StockMarketWire.com - SeaEnergy [LON:SEA] was the sector's biggest faller after first half pre-tax losses widened substantially to £2.94m, up from £0.11m last time.

Revenue was £1.88m, from £2.511m. The result included a £1.1m impairment of an investment, and a £0.88m impairment of investment in royalties.

Chairman David Sigsworth said: "The business has been impacted by the decline in oil price and deferrals and reductions in Operators' budgets.

"However, the steps it was already taking, to focus on R2S VAM, to reduce central costs and to internationalise and diversify, are positioning us well to benefit from the recovery expected in 2016 when we anticipate a return to profitability."

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Tower Resources [LON:TRP] confirms the signing of the shallow-water Thali (formerly known as "Dissoni") Production Sharing Contract, offshore Cameroon.

Tower's signature of the Thali PSC represents a low cost entry into a mature region with low-risk exploration/appraisal targets and the potential for significant upside.

Tower has a 100% interest in the Thali PSC, and the terms of the PSC include three exploration phases, including the minimum work commitment of the Initial Exploration Period, outlined below:

§ Initial Exploration Period (3 Years): Consisting of geological and geophysical studies, 100km2 of 3D seismic acquisition and a commitment well with a minimum financial commitment of US$13 million.

§ First Renewal Period (2 Years): Consisting of one exploration or appraisal well with a minimum financial commitment of US$15 million.

§ Second Renewal Period (2 Years): Consisting of one exploration or appraisal well with a minimum financial commitment of US$15 million.

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The sector's biggest risers were Quadrise Fuels [LON:QFI] and Ascent Resources [LON:AST] - up by more than 19.1% and over 17.3% respectively in late trading.



At 4:17pm:

[LON:AST] Ascent Resources PLC share price was +0.03p at 0.14p

[LON:AUR] Aurum Mining PLC share price was +0.01p at 0.88p

[LON:BOR] Borders Southern Petroleum PLC share price was -0.25p at 3.25p

[LON:CHAR] Chariot Oil Gas Ltd share price was -0.04p at 7.06p

[LON:ENQ] EnQuest Plc share price was +0.63p at 28.88p

[LON:FOGL] Falkland Oil Gas Ltd share price was -0.75p at 25.5p

[LON:GKP] Gulf Keystone Petroleum share price was +0.13p at 30.38p

[LON:GPX] Gulfsands Petroleum PLC share price was 0p at 5p

[LON:INDI] Indus Gas Ltd share price was 0p at 108p

[LON:PET] Petrel Resources PLC share price was 0p at 2.5p

[LON:QFI] Quadrise Fuels International PLC share price was +2.25p at 14p

[LON:RKH] Rockhopper Exploration PLC share price was +0.63p at 43.88p

[LON:RPT] Regal Petroleum PLC share price was +0.01p at 4.03p

[LON:SEA] SeaEnergy PLC share price was -1.63p at 5.75p

[LON:TRP] Tower Resources PLC share price was +0.01p at 0.17p

[LON:XEL] Xcite Energy Ltd share price was -0.62p at 25.13p



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