Welcome to Rift Oil PLC
Rift Oil plc listed on the Alternative Investment Market on 19th April, 2006, since then it has centered its activities on acquiring total ownership of its leases PPL 235 and 261 on the Foreland basin in Papua New Guinea and developing its reserves. It has had an exceptionally successful couple of years with the discoveries at Douglas-1 (2006) and Puk-Puk-1 (2008) and the acquisition of seismic that has indicated larger and better structures than previously believed. This followed from the discovery of three pay zones in the Puk Puk-1 exploration well, yielding a net pay over 45 metres and a combined flow rate of 71mmcf per day. Just as importantly, analysis of the recently acquired 215 km of seismic indicated that within PPL235, the structures are larger than previously estimated with clear signatures similar to the discoveries of Douglas and Puk Puk. The combination of success in all the wells, the flow rates, the quality of gas and the analysis of the seismic make us very confident that we have a gas resource of substantial proportions which should lend itself to early commercialisation.
During 2007 and early 2008, Rift had been concentrating on the prospect of supplying Alcan with about 40 bcf per year, but in more recent times we have shifted our focus to the liquefied natural gas (“LNG”) market. The tripling of possible resources now makes a committed field limited to only 40 bcf per annum economically unattractive, compared to annual production of closer to 100bcf if we proceed with the LNG option which could see an output of some 1.5m tons of LNG per annum. Rift has continued to work very closely with FLEX LNG, with whom Rift signed a heads of agreement in June of 2008, and with other parties with regard to exploiting Rift's gas reserves by conversion to LNG.
The Minister for Petroleum for Papua New Guinea (“PNG”) has been most supportive of our project. The support of PNG Sustainable Development Programme (“PNGSDP”) will be sought for the onshore section of pipeline and field development. PNGSDP has in excess of $1 billion in funds set aside for sustainable development in PNG and of that, one third is reserved for the western province, which is where Rift's reserves are located. PNGSDP has already expressed great enthusiasm for the aggregation of gas discoveries in the western province for development.
Unusually for a junior company, Rift Oil owns 100% of the licences PL235 and PPL261 and its own drilling rig, having purchased the minority partner interest prior to the drilling and seismic work. This means that we are well placed to determine our own future in terms of the development and commercialisation of our gas resources.
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Related Documents
- RPS Energy Report
- Further re: Recommended acquisition of Rift Oil PLC (“Rift”) by Talisman Energy Holdings
On 16 June 2009 the Boards of Rift and Talisman announced that they had reached an agreement on the terms of the recommended proposals for Talisman Holdings to acquire the entire issued and to be issued share capital of Rift for 13 pence per Rift Share. The Acquisition will be implemented by way of a scheme of arrangement under Part 26 of the Act.
- Recommended acquisition of Rift Oil plc by Talisman Energy Holdings Ltd.
- RiftOil PLC Annual Report and Accounts 2009
- Rift Oil Plc - Scheme Document
- Final Results for the year ended 31 March 2009
Rift Oil PLC (AIM : RIFT), the oil and gas exploration company with assets in Papua New Guinea
(“PNG”), is pleased to announce its final results for the year ended 31 March 2009. - Additional Listing and Rule 2.10 Announcement
Application has today been made for the admission of 14,651,572 ordinary shares in Rift to trading on AIM. These shares have been issued to RBC Capital Markets pursuant to the exercise of Warrants. Dealings are expected to commence on 19 June 2009.
- Recommended acquisition of Rift Oil PLC at 13 pence per Rift Share by Talisman Energy
The Boards of Rift and Talisman are pleased to announce that they have reached an agreement on the terms of the recommended proposals for Talisman Holdings to acquire the entire issued and to be issued share capital of Rift for 13 pence per Rift Share.
- Result of General Meeting
Rift Oil Plc announces that the special resolution proposed at the Company’s General Meeting held earlier today was duly passed.
- Rift Oil Agrees Farm-In Deal with Multi-National Oil Company
Rift Oil Plc announces that It has reached an agreement with a major multi-national oil company
to fund the drilling of up to four wells and 100km of seismic on its PPL235 licence in Papua New
Guinea. Further details will be released upon signature of the formal documents. The offer is
subject to documentation, various Government approvals and the signing of definitive farm-in and
joint operating agreements. - New Appointments to the Board
Rift Oil PLC (AIM: RIFT), the oil and gas exploration company with assets in Papua New Guinea, is pleased to announce the following changes to its Board with immediate effect.
