Proactiveinvestors Australia AssembleBay Ltd https://www.proactiveinvestors.com.au Proactiveinvestors Australia AssembleBay Ltd RSS feed en Fri, 19 Jul 2019 14:15:56 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - AssembleBay receives shareholder approval for Skane Vanadium Project acquisition ]]> https://www.proactiveinvestors.com.au/companies/news/204983/assemblebay-receives-shareholder-approval-for-skane-vanadium-project-acquisition-204983.html AssembleBay Ltd (ASX:ASY) has received shareholder approval for the proposed acquisition of the Skane Vanadium Project in Sweden, held by private company ScandiVanadium Australia Pty Ltd.

The company has also received approval for its re-compliance listing on the Australian Securities Exchange and is now finalising a prospectus for the listing and associated capital raising.

As part of that process, AssembleBay has engaged consulting geologist Auralia Mining Consultants Pty Ltd to prepare an independent geologist’s report.

An exploration target for the Skane project has also been established.

Potential for high-tonnage vanadium

Project-holder ScandiVanadium’s managing director David Minchin said the exploration target showed tremendous potential for the project to contain high-tonnage vanadium mineralisation at good grades.

Minchin said: “We are aware that Skane has historically been considered as a source for vanadium, with test-mining conducted at Flagabro during the 1940s.

“The independent geologist’s report, which brings together results from historic drilling, rock chip assays at the historic mine, and mapping conducted by the SGU, encourages enthusiasm and excitement … towards this project.

“Our focus now is on getting all the relevant permits in place to start drilling target areas and define a JORC-compliant resource as soon as possible.”

Exploration targets

The exploration target for the entire project area is 610-1,200 million tonnes at an average grade of 0.5-0.8% vanadium pentoxide.

Within the two tenements granted to date (Killerod and Virrestad), the exploration target is 350-440 million tonnes at an average grade of 0.5-0.8% vanadium pentoxide.

There are still 9 tenement applications pending and AssembleBay expects these to be granted in the near future.

Resource estimation drilling to follow

The exploration targets are based on limited exploration results, with tonnages based on geological mapping by the Swedish Geological Survey (SGU) and published in its 1:50,000 Bedrock Geology Map series.

Grades are based on assaying of 3 boreholes drilled by the SGU in the 1940s.

AssembleBay intends to start exploration as soon as relevant statutory approvals are received.

Initial work will consist of reverse circulation (RC) drilling on a relatively wide-spaced grid to confirm the presence and depth of the shale contact.

Once confirmed, infill drilling will begin to enable the estimation of a mineral resource.

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Sun, 16 Sep 2018 23:12:00 +1000 https://www.proactiveinvestors.com.au/companies/news/204983/assemblebay-receives-shareholder-approval-for-skane-vanadium-project-acquisition-204983.html
<![CDATA[News - AssembleBay to reveal acquisition ]]> https://www.proactiveinvestors.com.au/companies/news/176182/assemblebay-to-reveal-acquisition-176182.html AssembleBay (ASX:ASY) has been granted a trading halt by the ASX this morning, pending details of an acquisition.

The halt will remain in place until the opening of trade on Wednesday 12th April 2017, or earlier if an announcement is made to the market.

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Mon, 10 Apr 2017 10:00:00 +1000 https://www.proactiveinvestors.com.au/companies/news/176182/assemblebay-to-reveal-acquisition-176182.html
<![CDATA[News - Sirocco Energy's Greg Channon talks "hot" east African oil with investors ]]> https://www.proactiveinvestors.com.au/companies/news/144817/sirocco-energys-greg-channon-talks-hot-east-african-oil-with-investors-38739.html Sirocco Energy (ASX: SCY), formerly known as Agri Energy, is acquiring a stake in a giant oil and gas block in Sudan - with the company's managing director, Greg Channon, in Sydney this week talking to investors.

Channon, made his presentation at the Proactive Investors "Stars in 2013 Series", which was attended by over 175 investors.

CLICK HERE TO OPEN PRESENTATION

Sirocco is acquiring a 37.4% beneficial interest in the 100,000 square kilometre Block 14 via the purchase of a direct 49.9% interest in Statesman Africa Ltd from Statesman Resources Ltd  (TSXV: SRR) for a nominal consideration.

Block 14 is located within an oil province in the remote and uninhabited northwest corner of Sudan that abuts the borders of Egypt and Libya. This province hosts oil reserves of 4.4 billion barrels of oil in Egypt and 47 billion barrels of oil in Libya.

An independent report by Senergy Ltd has identified that Block 14 has potential for a gross un-risked total prospective resource of 1.5 billion barrels located within 30 traps that could each contain 50 million barrels of oil.

Existing seismic over Block 14 is likely to be reprocessed with scope for data exchange with adjacent blocks while future seismic acquisition will use fast track processing and interpretation to maximise the chance of identifying drillable targets.

The minimum 1,000 kilometres of 2D seismic could firm up to four leads as drilling prospects.


Channon answers questions from the floor

Questions were fielded from the floor by Channon, with an extract outlined below:

QUESTION FROM THE FLOOR

What is your license period?

