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    <title>Edison Investment Research &#45; recent research</title>
    <link>http://www.edisoninvestmentresearch.co.uk</link>
    
    <dc:language>en</dc:language>
    <dc:rights>Copyright 2012</dc:rights>
    <dc:date>2012-02-08</dc:date>



    <item>
      <title>Gasol &#45; African LNG optimisation</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/gasol</link>
      <headline>African LNG optimisation</headline>
      <description>Edison Investment Research - <![CDATA[Oil & Gas - Gasol: Gasol&#8217;s strategy, updated in 2011, is to monetise stranded gas assets in Nigeria and around the Gulf of Guinea and to seek additional routes to optimise gas value. It targets the West African gas-to-power market via a liquefied natural gas (LNG) monetisation route. <br />ISIN: GB00B068Y168]]></description>
      <dc:date>2012-02-07T11:00:48+00:00</dc:date>
    </item>


    <item>
      <title>Xcite Energy &#45; Clear path to first oil</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/xcite-energy</link>
      <headline>Clear path to first oil</headline>
      <description>Edison Investment Research - <![CDATA[Oil & Gas - Xcite Energy: The last two months have seen Xcite carve out a route to first oil from Bentley in 2012 that can be fully equity funded and without need for FDP approval. The company has received a &#8220;letter of comfort&#8221; from the Department of Energy & Climate Change (DECC) supporting the phased development approach, while a pre-production well in 2012 will be managed outside the FDP, meaning Xcite can look to secure debt funding and FDP approval later in 2012. The downside is the lion&#8217;s share of first stage production has slipped 12 months. With shares trading under &#163;1, the stock still offers significant upside although catalysts remain the same with funding and subsequent formal FDP approval the hurdles to commercialisation. <br />ISIN: VGG9828A1194]]></description>
      <dc:date>2012-02-02T11:44:51+00:00</dc:date>
    </item>


    <item>
      <title>DEO Petroleum &#45; Funding key to core NAV</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/deo-petroleum</link>
      <headline>Funding key to core NAV</headline>
      <description>Edison Investment Research - <![CDATA[Oil & Gas - DEO Petroleum: An FPSO allows DEO to move towards a hub development structure that aims to lay a foundation for the company and allow it to unlock the potential of the Perth and surrounding fields. An updated competent person&#8217;s report (CPR) from TRACS increasing the chances of commerciality is an important step towards FDP approval and helps drive up net risked resources to 20.2mmboe. However, funding of Phase 1 development is crucial to our valuation and, with the company looking to raise significant levels of equity, the future of the Perth development lies in securing an optimal funding package in 2012. <br />ISIN: GB00B3PZFR25]]></description>
      <dc:date>2012-01-19T11:14:34+00:00</dc:date>
    </item>


    <item>
      <title>Valiant Petroleum &#45; A balanced portfolio</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/valiant-petroleum</link>
      <headline>A balanced portfolio</headline>
      <description>Edison Investment Research - <![CDATA[Oil & Gas - Valiant Petroleum: Valiant offers investors a company with a balanced portfolio of cash flow, exploration and operatorship. With existing production, Valiant is cash producing, and can leverage that to create a substantial debt facility that will more than fund the 2012 programme. A c10% equity shareholding by management also ensures incentives are aligned to achieve full shareholder maximisation. <br />ISIN: GB00B2NJD643]]></description>
      <dc:date>2012-01-19T09:01:48+00:00</dc:date>
    </item>


    <item>
      <title>Tower Resources &#45; Uganda well go ahead</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/tower-resources</link>
      <headline>Uganda well go ahead</headline>
      <description>Edison Investment Research - <![CDATA[Oil & Gas - Tower Resources: Tower has arranged a $15.5m SEDA agreement with a fund managed by Yorkville Advisors, that will enable the Mvule-1 well in Uganda to be drilled on schedule in February. The new financing will also underpin corporate overheads for the foreseeable future. Mvule-1 will target an 80mm barrel recoverable prospect in the Albertine Basin to the north of the large Tullow finds and follows a great deal of preparatory exploration work and two earlier dry wells. Tower believes that Mvule-1 is its most de-risked well in Uganda to date. <br />ISIN: GB00B05KQ069]]></description>
      <dc:date>2012-01-09T16:27:23+00:00</dc:date>
    </item>


