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Rift Oil plc ("Rift" or "the Company") has raised £2.3 million before expenses, through a private placing of 24,080,000 new Ordinary Shares and a placing on admission to the AIM Market ("AIM") of 22,200,000 new Ordinary Shares, both at £0.05 per share, giving the Company a market capitalisation at the placing price of £17.3 million. The shares will begin trading on AIM - 19 April 2006. Insinger de Beaufort is the Nominated Adviser and Broker to the Placing.
Rift was established in November 2004 to acquire a 65% interest in an oil and gas exploration licence, the petroleum prospecting licence number 235 ("PPL 235 Licence"), in western Papua New Guinea. It acquired this interest in December 2004 through its subsidiary Foreland Oil Limited ("Foreland Oil"), in return for a commitment to spend US$6 million (approximately £3.2 million) on the exploration and development of PPL 235. The remaining 35% interest in the PPL 235 Licence is held by Trans-Orient Petroleum (PNG) Limited ("TOPPNG"), a wholly owned subsidiary of Austral Pacific Energy Ltd ("Austral"), a Yukon incorporated, oil exploration company operating in New Zealand whose shares are publicly traded in the United States of America, Canada and New Zealand.
In January 2005, the Company and Austral entered into a joint venture operating agreement to constitute the joint venture between the Company and Austral (the "Joint Venture") in relation to the exploration activities to be undertaken within PPL 235. These include a commitment to drill one exploration well, which has already commenced...
About Rift Oil PLC...
Rift Oil plc ("Rift" or "the Company") has raised £2.3 million before expenses, through a private placing of 24,080,000 new Ordinary Shares and a placing on admission to the AIM Market ("AIM") of 22,200,000 new Ordinary Shares, both at £0.05 per share, giving the Company a market capitalisation at the placing price of £17.3 million. The shares will begin trading on AIM today (19 April 2006). Insinger de Beaufort is the Nominated Adviser and Broker to the Placing.
Rift was established in November 2004 to acquire a 65% interest in an oil and gas exploration licence, the petroleum prospecting licence number 235 ("PPL 235 Licence"), in western Papua New Guinea. It acquired this interest in December 2004 through its subsidiary Foreland Oil Limited ("Foreland Oil"), in return for a commitment to spend US$6 million (approximately £3.2 million) on the exploration and development of PPL 235. The remaining 35% interest in the PPL 235 Licence is held by Trans-Orient Petroleum (PNG) Limited ("TOPPNG"), a wholly owned subsidiary of Austral Pacific Energy Ltd ("Austral"), a Yukon incorporated, oil exploration company operating in New Zealand whose shares are publicly traded in the United States of America, Canada and New Zealand.
In January 2005, the Company and Austral entered into a joint venture operating agreement to constitute the joint venture between the Company and Austral (the "Joint Venture") in relation to the exploration activities to be undertaken within PPL 235. These include a commitment to drill one exploration well, which has already commenced as set out below.
Between December 2004 and March 2005, the Company raised a total of £4,505,000 at £0.25 per share from a range of private investors pursuant to an offer for subscription to enable it to meet its initial obligations in relation to PPL 235, and as general working capital. On 10 April 2006 the Company raised an additional aggregate sum of £1,204,000 by way of a private placing also at £0.05 per share.
The Joint Venture experienced difficulties in securing an appropriate rig in order to begin the proposed drilling program on PPL 235. This was due to the current high demand worldwide for the hire of drilling rigs. This led to the decision by the Joint Venture, in late July 2005, to purchase the Coral Sea-1 Rig, a heli-transportable, free standing double for the purposes of the Joint Venture.
PPL 235 covers a total area of approximately 2,910 sq km and lies within the Foreland Basin, an area southwest of the Papua New Guinea highlands approximately 500 km west from the capital, Port Moresby. The Company has chosen the Douglas Prospect and the Puk Puk-1 (previously known as ‘Kamu’) Prospect ("the Prospects") as the initial targets on PPL 235.