GREG CHANNON

Our license period runs for three years committed, and then an option for two one-and-a-half periods, so we can have it for up to six years in the exploration phase and the production phase runs for 35 years.


QUESTION FROM THE FLOOR

How can I obtain a prospectus?

GREG CHANNON

You can go to our website at; http://siroccoenergy.com.au/, and you can download the prospectus from here; http://siroccoenergy.com.au/prospectus; or call me on +61 89 486 4036.


QUESTION FROM THE FLOOR

With some majors exploring near your project area, if they get some good results, could that potentially impacting your share price once you re-list on the Australian Stock Exchange?

GREG CHANNON

Absolutely. And I think we are fortunate that very significant oil companies are to both the north and the south - exploring within a 100 kilometres of our block - exploring identical play types.

We are also in touch with both of those companies in respect to sharing data, and there is no question that if there is a discovery or a significant indication of hydrocarbons is made - then there is the potential for a tremendous impact on our block.

I think that is part of the romance of our company, as you get that option for majors to work what we hold.


QUESTION FROM THE FLOOR

You said that you are sharing data with the majors, and if they discover something on their block which is similar to yours - do you see any way these majors could farm-in to your block to help you with drilling costs?

GREG CHANNON

Well quite possibly. Our strategy with respect to going forward is to keep all of our options open.

I will point out that a well cost in this region is probably in excess of $10 million, so it will all depend on the mobilisation or de-mobilisation (costs of the drilling rig).

I would also like to point out that our share of that (total cost) might only be $5 million - and if you look around at small caps. in Africa, and as an example they might be in a deep water block in Tunisia or perhaps even Mozambique, the well costs there are a $100 million - and those companies will live or die by their farm-out campaign.

Where as for us, I feel that these costs are modest and we do have the option to drill it ourselves - or farm it out in the future.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 25 Jan 2013 15:49:00 +1100 https://www.proactiveinvestors.com.au/companies/news/144817/sirocco-energys-greg-channon-talks-hot-east-african-oil-with-investors-38739.html
<![CDATA[News - Sirocco Energy extends A$4M offering again ]]> https://www.proactiveinvestors.com.au/companies/news/144815/sirocco-energy-extends-a4m-offering-again-37655.html Sirocco Energy (ASX: AAE), formerly Agri Energy, has extended its initial public offering to raise A$4 million to fund oil and gas exploration in Sudan.

The offer of 20 million shares priced at A$0.20 each will now end at 5pm Western Standard Time on 31 January 2013.

Sirocco had previously extended the offer to 21 December.

It also includes provision for oversubscriptions for a further 15 million shares to raise another $3 million.

Proceeds will be used mature drilling prospects within Block 14 onshore Sudan.

Block 14

Studies have defined 1.5 billion barrels of gross unrisked prospective resource in Block 14, which covers 100,000 square kilometres.

This is contained in 30 potential traps that have gross resources ranging from 20 million barrels (low or P90) to 200 million barrels (high or P10) each, with the best estimate being 50 million barrels.

Sirocco is acquiring a 49.9% shareholding in Statesman Africa Limited, which holds a 75% working interest in the Block.

Already one well has been drilled immediately to the south of Block 14 in 2012 and has encountered oil shows. A further well is currently being drilled to the north of Block 14. Further success from surrounding exploration will have a significant positive impact on Block 14.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 24 Dec 2012 08:30:00 +1100 https://www.proactiveinvestors.com.au/companies/news/144815/sirocco-energy-extends-a4m-offering-again-37655.html
<![CDATA[News - Sirocco Energy extends A$4M offering ]]> https://www.proactiveinvestors.com.au/companies/news/144814/sirocco-energy-extends-a4m-offering-37400.html Sirocco Energy (ASX: AAE), formerly Agri Energy, has extended by one week its initial public offering to raise A$4 million to fund oil and gas exploration in Sudan.

The offer of 20 million shares priced at A$0.20 each will now end on 21 December 2012 rather than 14 December 2012.

It also includes provision for oversubscriptions for a further 15 million shares to raise another $3 million.

Proceeds will be used mature drilling prospects within Block 14 onshore Sudan.

Block 14

Studies have defined 1.5 billion barrels of gross unrisked prospective resource in Block 14, which covers 100,000 square kilometres.

This is contained in 30 potential traps that have gross resources ranging from 20 million barrels (low or P90) to 200 million barrels (high or P10) each, with the best estimate being 50 million barrels.

Sirocco is acquiring a 49.9% shareholding in Statesman Africa Limited, which holds a 75% working interest in the Block.

Already one well has been drilled immediately to the south of Block 14 in 2012 and has encountered oil shows. A further well is currently being drilled to the north of Block 14. Further success from surrounding exploration will have a significant positive impact on Block 14.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 17 Dec 2012 16:40:00 +1100 https://www.proactiveinvestors.com.au/companies/news/144814/sirocco-energy-extends-a4m-offering-37400.html
<![CDATA[News - Sirocco Energy offers exposure to hot east African oil play ]]> https://www.proactiveinvestors.com.au/companies/news/144811/sirocco-energy-offers-exposure-to-hot-east-african-oil-play-37263.html Agri Energy Ltd, now restructured and re-branded as Sirocco Energy Ltd, has joined with major oil companies looking to drill in onshore Africa.

