The director of our 100% owned subsidary Comtrack (UK) Ltd has released a statement to potential investors regarding recent developments to the offshore licences awarded to the company during the UK 33rd Licensing Round as the signing of those licences has now been completed by all parties.
Comtrack UK Ltd, a subsidiary of Comtrack Ventures Ltd, announces that it has submitted applications for two Production Licences in the UK 33rd licensing round. Both these licences contain proven undeveloped discoveries of gas and are in mature areas with exiting infrastructure. The applications were made together with another, publicly quoted company who will act as the operator if the licenses are awarded.
In October 2022, Comtrack commissioned its London based oil and gas exploration & production subsidiary Comtrack (UK) Ltd to prepare a report on the current state of exploration for hydrocarbons offshore Cyprus.
A publicly available version of this report is available and linked below.
Offshore Cyprus Hydrocarbons Report - Updated Feb 24
Simwell Resources Ltd, a 70% owned subsidiary of Comtrack Ventures, has been sold to Reabold Resources plc. Please see the attached press release for full details.
Comtrack Venture's subsidiary Simwell Resources is pleased to announce that it has completed a farmout to Shell on its wholly owned licence P2332 in the UK Southern Gas Basin. Pursuant to this deal, which has been approved by OGA, Simwell's equity will be 30% and Shell's 70%, and Shell will assume operatorship of the licence. In August 2019, Shell completed the Bluewater 3D seismic survey, which extended approximately 160 km2 into P2332 and has fulfilled the work commitment for the next three years. The processing of this data has been completed and delivery of the final volume is imminent. The forward programme will be to evaluate the potential of the primary Zechstein and secondary Carboniferous targets, in order to reach a drilling decision prior to May 2023.
Comtrack Venture's subsidiary Simwell Resources have a 10% interest in the three licences P2300, P2329 & P2427 covering the new Zechstein Reefal and Carboniferous plays in Quad 36 and 37. The remaining interest in the licences is held by Ardent Oil and Horizon Energy.
As mentioned in press release dated 21st January 2019, Simwell made applications in the 31st Licensing Round for additional acreage adjoining the above licences to more comprehensively cover this play.
Simwell is pleased to announce their application was successful and the authorities (OGA) have awarded Simwell 50% interest in Blocks 37/28a, 37/29a, 37/30b, 43/3a, 43/4a (P2486). This represents circa 600 sq km of acreage. The other interest holders are Ardent Oil and Horizon Exploration. The blocks in this award are included in the farm out previously done with Horizon Exploration and once the license has been issued Simwell will assign an interest to Horizon and reduce its interest to 10%.
Comtrack Venture's subsidiary Simwell Resources has made an announcement regarding its licenses P2300, P2329 & P2427 that cover the new Zechstein Reefal and Carboniferous plays in Quad 36 and 37. On the basis of the farm in offer which Simwell had previously accepted and thus reducing its interest to 10%, as was announced on 5th March, Simwell entered into a pre commitment agreement with Spectrum Geo Ltd for a 3D survey planned to be acquired in Qtr 2 2019.
Simwell is pleased to announce that Spectrum has started the survey as set out in their press release https://www.spectrumgeo.com/press-release/first-phase-begins-on-regional-s-north-sea-3d-project
Simwell will receive 667 km2 of data covering its licenses and also have access, if required, to other parts of the survey.
Comtrack Venture's subsidiary Simwell Resources had a 50% interest in three licences P2300, P2329 & P2427 covering the new Zechstein Reefal and Carboniferous plays in Quad 36 and 37. The remaining interest in the licences is held by Ardent Oil and Horizon Energy.
Simwell had received a farm-in offer as mentioned in Simwell's press release of 21st January 2019. Subsequently a farm out agreement was signed with Horizon Exploration in February 2019. This farm out has now closed and in return for financing acquisition of 667 sq km of 3D covering these licenses, Simwell is reducing its interest in the licenses to 10%. Applications are underway to the authorities (OGA) to register the assignment of interests.
Comtrack’s now 70% owned subsidiary Simwell Resources Ltd has announced that, in relation to Simwell's licenses P2300, P2329 & P2427 that cover the new Zechstein Reefal and Carboniferous plays in Quad 36 and 37, on the basis of the farm in offer which Simwell has accepted, Simwell has now entered into a pre commitment agreement with Spectrum Geo Ltd for a 3D survey planned to be acquired in Qtr 2 2019. Simwell will receive 667 km2 of data covering its licenses and also have access, if required, to other parts of the survey.
Comtrack's subsidiary Simwell Resources announces the award of Block 43/2 (part) licence (P2427) in the UK 30th Licensing Round. Simwell’s stake in the block is 50%, together with Ardent Oil Ltd and Horizon Energy Partners Ltd, both of whom hold a 25% stake.
This licence was awarded under the Innovate Licensing regime introduced by the UK's Oil and Gas Authority (OGA).
