Crown Energy AB has completed a restructuring resulting in greatly strengthening its balance sheet. 85% of its bonds and certain debts were converted to shares in Crown. Comtrack participated in both and as a result now owns 14.7% of Crown, up from the previous 4.7%.
Crown Energy AB has signed an agreement to acquire Comtrack's majority owned subsidiary Simbo Petroleum Ltd. The transaction has been approved by the South African authorities and the sale closed on the 20th of February 2015.
Spyker Energy, in which Comtrack has a minority shareholding, has noted that the Operator of its sole asset, Block 12/06 in Danish North Sea, Dana Petroleum, has announced that they have successfully completed the drilling of the Lille John-2 appraisal well and side-track on the Lille John oil field.
The Lille John-2 (LJ-2) appraisal well and side-track confirmed the presence of sweet, light oil in the Late Miocene sandstone reservoir. The thickness and quality of the sandstone reservoir encountered in LJ-2 was found, as expected, to be improved relative to the LJ-1 discovery well drilled in 2011. The entire reservoir package was cored, a comprehensive log suite gathered followed by a drill stem test over the entire interval. The production test showed a maximum flow rate of 1,400 bbls/day, with no sand production. The oil quality was similar to that found in the LJ-1, being 34°-35° API with no H2S.
Detailed evaluation of the acquired data will now be performed to confirm the exact thickness of the oil pay in order to assess the recoverable volumes in the Lille John accumulation and to determine commerciality.
The Danish Exploration Licence 12/06 also contains the Broder Tuck gas/condensate discovery. The Operator is preparing a Plan of Development for this field.
Comtrack has acquired a 51% interest in Simwell Resources Ltd, a UK registered company. Simwell has been awarded 3 licenses in the recent UK 28th Licensing Round. One license is in the East Irish sea and two licenses are in the Southern North Sea. All three are gas exploration & production projects.
Thombo Petroleum has announced that it has undergone restructuring, with its 75% ownership of Block 2B being split. Comtrack now owns a direct 40.5% interest in the Block 2B license through its majority owned subsidiary Simbo Petroleum Ltd, whereas Thombo owns 34.5% and remains the operator.
Crown Energy AB, in which Comtrack is a minority shareholder, has acquired 100 per cent of Tigris Oil i Sverige (Tigris Oil). The consideration consists of 1,842,715 newly issued Crown Energy shares through a non-cash issue in which the issue price is SEK 8.00 per Crown Energy share.
In 2012, Tigris Oil signed a production sharing agreement (“PSC-agreement”) with the province of Salah Ad Din, located north of Baghdad in Iraq. The total area is 24,000 square kilometres, which for comparison is equivalent to about seven per cent of Sweden’s total land area. The licence area is estimated to have oil deposits containing more than 20 billion barrels.
Within the licence area there are several large commercial reservoirs where only limited production has occurred.
Pounder Venture Capital Corp. announced that it had concluded the final tranche of a private placement announced on March 12, 2013 The maximum amount of the Offering, being $500,000, has now been fully subscribed for. The proceeds from the Offering will be used for general and administrative expenses and for the identification and evaluation of companies, business or assets with a view to completing its first acquisition. Comtrack's shareholding in Pounder is now 23%.
Comtrack Ventures Ltd. announced that on April 19, 2013, they purchased 1,500,000 common shares of Pounder Venture Capital Corp. (“Pounder”) at a price of $0.10 per common share pursuant to a private placement offering completed by Pounder (the “Private Placement”). On April 22, 2013 Pounder had announced, it has closed the first tranche of a non-brokered private placement for aggregate gross proceeds of $200,000 through the issuance of 2,000,000 common shares in the capital of the Corporation at a price of $0.10 per common share (the "Offering"). Pounder expected that it will complete the second and final tranche of the offering in the next several weeks to raise a total of $500,000. The proceeds from the Offering will be used for general and administrative expenses and for the identification and evaluation of companies, business or assets with a view to completing a Qualifying Transaction (as defined in TSX Venture Exchange Policy 2.4). Immediately following the closing of the first tranche of the Private Placement, Comtrack had control and direction over 36.16% of Pounder's common shares.
Pounder Venture Capital Corp. shares (PDR.H - TSX Venture, Toronto Stock Exchange) are trading on the NEX board of the TSX Venture Exchange (the "TSXV") since January 18, 2013. The NEX is a separate board of the TSXV designed to provide a trading forum for publicly-listed companies while they assess their business plans, operations, and formulate a strategy to reactivate their businesses for future growth.
Crown Energy (where Comtrack is a founder shareholder) announced a fully underwritten issue of convertible bonds with preferential rights for the company’s shareholders. The subscription price is SEK 10 per convertible bond, which represents gross proceeds of approximately SEK 65 million (circa $10 million) before deduction for transaction costs. Comtrack will take up an amount of these convertible bonds in excess of its rights. The subscription period ends at the end of April.
Thombo Petroleum Ltd, a London-based company operating in the Republic of South Africa in which Comtrack has a 40% interest, has announced the award of a 3D seismic acquisition and processing contract to WesternGeco. The survey will use WesternGeco’s IsoMetrix technology and will cover a full fold area of 686 km sq, extending over the A-J1 graben of Block 2B located off the west coast of South Africa. This graben contains the A-J1 oil discovery drilled and tested by Soekor in 1988. The survey is scheduled to start in early January, 2013, and will last for approximately one month.
The new data will allow the partners to evaluate in detail not only the extent of the A-J1 oil discovery but also the many other prospects and leads in the graben which have been identified from existing 2D seismic data.
According to a press release from Crown Energy AB regarding Thombo Petroleum Ltd (Crown has an option to acquire the company), Thombo Petroleum has commissioned this independent reserves report of Thombo's 75% interest in Block 2B in South Africa, by the independent consultants Netherlands Sewel Associates, NSA. Preliminary results from this independent review (Competent Persons Report "CPR") shows a sharp increase in prospective resources from Thombo's original estimate of 179 million barrels to 450 million barrels. Thombo is awaiting approval from Petroleum Authority of South Africa,PASA, to release the results of this CPR in public, in accordance with the terms of the Petroleum Act of South Africa. Comtrack Ventures Ltd is a 40% shareholder of Thombo Petroleum.
Swedish oil company Crown Energy AB, in which Comtrack is a founder shareholder, has announced that during the period between June 25 and July 12, 2012, there was a rights issue with preferential rights for shareholders of Crown of approximately SEK 10.7 million and also a private placement of SEK 30 million. The two issues were fully subscribed by the Company's shareholders, including Comtrack, and other stakeholders, and thus providing Crown with approximately $7.7 million cash before issue costs. The subscription price was 7 SEK or $1.04 per share. The shares of Crown are quoted on a stock exchange in Sweden.
Mangold Securities of Stockholm, Sweden, is financial adviser to Crown Energy in connection with the issuance and Gransäter & Partners Corporate Finance AB also of Stockholm participated in the marketing of the private placement.
Spyker Energy, a company in which Comtrack is a shareholder, has announced that it has sold its subsidiary in the Netherlands, Smart Energy Solutions B.V. to Tulip Oil Holding B.V. Full details can be found here.
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