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Azonto Petroleum Ltd LON:AZO Wood Mackenzie 42 times

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Azonto Petroleum Ltd LON:AZO Wood Mackenzie 42 times

Post Tue Jun 23, 2015 9:16 am

Azonto Petroleum Ltd LON:AZO an Australia-based oil and gas Company has jumped 20% during the trading session. In the UK The number of shares traded was 2.753 million with the daily average of 1.8 million. The Share price opened today on 0.28 GBX and has traded in the range of 0.27 to 0.32 GBX. The 52 week low is 0.15 while the 52 week high is 1.37 GBX.

Azonto Petroleum Ltd are currently in discussions with CI-Energies in relation to the planned independent power plant (“IPP”) which is to be co-located in Grand Bassam, next to Vioco’s onshore gas processing plant. An announcement is expected by the end of May 2015.

Azonto Petroleum Ltd LON:AZO is an Australia-based oil and gas Company. The Company’s assets include CI-202 – Cote d’Ivoire, Accra Block-Ghana, WA-399-P-Australia. It holds a 35% interest in Vioco, the operator of the CI-202 block offshore Cote d’Ivoire with an 87% working interest.

The CI-202 block contains the Gazelle gas field, which is the focus of development. The Company also holds a 57% interest in Azonto Petroleum (Ghana) Limited (formerly Rialto Energy (Ghana) Limited) (Azonto Ghana), which has an effective 45% participating interest in the offshore Accra block (subject to Government approval).

The Block covers an area of approximately 2,000 square kilometers and water depths vary between less than 50 meters and over 2500 meters.
Azonto Petroleum Ltd LON:AZO / ASX:APY has told DirectorsTalk about the appointment of Mr Glenn Whiddon as Non-Executive Director effective 02 June 2015.

Mr. Whiddon, formerly a Non-Executive Director and Executive Chairman of the Company, stepped down from the Board in March 2012 to pursue other interests. Mr Whiddon is based in Australia and is a significant shareholder in the Company, representing an aggregate 7.3% of the share register.

Commenting on the Board change, Chairman Andrew Sinclair said: “We are pleased to welcome back Glenn onto the Board. He is a significant shareholder of the Company and already has a good understanding of the Company from his previous involvement. We look forward to benefitting from his experience as we move forward.”
Additional information on Glenn Whiddon (age 51)

Mr. Whiddon has an extensive background in equity capital markets, banking and corporate advisory, with a specific focus on natural resources. Mr Whiddon holds a degree in Economics and has extensive corporate and management experience. He is currently Director of a number of Australian and international public listed companies in the resources sector.

Mr. Whiddon was formerly Executive Chairman, Chief Executive Officer and President of Grove Energy Limited, aEuropean and Mediterranean oil and gas exploration and development company, with operations in Italy, Romania, Slovenia, Tunisia, and the UK and Dutch North Seas. In 2002 Grove’s market capitalization was less than C$5 million. In April 2007, Grove was acquired by Stratic Energy Limited, a TSX-listed oil and gas company, for C$150 million.

As the ASX form says that the sole director of 6466 Investments Pty Ltd is Jane Valentine Whiddon, who is the wife of Glenn Ross Whiddon who’s holding is believed by the company to be 34,654,486 shares, the aggregate holding of Mr Whiddon is accordingly 110,853,467 shares.

According to a report published in September 2013 by Wood Mackenzie, their estimated potential value of “good technical” fields (i.e. discovered undeveloped) in Africa amounts to some US$ 125 bln (20% of the global total ex Middle East). › To put that into perspective, 0.5% is US$ 625 mln (42 times AZO current market cap).
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Re: Azonto Petroleum Ltd LON:AZO Wood Mackenzie 42 times

Post Tue Jun 23, 2015 8:45 pm

Shares in embattled oil producer Afren closed up 59.33 per cent to 2.39p per share today - however nobody knows why.

Earlier today pundits had taken to Twitter in a guessing game after the oil producer's share price mysteriously shot up as much as 90 per cent to 2.78p per share.

The jump is particularly surprising because it means someone is buying the shares despite Afren's proposed debt for equity deal announced on Friday, which would significantly dilute shareholder value.

One theory is that investors are buying up shares in order to block the proposal.


And one Twitter user joked that perhaps Rob Terry was buying up the shares. When Terry increased his stake in broker Daniel Stewart in March its shares jumped as much as 750 per cent.



Afren has struggled since chief executive Osman Shahenshah and chief operating officer Shahid Ullah were suspended and subsequently fired over the receipt of unauthorised payments last year.

And there was more pain for shareholders when Afren first revealed it was suffering from a funding crisis in January, which caused shares to close down 71 per cent on the day.

Its woes were compounded by global oil prices, which plunged from around $115 per barrel in June last year, to around $45 per barrel in January.

