25, 2011

Exxon Mobil (XOM) shares are higher on a Reuters report that the oil major and the Nigerian government are moving closer to resolving a dispute over oil licensing renewals.

The report said the renewals concern fields that produce over 500,000 barrels of oil per day.

Exxon shares are up 1.09%, or $0.87, to $82.15.

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Gustavson to Interpret, Evaluate Offshore Israel Licenses

Gustavson to Interpret, Evaluate Offshore Israel Licenses

Tuesday, May 10, 2011
Adira Energy Ltd.

Adira Energy Ltd. announced Tuesday that Gustavson Associates, LLC has been contracted to provide resource interpretation and evaluation of Adira's offshore licenses.

Adira Energy has formally contracted Gustavson of Boulder, Colorado, to provide professional, geophysical, petrophysical, geological and engineering services for resource interpretation and evaluation on each of its three offshore Israel licenses, "Gabriella", "Yitzhak" and "Samuel". Gustavson is an internationally recognized team of resource industry specialists acknowledged for their technical capacity to provide expert opinions on resource evaluation geotechnics and economics. Adira Energy, as Operator on the Gabriella and Yitzhak licenses and as Co-Operator on the Samuel license, has contracted Gustavson, to independently evaluate all three licenses. The Company has recently completed 3D geophysical programs on Gabriella and Yitzhak, and the first phase of processing (often termed "Fast Track") is now complete, and detailed processing is underway by CGG Veritas. The Samuel 3D contractor, ARIS Nefterazvedska LLC of Moscow is currently mobilizing, to complete an Ocean Bottom Cable deployed survey. Other regional data is to be obtained in order to provide initial characterization.

Colin Kinley, Adira Energy President and COO stated: "Contracting Gustavson to complete three independent reports on our licenses is a significant step forward on the Company time line. Adira's highly qualified in-house team, together with our respective partners, are continuing to evaluate the targets. Gustavson support will provide adequate assurances of the quality of our resource and the selection of our targets. We are focused on independent oil targets on each license and are encouraged by the quality of the data obtained from the geophysical program."

Yael Reznik Cramer, interim CEO of the Company confirmed: "We believe that the potential exists for significant oil in Israel. As in the gas discoveries, early indications defining the fundamentals exist. Gustavson and our team are focused on defining and proving out oil and gas targets that, in the event successful, will be meaningful both to Adira and Israel."

Kinley adds: "We anticipate completion of resource evaluation on Yitzhak, Gabriella and Samuel by the end of the third quarter. Assuming Fast Track quality is sufficient to support further quantification, the Company will engage an independent major consultancy firm to establish economic risking of the targets, and an anticipated valuation of each of the blocks. Adira is focused on establishing credible targets and valuations thereof to define their drilling schedules."

Stock Option Grant

The Company also announces the granting of incentive stock options to purchase an aggregate of 505,000 common shares of Adira Energy to an officer and a number of employee recipients. The stock option grants are all subject to regulatory approval. Terms of the options include an exercise price of $0.60 per common share, and a vesting schedule allowing for the vesting of 12.5% of the options granted every six months with the initial amount vesting on the date that is six months from the date hereof, resulting in the options being fully vested on November 2, 2015. The options expire on May 2, 2016.

Gustavson Associates is a global consulting firm consisting of geologists, geophysicists, engineers, land and contract managers as well as economists and financial experts who solve problems on all aspects of natural resource evaluations. This work ranges from the first steps of prospecting to design and assessment of production facilities. Multi-lingual capabilities include Spanish, French, German, Russian, Chinese, Farsi, and Arabic.

Adira Energy Ltd. explores for oil and gas in and offshore Israel. It has four petroleum exploration licenses; the Eitan, Gabriella, Yitzhak and Samuel Licenses. These licenses are located respectively on-shore in the Hula Valley of Northern Israel, 10 km offshore between Netanya and Ashdod, 17 km offshore between Hadera and Netanya and adjacent to the coast between Ashkelon and Bat-Yam.

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Bontan Updates on Sara, Myra Licenses

Bontan Updates on Sara, Myra Licenses

Friday, April 29, 2011
ontan Corp. Inc.

Bontan issued following update with respect to its indirect working interest of 5.23% in the Israeli project comprising Sara and Myra licenses located in the Levantine Basin:

Israel Rig Contract - Myra and Sara Licenses

The operator of the consortium of the Licenses has entered into an Assignment Agreement with a third party, whereby, the operator has taken assignment of a third party's rights and obligations to an existing Drill Rig and Associated Services Contract for a Semisubmersible Drilling Rig, subject to certain terms and conditions.

