Providence Resources this morning provided a highly encouraging update on its Barryroe appraisal well in Ireland’s Celtic Sea.

The London listing of Tangiers Petroleum kicks off what is expected to be an incredibly busy and exciting year. The group, which owns potentially company-making assets in Morocco and Australia, is hoping to negotiate farm-in deals on both.

One of the earliest entrants to Morocco, Longreach Oil & Gas has spent the past five years building an impressive landholding in what chief operating officer Andrew Benitz describes as the “last under-explored basin in North Africa”. Here we talk to Benitz, who reveals that 2012 will be pivotal year for the company. 

Xcite expects the DECC to approve phase 1 of the development in the near future. It will then be able to start work in sufficient time to achieve first oil in the first half of the year.

Wentworth is trading in its royalty interest in Cove’s LNG project in return for 16.38 per cent of Mnazi Bay. The deal increases Wentworth's future revenue and cash flow, as well as increasing the firm’s contingent and prospective resources.

Tangiers Petroleum has completed a private placement book build to raise A$6.35 million, which will be used to advance its exploration programmes in Morocco and Australia.

New World Oil & Gas this morning unveiled plans to raise US$35 million from institutional investors and lenders. The cash will ensure the group is well funded to meet its exploration commitments

The British oil and gas firm has made an unexpected shale gas discovery near Warrington. But this won’t distract attention from its plans to develop a commercial coal bed methane operation.

BP has failed to pass some of the compensation costs for the Gulf of Mexico disaster onto its drill rig contractor, Transocean.

An exploration well has found a ‘very significant’ area of shale gas at the Ince Marshes site in Cheshire. The firm also updated investors on the development of its coal bed methane projects and its conventional oil producing operations, which are currently beating expectations.

The two AIM quoted firms will work together to redevelop the Goudron and Beach Marchelle oilfields in Trinidad.

Nighthawk is now in control of Jolly Ranch with a 75 per cent stake. And Westhouse Securities reckons the firm will be able to get more value out of the project using its own reservoir exploitation strategy and its own operations team.

The firm signed an initial letter of intent for the potential acquisition earlier this month. And it said that today’s competent person's report has confirm the prospectivity of the project.

There could be plenty more consolidation in the months ahead as larger oil firms size up promising oilfield development projects.

Numis Securities says the Kraken development is a relatively low risk and with EnQuest now at the helm first oil may be achieved in late 2015 or early 2016.

In the latest sign of consolidation in the North Sea, AIM's Nautical Petroleum has agreed to sell a 25 per cent stake in the Kraken oilfield to EnQuest. The deal may be worth as much as US$240 million.

Gulf Keystone Petroleum’s chief operating officer John Gerstenlauer reckons the Shaikan-4 may be the best well it has logged to date.

Former BP chief executive Tony Hayward is one of three directors who will share an almost £160 million payout after exercising a right to a 6.67 percent stake in Genel Energy.

Europa Oil & Gas said this morning that production has restarted from the West Firsby-7 well in the East Midlands after a workover.

The popularity of Colombia's Llanos Basin is putting an incredible strain on the infrastructure of the area. It has also prompted a strategic rethink at Global Energy Development, as managing director Stephen Voss reveals.

Shares in Tullow Oil fell by more than 6 per cent in a busy early session as the group’s production undershot its own, already conservative guidance for 2011.

Nighthawk Energy’s £2.75 million share placing confirms the company can “harness institutional support” to take its Jolly Ranch shale oil project in Colorado to the next stage of development, according to City firm Westhouse Securities

Nighthawk Energy said this morning it received strong support for a cash call that will bankroll ambitious plans in Colorado.  It has placed 155.7 million shares with institutions at 2.5 pence each raising almost £2.9 million gross, or £2.75 million net of expenses.

The Chinese coal bed methane (CBM) firm is working to monetise its significant gas assets. Today it revealed that it more than doubled the number of wells drilled in 2011, and as a result production increased by more than 120 per cent.

Drilling results from two wells in the Caspian Sea made for a successful start to the year. Dublin based broker Davy believes that Dragon’s target of completing between 15 to 20 new wells each year looks increasingly comfortable.

The funding means the firm will be able to carry out its preferred drilling programme in the Falklands later this year. 

Through a second agreement with Danica Resources the firm now has 90 days to carry out due diligence on a potentially attractive new project.