The Company is acquiring a 37.4% beneficial interest in the giant Block 14 – a highly prospective frontier block in northwestern Sudan covering 100,000 square kilometres - through a direct 49.9% interest in an African explorer with a 75% Working Interest in the Block.

A Competent Persons Report completed by Synergy outlines potential for 1.5 billion barrels of gross un-risked prospective resources within the Block.

The Block is surrounded by multi-billion barrel oil producing provinces.

A prospectus has been issued for 20 million shares at $0.20 each that allows for an oversubscription of 15 million shares.

This will garner between $4 million and $7 million to fund exploration.

STRUCTURE

Old Share Price: $0.008
Old Issued Shares: 750.2M now consolidated to 32.6M New Shares
Market Cap: $6.5M
Cash: $0.2M
EV: $5.6M


ANALYSIS

Sirocco Energy in a joint venture with Statesman Resources (TSXV: SRR) have committed to the development and pursuit of oil and gas assets in Africa. Both companies share an almost identical board of directors that have strong technical credentials and are supported by a successful track record.

The acquisition of Block 14 by the partners is supported by an independent study completed by Synergy that has identified gross unrisked prospective resource of 1.5 billion barrels of oil.

It contains unexplored Mourdi and Mesaha sub basins, and that the current limited dataset validates Block 14 as a frontier exploration play with potentially high reward exploration acreage with very close similarities with the Murzuq and Ghadames basins in Western Libya.

The report further confirms that significant de-risking can occur over the next 12-18 months through detailed exploration across the block, and influenced by ongoing drilling programmes that are currently occurring immediately to the north and south of Block 14.

This will increase the chance of success with the first well, and help reduce dilution from fundraising to support ongoing exploration.  


RECONSTITUTED MANAGEMENT TEAM FOR Sirocco Energy

Greg Channon serves as Managing Director and is a geoscientist with over 25 years of experience in the oil industry and has broad technical and commercial experience.  He is currently a Director of Statesman Resources (TSXV: SRR), served as the Executive Director of Brightoil Petroleum, and has held management and technical roles with Salinas Energy, Shell New Zealand, Santos, Delhi Petroleum, Fletcher Challenge Energy, Shell and Swift Energy.

Dougal Ferguson serves as Finance Director and has over 20 years of experience in the oil and gas sector, working in senior commercial and financial roles for both domestic and international companies. He was Finance Director of Neon Energy Limited (formerly Salinas Energy Limited) and was the principal driver behind the acquisition of Neon Energy Pty Ltd by the public company, and served in senior positions with Brightoil Petroleum, ARC Energy Limited, Adelphi Energy Limited, Discovery Petroleum Limited, Premier Oil and Hess Corporation.

Patrick Burke serves as a Non-Executive Director who holds a Bachelor of Laws degree from the University of Western Australia, and has 15 years of experience working in law firms and companies in Australia and Ireland. His expertise is in corporate, commercial and securities law with an emphasis on capital raisings and mergers and acquisitions. He contributes general corporate and legal skills along with a strong knowledge of the Australian Stock Exchange requirements.

Michael Earl serves as Joint Operating Company President for Block 14 and is based in Khartoum, Sudan. He is a Petroleum Geologist with 28 years of Experience in Sudan, Libya, Egypt, Middle East, South East Asia and Europe, and has worked with B.P., Hess, Lasmo, and OMV.


SHAREHOLDING AND FUNDING

The old shares of Agri Energy have been consolidated 1 for 23, resulting in the issue of 32.6 million new shares in Sirocco Energy. Following the completion of the current offering the Company will have an issued capital of 53.3M – 68.3 million new shares and hold cash of $4.35 million to $7.35 million.

Current major shareholders are Mino Strategies with 2.3 million new shares / 7.1%, and Ascent Capital with 6.8 million new shares / 20.9%.

6.5 million unlisted options will be issued at exercise prices of $0.25 - $0.69 that expire from 2014 – 2016.


FLAGSHIP PROJECT – BLOCK 14 – NORTHWESTERN CORNER OF SUDAN


 
PURCHASE TERMS AND COMMITMENTS FOR BLOCK 14

The Company is acquiring a 37.4% interest in Block 14 via the purchase of a direct 49.9% interest  in Statesman Africa Ltd from Statesman  Resources Ltd  (TSXV: SRR) for a nominal consideration.

Both companies are linked with Dougal Ferguson and Greg Channon serving on both boards, and Michael Earle serving as JOC of operations within Sudan. Both entities have established a 12 month agreement to jointly pursue other oil and gas opportunities in Africa, and leverage Statesman’s operating capabilities and contacts in Africa.

Sirocco, which has been named after a wind that blows through the Sahara, confirms that there is a very strong international interest in African oil and gas exploration and development, and sees this as a key growth area for the Company.