    <item>
      <title>Simba Energy &#45; African asset portfolio</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/simba-energy</link>
      <headline>African asset portfolio</headline>
      <description>Edison Investment Research - <![CDATA[Oil & Gas - Simba Energy: Vancouver-based Simba is an opportunistic Africa-focused frontier oil and gas exploration play with a potentially highly prospective portfolio of assets in Kenya, Liberia, Guinea, Mali and Ghana. Simba has ambitious plans, potentially starting to drill as early as 2013, but it is vital it finds farm-in partners to be able to carry its projects through to drilling. <br />ISIN: CA8285721079]]></description>
      <dc:date>2011-12-16T15:57:55+00:00</dc:date>
    </item>


    <item>
      <title>Ithaca Energy &#45; Development &#8216;purists&#8217;</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/ithaca-energy</link>
      <headline>Development &#8216;purists&#8217;</headline>
      <description>Edison Investment Research - <![CDATA[Oil & Gas - Ithaca Energy: Ithaca&#8217;s niche, development-focused North Sea strategy allows it to manage execution risk while unlocking upside through deal flow. With shrewd deal-making the company is able to minimise both technical and project risk and add discreet value to its developments, while a strong subsurface team coupled with proven business development credentials ensures the project pipeline remains full to spill. <br />ISIN: CA4656761042]]></description>
      <dc:date>2011-12-16T08:24:02+00:00</dc:date>
    </item>


    <item>
      <title>Range Resources &#45; Dynamic backdrop</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/Range-Resources</link>
      <headline>Dynamic backdrop</headline>
      <description>Edison Investment Research - <![CDATA[Oil & Gas - Range Resources: Range Resources is one of the most interesting entrepreneurial E&P juniors with plenty of scope for positive news flow. Excellent judgement has been exercised concerning the moves into Texas and Trinidad, which now offer the prospect of highly significant near-term production and cash flow. Meanwhile, drilling is poised to commence in Puntland, which has company maker potential. Interestingly, Range has recently gained exposure to frontier offshore Morocco through a stake in Tangiers Petroleum. <br />ISIN: AU000000RRS3]]></description>
      <dc:date>2011-12-15T14:35:52+00:00</dc:date>
    </item>


    <item>
      <title>SacOil Holdings &#45; Farm out boosts strategy</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/sacoil-holdings</link>
      <headline>Farm out boosts strategy</headline>
      <description>Edison Investment Research - <![CDATA[Oil & Gas - SacOil Holdings: SacOil&#8217;s AGM (17 November) approved a three-year, $25m SEDA facility with Yorkville Advisors and the issue of 111.94m shares to Timtex, raising ZAR75m (US$10.5m). In tandem with the successful farm out (March 2011) of a 60% interest in the Block III oil concession right to Total ($7.5m net cash, and a $54m contingent bonus payment) imminent funding needs have eased, allowing SacOil to continue with its core oil exploration in Nigeria and the DRC. We have updated our earnings forecasts to reflect the new funds (most of it provided by existing shareholders) as well as recently announced H1 earnings. Our fundamental NAV/RENAV valuation rises 1.5% to 19.0p and 23.5p, respectively. <br />ISIN: ZAE000127460]]></description>
      <dc:date>2011-11-24T14:25:15+00:00</dc:date>
    </item>


    <item>
      <title>Green Dragon Gas &#45; The story remains intact</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/green-dragon-gas</link>
      <headline>The story remains intact</headline>
      <description>Edison Investment Research - <![CDATA[Oil & Gas - Green Dragon Gas: Green Dragon Gas (GDG) is making solid progress in 2011 towards achieving its objective of becoming the leading independent, integrated gas supplier in China based on coal bed methane (CBM). The pace of development is scheduled to accelerate in late 2011 and 2012 as drilling activity and downstream expansion gather momentum. The stock has been hit hard this year by investor disenchantment with resource and China plays. However, we believe there is excellent potential for positive news flow in the coming months regardless of any conceivable business slowdown in China. <br />ISIN: KYG409381053]]></description>
      <dc:date>2011-11-22T14:14:51+00:00</dc:date>
    </item>


