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Ascension Securities Ltd Announce their Appointment as Corporate Advisers to Phoenix Resources Plc - Ascension Securities Ltd announce their appointment as corporate advisers to Phoenix Resources Plc incorporated in April 2006, in order to take advantage of opportunities to acquire working interests in oil and gas prospects in Western Australia
Ascension Securities Ltd Announce their Appointment as Corporate Advisers to Phoenix Resources Plc

 

PRZOOM - /newswire/ - London, Greater London, United Kingdom, 2007/03/13 - Ascension Securities Ltd announce their appointment as corporate advisers to Phoenix Resources Plc incorporated in April 2006, in order to take advantage of opportunities to acquire working interests in oil and gas prospects in Western Australia.

   
 
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Ascension Securities Ltd are pleased to announce that they will be acting as corporate advisers to Phoenix Resources Plc, which was incorporated in April 2006 in order to take advantage of opportunities to acquire working interests in three oil and gas prospects in Western Australia through farmin arrangements with wholly owned subsidiaries of Empire or Victoria Petroleum Limited, companies listed on the Australian Stock Exchange.
Farmin arrangements, whereby the owner of a permit grants an interest in the permit to a third party in return for that party paying an agreed amount of exploration and/or development costs, are a common mechanism for the financing of exploration opportunities in the natural resources sector.

The Company has the entitlements, through the Farmin Agreements:
10% interests in EP104, R1 and L98-1, being an exploration permit, a retention lease and an application for a production licence in respect of potential hydrocarbon (oil and gas) fields in the Canning Basin 1,800 km north of Perth. The cost of the interest in EP104 and R1 is A$450,000, of which A$100,000 has already been paid by the Company. These monies must be applied towards the drilling of an appraisal well, Stokes Bay -1. that will test an updip culmination of the Point Torment gas discovery. The cost of the interest in L98-1 is A$45,000 to be applied towards a makeover of the West Kora-1 Well.

A 25% interest in EP435, an exploration permit in the Carnarvon Basin in Western Australia. The Company has agreed to contribute A$800,000 to the cost of drilling the Parrot Hill 2 well, which has already been paid, and will contribute an estimated additional A$225,000 for completion in the event of a discovery.
A 50% interest in EP359, an exploration permit in the Carnarvon Basin in Western Australia. The Company has already contributed the A$100,000 for the option to acquire the interest. This sum is to be used for an airborne Transient Electromagnetic (TEM) survey and ground geochemical surveys. To exercise the option the Company must contribute A$1.5 million to the drilling of one of four prospects in EP359.

The Licence Interests have the following hydrocarbon potential:
EP104, R1 and L98-1. Stokes Bay -1 will test an updip culmination of the Point Torment gas discovery. The Competent Person believes this well has the potential to establish unrisked recoverable gas reserves of between 24 and 261 billion cubic feet (bcf) of gas, with a most likely assessment of 132 bcf of gas. It also believes a gas reserve of approximately 40 bcf could be economically developed to provide a source for regional power generation. There is the potential for the Stokes Bay well to also encounter an oil sand that could contain an unrisked recoverable reserve of approximately 20 million barrels of oil. The Valentine Prospect has the potential to contain unrisked recoverable reserves of the order of 200 million barrels of oil, or over 1 trillion cubic feet of gas. The West Kora-1 Well has previously recovered over 23,000 barrels of oil
EP435: Parrot Hill 2 is an updip appraisal well of the 1987 Parrot Hill 1, which encountered a 6.2 metre oil column, recovered some oil but failed to flow fluids to surface. The prospect is relatively small, with an expected recoverable reserve size of 500,000 barrels, but the chance of intersecting oil is high. The economics of a small oil discovery in this area are attractive and the Competent Person believes there is technical and financial merit in drilling Parrot Hill 2.

EP359: The Wogatti and Whaleback prospects are ready to drill, while Paterson North and Cape Range East require further geophysical or geochemical definition. Wogatti has the potential to contain 11.5 million barrels of oil. Whaleback has a potential recoverable reserve of 900,000 barrels. Although a smaller target, Whaleback is considered the lower risk prospect. Cape Range East is a large, but poorly defined base Cretaceous target, while Paterson North is a large stratigraphic trap of Late Jurassic sands on the western flank of the Paterson Trough. The Competent Person believes that the expenditure committed by the Company in EP359 will offer valid evaluation of two large leads in this permit and that the option to then earn a substantial interest in the permit by drilling is an attractive one.

The Company has an experienced management team:
Mr Adrian Eyre (aged 52) (Managing Director) - highly experienced petroleum industry technologist with 28 years technical and managerial experience within the international oil and gas, exploration, project management and production sectors. He has worked for, or provided consultancy services, at middle and senior levels to companies including the Qatar Petroleum Corporation, DuPont Chemicals Corporation (Spain), the Bechtel Corporation (Qatar), Pertimina (Indonesia) and Shell Exploration (Scotland). He is the Managing Director of Wharf Resources plc, a company with petroleum interests in Slovakia, as well as a Farmin Interests in the Northern Perth Basin secured from Empire. Adrian is also a director of Allied Oil & Gas plc which has farm in agreements in relation to hydrocarbon permits in the Perth area of Western Australia.

Dr Bruno Denantes (aged 57) (Executive Director) - very experienced oil and gas executive having been the founder and managing director of Kappa International Company, an oil and gas consultancy whose clients include such major petroleum companies as Amoco, Total, and BP. Bruno is a qualified petroleum engineer (ENSIC, ENSPM) and holds a PhD in business administration from Colombia University. Between 1981 and 1991, Bruno was the International Development Program Director for Gaz de France. During 1980 to 1984, Bruno was Field Assets Development Leader for Total Expoloration. Bruno is a part-time executive director of Dome Petroleum Resources plc, a petroleum exploration company which also has Farmin Interests in Australia (in Queensland). He is also a co-director with Adrian Eyre of Allied Oil & Gas plc and Wharf Resources plc.

Mr Anthony Baron (aged 56) (Executive Director) - Anthony had a career in the City over 30 years. After graduating from the London School of Economics, Anthony became Economics Writer for the UK government. Subsequently he was the UK Economist for Savory Milln and Chief Economist for Laurie Milbank. & Co. In the 1990s, Anthony was Managing Director, Chase Investment Bank, Executive Director, Sakura Finance International, Senior Vice President, Paine Webber International and Chief Economist, Guiness Mahon. Anthony was a member of the Executive Committee of the Economic Research Council of Great Britain and a columnist for the Sunday Telegraph. Presently he is director of water and technology companies.

Mr Hugh Morshead (aged 51) (Executive Director) - Hugh is a qualified Chartered Management Accountant (ACMA). Hugh has had a wide City career of 25 years, firstly as an accountant at the commodities broker, C Czarnikow, then as a sugar broker and trader with the same company. Financial futures broking positions followed at Rudolf Wolff and CRT. In 1986, Hugh joined GNI Ltd, a subsidiary of Gerrard & National, the UK money market house, becoming Director in 1992. His main responsibilities at GNI were institutional marketing and sales in the broking of futures, options, FX, energy and OTC derivatives. Since leaving in 2003, Hugh has run a small equity fund raising company and acted as consultant to a selection of businesses.

 
 
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Ascension Securities Ltd Announce their Appointment as Corporate Advisers to Phoenix Resources Plc

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Contact: Stephen Lee - AscensionSecurities.com 
+44(0)20 7929 1500 slee[.]ascensionsecurities.com
 
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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any Ascension Securities Ltd securities in any jurisdiction including any other companies listed or named in this release.

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