Statesman Africa Ltd which was a wholly owned subsidiary of Statesman Resources was recently awarded a 75% Working Interest in Block 14 that covers 100,000 square kilometres in northwestern Sudan.  The Joint Venture currently constitutes three entities that include Statesman Africa Ltd which is obligated to pay 83.3% of operating costs, and Express Petroleum with a 15% Working interest and is responsible for the balance of operating costs of 16.7%.

The Sudanese Government is the third entity in the venture, and retains a free carried 10% interest through The Sudan National Petroleum Corporation (Sudapet).

Sirocco has already advanced Statesman US$800,000 for interim funding, and will form part of the overall funding obligation incurred by the Company.

The venture partners have been granted an EPSA by the Sudanese Government over Block 14, and have agreed to a minimum work commitment of US$12 million over 3 years that includes geology, geophysical and gravity studies for $2 million, 1,000 kilometres of 2D seismic acquisition for $3 million, and drilling of one exploration well for $7 million.

Sirocco is obligated to contribute a pro rate share of the security bond of $2.5 million, technical studies of $0.83 million, seismic acquisition of $1.25 million, and drilling costs of the first well of $2.91 million.

An optional second and 18 month long commitment at a total cost of $12 million will consist of $5 million for 4,000 kilometres of 2D seismic and $7 million for a second well. The Sirocco commitment to this optional second stage programme is $4.99 million. 


SUDAN IS AN ATTRACTIVE DESTINATION FOR FRONTIER EXPLORATION

Block 14 is located in the remote and uninhabited northwest corner of Sudan that abuts the borders of Egypt and Libya, is covered by the Sahara Desert, and remains significantly underexplored for oil and gas resources. 

Block 14 is located within an oil province that hosts oil reserves of 4.4 billion barrels of oil in Egypt and 47 billion barrels of oil in Libya. Prior to the separation of North and South Sudan in 2011 the country held total oil reserves of 6 billion barrels of oil and produced 0.5 million barrels per day. 

The country has a population of 34.2 million people, and is extremely poor with a GDP of $2,700 per person. The country has had a long history of strife but has very significant upside that could be developed from large areas of cultivatable land for agricultural production, along with gold and potential oil resources.

Country wide oil exploration success is currently rated at greater than 50%, and hosts strong basin analogues with significant oil producing areas in surrounding countries. International oil majors operating in Sudan include China National Petroleum Company, Petronas, and Oil and National Gas Corporation of India.

The recent 2012 licensing round attracted more than 70 bidders that included a number of western companies, with all blocks awarded to international exploration groups.


PREVIOUS EXPLORATION ON BLOCK 14

Historical exploration on Block 14 was completed at an expenditure of $15 million, and technical data from these studies is now available at no cost to the Joint Venture partners.

In 2005 Sudapet and Petro SA completed an airborne gravity and magnetic survey over the western half of Block 14, and in 2007-2008 completed an additional 1,200 kilometres of seismic.



This work identified two main depo-centres known as the Mourdi and Mesaha Sub-Basins, which are part of the larger Kufra Basin which is situated in Libya in Chad and Sudan.



The Mourdi Sub-Basin is a “sag basin” and has many stratigraphic similarities with the Murzuq Basin which contains significant commercial discoveries including the giant Elephant (El Feel) Field.

As such, it is expected to have a similar basin evolution, hydrocarbon plays, and source, reservoir, seal and trap characteristics to the more explored Kufra Basin.

This sub-basin has potential for mature Lower Silurian and Devonian Shale that are known as source rocks for the most prolific petroleum systems in northern Africa. Technical data shows basinal highs that are indicative of good migration pathway and trap formation.

While the Silurian hot shales are only locally developed, it is proven to be a very effective source and typically 30 times richer than the normal Tanezzuft shale.

The Mesaha Basin is located in the central part of Block 14, and is a “pull-apart basin” that has potential for Lower Silurian and Devonian Shales. The basin extends to the north and into Egypt where Petroceltic and Beach Energy are conducting ongoing exploration.  

Petroceltic and Beach have recently spudded the Mesaha-1 well in Egypt to test the stratigraphic section on the flank of a large structure identified from recent 2D seismic data.

It also appears to be more structured than the Mourdi, indicating a greater potential for traps and with greater relief.

A detailed microbial study was undertaken over the central section of the block that covered the Mesaha Basin and was completed after the initial seismic acquisition produced positive results.

This work consisted of around 1,000 boreholes that were drilled to a depth of 4m for microbial sampling, and reported anomalous readings over the top of structural leads that is an early indicator for the presence of a petroleum system located at depth.

This type of testing identifies the presence of specialised hydrocarbon oxidizing bacteria in surface soils that break down hydrocarbons that have migrated from hydrocarbon bearing structures that are buried deeper within Block 14.

Identification of these anomalies is the first sign that a working hydrocarbon system could be present in Block 14 and reduces Block 14’s critical risk of the presence and maturity of source rocks.

It is also worth noting that Block 14 is about half the size of the North West Shelf and as large as the Cooper Basin in Australia.




