StockMarketWire.com - Leed Resources [LON:LDP] was the sector's biggest faller despite interim pre-tax losses narrowing to £100,000 in the six months to the end of December - down from £115,000 a year ago.

Chairman Jinesh Patel said: "As well as progressing the negotiations leading to our investment in Battalion/High Mannor, announced on 8 January, the board has been continuing its focus on containing costs where it can. We also have proposed to shareholders a revised investment policy which I am pleased to say was approved on 12 February 2015."

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Tower Resources [LON:TRP] has agreed to issue 15,094,482 new shares under contractual arrangements as part payment for services provided in Q4 2014. The new Ordinary Shares will be issued at a price of 0.666p per share representing the average share price of the last 10 days of the calendar quarter ending 31 December 2014.

A total of 13,621,509 New Ordinary Shares have been issued to P.D.F Limited, the Company's Outsourced Exploration Department (OExD®), a company owned by Dr. Mark Enfield, Managing Director, in part payment for services for the period covering 1 October 2014 to 31 December 2014. P.D.F Limited now holds a total of 41,748,425 Ordinary Shares and Dr. Mark Enfield own 17,350,438 Ordinary Shares in Tower, representing a combined interest of 1.55% of the issued share capital.

A total of 1,472,973 New Ordinary Shares have been issued to QX Energy Limited, a company controlled by Nigel Quinton, Head of Exploration, and his family, in part payment for services for the period covering 1 October 2014 to 31 December 2014. QX Energy Limited now holds a total of 4,670,124 Ordinary Shares and Mr. Quinton and his wife own 9,000,000 Ordinary Shares in Tower, representing a combined interest of 0.36% of the issued share capital.

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Antrim Energy [LON:AEY] president and chief executive Anthony J. Potter has joined the company's board of directors.

Potter is a Chartered Accountant with more than 26 years of experience with public international oil and gas exploration and development companies. Potter has provided strategic planning, financing, M&A, tax and risk management advice in senior management capacities in the private and public oil and gas sectors, including extensive involvement in Canadian and international operations in Argentina, United Kingdom and eastern Europe.

Potter currently holds 500,000 stock options at an exercise price of $0.20 per share, exercisable until 2 April 2018.

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Faroe Petroleum [LON:FPM] swung into the red in the year to the end of December posting an after-tax loss of £55.0m against a profit of £14.1m in 2013.

The result came after pre-tax impairment charges of £38.5m (2013: £2.1m) and exploration write-offs of £131.7 million (2013: £15.4 million).

Revenue of £129.2 million was virtually unchanged (2013: £129.4 million) but EBITDAX of £59.1 million was down from £80.1m - principally due to lower realised price per boe at $71 (2013: $105).

Chief executive Graham Stewart said: "We are pleased with the progress of the Company in 2014 despite the low oil price environment. Operationally, the year delivered excellent results for the business with significant exploration success at the Pil and Bue wells, sustained production coming in at the upper end of expectations with Njord and Hyme back on production, and the acquisition of the Schooner and Ketch UK gas fields. With a reserves increase of 13% and a 49% increase in contingent resources in the year, the Company has again proved that its strategy to convert exploration prospects into resources and convert resources to reserves is working effectively.

"Our Norwegian position is now one of the most significant of any UK independent E&P company and, despite the challenging market conditions, the Company is set for another year of growth, with a fully-funded drilling programme of low cost, high impact exploration wells, all of which will benefit substantially from Norway's tax-based exploration financing incentives.

"In the current low oil price environment, there is much focus on both cost and financial strength. Faroe is particularly robust despite low oil prices, due to a combination of factors including: a significant cash position and substantially undrawn debt facilities; sustained cash flow from a balanced, low-opex and substantially hedged oil and gas production portfolio; and, following the sale in 2014 of our interest in Glenlivet, the absence of any substantial development capital commitments. Consequently, Faroe is well placed to deliver continuing commitment to its ongoing work programme and to capitalise potentially on attractive asset opportunities which may become available in the period ahead."

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Circle Oil [LON:COP] chief executive Professor Chris Green has resigned from the post and as a director of the company, as previously announced on 11 November.

He will continue to provide his services to the company until 31 October.

Circle Oil says the search for a new CEO is now well advanced and an appointment is expected in the near future.



At 3:54pm:

[LON:AEY] Antrim Energy share price was +0.01p at 1.63p

[LON:AUR] Aurum Mining PLC share price was 0p at 0.95p

[LON:BOR] Borders Southern Petroleum PLC share price was -0.42p at 5.78p

[LON:CHAR] Chariot Oil Gas Ltd share price was -0.11p at 8.13p

[LON:COP] Circle Oil PLC share price was +0.38p at 10.13p

[LON:DGO] Dragon Oil PLC share price was -8.75p at 577.25p

[LON:ENQ] EnQuest Plc share price was 0p at 39.5p

[LON:FOGL] Falkland Oil Gas Ltd share price was +0.25p at 30.25p

[LON:FPM] Faroe Petroleum PLC share price was +2.63p at 79.63p

[LON:GKP] Gulf Keystone Petroleum share price was +1.01p at 37.63p

[LON:GPX] Gulfsands Petroleum PLC share price was 0p at 23.75p

[LON:INDI] Indus Gas Ltd share price was 0p at 86p

[LON:LDP] Leed Resources PLC share price was -0.01p at 0.06p

[LON:PET] Petrel Resources PLC share price was -0.25p at 3.13p

[LON:RKH] Rockhopper Exploration PLC share price was -2.12p at 61.88p

[LON:RPT] Regal Petroleum PLC share price was -0.29p at 4.26p

[LON:TRP] Tower Resources PLC share price was +0.01p at 0.11p

[LON:XEL] Xcite Energy Ltd share price was +1.13p at 29.63p



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