News
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 with net gas pay about twice that seen at Douglas and about 50% greater than expected.
Drilling Update: Main Reservoir Reached at Puk Puk-1
Rift is pleased to update shareholders further on the progress being made on the drilling of its Puk Puk-1 exploration well in Papua New Guinea. On 3 July 2008 Rift announced that drilling at Puk Puk-1 had reached the upper reservoir objective, the 'Alene Sand', and recorded gas 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
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 representing 5.08% of the Company's issued share capital. Mr Wray's shares are registered in the name of Pershing Keen Nominees Limited.
Signs Heads of Agreement (HOA) for a floating liquefaction project offshore Papua New Guinea
Rift Oil Plc ('Rift'), 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 potential gas reserves from Rift's acreage onshore PNG should sufficient reserves be established.
Notification of Major Interests in Shares
The Company was notified on 5 June 2008 that following an acquisition of 26,666,668 ordinary shares
Replacement of Private Placing to raise approximately £5.166 million
Thornaby Limited's shareholding, on the announcement issued at 7.01 am on 5 June under RNS number 0182W, was incorrectly stated as 78,615,825 shares when this should read 79,615,825 shares representing 10% of the Company's issued share capital.
Notification of Major Interests in Shares
The Company was notified on 3 June 2008 that following a sale of shares on 30 May 2008, Credit Agricole Chevreux International Ltd. No longer have an interest in the ordinary shares of Rift Oil plc.
Private Placing to raise approximately £5.166 million
Rift Oil plc ("Rift"), the oil and gas exploration company with assets in Papua New Guinea ("PNG"), has today finalised a placing of new shares for cash to raise £5,165,650 through a placing (the "Placing") of 98,393,348 ordinary shares (the "Placing Shares") at a placing price of 5.25p (the "Placing Price") per share. These shares were placed by the Company's broker, RBC Capital Markets, with institutional clients and high net worth individuals.
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"). This results in Rift assuming 100% ownership of Licences PPL 261 and PPL 235 which include the Douglas and Langia gas discoveries as well as the Coral Sea Drilling Rig for a total payment of US$5m. The assets being acquired are 35% of PPL 235 and the rig plus 50% of PPL 261.
RIFT OIL PLC
The Directors of Rift Oil plc today note the movement in the Company's share price.
RIFT OIL PLC
Drilling to Start on 10 May 2008 at Puk Puk-1 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. Flow testing will follow leading to an assessment of the size of the field. Depending on drilling and testing progress, the results of Puk Puk should be known in June and of the Douglas-1 flow test in July.
Notifiable Interest 27 Mar 08 PDF added
Thornaby Share Purchase 15 Feb 2008
RIFT OIL PLC
Placing of up to 293,333,333 New Ordinary Shares at an issue price of 3.75p each
- Raising £11m (before expenses)
- Placing of up to 293,333,333 New Ordinary Shares at 3.75p per share
- The funds raised will be used to seek to prove up reserves within PPL 235 to increase the prospect of commercialising this discovery
Updated Competent Persons Report
Updated Competent Persons Report on the Douglas Discovery and Prospectivity of Block PPL 235, Papa New Guinea
RIFT OIL PLC
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.
Summary of key points:
- Memorandum of Understanding signed with Alcan. Objective is to supply 40 BCF per annum of natural gas over 20 years from 2011
- Encouraging results from 54km seismic study designed to define new exploration leads
- ""1.425m raised through share Placing in February
- Appointment of John Bentley as non-Executive Director
RIFT OIL PLC
Change of Broker and Nominated Adviser Board Appointment
Rift Oil PLC, (?RIFT? or the ?Company?), announces the appointment of RBC Capital Markets (?RBC?) as Nominated Adviser and broker to the Company with immediate effect.
RIFT is also pleased to announce the appointment of John Bentley to the Board as non-executive director with immediate effect.
RIFT OIL PLC
Alcan release
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. The MOU sets out the activity to further investigate the supply of approximately 40 BCF of natural gas per annum over 20 years to the Gove Refinery in the Northern Territory of Australia.
RIFT OIL PLC
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. The new shares are accompanied by warrants to subscribe for further shares, on the basis of one warrant for every two new ordinary shares, exercisable at 5p per share between one and five years from the date of issue.
RIFT OIL PLC
Douglas Gas-Condensate Field : 2007 Appraisal and Development Strategy
Rift Oil PLC (LSE : RIFT), is pleased to advise that the 2006 seismic data has now been processed and interpreted. It has confirmed drilling locations on the northern sector of the Douglas Gas Field and has also identified the nearby Puk Puk Prospect as being a valid exploration drilling target of good size. Further specialised seismic processing is now to be conducted to identify if it can be used to successfully predict the presence of hydrocarbons in reservoir elsewhere on Douglas and in the Puk Puk Prospect, as was the case at the Douglas-1 well.