INDEPENDENT STUDY IDENTIFIES CONCEPTUAL POTENTIAL OF 1.5B BARRELS OF OIL

The Joint Venture partners have recently completed a Competent Persons Report for Block 14 that was independently produced by Senergy Ltd. This report identifies potential for a gross un-risked total prospective resource of 1.5 billion barrels, and is based on 30 potential traps containing a best estimate of 50 million barrels each.

Based on an analogue with the nearby Muzurq Basin the independent study estimates 25-35% of the entire block is prospective, and identified the gross resource range of each trap to be from 20 million barrels (low or P90 range) to 200 million barrels, with the best estimate being 50 million barrels. This equates to a net un-risked prospective resource of 560 million barrels to Sirocco for their 37.4% interest.

Senergy determined that Block 14 is frontier exploration with potentially high reward hydrocarbon exploration acreage. The chance of exploration success is currently estimated at 1 in 22 and is based on the limited data that has already been generated.  This can be further de-risked to increase the chance for success to 1 in 12.5 by planned seismic acquisition, and lead and prospect mapping.

The chance for exploration success can increase further to 1 in 3.3 if a petroleum system is proven by nearby drilling in the Mourdi or Mesaha Sub-Basins, and includes the Mesaha-1 well which is currently drilling directly to the north of Block 14.

Block 14 also borders Libya where the historical chance of success in the Murzuq Basin with 2.2 billion barrels of oil is currently greater than 1 in 2.5, and is considered an analogue to Block 14.

Existing seismic over Block 14 is likely to be reprocessed with scope for data exchange with adjacent blocks while future seismic acquisition will use fast track processing and interpretation to maximise the chance of identifying drillable targets.

The minimum 1,000 kilometres of 2D seismic could firm up to four leads as drilling prospects.


DRILLING PROGRAMS AROUND BLOCK 14 MAY HAVE HIGH IMPACT

Petroceltic is currently drilling a wildcat well called Mesaha -1 within the Mesaha Basin on a permit that abuts Block 14 to the north, and contains the same unexplored sedimentary basin.

This first well is aimed at establishing basin stratigraphy within a potentially major rift system that is up to 20km wide, and where surface geochemistry indicates the presence of a hydrocarbon footprint. The permit area has billion barrel Stock Tank Oil Initially In Place potential.

The near term completion of Mesaha -1 will assist in defining the prospectivity of the Mesaha Basin, which also occupies a significant part of Block 14.

A second well was recently completed by the Sahara Oil Co. and Al Qahtani Joint Venture on Block 12A, which abuts Block 14 to the south. The well was located about 150 kilometres south of Block 14, within the Mourdi Sub-Basin, and reported intermittent oil shows over a 300 metres interval possibly in Devonian sandstones. 

This could indicate the presence of an economic oil source in the area, and a second well may be drilled in the block to evaluate this potential.

Simba Energy (TSXV: SMB) has also acquired the Erdis Block III in Chad that is within the Erdis / Kufra Basin, and is located immediately to the southwest of Block 14. Simba is completing seismic work across the Erdis Block and considers the area to be highly prospective.


CATALYSTS FOR 2013

- Prospectus for current fund raising has issued and has a closing date of 14 December of 2012, allotment of shares is set for 18 December, and ASX listing date is 21 December.
- Results of drilling at Mesaha -1 are expected over the next few months, and will add to the interpretation of geological structure and prospectivity of Block 14.
- Technical studies and re-interpretation of seismic completed, followed by release of updated resource estimates for Block 14.
- Second well drilled on adjoining Block 12A.
- Seismic acquisition completed on Block 14.
- Prospect generation and new resource estimate completed on Block 14.
- Planning for first exploration well underway at end of 2013 for Block 14.


ANALYSIS

Sirocco Energy is now an active participant in a major push for onshore hydrocarbon assets that has spread across Africa and is led by a host of international oil explorers and developers that include Africa Oil Corporation (TSXV: AOI) which has major acreage positions in onshore East Africa, and Kenya.

AOI reports several new frontier oil discoveries in Kenya from wildcat drilling that have driven up the market capitalization of the company by more than 400% to C$1.8 billion over the last nine months. 

Australian explorers such as Jacka Resources (ASX: JKA) have undeveloped holdings in Somaliland, Tanzania and Nigeria and already attract a market valuation of $63.7 million built around joint venture funding for future drilling programmes.

Other developers include Simba Energy (TSXV: SMB) which is capitalised at C$23.8 million and has holdings in West Africa, and more recently has secured holdings that are immediately to the west of the Sirocco interests  at Block 14.

Sirocco Energy has:
- An experienced management team that is in place in both Perth and Khartoum.
- 560MMbbls of Net Prospective Resource within massive exploration acreage
- A clear de-risking process in place to add significant value.
- Operating in a region where exploration is increasing rapidly.
- Highly leveraged to the discovery potential of a new oil province through a tighter share registry and lower market capitalization. 

