Genel Energy (LON:GENL) struck a deal to buy-out its partner in the Bina Bawi gas field in Kurdistan.
The deal with OMV sees the London listed oil company acquire 36% of Bina Bawi in return for a US$5mln upfront payment and US$70mln of contingent future payments should the gas field achieve agreed threshold volumes.
It was a big news story on a busy day for small cap energy companies.
Elsewhere, President Energy (LON:PPE) was given permission to pursue unconventional hydrocarbons within its existing Puesto Guardian project area in Argentina.
The company has been given a new concession covering both conventional and unconventional hydrocarbons for exploration and production over a 35 year term.
Mosman Oil & Gas (LON:MSMN) moved STEP closer to acquisition with a royalty agreement worth NZ$4mln.
The company recently agreed to acquire STEP - the South Taranaki Energy Project - for NZ$10mln (£4.2mln).
Meanwhile, Nostrum Oil & Gas (LON:NOG) publicly urged the board of Tethys Petroleum (TSE:TPL LON:TPL) to accept its takeover offer after talks stalled.
Tidal wave power group Atlantis Resources (LON:ARL) has appointed a new head of finance from US power group InterGen.
In mining news, Asiamet Resources (LON:ARS) identified two near-surface, high-grade areas within its BKM copper deposit in Indonesia that it expects will have a “highly positive impact” on the economics of the project.
The latest drill results have unearthed 35 metres of mineralisation at 1.73% copper from 20 metres depth. Within that was an 11-metre section at 3.49% copper and a 2 metre intercept at 10.15% copper.
Elsewhere, Metal Tiger (LON:MTR) applied to renew the licence at its joint venture project in Thailand after further exploration showed there could be more antimony than first thought.
Paragon Diamonds’ (LON:PRG) new mine acquisition in Lesotho may be an even bigger gem than expected according to two new technical reports.
The studies, carried out by consultant MSA and based on 2013 work by owner Lucara Diamonds (TSX:LUC), pointed to a significant increase in the size of the diamonds present, which will boost potential revenues and its value over time.
International Ferro Metals’ (LON:IFL) South African ferrochrome operations have a chance of being saved with some bid interest, according to the country's Business Rescue Practitioner.
A new study at Condor Gold’s (LON:CNR) La India deposit in Nicaragua has identified 33 exploration targets. Structural geologist Dr Tony Starling of Telluris Consulting carried out the study.
Mwana Africa's (LON:MWA) non-executive director Scott Morrison topped up his stake in the firm.
He bough £64,000 worth of shares, 6.96mln at 0.92p per share.
Tungsten miner Premier Afrcian Minerals (LON:PREM) has achieved steady state production at its RHA miner in Zimbabwe, it said today.
After taking a slightly circuitous route, North River Resources (LON:NRRP) has finally embarked on the first of two stages of fundraising for the construction of its Namib lead-zinc project in Nambia.
Weatherly International (LON:WTI) is to draw down US$4mln worth of debt funding from its principal shareholder, Orion.
In tech news, Internet firm CentralNic (LON:CNIC) more than doubled profits in the first half of 2015 amid increasing take up of web addresses across a new generation of domains.
It also appointed tech mergers and acquisitions specialist Mike Turner as the internet domain firm’s new non-executive chairman.
Speaking of boardroom changes, Regency Mines (LON:RGM) also had a shake-up as John Watkins resigned from the board with immediate effect.
In other news, AIM-listed Teathers Financial (LON:TEA) said its technology platform will be used to power a crowd equity app being launched by Shard Capital Partners.
Finally, Accesso Technology’s (LON:ACSO) interim revenues jumped by almost a quarter and it repeated it expects to meet its recently upgraded earnings forecasts.