Comtrack's two UK subsidiaries, Simwell Resources Ltd and Comtrack(UK) Ltd have assigned their respective 35% equity interests in UK licence P2076 containing the Castletown gas field, to Bridge Petroleum for an undisclosed consideration.
Bridge will now progress the licence to its 2nd term and develop the gas field, subject to the usual regulatory conditions.
Crown Energy AB, in which Comtrack has a significant shareholding, has reported that one of its major shareholders, Cement Fund SCSp, (“Cement Fund”), has elected to exercise all of its 31.5 million warrants in the Company and thus subscribed for an additional 31.5 million ordinary shares in the Company. The strike price per ordinary share is SEK 2 and Crown will receive an additional cash injection of SEK 63 million
(circa $7 million).
Comtrack's subsidiary Simwell Resources has announced the signing, by all parties, of the three licenses awarded to Simwell in the UK 29th Licencing Round. These licences are as follows.
•P2326
•P2329
•P2332
These licences were awarded under the new Innovate Licensing regime introduced by the UK's Oil and Gas Authority (OGA).
Crown Energy AB in which Comtrack has a significant shareholding has announced the acquisition of ESI Group which owns and manages real estate assets in Angola servicing the oil industry. The business is profitable and cash generative and gives a second and complementary leg to Crown’s business. The acquisition was made by issuing 363,401,823 Crown shares representing 81% of the shares now in issue. Accordingly Comtrack’s shareholding is diluted and is now below reportable levels.
Comtrack's subsidiary Simwell Resources has completed the cross assignment of equity positions in two contiguous licence areas in the UK's Southern North Sea with Cluff Natural Resources, the public company quoted on the UK's AIM market. The decision to combine the equity position across the two licences was taken following the identification by Simwell of a large Carboniferous gas prospect which extends across the boundary of the two licences.
The Agreed the cross assignment of equity positions are in 28th Round Promote Licences P2253 (Block 42/14b) which was owned 100% Cluff Natural Resources, and P2258 (Block 42/15b) owned by 90% Simwell, 10% Burgate, located in the UK's Southern North Sea gas basin. The transaction is subject to normal regulatory approvals.
Following completion of the assignment the equity position in both licences will be 50% Cluff , 45% Simwell and 5% Burgate.
The identified gas prospect extends to approximately 36km2 with preliminary estimates of gas in place are ranging from 239 to 619 BCF. Technical work to refine the potential in-place and recoverable gas volumes associated with this prospect is expected to be completed over the coming months.
Comtrack's subsidiary Simwell Resources has announced the appointment of Jonathan Lucas as Manager of HSE. Jon has prepared the Company's HSE and Corporate Social Responsibility Policies, and will develop the management procedures that underpin those policies.
Comtrack’s two UK registered subsidiaries Simwell Resources Limited and Comtrack (UK) Ltd have concluded a farm-out agreement for three UK 28th Round licences P2254, P2256 and P2300 with Ardent Oil Limited. Simwell and Comtrack (UK) Ltd will earn a 40% and a 10% interest respectively, whilst Ardent will retain 50% interest and continue as Licence Administrator. The three licences cover blocks 37/26, 36/27, 37/28a, 37/29a, 43/3a, and 43/4a in the UK sector of the Southern North Sea.
Comtrack has now build a substantial portfolio of licenses in the UK’s Southern North Sea areas, focusing on gas exploration and production. The licenses held by Simwell Resources Ltd and Comtrack (UK) Ltd are summarised on the map which can be viewed on Simwell's website.
Comtrack’s 51% owned subsidiary Simwell Resources Limited (50%) together with Comtrack’s fully owned subsidiary Comtrack (UK) Limited have acquired 50% and 25% interest respectively in UK 28th Licensing Round licence P2263 from Margin Oil & Gas (UK) Ltd. The licence covers blocks 41/20, 41/15 and 42/16 in the UK Southern Gas Basin. Margin will retain 25% of the licence and continue as Licence Administrator for the remaining duration of the initial two year period of the license which expires in December 2016. The transaction has been approved by the UK Oil and Gas Authority.
Comtrack's ownership of Crown Energy AB, the public company quoted in Stockholm stock exchange, has been reduced from 14.7% to 14.3% as a result of a preferential rights issue conducted between 29th May to 15th June offered to shareholders who had not participated in the previous restructuring. This rights raised circa $600,000 for the company and improved Crown's cash position.
Comtrack (UK) Ltd has acquired a 35% interest in two contiguous licenses in the Morecombe Bay area, offshore, west of the UK, where the license holders are planning to introduce a partner to drill the Castletown gas field during 2016-2017. Comtrack (UK )Ltd acquired 35% interest in 28th Licensing Round awarded block 113/28b ( P2255) and farmed in for a 35% interest in 27th License Round awarded block 113/27d ( P2076). The administrator of these licenses is Burgate Exploration & Production Ltd.
Registered Office
Castella Court Block 2, Apt 211, 9 Tasou Mitsopoulou St, 6028 LARNACA, Cyprus
Registration #: C157540
info@comtrackventures.com
©2021 Comtrack Ventures Ltd