Given the relative valuations of other African listed oil & gas explorers, Sirocco Energy - with a Market Cap. of just $6.5 million - represents a very attractive entry point within its peer group for investors seeking exposure to the ongoing African on-shore oil boom.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 13 Dec 2012 08:28:00 +1100 https://www.proactiveinvestors.com.au/companies/news/144811/sirocco-energy-offers-exposure-to-hot-east-african-oil-play-37263.html
<![CDATA[News - Sirocco Energy and partners gain extension for US$6M bond for Block 14 in Sudan ]]> https://www.proactiveinvestors.com.au/companies/news/144810/sirocco-energy-and-partners-gain-extension-for-us6m-bond-for-block-14-in-sudan-37182.html Sirocco Energy (ASX: AAE), previously known as Agri Energy, and its partners now have up to 31 December 2012 to lodge their security bond of US$6 million for Block 14 in Sudan.

The bond was originally required to be paid by 3 November.

Sirocco is acquiring a 37.4% beneficial share in Block 14 through a 49.9% ownership of Statesman Africa, and has signed the Joint Operating Agreement (JOA) and the Joint Operating Company Shareholders Agreement (Shareholder Agreement) with respect to Block 14.

These form the basis of the ongoing relationship between the partners, being SAL’s wholly owned subsidiary Statesman Resources with 75% of Block 14, Express Petroleum (15%) and Sudapet (10%).

The JOA parties are in the process of incorporating the Joint Operating Company – to be named Baraka Petroleum Operating Company – appointing the key personnel and opening an office in Khartoum.

Block 14

Studies have defined 1.5 billion barrels of gross unrisked prospective resource in Block 14.

This is contained in 30 potential traps that have gross resources ranging from 20 million barrels (low or P90) to 200 million barrels (high or P10) each, with the best estimate being 50 million barrels.



Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 11 Dec 2012 16:40:00 +1100 https://www.proactiveinvestors.com.au/companies/news/144810/sirocco-energy-and-partners-gain-extension-for-us6m-bond-for-block-14-in-sudan-37182.html
<![CDATA[News - Agri Energy's Sudan oil play has prospective resource of 1.5B barrels ]]> https://www.proactiveinvestors.com.au/companies/news/144808/agri-energys-sudan-oil-play-has-prospective-resource-of-15b-barrels-35588.html Agri Energy's (ASX:AAE), Block 14 acreage in the Sudan has 1.5 billion barrels of gross unrisked prospective resource according to a report by consultant Senergy (GB) Limited.

Intriguingly, and a portent of the potential, a well drilled in Block 12A, Sudan, immediately to the south of Block 14, by Al Qahtani led joint venture, intersected oil shows.

The Block 14 study identified the gross resource range of each trap to be from 20 million barrels (low or P90) to 200 million barrels (high or P10) each, with the best estimate being 50 million barrels.

The report concluded there is potential in Block 14 for a portfolio of prospects that could have a gross unrisked total prospective resource of 1.5 billion barrels.

This prospective resource is based on 30 potential traps containing a best estimate of 50 million barrels each.

Net unrisked prospective resource to Agri is 560 million barrels.

In the El Mesaha Block in Egypt, immediately to the north of Block 14, Petroceltic International plc and its partners are currently drilling an exploration well.

Greg Channon, managing director of Agri Energy said "the identification of a prospective resource of 1.5 billion barrels is an excellent outcome for Block 14. At this early stage of exploration, prior to our more extensive technical work beginning, this result validates our understanding of the block. We look forward to maturing the leads and de-risking the plays with our upcoming work."

The company will change its name to Sirocco Energy Limited.

The company's technical program will be led in Khartoum by the newly appointed Block 14 Joint Operating Company President, Dr Michael Earle.


Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums. ]]>
Thu, 08 Nov 2012 09:20:00 +1100 https://www.proactiveinvestors.com.au/companies/news/144808/agri-energys-sudan-oil-play-has-prospective-resource-of-15b-barrels-35588.html
<![CDATA[News - Agri Energy progressing with Sudan oil and gas block ]]> https://www.proactiveinvestors.com.au/companies/news/144804/agri-energy-progressing-with-sudan-oil-and-gas-block-35411.html Agri Energy (ASX: AAE) is finalising and implementing the detailed terms of the Exploration Production Sharing Agreement for its Sudan onshore oil and gas block.

This includes negotiating the terms of Joint Operating Agreement with its partners Express Petroleum and Sudapet and establishing the Block 14 Joint Operating Company.

As part of this process, Statesman Africa (SAL) is advancing negotiations over the terms of the US$5 million security bond to be posted on Block 14.

SAL, which Agri is acquiring a 49.9% stake in, is working with the Sudanese Ministry of Petroleum to extend the date for posting of the security bond, beyond the initial payment date.

SAL holds a 75% working interest in the 100,000 square kilometre block.

Previous exploration had indicated that an effective system could be present in Block 14 while an exploration well in the Block 12A, immediately to the south, has encountered hydrocarbon shows.

Block 14 is situated in the remote and un-inhabited north western corner of Sudan, directly adjacent the border with Egypt and Libya.

Agri is changing its name to Sirocco Energy.