Additional Information about the Offshore Israel Project

The rights in the Licenses for the Offshore Israel Project are held by a group consisting of IPC Israel, Emanuelle Energy Ltd, Modiin Energy Limited Partnership, Emanuelle Energy Oil and Gas Limited Partnership and other entities including the operator, GeoGlobal Resources (India) Inc.

Bontan's share of the Working Interest in the Licenses is 5.23% through the holding of 50% equity in IPC Israel by Bontan's subsidiary, IPC Cayman.

RWE Dea Picks Up Licenses on Norwegian Shelf

RWE Dea Picks Up Licenses on Norwegian Shelf

Wednesday, April 20, 2011
RWE Dea AG

RWE Dea Norge has been awarded two licenses in the recent licensing round by the Norwegian Government. This further strengthens the company's long-term commitment on the Norwegian Shelf.

RWE Dea was awarded a 30% share in the license PL609 in the Barents Sea and a 15% share in the license PL596 in the Norwegian Sea. "License PL609 is located due East of the Skrugard discovery and enlarges RWE Dea's portfolio in this very promising area," explained Hugo Sandal, Managing Director of RWE Dea. "PL596 is a license on the Atlantic Margin and positions RWE Dea for this play."

These two new licenses add up to RWE Dea Norge's already promising and solid license portfolio in Norway. In January, RWE Dea Norge has already been awarded three licenses on the Norwegian Shelf, of which one is in the North Sea and two are in the Norwegian Sea. Norway plays an important in role in RWE Dea's strategic target to boost its annual gas and oil production to more than 70 million barrel of oil equivalents by 2016.

Wintershall Snags Licenses in Norway's 21st Licensing Round

Wintershall Snags Licenses in Norway's 21st Licensing Round

Monday, April 18, 2011
Wintershall AG

The Norwegian Ministry of Petroleum and Energy has assigned Wintershall Norge two new licenses in the 21st Licensing Round. Wintershall is the operator of both licences. A total of 24 production licenses were awarded on the Norwegian Continental Shelf (NCS), 12 in the Barents Sea and 12 in the Norwegian Sea. "We are pleased with the results from this round. The Norwegian Continental Shelf is one of Wintershall's core regions, and we are continually building business and commitment in Norway," said Martin Bachmann, Member of the Board of Executive Directors responsible for Exploration and Production.

In June 2010 the Ministry announced 94 licenses for which 37 companies applied. Wintershall received license PL611 in the Barents Sea (in blocks 7223/3 and 6, and 7224/1, 2, 3, 4, 5). Germany's largest E&P company will be the operator with a 40% interest, Faroe Petroleum Norge holds 40% and Petoro 20%. In the Norwegian Sea, Wintershall will be the operator of PL601 in the blocks 6609/3 and
6610/1 in the Nordland III area. The company will own a share of 40%. Rocksource, North Energy and Edison International Norway Branch each hold 20%.

Noreco Picks Up NCS Licenses

Noreco Picks Up NCS Licenses

Friday, April 15, 2011
Norwegian Energy Co. ASA

Norwegian Energy Company (Noreco) has been offered two licenses in the 21st licensing round on the Norwegian continental shelf.

"This license round has opened up for very interesting new opportunities in the Barents Sea and the Norwegian Sea, and has attracted a lot of interest from the industry. We are very pleased to see that Noreco was awarded two of its prioritized targets," said Einar Gjelsvik, CEO in Noreco.

Noreco has been offered a 40 percent interest in license PL606 which is located in the Barents Sea. OMV will be operator for the license.

The company has also been offered a 20 percent interest in license PL599, which is located in a part of the Norwegian Sea where Noreco already has a strong acreage position. This license will be operated by BG Norge.

Tower Resources Notes Seismic Ops in Namibia, Uganda Licenses

Tower Resources Notes Seismic Ops in Namibia, Uganda Licenses

Wednesday, April 13, 2011
Tower Resources plc

Tower Resources provided an update on its current operations in each country, managed by wholly-owned subsidiaries Neptune Petroleum (Namibia) Limited and Neptune Petroleum (Uganda) Limited.
Namibia

In License 0010, offshore Namibia, where Neptune Petroleum (Namibia) Limited has a 15% carried interest, interpretation of the 3-D seismic is well advanced with initial conclusions delivered from all of the specialist consultants. Clear structural closure, sustained reservoir thickness and direct hydrocarbon indicators - AVO anomalies and pock marks - have been confirmed at the main Maastrichtian prospect level. Additional potential is confirmed at the Palaeocene horizon (defined as a lead in the Competent Persons Report (CPR)) but also at two other formations deeper than the Maastrichtian. The very large structural closures are confirmed and, therefore, the indicated additional reservoir horizons substantially increase the resource upside potential.