- Placing to Raise £1 Million And Notice of General Meeting
Rift Oil PLC (AIM : RIFT), the oil and gas exploration company with assets in Papua New Guinea, is pleased to announce that it has conditionally raised £1,000,000, subject to Shareholder approval which is to be sought at a general meeting to be held on 18th May 2009.
- Rift Oil Plc completes gas pipeline study
Rift Oil, has received the final feasibility study for a gas pipeline to enable gas to be exported from its licences in PNG. The report defines the pipeline and facilities design, cost, schedule and logistics. The study included the onshore production facilities and pipeline components of the overall development and was jointly commissioned by Rift and Flex LNG.
- Testing Update - March 2009
Rift announces improved results following independent analysis of Puk-Puk flow testing
Rift Oil PLC (AIM : RIFT), the oil and gas exploration company with assets in Papua New Guinea ("PNG"),has received an analysis of the flow-test data on Puk-Puk from a qualified independent reservoir engineer, Joseph Johnston. - Rift Oil Earns declaration of Location
As a result of the two discoveries it has made in PPL 235 in Papua New Guinea, the Minister for Petroleum and Energy, the Hon. William Duma LLB.,LLM., MP, has declared those areas as: “Locations for the purpose of the Oil and Gas Act”.
- Director’s Shareholding
The Company was informed on 21 January 2009 that on 12 January 2009, Thornaby Limited had entered into a stock lending agreement with an unconnected third party pursuant to which it had lent the third party 7,000,000 Ordinary Shares in Rift.
Thornaby has not received nor will it receive, any consideration for the loan and the shares are to be returned on 12 January 2010 unless the loan is extended. - Interim Results for the 6 months ended 30 September 2008
Interim Results for the six months ended 30 September 2008
Rift Oil PLC (AIM : RIFT), the oil and gas exploration company with assets in Papua New Guinea, is pleased to announce its interim results for the six months ended 30 September 2008.
Summary of key points:
Near tripling of unrisked mid-case gas prospective resources
Completion of 215km of seismic proving structures larger than anticipated
Drilling of new well scheduled for early 2009
Continuing negotiations with potential commercialisation partners
Cash position as at 30 September 2008 £3.3million - New Structural Interpretation
Rift is pleased to announce the conclusions of the new structural interpretation and resources estimate for PPL 235 after receipt of the processed 2D seismic lines from our 220 km acquisition programme this summer.
- Rift AGM
Rift Oil - the oil and gas exploration company with assets in Papua New Guinea (“PNG”), announces that at its Annual General Meeting...
- Puk Puk-1 – Rift flows gas at 71mmcf/d
Rift Oil PLC is delighted to announce that the tested flow rate from all three productive zones at Puk Puk-1 has been measured at 71 mmcf/d. This follows the previous advice of gas flow of 29.2 mmcf/d at the combined Toro and Lower Hedinia pay intervals. Additional tests on condensate levels and composition continue, with condensate levels appearing lower than earlier expectations.
- RiftOil PLC Annual Report and Accounts 2008
Rift has had an exceptional year following the success of Puk Puk and continued expressions of interest to exploit our gas and condensate discoveries in PPL235 in Papua New Guinea (PNG).
- Preliminary Results for the year ended 31 March 2008
Rift Oil PLC (AIM : RIFT), the oil and gas exploration company with assets in Papua New Guinea
(“PNG”), is pleased to announce its preliminary results for the year ended 31 March 2008. - Puk Puk update 26 September 2008
Testing commenced on 24 September 2008. During initial clean-up flow to flare, of the combined Toro and Lower Hedinia pay intervals, a calculated gas flow rate of 29.2 million cubic feet per day...
- Results of Wireline Logs - Gas and Oil Find at Puk Puk-1
The Directors of Rift are delighted to announce that Puk Puk 1 has now reached Target Depth and has been successful beyond our most optimistic expectations.
- Puk Puk update 8th july
Drilling Update
Main Reservoir Reached at Puk Puk-1 - PUK PUK Update 3 July 2008
Rift Oil PLC (LSE : RIFT), is pleased to announce that drilling on its PUK PUK–1 exploration well in PNG has now reached the upper reservoir objective at a depth of approximately 1760 metres, significantly higher than originally expected...
- Rift Finds Gas at PUK PUK-1
Rift Oil PLC (LSE : RIFT), is pleased to announce that drilling on its PUK PUK 1 exploration well in
PNG has now reached the upper reservoir objective at a depth of approximately 1760 metres,
significantly higher than originally expected. - Papua New Guinean Ministerial Consent Completes Agreement with Austral Pacific Energy Limited
On 23 May 2008, Rift announced that it had reached an out of court settlement with Austral resulting in the termination of the agreement between the two parties and Rift assuming 100% ownership of Licenses PPL 261 and PPL 235 and the Coral Sea Drilling Rig for a total payment of US$5m. Part of the settlement (US$3m) was dependent on PNG ministerial consent. Rift is delighted to announce that this consent has been granted and the final payment to Austral has been made, thereby concluding the termination of their joint venture arrangements.