The field development options study, commissioned from Upstream Petroleum (recently acquired by major Norwegian oil services company AGR), was received and reviewed by the PPL 235 joint venture parties in December. It covers a range of technologies for commercialising the Douglas gas discovery, and identifies several potentially economically viable options. Three of these options, two major longer term markets and another smaller scale but more immediate commercialisation opportunity, are now being actively pursued by Rift as PPL 235 licence operator.
RIFT OIL PLC
Board Appointment
Rift Oil PLC (AIM : RIFT), the oil and gas exploration company with assets in Papua New Guinea, 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.
Dr Bennett, aged 60, is currently a director of Tiger Petroleum Limited (Australia) and TransOrient Petroleum Limited (Canada). His extensive experience in the oil and gas sector, built over 20 years in the industry, has included the post as Chief Executive Officer of Austral Pacific Energy Limited (1996-2005). In this role he led the team in the flotation of the Company on AMEX, TSXV and the New Zealand stock exchanges. Austral became the top performing stock on the NZ Exchange in terms of share price within 18 months of its listing.
RIFT OIL PLC
Accepted offer from the Ministry of Petroleum and Energy in Papua New Guinea.
Rift Oil Plc is pleased to announce that it has accepted the offer from the Ministry of Petroleum and Energy in Papua New Guinea (?PNG?) of exploration licence PPL 261. This area covers approximately 4,000 sq km immediately north of PPL 235 in which Rift Oil has a 65% interest. The ownership of the lease is in the name of Foreland Oil Limited (for and on behalf of Rift Oil Plc) as to 50% and Trans-Orient Petroleum (PNG) Limited (for and on behalf of Austral) as to 50%.
RIFT OIL PLC
Annual Report and Accounts 2006
Highlights:
- Admitted to AIM in April, 2006
- Purchase of 65% of Coral Sea Rig
- Drilled Douglas 1 well to 1,978 metres
- Discovery of potentially large reserves of gas
- Became operator of PPL 235 Licence in August 2006
- Completed 54km of seismic survey on PPL 235
Read full Report and Accounts 2006 document.
RIFT OIL PLC
Preliminary Results for the Year ended 31 March 2006
27 September 2006 - 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 2006.
Summary of key points:
- Admission to AIM in April 2006
- Purchase of 65% of Coral Sea Rig
- Drilled Douglas 1 well to 1,978 metres
- Discovery of potentially large reserves of gas
- Became operator of PPL 235 Licence in August 2006
- Completed 54km of seismic survey on PPL 235
Ian Gowrie-Smith, Chairman, commented:
“The last year has been extremely active for Rift and the high level of activity has continued since our flotation on AIM in April 2006. Our primary mission was the acquisition of a suitable rig which we were able to acquire and place in situ to begin drilling on PPL 235 in April. We have successfully drilled to approximately 2,000 metres and were pleased to announce the discovery of potentially significant reserves of gas.
“We expect this rapid pace to continue and in the short-term we are developing the best way to commercialise this discovery, negotiating the deployment of our drilling rig and are working hard to increase our acreage in PNG so that we can continue to explore this area in a rational and effective manner.”Contacts:
Rift Oil plc
020 7340 9970
David Lees, Finance Director
Buchanan Communications
020 7466 5000
Tim Anderson
RIFT OIL PLC
PLACING TO RAISE £540,000
June 6th - Rift Oil PLC (LSE : RIFT), is pleased to announce that it has raised £540,000 (before expenses) through a placing of 10,800,000 new ordinary shares in the Company at 5p each. The new ordinary shares represent 3.0 per cent. of the enlarged issued share capital. Following the recent gas discovery at the recently drilled Douglas-1 exploration well, these funds will help fund the ongoing appraisal of the well. 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.
Application has been made for the 10,800,000 new ordinary shares to be admitted to trading on AIM. The new shares will rank pari passu with the existing ordinary shares in the Company, and trading is expected to commence on Monday 26 June 2006.
Contacts:
Rift Oil plc
020 7340 9970
David Lees, Finance Director
Buchanan Communications
020 7466 5000
Tim Anderson
Ben
Willey
Douglas-1 Update
RIFT OIL PLC ANNOUNCES GAS DISCOVERY AT DOUGLAS-1 WELL
June 1st - 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.
The well reached a total depth of 1,978 metres on Friday 26th May. Wireline logs run over the weekend indicate that the well has intersected two gas bearing columns, the first in the Alene sand from 1,785 metres to 1,789 metres (4 metres gross; 4 metres net) and the second in the Toro sand from 1,838 metres to 1,855 metres (17 metres gross; 12 metres net). Formation pressure measurements were also recorded, which suggested very good quality reservoir.
Commenting on the discovery Rift Oil PLC's Chief Executive Jenni Lean said: "We are very encouraged by the results we have seen so far in Douglas-1 although we recognise that the prospects for successfully commercialising the resource will require a lot of further evaluation. The results validate the anticipated hydrocarbon potential for the licence. The Douglas-1 well is located downdip from one of three structural highs that comprise the Douglas prospect. In addition there are a number of other prospects within the permit which taken together constitute significant follow-up potential."