 

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Mon, 05 Nov 2012 10:50:00 +1100 https://www.proactiveinvestors.com.au/companies/news/144804/agri-energy-progressing-with-sudan-oil-and-gas-block-35411.html
<![CDATA[News - Agri Energy receives data, possible "significant hydrocarbons" in Sudan oil and gas block ]]> https://www.proactiveinvestors.com.au/companies/news/144803/agri-energy-receives-data-possible-significant-hydrocarbons-in-sudan-oil-and-gas-block-34491.html Agri Energy (ASX: AAE) has received a boost today with a review of historical data of its Sudan onshore oil and gas block suggesting they could hold significant hydrocarbons.

The historical data, which previous Block 14 operators had spent more than $15 million acquiring, was obtained without cost from Sudan’s Ministry of Petroleum.

This includes ground and airborne gravity surveys, aero-magnetics, 2D seismic data, Microbiological Prospecting for Oil and Gas (MPOG) studies as well as field and laboratory studies.

“Geological activity has now begun in earnest in Block 14. The compilation and re-interpretation of the historical data will form the basis for our plans going forward,” managing director Gregory Channon said.

“We will save significant time and money by accessing and utilising this data. Additionally, the results of the 2008 MPOG Report and the shows from the well to the south are the first real indications that hydrocarbons could be present in Block 14, enhancing the prospectivity considerably.”

MPOG studies

The MPOG studies, where detection of large populations of hydrocarbon degrading micro-organisms in shallow soil samples indicates a corresponding hydrocarbon signature deeper underground, examined borehole soil samples at 1,089 locations in Block 14.

These found high indication values at several stations that prove the principle occurrence and potential activity of hydrocarbon oxidising bacteria.

Importantly, the highest readings occur immediately above the largest lead identified within the block.

“The results of this study are very encouraging and are the best indication yet that hydrocarbon accumulations exist in the block,” Channon added.

The identification of these anomalies is the first real indication that an effective petroleum system could be present in Block 14 and reduces Block 14’s critical risk of the presence and maturity of source rocks.

Regional exploration

Further de-risking Block 14 is the exploration well in the Block 12A, immediately south of Block 14, that encountered hydrocarbon shows.

This is the first exploration well to be drilled in the Mourdi Sub-basin and the Block 12A joint venture is believed to be planning to drill a second well while the rig remains in the region.

The Mourdi Sub-basin extends from Block 12A directly into the south western portion of Block 14 and shows an affinity with the Kufra, Murzuq and Ghadames Basins in Libya. The Murzuq Basin to the north west contains 2 billion barrels of proved reserves, whilst the Ghadames holds 3 billion barrels of proved reserves.

Immediately to the north, Petroceltic International (LON:PCI) and its partners in the El Mesaha Block in Egypt are planning to drill an exploration well before the end of this year.

Block 14

Block 14 is situated in the remote and un-inhabited north western corner of Sudan, directly adjacent the border with Egypt and Libya.

Agri is acquiring a 49.9% stake in African focussed explorer Statesman Africa that holds a 75% working interest in a massive 100,000 square kilometre onshore Sudan block.

It will pay a nominal consideration for the stake in Statesman Africa (SAL), a wholly-owned subsidiary of Statesman Resources Limited (CVE: SRR) and fund 49.9% of share of costs of SAL’s activities including but not limited to the work program for Block 14.

The minimum expenditure over the three year term of the Exploration Production Sharing Agreement for Block 14 is US$12 million.

Agri has advanced Statesman US$800,000 as interim funding and to form part of its overall funding obligations upon completion of the transaction.

The previous operator, Sudapet, identified a multi-billion barrel resource inventory in Block 14 while preliminary work undertaken by Statesman indicates the largest lead could have a mean potential resource of 600 million barrels.

Other partners in Block 14 include private Nigerian company Express Petroleum with 15% and Sudanese national oil company Sudapet with 10%.

Agri is changing its name to Sirocco Energy.

 

Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.

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Mon, 15 Oct 2012 12:20:00 +1100 https://www.proactiveinvestors.com.au/companies/news/144803/agri-energy-receives-data-possible-significant-hydrocarbons-in-sudan-oil-and-gas-block-34491.html
<![CDATA[News - Agri Energy acquiring stake in prospective Sudan oil and gas block ]]> https://www.proactiveinvestors.com.au/companies/news/144801/agri-energy-acquiring-stake-in-prospective-sudan-oil-and-gas-block-33267.html Agri Energy (ASX: AAE) is acquiring a 49.9% stake in African focussed explorer Statesman Africa that holds a 75% working interest in a massive 100,000 square kilometre onshore Sudan block.

The Block 14 contains a 600 million barrel lead identified on existing seismic data and is surrounded by multi-billion barrel oil producing provinces

Agri will pay a nominal consideration for the state in Statesman Africa (SAL), a wholly-owned subsidiary of Statesman Resources Limited (CVE: SRR).

It will also fund 49.9% of share of costs of SAL’s activities including but not limited to the work program for Block 14.

The minimum expenditure over the three year term of the Exploration Production Sharing Agreement for Block 14 is US$12 million.

Agri has advanced Statesman US$800,000 as interim funding and to form part of its overall funding obligations upon completion of the transaction.

