StockMarketWire.com - President Energy (PPC) was up in late trading after it purchased the 50% of Puesto Guardian field it did not already own, together with operatorship, for a total initial purchase price of $5m with further $1.88m cash payments over 2 years.

Highlights of the deal included:

· President's 2P Oil Reserves nearly doubles to a total of 13 mmbbls (as of 31 December 2013)

· Purchase adds production of 150 bopd together with 6.43 mmbbls of 2P reserves* and 285 bcf with 7.25 mmbbls condensate of prospective resources

· Further royalty based consideration dependent on production over 1,000 bbls/day capped at an additional US$11m

· Waiver of debt due to President of US$1.6m

* * *

Tullow Oil [LON:TLW] reported strong first half revenues and cashflow and results in line with market expectations.

Highlights:

· Revenues and gross profit for the period in line with expectations; exploration write-offs and a loss relating to the Uganda farm-down result in a loss after tax; interim dividend remains unchanged at 4p · Balance sheet well funded following second $650 million bond offer and $750 million re-financing of corporate revolving credit facility; net debt and unutilised debt capacity at period end of $2.8 billion and $2.3 billion respectively

· West African oil production averaged 63,900 boepd in the first half; strong underlying performance from core assets offset by non-booking of c.3,000 boepd due to ongoing licence negotiations in Gabon. Full year guidance for the region remains 64-68,000 boepd. In Ghana, the Jubilee field is on target to average full year gross production of 100,000 bopd

· European gas production averaged 14,500 boepd in the first half, below expectations due to underperformance at Schooner-11. Full year guidance for the region revised to 13-14,000 boepd. Sale agreed for Schooner and Ketch in the UK Southern North Sea to Faroe Petroleum (UK) Limited for a total consideration of $75.6 million

· Good progress in major West and East Africa developments; TEN project in Ghana 30% complete, on budget and on track for First Oil in mid-2016; important MoU signed with Government of Uganda; Government of Kenya and the Partners are aligned in their ambition to reach project FID for development by the end of 2015/early 2016

· Exploration in Kenya continues with wildcat successes at Amosing-1 and Ewoi-1 supporting the Pmean discovered resource estimate of 600 mmbo; E&A campaign continues in the second half and into 2015 with basin and play testing campaigns in Kenya, Norway, Suriname and Gabon

* * *

Range Resources [LON:RRL] has provided an update on its activities during the three months to June 30, which it described as a "transformational" quarter.

CEO Rory Scott Russell said during the period it continued to focus on its core development assets in Trinidad.

"We have completed our management team changes and reported a material increase in our proved reserves in Trinidad, alongside encouraging operational results in the South Quarry field," he said in a statement.

"Our achievements to date signify a new beginning for Range and the company is now poised for growth."

Total gross oil production for the quarter in Trinidad was 48,173 bbls (average of 529 barrels of oil per day "bopd").

* * *

The sector's biggest riser was Tower Resources [LON:TRP] - up by more than 19% - while the biggest faller was Antrim Energy [LON:AEY] - down by over 10.9%.





At 4:24pm:

[LON:AEY] Antrim Energy share price was -0.75p at 6.13p

[LON:AUR] Aurum Mining PLC share price was 0p at 1.5p

[LON:BOR] Borders Southern Petroleum PLC share price was -0.25p at 11.25p

[LON:CHAR] Chariot Oil Gas Ltd share price was -0.25p at 17.25p

[LON:DGO] Dragon Oil PLC share price was -0.5p at 567p

[LON:ENQ] EnQuest Plc share price was +0.25p at 135.55p

[LON:FOGL] Falkland Oil Gas Ltd share price was -0.25p at 26p

[LON:GKP] Gulf Keystone Petroleum share price was 0p at 81p

[LON:GPX] Gulfsands Petroleum PLC share price was 0p at 48.5p

[LON:INDI] Indus Gas Ltd share price was -5p at 395p

[LON:PET] Petrel Resources PLC share price was +0.38p at 8.38p

[LON:PPC] President Energy Plc share price was +0.88p at 32.75p

[LON:RKH] Rockhopper Exploration PLC share price was -1.37p at 91.13p

[LON:RPT] Regal Petroleum PLC share price was +0.75p at 9.12p

[LON:RRL] Range Resources Ltd share price was -0.11p at 1.8p

[LON:TLW] Tullow Oil PLC share price was -10p at 754p

[LON:TRP] Tower Resources PLC share price was +0.18p at 1.08p

[LON:XEL] Xcite Energy Ltd share price was -0.62p at 68.88p



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