Following extensive commissioning work, drilling on the Douglas Prospect, the first prospect on PPL 235, commenced on 4 April 2006. The Company expects to reach the planned total depth of around 2,000m after approximately 20 days of drilling. This will be followed by a 4 day wireline logging program to determine what further test work may be required. Further analysis and interpretation of the results will be necessary during early May before an announcement can be made. The Company will then decide whether the results are sufficiently encouraging to either:
flow test the well;
drill further appraisal well(s);
shoot more seismic over the field; or
drill the Puk Puk-1 Prospect, also on PPL 235.
Rift has lodged an application, together with Austral, for a further PPL (APPL 261) covering an area of some 3,958 sq km immediately north of PPL 235. This application is in the name of Foreland Oil (for and on behalf of Rift) as to 50%, and TOPPNG (for and on behalf of Austral) as to 50%.
Projects
Feasibility Study
Rift is keen to commercialise the Douglas gas and a feasibility study for this is underway by Upstream Petroleum.
The bid for the study was won by Upstream Petroleum Pty Ltd. which is an Australian based integrated oil & gas service provider, with current operations around Australia, in the SE Asian region and India.
Upstream Petroleum; manages, engineers, and services, offshore and onshore oil and gas production facilities throughout their life cycle, from exploration and appraisal drilling through to full field development, production, operations and maintenance.
Mr Cam Rathie, Managing Director of Upstream Petroleum said "Upstream Petroleum is very pleased to be awarded this feasibility study, and as an experienced contract operator of production facilities Upstream is well placed to undertake this study which will enable commercialization of Rift’s oil and gas fields."
The study will consider uses for gas including methanol, GTL, CNG, LNG, gas export to market, ammonia, urea, electricity generation, DME and boutique products such as methyl chlorides, carbon black and tetrachlorides.
Preliminary results of the study will be available in mid December.
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Sesimic Acquisition 2006
During August and September of this year, 54 km of 2D seismic was acquired in PPL 235. The object of this is to firm up appraisal targets for the Douglas gas structure, which is a large (over 40 sq km) flat structure with several lobes. As well the joint venture wished to firm up the Puk Puk prospect, which looks ‘oilier’ than Douglas, and so two lines were acquired over Puk Puk, which is to the north of Douglas.
This new seismic data will therefore help to determine the extent of the Douglas resource and to define exploration drilling locations on other prospects. It will be added to the existing data base, and so help us understand more about the prospectivity of this licence.
The acquisition of this seismic fulfills the Licence obligations to the PNG government to the end of year 4 of the permit which is 29 August 2007.
The data is of good quality and is being processed by Velsies Integrated Seismic Technologies in Brisbane, Australia. It will be critical to locating the best locations for future drilling to enable the joint venture to maximise the return on its investment.
Related documents:
Rift Oil PLC is pleased to announce the appointment of Dr David John Bennett as a non-executive director to the Board of the Company with immediate effect.
Rift Oil PLC (AIM : RIFT), is pleased to announce its preliminary results for the year ended 31 March 2006.
Rift Oil PLC (LSE : RIFT), is pleased to announce a gas discovery on the wildcat exploration well Douglas-1, located in the area PPL 235 of Papua New Guinea(“PNG”). Rift has a 65% interest and its joint venture partner, Austral Pacific Energy Ltd. a 35% interest in Douglas-1. The discovery has been deemed by the operator Austral Pacific Ltd. to warrant casing and production testing.
Rift Oil PLC (LSE :RIFT), wishes to update the market concerning progress with the Douglas-1 exploration well in Papua New Guinea.
Drilling ahead at 1200 metres depth in Douglas-1, PPL 235, Papua New Guinea
Placing of 22,200,000 Ordinary Shares of 1p each at 5p per share Admission of the Enlarged Share Capital to trading on AIM
Placing and admission to aim
Latest letter to shareholders (Apr 06)
A couple of press articles:
Rift Oil stock quotes
Rift Oil stock charts
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