Arcadia Petroleum Limited, operator of License 0010, which is funding Tower for the cost of the first well, is making progress with its program to put in place funding and to contract a deep water drilling rig with a view to drilling around the end of 2011. At present, there appear to be suitable rigs available during the target period. A CPR is currently being updated with a targeted publication early in June 2011.
Uganda

A letter of intent in advance of a contract for the 2-D seismic program of 150-200 kms has been signed with TESLA-IMC International Limited and line clearance is expected to begin by late April. Completion is targeted for end June 2011, by which time a well location can be selected. A high density geochemical survey, conducted by GORE Geochemical Surveys, is also underway over the prospect area together with focused sampling around the two existing wells and an oil-bearing well in EA1. The Environmental Impact Assessment and early operational planning for a third well have begun. Now that the political uncertainty with respect to long term development planning in Uganda appears to have been resolved, a final phase of the farm out program has been initiated. The Tower Board has raised the additional equity capital required to undertake the seismic program on schedule and a well can still be drilled in October 2011, subject to rig availability. If the cost of seismic is subsequently met by a third party, the funds will be deployed on new projects.

Peter Kingston, Executive Chairman of Tower Resources, commented, "I am pleased to confirm that the first well in Namibia, to test the huge potential of the Delta prospect, remains a target within a year. The 3-D seismic interpretation has confirmed the 2-D seismic interpretation but has also opened up significant potential from additional reservoirs. I am also pleased that the Uganda seismic and well program is still on schedule."

Eni Takes Stake in Cadogan's Ukrainian Licenses

Eni Takes Stake in Cadogan's Ukrainian Licenses

Wednesday, April 13, 2011
Cadogan Petroleum plc

Cadogan has reached agreement with Eni for the acquisition of an interest in the Company's Pokrovskoe and Zagoryanska licenses in the east of Ukraine.

Eni will initially acquire a 30% interest in the Pokrovskoe license, with the option to acquire a further 30% interest in the future. Eni will also acquire a 60% interest in the Zagoryanska license. The initial consideration will comprise 100% funding of a work program of approximately $30 million (excluding VAT), including drilling and seismic re-processing, plus a $38 million payment. Subject to successful results from the above programs and award of production licenses, Eni will pay the Company further amounts of up to $90 million.

The transaction, which is a class one transaction under the UKLA Listing Rules, is subject to Cadogan shareholder and Ukrainian Anti-Monopoly Commission approval. The Company plans to issue a circular to shareholders in May 2011, giving full details of the proposed transaction and convening a general meeting of the Company prior to mid June 2011. Other Conditions Precedent to completion of the deal include satisfactory conclusion of an internal re-structuring within the Company, no material adverse effects between signature of the agreement and completion and all representations and warranties of the Company and Eni being true at completion. It is planned that the transaction will complete on or around June 30, 2011.

The $30 million work program on Pokrovska will be used to fulfill the work obligations on the license and will test the potential of the Upper and Lower Visean intervals which had strong indications of hydrocarbons in wells on the license. The cash proceeds arising from the transaction will be applied to finance any future Zagoryanska work programs and fund development of the Company's other assets. Additional future cash proceeds from successful operational results and the award of production licenses will further strengthen the Company's financial position, enabling it to finance its share of future development activities and to invest in new business opportunities.

Commenting on the proposed transaction Simon Duffy, Chairman, stated, "The announcement of this major transaction signifies a turning point for Cadogan. With Eni as a strategic partner, the Company can more rapidly develop the potential in these licenses and can embark on other significant oil & gas opportunities that are present in Ukraine."

Ian Baron, Chief Executive Officer commented, "The investment by Eni in two of our Ukrainian assets vindicates the Board's view, not only of the value of these particular assets, but also the scale and substance of the opportunity in the country. We strongly believe that Ukraine offers significant opportunity for Cadogan and Eni, which we can develop through combining the expertise of Cadogan's staff with the resources of a major oil company."