Since then it's been trying to reach an agreement with shareholders to tame its huge debt pile.
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Re: Azonto Petroleum Ltd LON:AZO Wood Mackenzie 42 times

Post Wed Jun 24, 2015 6:56 am

Very interesting negotiations with the national oil company in Paris
http://www.bonddickinson.com/people/tom-edwards

Vitol / Azonto joint venture
Advising a Vitol / Azonto joint venture company on the development of the Gazelle gas field offshore Cote d'Ivoire, including advising on the negotiation of sales arrangements and the operating agreement, and representing the client in negotiations with the national oil company in Paris
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Re: Azonto Petroleum Ltd LON:AZO Wood Mackenzie 42 times

Post Sat Jun 27, 2015 12:55 pm

Is Gulf Keystone next?
Dragon Oil has a number of similarities with Gulf Keystone Petroleum (LSE: GKP).

Both companies own one, large asset providing the potential for prolific long-term, low-cost production. Both operate in areas of the world where political risk is a factor. Both companies seem unlikely to make any further progress as independent operators.

It’s clear that Dragon’s Cheleken field will fit well into ENOC’s larger portfolio. Many oil experts believe that Gulf’s Shaikan field could fit equally well into a larger portfolio.

There’s only one problem. Dragon is well financed and has net cash of $1.9bn. Relatively little investment is needed to maintain production from Cheleken at current levels of around 90,000 barrels of oil per day (bopd).

The story is quite different at Gulf. While production from Shaikan has risen to around 40,000 bopd over the last year, significant investment will be needed to take production up to the firm’s targeted level of 100,000 bopd.

Gulf also has $527m of debt that may need restructuring over the next 6-12 months. As of 8 April 2015, the firm’s cash balance was just $87m.

A potential buyer would need to buy or restructure the firm’s debt, as well as acquire its shares. They would also need to inject enough money to fund further Shaikan development.

A number of new wells would need to be drilled for future production and to try and convert Gulf’s 1,024m barrels of oil equivalent of contingent resources into commercial reserves.

On top of all of this, there are the risks posed by the ISIS conflict in Iraq and long-running payment delays for oil exported from Kurdistan.
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Re: Azonto Petroleum Ltd LON:AZO Wood Mackenzie 42 times

Post Sun Jul 05, 2015 11:12 am

The purchase price included $6.5-million in Xtract shares and $4.5-million in cash. Xtract would also provide funding to settle project-related creditors up to $1.5-million.

Xtract Resources, led by chairperson Colin Bird and CEO Jan Nelson, had a portfolio of projects in Chile and South Africa and was aiming to become a midtier gold and copper producer with a focus on low-cost, high-margin shallow or surface deposits.

The company on Tuesday raised £4.4-million through the placement of 1.47-million shares at 0.3p a share to part fund the Manica acquisition. The concession includes a number of gold prospects, including the Fair Bride openpit gold deposit, on which a bankable feasibility study (BFS) would be completed within the next six months

. A preliminary economic assessment (PEA) completed by Auroch and South African mining consultancy JPMC, had shown that the project, which had a Joint Ore Reserves Committee-compliant resource of 900 000 oz, was capable of generating revenues of $55-million a year at steady-state production with the payback on the project being less than three years.

The PEA had further determined that production at Fair Bride could start within 18 months, delivering about 50 000 oz/y of gold at a cash cost of $650/oz.

The orebody would be mined from surface as an openpit operation for five years and then from underground for a further three years. A mining licence had been granted for the project, which would be Mozambique’s first gold mine. Start-up capital costs were estimated at $28.4-million and underground development costs at $14.8-million.

“The Fair Bride project will allow the company to generate significant revenues. With payback on the project of less than three years, the fundamentals are attractive for various forms of project financing. The project is less than a year from a completed BFS and we firmly believe that there are significant areas for further optimisation, which will lead to improved project economics,” commented Nelson.

Bird added that the project was one of only a few high-grade, low-cost, low-risk, openpitable gold opportunities in Africa. “Infrastructure around the project is excellent and the project is 18 months from production.

This acquisition will progress Xtract towards becoming a midtier gold producer with all the benefits that will bring to the company and, ultimately, growth for shareholders,” he said. Auroch chairperson Glenn Whiddon commented that Xtract had an excellent technical and operating team and had the ability, in the near future, to bring the project into production. “From Auroch’s perspective, we are pleased to be a shareholder of Xtract and participate in the growth of the project going forward,” he said.

