StockMarketWire.com - Sound Oil's [LON:SOU] slipped back in late trading after it announced that it had signed two gas sales contracts and developments in relation to the Badile drill site land acquisition. These operational contracts span three of the company's assets. Rapagnano gas sales contract: The company has entered into a 12 month gas sales agreement for the Rapagnano gas field with Steca Energia Srl. This agreement, which runs to September 2015, includes no "take or pay" component and is based on a variable market price. The company estimates the Rapagnano Gas Sales Agreement will deliver an average price of Euro 0.267 per Scm (US$9.8/Mscf) over its term.

Casa Tiberi gas sales contract: A 12 month gas sales agreement in respect of the Casa Tiberi gas field has been signed with Prometeo SpA. Like the Rapagnano gas sales agreement, this also includes no "take or pay" provision however provides for a fixed price of €0.269 per Scm (US$9.9/Mscf) until September 2015.

Badile drill site land acquisition: The company also announced that it has now contracted for the purchase of a 59,140 square metre plot of industrial land in the Lombardy region of Italy for a total consideration of Euro 1.8 million (excluding VAT). The terms of this land acquisition were first announced by the company on 7 August. The land will host the drill site for the initial Badile exploration well and for all other production wells required to exploit the discovery.

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Petrel's [LON:PET] board reports that an agreement has been reached with the Ghanaian authorities on the specific revised co-ordinates of the signed Petroleum Agreement on a licence Block in the Tano area of Ghana.

This solution is satisfactory for the company and brings its interests in acreage closer to existing discoveries.

As announced in July 2014, it was agreed that additional, contiguous acreage will be added to preserve the size of the Block, and a revised Activity Map has been circulated.

The agreement is between Pan Andean Resources Ltd (60% Clontarf Energy plc, 30% Petrel Resources plc, 10% local interests) the Ghana National Petroleum Corporation and the Government of Ghana.

All parties have committed themselves to, and are acting to complete, the ratification process in accordance with law, which requires Cabinet and Parliamentary approval.

Accordingly, Pan Andean Resources Ltd has not reapplied to the High Court for further equitable relief but retains its right to reapply should it prove necessary.

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Endeavour International Corporation [LON:ENDV] has agreed a restructuring support agreement with holders of more than two-thirds of its 12% first priority notes, 12% second priority notes, 7.5% convertible bonds and 5.5%/6.5% convertible notes to restructure the company's debt obligations and filed for Chapter 11 bankruptcy protection in the US.

The company's UK subsidiaries and certain other affiliates have not sought bankruptcy protection and will continue to operate outside of any reorganisation proceedings.

Endeavour and its debtor affiliates will continue to operate as 'debtors in possession' in the Chapter 11 proceedings.

Under the restructuring support agreement, the company's existing debt will be reduced by approximately $568 million including the cancellation of all of the Company's Notes and reduce its annual interest burden by 43%. As consideration for such cancellation, the reorganised Company would issue (a) $262.5 million of new 9.75% notes to the holders of its 12% First Priority Notes, (b) an aggregate of approximately $237.5 million of new 3.5% convertible preferred shares to holders of its 12% First Priority Notes and 12% Second Priority Notes, and (c) common shares to holders of its 12% Second Priority Notes, 7.5% Convertible Bonds, 6.5% Convertible Notes and 5.5% Convertible Notes.

All of the company's existing equity securities, including its shares of common stock and preferred stock, will be cancelled, without receiving any distribution.

The $440 million senior secured term loan incurred by Endeavour Energy UK Limited and certain other of the company's foreign subsidiaries will not be affected by the restructuring.

Endeavour expects its oil and gas operations to continue in the ordinary course throughout the Chapter 11 Proceedings. The Company believes that the rights and protections afforded it by a court-supervised reorganisation process will provide Endeavour with the time and flexibility it needs to address its financial challenges, delever its balance sheet and position the Company for the longer term.

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The sector's biggest risers were Wessex Exploration [LON:WSX] and Tower Resources [LON:TRP] - both up by more than 10% in late trading - while the biggest faller was Petro Matad [LON:MATD] - down by more than 17%.

At 3:50pm:

[LON:AUR] Aurum Mining PLC share price was 0p at 1.25p

[LON:BOR] Borders Southern Petroleum PLC share price was +0.28p at 10.13p

[LON:CHAR] Chariot Oil Gas Ltd share price was 0p at 10.5p

[LON:DGO] Dragon Oil PLC share price was -2.75p at 537.25p

[LON:ENQ] EnQuest Plc share price was -0.67p at 85.78p

[LON:FOGL] Falkland Oil Gas Ltd share price was -3.62p at 27.38p

[LON:GKP] Gulf Keystone Petroleum share price was +1.25p at 48.75p

[LON:GPX] Gulfsands Petroleum PLC share price was -3.25p at 49.25p

[LON:INDI] Indus Gas Ltd share price was 0p at 342.5p

[LON:PET] Petrel Resources PLC share price was 0p at 6.5p

[LON:RKH] Rockhopper Exploration PLC share price was -3.62p at 76.38p

[LON:RPT] Regal Petroleum PLC share price was -0.5p at 6.5p

[LON:SOU] Sound Oil PLC share price was -0.25p at 11.38p

[LON:TRP] Tower Resources PLC share price was +0.08p at 0.8p

[LON:WSX] Wessex Exploration share price was +0.06p at 0.53p

[LON:XEL] Xcite Energy Ltd share price was -4.62p at 47.13p



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