The drilling rig is currently conditioning the well prior to running production casing. The operator's decision on when production testing could commence will be taken once the availability of production testing equipment has been ascertained and a testing programme and budget have been agreed.
Jenni Lean added :"PPL235 covers 2,910 sq.km. Seismic mapping of the Douglas structure had indicated a large closure, measuring some 50 sq.km. Taken with several other structures in PPL 235, we could potentially have a significant new gas province. Advanced plans to pipe gas to Australia from Papua New Guinea demonstrate that potential markets do exist for gas discovered in PNG. PPL 235 is closer to the proposed pipeline than current potential suppliers. It is however, very early days."
Peter Mikkelsen FGS, AAPG, as the qualified non-executive Director has reviewed this statement and authorised its release.
For further information please contact:
Rift Oil plc
020 7340 9970
Ian Gowrie-Smith, Chairman
Buchanan Communications
020 7466 5000
Tim Anderson Ben
Willey
Notes to the Editors: Rift listed in London on the AIM market, floating on the
19th April 2006. Rift holds 65% of both PPL 235 and the drilling rig, the Coral
Sea-1. Peter Mikkelsen FGS, AAPG, as the qualified non-executive Director has
reviewed this statement and authorised its release.
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.
May 26th - Drilling has reached a total depth of 1,978 metres and drilling operations are set to cease shortly. The target sands were encountered over a significant interval. Wireline logs will be run immediately.
A further report on the progress of the Douglas-1 well will be released as soon as is practicable.
For further information please contact:
Rift Oil plc
020 7340 9970
David Lees, Finance Director
Buchanan Communications
020 7466 5000
Tim Anderson
Ben
Willey
Notes to the Editors:
Rift listed in London on the AIM market, floating on the 19th April 2006. Rift holds 65% of both PPL 235 and the drilling rig, the Coral Sea-1.
Peter Mikkelsen FGS, AAPG, as the qualified non-executive Director has reviewed this statement and authorised its release.
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.
May 11th - Drilling has reached a depth of 1280 metres and we are now lining the hole and cementing before drilling recommences. Results of all tests to date on the hole are in line with expectations. Within two days we expect to start drilling down to the primary reservoir targets which are between 1700 and 2000 metres.
A further report on the progress of the Douglas-1 well will be released as soon as is practicable.
Douglas-1 PPL 235
Drilling Update - Drilling ahead at 1200 metres depth in Douglas-1, PPL 235, Papua New Guinea
May 8th - As had been anticipated as a possibility, at an earlier stage in the drilling, near total losses of drilling fluid occurred while drilling through the Darai Limestone, causing delays to the drilling program.
However, the well is now at 1200 metres and drilling will continue to approximately 1300 metres before intermediate logging will be conducted in open hole, prior to running and cementing 7? casing.
The next 500 metres through the Ieru shale will bring the well to its main target, the Toro Sandstones, at approximately 1,800 metres, and the first pay sand is expected in the top Alene followed by further targets in the Imburu and other Toro type sands.
Douglas-1 PPL 235
Papua New Guinea
(Rift 65%)
April 21 - As at 05:00 hrs on Friday April 21, 2006 (local time), the well was at a plug back depth of 92mBRT. During the week the drilling crew unsuccessfully attempted to recover 290m of drill pipe equipment which had become stuck in the hole. A cement plug was placed on top of the fish and the well will be sidetracked shortly. Current operation is waiting on cement and preparing to sidetrack.
Douglas-1 PPL 235
Papua New Guinea
(Rift 65%, Operator)
April 18 - As at 05:00 hrs (local time), the well was at a depth of 502mBRT. During the week 13 3/8" surface casing was set at 47.5mBRT and drilling proceeded in 12?" hole. Current operation is preparing to fish.
Douglas-1 PPL 235
Papua New Guinea
(Rift 65%, Operator)
April 7 - Cementing surface casing in place
Related Documents
- RPS Energy Report
- 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
Papua New Guinean Ministerial Consent Completes Agreement with Austral Pacific Energy Limited (“Austral”)
- 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.
- Citadel Equity interest
Notification of Major Interests in Shares
- Replacement Announcement 5th June
Replacement of Private Placing to raise approximately £5.166 million
- 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.
- MF Global Interest pdf
MF Global Interest pdf added 07/04/08
- Notifiable Interest 27 Mar 08
Notifiable Interest 27 Mar 08 Pdf document added
- Thornaby Share Purchase Feb08
Thornaby Share purchase Feb08
- Puk Puk Update 12 Feb 2008
Puk Puk Update 12 Feb 2008
- 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
- Rift Oil PLC
Placing and admission to aim
- Letter to shareholders
Latest letter to shareholders (Apr 06)