Azonto Petroleum (LON:AZO/ASX:APY) – Whiddon’s Appointment Bolsters Outlook:

Ivory Coast: Azonto Petroleum heads for the production of gas from Gazelle field in 2016

Shepherd is an engineer by background who started his career at Shell before taking a number of financial positions in oil and gas industry. He was finance director of AIM quoted Dominion Petroleum which was acquired by Ophir Energy in 2012, a non-executive director of FTSE-250 listed Imperial Energy which was acquired by ONGC in 2008, and recently the chief executive of the dual-quoted (AIM and ASX) Azonto Petroleum until earlier this year.

What would really transform the Company would be the management “Trinity” of Messers Bartlett, Sinclair and Whiddon, but in the absence of Bartlett the dynamic duo of Sinclair and Whiddon is a pretty close second. As such, we believe that positive things should now start to happen, and while there is a long way to go before value can be restored, this is a timely first step.

The appointment of Glen Whiddon is a reflection of the difficulties that the Company has faced over the last 12 months. We believe that his appointment is a positive first step in the Company’s rehabilitation, and in the process of unlocking the value inherent within its asset base.

While Whiddon’s appointment is in a non-exec capacity, we believe that the more time that the Company can call upon, the better its outlook will be, and if Andrew Sinclair can be convinced to swap his non-executive role for an executive one, and Andy Bartlett can be convinced to stay, then Azonto’s future would start to look very bright indeed.

The appointment of Glenn Whiddon is a significant step as it places more control in the hands of the shareholders and of a group that has a demonstrated track record in generating value.

According to the company, listed on ASX and AIM, the granting of this authorization, signed by the Ivorian head of state Alassane Ouattara, was the consequence of the approval by the national oil company of PETROCI Gazelle field development plan to the attributable resources averages 3Mmbbls fluid and 142 Bcf gas.

Vioco Petroleum Ltd, affiliated with 35% Azonto, is already at work to obtain permission from the project in the first half of 2015, with first gas production usually within 14 to 16 months, the second half of 2016, we learn.

Azonto Petroleum Ltd, also based in Ghana, has a 30% interest in the CI-202 block via Vioco Petroleum Ltd operator of the block with 57% interest against 13% for the national company PETROCI.

Azonto Petroleum Ltd are currently in discussions with CI-Energies in relation to the planned independent power plant (“IPP”) which is to be co-located in Grand Bassam, next to Vioco’s onshore gas processing plant. An announcement was expected by the end of May 2015.

Small, west African focused oil and gas producers may undergo a wave of mergers in an effort to boost their market values and attract fund managers who generally ignore companies with market capitalisations of less than $100 million, says Azonto Petroleum.

“We’re starting to see signs of investors being a little pushy for consolidation among small oil and gas explorers,. “It would be sensible if companies got together.”

Azonto, which is listed on the ASX and London’s AIM market, . In Cote d’Ivoire it has a joint venture with Vitol Group to explore in offshore waters for oil and gas and may seek to secure exploration rights in other west African countries.

“We’re trying to put new assets in the portfolio by doing deals, either corporate or asset based. We need to grow this business.”

Azonto Petroleum Ltd LON:AZO is an Australia-based oil and gas Company. The Company’s assets include CI-202 – Cote d’Ivoire, Accra Block-Ghana, WA-399-P-Australia. It holds a 35% interest in Vioco, the operator of the CI-202 block offshore Cote d’Ivoire with an 87% working interest. The CI-202 block contains the Gazelle gas field, which is the focus of development. The Company also holds a 57% interest in Azonto Petroleum (Ghana) Limited (formerly Rialto Energy (Ghana) Limited) (Azonto Ghana), which has an effective 45% participating interest in the offshore Accra block (subject to Government approval). The Block covers an area of approximately 2,000 square kilometers and water depths vary between less than 50 meters and over 2500 meters.

The board of directors of Sefton Resources announced the company has entered into a development agreement with UTAS Petroleum Services (UTAS) to explore a potential transaction involving producing oil and gas assets in Indonesia.

The unincorporated joint venture (JV) has been signed as part of a transaction structure with the dual purpose of protecting shareholder interests and gaining a first mover advantage on the transaction.

Sefton will make an advanced payment under commercial terms of US$786,000 (£500,000) to UTAS to allow the JV to progress the due diligence and possible funding arrangements for certain oil and gas properties in Indonesia which have been identified as potential target assets.

UTAS founder, Rob Shepherd, and a Sefton board-formed JV committee will oversee all activities undertaken and expenditure made by UTAS in relation to the potential transaction. The board will receive updates on the progress of the work performed on a regular basis.

Sefton has identified a balanced portfolio of onshore exploration, development and producing assets in Indonesia that will be investigated under the development agreement. These assets are currently producing 250 boe/d, and the board believes that they have the potential to produce up to 1000 boe/d within 12 months if developed appropriately.

