Independent oil analyst Barney Gray joins us in the London South East studio to discuss the newly announced fracking moratorium in UK onshore, and to talk through his latest research on Coro Energy, Rose Petroleum and United Oil & Gas. Firstly Barney talks us through his take on the newly announced fracking moratoruium for UK oil and gas projects. He believes this has largely been factored into the market already, and that most UK onshore oil projects like West Newton 2 in Lincolnshire will generate oil without the need for stimulation.
Next he discusses Coro, the South East Asian Oil and Gas specialist who have just spudded Tamback-1, an important appraisal well in the Mako field offshore Indonesia. The Tambak-2 appraisal well didn't deliver a flow test but otherwise proved the existence of a geographically large gas field with identical positive geology. CEO James Menzies has his eye on Malaysia as having great future potential.
Then Rose Petroleum and the new management team who have just raised £1.25M to develop a broader Rocky Mountains strategy. It is buying a stake in a Colorado field, hoping to deliver results and revenues within a year or so to support the longer term development of existing assets in the Paradox Basin, Utah. Finally United Oil & Gas who are buying Rockhopper's Egyptian assets for $16M. Rockhopper are focussing on SeaLion in the Falklands and are selling assets already producing circa 1,100 bpd equivalent. BP are providing $8M up front, to be repaid from the revenue stream from the field.