Block 14

Block 14 is situated in the remote and un-inhabited north western corner of Sudan, directly adjacent the border with Egypt and Libya.

Immediately to the north in Egypt, Melrose Petroleum and its partners are planning an exploration well in the El Mesaha block in late 2012.

ENI, Repsol, Statoil, RWE and Wintershall have licences in the Kufra Basin in Libya.

The prospectivity of Block 14 is defined by two deep untested sub-basins, the Mourdi and Mesaha.

The Mourdi Sub-basin shows an affinity with the Kufra, Murzuq and Ghadames Basins in Libya. The Murzuq Basin to the north west contains 2 billion barrels of proved reserves, whilst the Ghadames holds 3 billion barrels of proved reserves.

The Mesaha Sub-basin may be more analogous to the Komombo Basin to the north east in Egypt.

The previous operator, Sudapet, identified a multi-billion barrel resource inventory in Block 14 while preliminary work undertaken by Statesman indicates the largest lead could have a mean potential resource of 600 million barrels.

Other partners in Block 14 include private Nigerian company Express Petroleum with 15% and Sudanese national oil company Sudapet with 10%.

Funding and name change

Agri Energy has appointed Taylor Collison to raise A$300,000 through the issue of 60 million shares at 0.5c per share to assist in the funding of the transaction.

The company, which is changing its name to Sirocco Energy, added the acquisition will constitute a change in the nature and scale of its activities, requiring it to re-comply with the ASX admission requirements.

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Mon, 10 Sep 2012 15:10:00 +1000 https://www.proactiveinvestors.com.au/companies/news/144801/agri-energy-acquiring-stake-in-prospective-sudan-oil-and-gas-block-33267.html
<![CDATA[News - Agri Energy in pre open pending capital raising and material transaction ]]> https://www.proactiveinvestors.com.au/companies/news/144799/agri-energy-in-pre-open-pending-capital-raising-and-material-transaction-33094.html Agri Energy (ASX: AAE) has been granted a trading halt this morning pending an announcement on a proposed capital raising - plus details on a material corporate transaction - with the company's shares placed in pre-open.

The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Friday 7th September.

 

Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.

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Wed, 05 Sep 2012 08:40:00 +1000 https://www.proactiveinvestors.com.au/companies/news/144799/agri-energy-in-pre-open-pending-capital-raising-and-material-transaction-33094.html
<![CDATA[News - Agri Energy to acquire Triton Petroleum, targets oil and gas in Syria ]]> https://www.proactiveinvestors.com.au/companies/news/144798/agri-energy-to-acquire-triton-petroleum-targets-oil-and-gas-in-syria-15839.html Agri Energy (ASX: AAE) has exercised call options to acquire Triton Petroleum targeting Triton’s 20% stake in a 10,032 square kilometre petroleum exploration licence in northwest Syria.

Syria Block 9, the licence, is located on the proven Palmyride Basin that hosts discoveries of over six trillion cubic feet of gas and 400 million barrels of oil and natural gas liquids.

Triton and the company’s partners have planned to drill two high-impact exploration wells in the block by mid-year.

Syria Block 9’s operator, Kulczyk Oil Ventures (WAR: KOV), interpreted 3D seismic data that provide evidence for a substantial increase in the resource potential at the block. Independent auditors RPS Energy have verified the interpretation.

Kulczyk intends to drill two wells with a total recoverable resource potential of over 500 million barrels of oil.

The ASX has suspended Agri shares from trading until Monday 2 May as the company’s shareholders have approved the acquisition of Triton.

With the exercise of the Option Agri will undertake a change of activities for the purposes of Chapter 11 of the ASX Listing Rules.

If this change is approved by shareholders the Company will be required to comply with Chapters 1 and 2 of the ASX Listing Rules. As part of this process the Company will issue a Prospectus to undertake a capital raising of a sufficient size to enable the Company to achieve its corporate objectives.

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Fri, 29 Apr 2011 08:41:00 +1000 https://www.proactiveinvestors.com.au/companies/news/144798/agri-energy-to-acquire-triton-petroleum-targets-oil-and-gas-in-syria-15839.html
<![CDATA[News - Agri Energy in pre-open pending capital raising announcement ]]> https://www.proactiveinvestors.com.au/companies/news/144796/agri-energy-in-pre-open-pending-capital-raising-announcement-15498.html Agri Energy (ASX: AAE) has been granted a trading halt by the ASX pending an announcement to the market regarding a capital raising program.

The company did not elaborate on where the potential new inflow of funds would be allocated, however late last month requested a trading halt prior to announcing an upgrade in resource potential.

Through a proposed 20% acquisition of Triton Petroleum, Agri would have an indirect interest in an estimated 505 million barrels of oil after a 3D seismic survey on two tenements at the Block 9 project, in north-western Syria.

The estimation was conducted by RPS Energy at the Kulczyk Oil Ventures (WAR: KOV) project.

 

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Thu, 14 Apr 2011 11:55:00 +1000 https://www.proactiveinvestors.com.au/companies/news/144796/agri-energy-in-pre-open-pending-capital-raising-announcement-15498.html