Under the development agreement Sefton has the option to acquire the subsidiary created by UTAS to pursue the potential transaction for a nominal amount. If the option is exercised, it is anticipated that Shepherd would join the company as chief executive officer together with a number of additional non-executive directors who have been identified.

The development agreement represents significant progress by the board towards establishing a clearly defined strategy based on the acquisition of cash generative assets to underpin long term sustainable growth of the company.

Shepherd is an engineer by background who started his career at Shell before taking a number of financial positions in oil and gas industry. He was finance director of AIM quoted Dominion Petroleum which was acquired by Ophir Energy in 2012, a non-executive director of FTSE-250 listed Imperial Energy which was acquired by ONGC in 2008, and recently the chief executive of the dual-quoted (AIM and ASX) Azonto Petroleum until earlier this year.
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Re: Azonto Petroleum Ltd LON:AZO Wood Mackenzie 42 times

Post Mon Jul 06, 2015 9:53 pm

Azonto Petroleum - EEA granted for Gazelle Field
http://tradersown.co.uk/blog/34035/Azon ... elle-Field
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Re: Azonto Petroleum Ltd LON:AZO Wood Mackenzie 42 times

Post Tue Jul 07, 2015 10:22 am

Balfour and McAlpine chase £1.7bn York Potash job

Balfour Beatty and Sir Robert McAlpine are understood to be vying for the first major civils package for the world’s largest potash mine on the North York Moors.

Developer Sirius Minerals wants to open the deep mine near Whitby and build a 37km tunnel from the site to a Teesside processing plant.

The ambitious scheme initially attracted several contractors including BAM, Laing O’Rourke and Murphy. But now just McAlpine and Balfour are left in the running for the first civils package, understood to be worth around £40m.

Plans include construction of a mine head at Dove’s Nest Farm and Haxby Plantation near the village of Sneaton. This involves extensive earth moving and site prepartion works, digging mining shafts, buildings, roads and a helicopter landing site on a 64-hectare site.

This element of the vast £1.7bn mining project was given the go-ahead last week.

The company is also still seeking permission for a materials handling facility site at the Wilton complex near Redcar.

An application for harbour facilities – which will provide the link between the site at Wilton and Teesport – has also been submitted to the Planning Inspectorate.



York Potash hopes to extract billions of tonnes of polyhalite and other minerals used in fertilisers, much of which it plans to export. At peak production the mine has the potential to reduce the UK’s entire balance of payments trade deficit by 4%.



The project includes a 6m diameter TBM-bored tunnel between the mine head site at Dove’s Nest Farm near Whitby, and a portal near the town of Redcar. Designed by Arup, it will involve five hard rock TBMs, which will be lowered in at four intermediate staging shafts.
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Re: Azonto Petroleum Ltd LON:AZO Wood Mackenzie 42 times

Post Tue Jul 07, 2015 10:48 am

Recent flotation test results on drill core taken from the Fair Bride gold project in Mozambique have underlined the potential returns the site could generate, Xtract Resources (LON:XTR) told investors.

Last week, the firm announced its purchase of the Manica gold licence from Auroch Minerals for US$12.5mln
Recent flotation test results on drill core taken from the Fair Bride gold project in Mozambique have underlined the potential returns the site could generate, Xtract Resources (LON:XTR) told investors.

Last week, the firm announced its purchase of the Manica gold licence from Auroch Minerals for US$12.5mln.

The acquisition includes the Fair Bride open pit project, where a bankable feasible study (BFS) is due in six months and production a year later.

Prior to today, recoveries of greater than 80% from the sulphide ore had been achieved.

But at labs in Perth, Western Australia, where 737kg of core was shipped, recoveries of between 91% and 94% were achieved, Xtract reported.

The work also showed that cash costs of the project could be substantially reduced, the firm said.

Chief executive Jan Nelson said: "The flotation results commissioned by the Auroch team show a considerable improvement in recoveries of sulphide zone.

"This will impact significantly on the potential revenues that the project could generate.

"Lower mass pull results recovering more than 50% of the gold at less than 10% and gravity concentration at a coarser grind recovering up to 70% of the gold at a much reduced energy consumption are expected to substantially reduce the cash costs of the project. This clearly highlights the quality of this project and the potential returns Xtract could generate from this project."

An earlier scoping study has indicated revenues from the mine of US$55mln annually based on 50,000 ounces per year of gold production, cash costs of US$650 per ounce and an open pit operation for five years and three years underground.

Resources are estimated at 900,000 ounces from 3.5Mt at a grade of 3.01 grams per tonne (g/t) with start-up costs of US$28.4mln. A further US$14.8mln will be needed for the underground development.

Fair Bride represents approximately 10% of the total licence at Manica and there are significant opportunities to increase the gold resource through exploration, said Xtract.

Xtract shares eased 1.89% to 0.26p.
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