- Notification of Major Interests in Shares
The Company was informed on 10 June 2008 that, following the purchase of shares in the Company’ recent placing, Nigel William Wray is now interested in 40,390,477 shares.
- Signs Heads of Agreement (HOA) for a floating liquefaction project offshore Papua New Guinea
Rift Oil Plc (“Rift”), the oil and gas exploration company with assets in Papua New Guinea (“PNG”), is pleased to announce that the Company has signed a Heads of Agreement with FLEX LNG Ltd. (Oslo OTC: FLNG) where the parties will work together to commercialise the potential gas reserves from Rift’s acreage onshore PNG should sufficient reserves be established.
- Notifiable Interest Credit Agricole Jun 08
Notifiable Interest Credit Agricole Jun 08
- Placing June 08
Private Placing to raise approximately £5.166 million
- Rift Assumes 100% Ownership of Papua New Guinea Assets
Rift Oil Plc (“Rift”), the oil and gas exploration company with assets in Papua New Guinea (“PNG”), has reached an out of court settlement with its partner, Austral Pacific Energy Limited (“Austral”).
- Share Price Movment May 2008
The Directors of Rift Oil plc today note the movement in the Company's share price.
- Drilling to commence at Puk Puk-1
Rift Oil Plc (“Rift”), the oil and gas exploration company with assets in Papua New Guinea (“PNG”), is pleased to advise that drilling of Puk Puk-1 will commence on 10th May 2008. This is a major milestone in the development and exploitation of the Douglas gas discovery area in PPL 235, PNG, via its wholly owned subsidiary, Foreland Oil Limited.
- Notifiable Interest 27 Mar 08
Notifiable Interest 27 Mar 08 Pdf document added
- Interim Report - for the six months ended 30 September 2007
- Rift Oil Plc -Twisting by the (Gas) Pool
Royal Bank of Canada Europe Limited - Rift Oil Report.
- RBC - Rift Oil Report
Royal Bank of Canada Europe Limited - Rift Oil Report, DECEMBER 11, 2007.
- Placing of up to 293,333,333 New Ordinary Shares
Rift Oil PLC (AIM : RIFT), the oil and gas exploration company with assets in Papua New Guinea, is pleased to announce a proposed placing to raise £11m.
- Preliminary Results for the Year ended 31 March 2007
Rift Oil PLC (AIM : RIFT), the oil and gas exploration company with assets in Papua New Guinea, is pleased to announce its preliminary results for the year ended 31 March 2007.
- Change of Broker and Nominated Adviser
Rift Oil PLC, announces the appointment of RBC Capital Markets (“RBC”) as Nominated Adviser and broker to the Company with immediate effect.
- Alcan release - 20 March 2007
Rift Oil PLC (LSE: RIFT), is pleased to announce that a non binding MOU with Alcan South Pacific has been concluded with its wholly owned subsidiary Foreland Oil Ltd.
- Share Placing Raises £1.425m
The Directors are pleased to announce that application will be made for admission to trading on AIM for 47,500,000 new ordinary shares of 1p each, to be allotted by way of subscription at 3p per share to raise £1,425,000.
- Douglas Gas-Condensate Field : 2007 Appraisal and Development Strategy
Douglas Gas-Condensate Field : 2007 Appraisal and Development Strategy
- Board Appointment
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.
- Accepted offer from the Ministry of Petroleum and Energy in Papua New Guinea
- Annual Report and Accounts 2006
- Preliminary Results for the Year ended 31 March 2006
Rift Oil PLC (AIM : RIFT), is pleased to announce its preliminary results for the year ended 31 March 2006.
- RIFT OIL PLC ANNOUNCES GAS DISCOVERY AT DOUGLAS-1 WELL
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.
- Douglas-1 Update
Rift Oil PLC (LSE :RIFT), wishes to update the market concerning progress with the Douglas-1 exploration well in Papua New Guinea.
- Drilling Update
Drilling ahead at 1200 metres depth in Douglas-1, PPL 235, Papua New Guinea
- RIFT OIL PLC
Placing of 22,200,000 Ordinary Shares of 1p each at 5p per share Admission of the Enlarged Share Capital to trading on AIM