- Oilex [LON:OEX] was the sector's biggest riser in late afternoon trading after the work programme and budget for the Cambay work programme was approved by regulatory authorities in India.

The programme includes one firm horizontal well and four wells in a contingent drilling campaign.

Oilex is the operator of the project and has a 45% holding with its joint venture partner, Gujarat State Petroleum Corporation, holding the remainder.

Oilex acting managing director Ron Miller said: "The Cambay Joint Venture is expediting work on the field. We are confident that this high impact work programme will realise the value of the Cambay asset, and deliver near-term production and reserves to the company."

Latin American oil and gas explorer, operator and consolidator GeoPark's [LON:GPK] revenues rose by 124% to $250m in the year to the end of December.

Adjusted earnings before interest, tax, depreciation and amortisation increased 92% to $121m and net income soared by 264% to $18m.

Chief executive James F. Park said: "Our 2012 results represent a significant performance step-up and reflect the growing strength of our underlying asset foundation and record of execution.

"In 2012, GeoPark demonstrated improvements in each of its three principal capacities as an oil and gas explorer, operator and consolidator -- with increases in production, reserves, and cash flows and new project growth in Colombia and Tierra del Fuego.

"Our team's ability to consistently find and produce oil and gas, our strengthening balance sheet and reliable cash flow generation, and our exciting new project opportunity portfolio provide substantial encouragement for our expectations in 2013 and beyond. We are pleased that GeoPark is continuing to achieve the scale and scope and the balance which assure long term value creation in our business."

Caza Oil & Gas [LON:CAZA] has agreed an advance of £500,000 on the £6m standby equity distribution agreement with YA Global Master SPV, an investment fund managed by Yorkville. In exchange for the advance, Caza has issued and allotted 4,948,682 common shares to Yorkville at a price of £0.101037 each.

At 3:56pm:

[LON:AUR] Aurum Mining share price was +0.01p at 2.88p

[LON:BOR] share price was +1.38p at 20.88p

[LON:CAZA] share price was -0.88p at 10.5p

[LON:CHAR] share price was +1.88p at 21.63p

[LON:DES] Desire Petroleum share price was +0.38p at 15.38p

[LON:DGO] Dragon Oil share price was +4.75p at 638.75p

[LON:ENQ] share price was +2.7p at 137.8p

[LON:FOGL] Falkland Oil and Gas Limited share price was +0.75p at 26.25p

[LON:GKP] Gulf Keystone Petroleum share price was +1.63p at 181.63p

[LON:GPK] share price was -2.5p at 652.5p

[LON:GPX] share price was +1.5p at 82.5p

[LON:INDI] share price was -10p at 915p

[LON:OEX] share price was +0.63p at 4.75p

[LON:PET] Petrel Resources share price was +0.76p at 17.13p

[LON:RKH] share price was +4.75p at 155.25p

[LON:RPT] Regal Petroleum share price was +0.13p at 22.25p

[LON:XEL] share price was -1.5p at 113.5p

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