    <item>
      <title>Quadrise Fuels International &#45; Lower cost fuel</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/quadrise-fuels-international</link>
      <headline>Lower cost fuel</headline>
      <description>Edison Investment Research - <![CDATA[Oil & Gas - Quadrise Fuels International: Quadrise International Ltd, 100% subsidiary of Quadrise Fuel International (QFI), has the licence to manufacture and market an environmentally friendly substitute for heavy fuel oil (HFO), which can be sold at a material discount to traditional fuels, and is branded MSAR. The potential for MSAR, targeting the global 600MT HFO market, is supported by a production alliance with chemical giant AkzoNobel, while the world&#8217;s largest owner of merchant shipping, Maersk, is conducting pre-production trials. MSAR could be commercial by 2012 with potential additional agreements with both a Saudi Arabian refinery and a Mexican refinery. <br />ISIN: GB00B11DDB67]]></description>
      <dc:date>2011-11-16T08:21:19+00:00</dc:date>
    </item>


    <item>
      <title>Rockhopper Exploration &#45; Fans of the Falklands</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/Rockhopper-Exploration</link>
      <headline>Fans of the Falklands</headline>
      <description>Edison Investment Research - <![CDATA[Oil & Gas - Rockhopper Exploration: An intensive appraisal drilling campaign over 18 months has moved resource estimates for Rockhopper&#8217;s Sea Lion field to nearly 400mmbbl of high quality oil. Assets such as this do not go undeveloped and we are firmly of the view it is now only a question of who is going to develop it. Hugely robust economics point to a significant valuation gap to our core NAV of 510p. With value crystallisation almost guaranteed through either farm-out and development or acquisition, could this be a rare low risk, two-way bet into one of the most exciting frontier plays around. <br />ISIN: GB00B0FVQX23]]></description>
      <dc:date>2011-11-08T08:06:07+00:00</dc:date>
    </item>


    <item>
      <title>Greka Drilling &#45; Positive outlook</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/greka-drilling</link>
      <headline>Positive outlook</headline>
      <description>Edison Investment Research - <![CDATA[Oil & Gas - Greka Drilling: Greka Drilling&#8217;s (GDL) major rig fleet expansion announced last April is now well underway. By virtue of its innovative technology and prospective rig fleet, GDL is evolving as the leading drilling contractor for the unconventional gas sector in China. Its business backdrop remains exceptionally well underpinned by Green Dragon Gas&#8217;s (GDG) coal bed methane development programme and the Chinese government&#8217;s plans to boost gas production. This is independent of any conceivable Chinese economic slowdown in 2012. Earnings should surge in 2012 as the new rig fleet comes fully on-stream. <br />ISIN: KYG411101002]]></description>
      <dc:date>2011-11-03T15:53:00+00:00</dc:date>
    </item>


    <item>
      <title>Simba Energy &#45; PSC taken forward</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/simba-energy</link>
      <headline>PSC taken forward</headline>
      <description>Edison Investment Research - <![CDATA[Oil & Gas - Simba Energy: Simba&#8217;s strategic focus is on underexplored overlooked basins pursuing hydrocarbon opportunities in Africa. The company recently met with the Ministry of Energy of Mines of the Republic of Guinea in Vancouver following its July acquisition of a 60% interest in a production sharing contract (PSC) for Block 1 and 2 in the Republic of Guinea&#8217;s onshore Bove Basin. <br />ISIN: CA8285721079]]></description>
      <dc:date>2011-10-26T08:09:11+00:00</dc:date>
    </item>


    <item>
      <title>Madagascar Oil &#45; Valuation disconnect</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/madagascar-oil</link>
      <headline>Valuation disconnect</headline>
      <description>Edison Investment Research - <![CDATA[Oil & Gas - Madagascar Oil: The latest independent Tsimiroro resource upgrade has pushed our valuation for Madagascar Oil into the stratosphere. Even with highly conservative economic assumptions we see a 10 times current share price core valuation. At the heart of this disconnect is a lingering hangover from a licence dispute and general market unease as to commerciality. With the key licence issue now resolved, what remains is a 2012 steam-flooding pilot to prove commerciality for what could be a truly transformational investment, albeit with significant execution risk. <br />ISIN: BMG5738R1016]]></description>
      <dc:date>2011-10-24T08:38:23+00:00</dc:date>
    </item>


