Circle Oil Plc (LON:COP) updated on its ongoing strategic review and has warned there could be little or no value left for shareholders.
The warning comes after the company, which has interests in oil production in Egypt, received a number of indicative proposals which are now being evaluated. It noted that the group’s debt amounts to US$77.5mln.
SDX Energy Inc (LON:SDX, CVE:SDX) has revealed the results of a new well at the North West Gemsa operation, in Egypt, which has been completed as a production well.
The well, Al Amir SE-24 (AASE-24), was drilled to a depth of 9,925 feet. It encountered the Shagar and Rahmi oil reservoirs, hitting 15 feet of net pay in the former and 7 feet in the latter.
Oil producer EnQuest PLC (LON:ENQ) reiterated its full-year production guidance after an operational update, though the market seemed mildly disappointed in output year-to-date.
Production average 42,752 barrels of oil equivalent per day (boepd) in the first four months of the year, down from 43.4k barrels in the second half of 2015, but up 39% on the corresponding period of 2015.
UK energy giant SSE (LON:SSE) reported a 19% drop in pre-tax profits last year as operations were hit by lower wholesale gas prices, increased competition and falling customers.
The unadjusted pre-tax profit for the year to March 31 was £593mln compared to £735mln in the previous year.
Clean water technology company MyCelx Technologies Corporation (LON:MYX) endured another tough year in 2015 as it battled lower oil prices.
Though losses reduced to US$3.2mln from US$5.5mln a year earlier, the company has now not been profitable for two years.
88 Energy ltd (LON:88E) boss Dave Wall has bought 2mln additional shares in the company through on market transactions, a stock market statement has revealed.
It follows 88 Energy's apparent breakthrough success with a shale discovery in Alaska that may prove to be a major new oil resource play.
Independent Resources plc (LON:IRG) has secured £200,000 of additional capital, via an issue of convertible loans.
The funding comes from investors introduced by arranged by Brandon Hill Capital, and provides immediate working capital whilst the group awaits revenues from assets in Egypt, talks to creditors and seeks a longer term funding solution.
Range Resources Ltd (LON:RRL, ASX:RRS) told investors it has signed an agreement Lind Asset Management which settles all outstanding claims and disputes.
It draws a line under the long running dispute with the investment group.
BP (LON:BP.) has doubled its interest in the Culzean development in the UK Central North Sea after buying an extra 16% interest from Japan's JX Nippon Oil & Energy Corporation.
The deal boosts BP’s interest in the gas condensate field, which was found in 2008 and has resources estimated at 250-300 million barrels of oil equivalent, to 32%.
Oil and gas storage company InfraStrata PLC (LON:INFA) has commenced drilling at Woodburn Forest in Country Antrim, Northern Ireland.
Drilling is expected to last for six weeks and drill to a depth of 2,000 metres, targeting three conventional sandstone reservoir intervals.
The P50 prospective resources have been estimated by the joint venture to be 25mln barrels of oil.
Tethys Petroleum Ltd (LON:TPL, TSE:TPL) has revealed lower production in the first quarter of 2016 as a result of a prolonged winter in Kazakhstan, disruptions to oil trucking and natural decline.
Oil output averaged 861 barrels per day, compared to 1,195 in the same period of 2015. At the same time gas production amounted to 2,442 barrels oil equivalent per day, down from 3,173.
Union Jack Oil PLC (LON:UJO) expects more acquisitions to further bolster its portfolio ofonshore UK oil and gas assets.
Underpinning its plans is a stake in the Wressle field, where production is set to begin in the second half of 2016.
Magnolia Petroleum PLC (LON:MAGP) has appointed Leonard Wallace, a highly experienced oil and gas engineer and a 50-year veteran of the industry, as its new non-executive director.
“We are delighted to welcome Leonard to the board,” said Rita Whittington, Magnolia Petroleum chief operating officer.
Sound Energy PLC (LON:SOU) has told investors that the Nervesa gas well is expected to be shut-in so that remedial work can be carried out.
The company said a second static profile assessment of the Nervesa reservoir has been carried out, and this work confirmed a reducing reservoir pressure in the well which is believed to indicate that not all reservoirs are in production.
Investors in debt laden Gulf Keystone Petroleum Limited (LON:GKP) may not have to fear the worst, according to broker Mirabaud.
Whilst the Kurdistan-based oil producer has some US$575mln of bonds outstanding, and needs to raise US$71-88mln of new capital, analyst Richard Savage reckons the company can survive.
Are we seeing the green shoots of recovery at Plexus Holdings PLC (LON:POS), maker of well-head technology used around the world?
It has unveiled a £3.5mln strategic investment fundraiser, which has strengthened its finances and opens up a massive opportunity for its technology in the Russian oil and gas sector.
Cairn Energy PLC (LON:CNE) has hailed the results from its SNE-4 appraisal well off the coast of Senegal.
It is the fourth successful appraisal well on the SNE oil discovery, Cairn said, as it revealed details of early analysis of the dataset from the drilling of the well.
Highlands Natural Resources Plc (LON:HNR) has unveiled a low cost acquisition of oil exploration acreage in North Dakota.
The AIM quoted company has acquired some 1,979 acres in the Williston Basin in a deal worth around US$14,000, paid in cash. The deal adds to North Dakota licences acquired in November, and its takes Highlands’ position in the area to 3,951 acres.
Rockhopper Exploration Plc (LON:RKH) today unveiled a new third party assessment of its Falkland acreage which has estimated a total of 747mln barrels of discovered oil equivalent resources in the Sea Lion area.
That equates to 382mln barrels oil equivalent for Rockhopper’s stake in the undeveloped oil field.
San Leon Energy Plc (LON:SLE) is set to have a more direct role in the Nigerian oil deal which saw the buy-out of Mart Resources in April.
Toscafund, San Leon's major shareholder with 41%, funded the initial US$73mln payment for the Mart acquisition by subscribing for loan notes in a newly created takeover vehicle.
New ‘late stage’ acquisition opportunities continue to be considered, but, the upcoming start-up of the Wressle field, in in the East Midlands, is set to be the real highlight for UK onshore oil investor Union Jack Oil PLC (LON:UJO).
Egdon Resources Plc (LON:EDR), the operator of the Wressle field, is currently awaiting final approval for the development which could potentially see first oil come in the second half of 2016.
Wressle is expected to start production at rates of around 500 barrels of oil per day.
The past three months have been stellar for Falcon Oil & Gas PLC (LON:FOG), whose shares are up 70% in a period when fellow explorers have struggled.
A lot of volume was seen in early April as investors cut their losses on certain AIM-listed stragglers and diverted what was left of their cash into the more exciting natural resources plays.