    <item>
      <title>DEO Petroleum &#45; Perth moving forward</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/deo-petroleum</link>
      <headline>Perth moving forward</headline>
      <description>Edison Investment Research - <![CDATA[Oil & Gas - DEO Petroleum: The field development plan (FDP) submission for DEO&#8217;s flagship Perth field at the end of September 2011 marks a significant milestone for this small but experienced developer. Funding is the main issue now as DEO builds momentum for a project that is set to flow oil as early as H114. <br />ISIN: GB00B3PZFR25]]></description>
      <dc:date>2011-10-14T08:39:15+00:00</dc:date>
    </item>


    <item>
      <title>Nautical Petroleum &#45; Kraken de&#45;risked</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/Nautical-Petroleum</link>
      <headline>Kraken de&#45;risked</headline>
      <description>Edison Investment Research - <![CDATA[Oil & Gas - Nautical Petroleum: Nautical announced yesterday the results from testing of its 9/02b-5z Kraken appraisal well. Having delivered a flow of 4,550bopd from a relatively short 1,287ft horizontal section with no reservoir problems, this rate clearly indicates commerciality for the company&#8217;s key Heimdal unit III development. The positive results, along with ongoing seismic acquisition, will now be integrated into reservoir models ahead of concept select and a CPR likely in Q112, project sanction in Q312 and first oil during 2015. <br />ISIN: GB00B3D2ND74]]></description>
      <dc:date>2011-09-27T13:45:21+00:00</dc:date>
    </item>


    <item>
      <title>SacOil Holdings &#45; New cash, next moves?</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/sacoil-holdings</link>
      <headline>New cash, next moves?</headline>
      <description>Edison Investment Research - <![CDATA[Oil & Gas - SacOil Holdings: SacOil recently announced the issue of 111.94m shares raising ZAR75m ($10.7m) on the JSE. The shares were issued at ZAR0.67 (c 5.8p) compared to a trade-weighted average price of 5.93p in August (source Bloomberg) to Timtex Investments, an associate of Encha Group, a material (36.01%) shareholder in SacOil. The shares were purchased at the closing price of 29 August 2011. Due to the cash inflow, our NAV estimates are essentially unchanged, but the 16% dilution will result in a 10.2% fall in our forecast 2013 EPS. The sizeable issue to a single shareholder was accompanied by a statement that management is considering various proposals and potential transactions. <br />ISIN: ZAE000127460]]></description>
      <dc:date>2011-09-23T11:04:40+00:00</dc:date>
    </item>


    <item>
      <title>Northern Petroleum &#45; Oil discovery in new basin</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/Northern-Petroleum</link>
      <headline>Oil discovery in new basin</headline>
      <description>Edison Investment Research - <![CDATA[Oil & Gas - Northern Petroleum: Tullow Oil has announced today a discovery on its Zaedyus exploration well located offshore Guyana in which Northern Petroleum holds a 1.25% interest. The well encountered 72m of good quality net pay in a turbidite fan similar to that seen in Tullow's Jubilee play in West Africa, and as such this is a breakthrough discovery for the area. Northern&#8217;s shares were up c 30% midday. <br />ISIN: GB00B0D47T64]]></description>
      <dc:date>2011-09-09T11:58:08+00:00</dc:date>
    </item>


    <item>
      <title>Victoria Oil &amp;amp; Gas &#45; Logbaba gas imminent</title>
      <link>http://www.edisoninvestmentresearch.co.uk/research/category/victoria-oil-gas</link>
      <headline>Logbaba gas imminent</headline>
      <description>Edison Investment Research - <![CDATA[Oil & Gas - Victoria Oil & Gas: Q411 should see Victoria Oil & Gas enter production at its flagship Logbaba Gas Field, Cameroon. With operating margins effectively immune to price volatility, 2P reserves of 212bscf and significant upside potential in the form of additional resources, this field alone has the potential to justify a re-rating of the stock. <br />ISIN: GB00B01R0Y35]]></description>
      <dc:date>2011-09-09T07:30:01+00:00</dc:date>
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