StockMarketWire.com - Tullow Oil's [LON:TLW] shares were up in late trading after it confirmed that the Cheptuket-1 well in Block 12A, Northern Kenya, had encountered good oil shows, seen in cuttings and rotary sidewall cores, across an interval of over 700 metres.

Cheptuket-1 is the first well to test the Kerio Valley Basin and was drilled by the PR Marriott Rig-46 to a final depth of 3,083 metres.

The objective of the well was to establish a working petroleum system and test a structural closure in the south-western part of the basin.

The strong oil shows encountered in Cheptuket-1 indicate the presence of an active petroleum system with significant oil generation.

Post-well analysis is in progress ahead of defining the future exploration programme in the basin. As previously advised, the PR Marriott Rig-46 will now be demobilised.

On the back of the encouraging Cheptuket-1 and successful Etom-2 results further exploration activities are being evaluated.

Tullow operates Block 12A with 40% equity and is partnered by Delonex Energy with 40% and Africa Oil Corporation with 20%.

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Sterling Energy [LON:SEY] said, following its Jan. 29 announcement, its wholly owned subsidiary Sterling Energy Mauritania Ltd has completed its withdrawal from Block C-3, offshore Mauritania.

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Tower Resources [LON:TRP] has granted 134,400,000 ordinary share options at a premium of 150% over the current share price to directors, members of the management team and retained consultants. The options will vest in three equal tranches being 12, 24 and 36 months respectively after issue and will expire, if not previously exercised, on the fifth anniversary of their issue.

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Exillon Energy's [LON:EXI] output averaged 14,660 barrels per day in February. Average daily production for Exillon Timan-Pechora was 3,040 bpd, and for Exillon West Siberia it was 11,620 bpd during the period. Peak daily production was 14,970 bpd during the period.

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LGO Energy [LON:LGO] has raised GBP1.06 million, gross, (GBP0.98 million after expenses), through a placing of 424,209,334 new ordinary shares at 0.25p apiece.

The company has also raised a further GBP0.30 million, gross, (GBP0.28 million after expenses) at the placing price subject to shareholder approval.

The net funds raised will be used as working capital in order to fund the group's key commitments over the next few months and to maintain the momentum of the Goudron field development. The funds will allow the company to bring payments to its bankers, BNP Paribas, up to date until May 2016 and continue the oil production enhancement work recently announced.

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The sector's biggest riser was Management Resources [LON:MRS] - up by more than 12.9% in late trading. The biggest faller was Hydrodec Group [LON:HYR] - down by 16%.





At 4:02pm:

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

[LON:BOR] Borders Southern Petroleum PLC share price was +0.01p at 1.91p

[LON:CHAR] Chariot Oil Gas Ltd share price was +0.12p at 6.49p

[LON:ENQ] EnQuest Plc share price was -0.12p at 14.13p

[LON:GKP] Gulf Keystone Petroleum share price was +0.75p at 12.25p

[LON:GPX] Gulfsands Petroleum PLC share price was 0p at 5.5p

[LON:INDI] Indus Gas Ltd share price was 0p at 129.5p

[LON:LGO] LGO Energy PLC share price was -0.04p at 0.26p

[LON:MRS] Management Resource Solutions Plc share price was +1.88p at 16.38p

[LON:PET] Petrel Resources PLC share price was 0p at 3.75p

[LON:RKH] Rockhopper Exploration PLC share price was +0.38p at 29.63p

[LON:RPT] Regal Petroleum PLC share price was -0.01p at 2.57p

[LON:SEY] Sterling Energy PLC share price was 0p at 14.25p

[LON:TLW] Tullow Oil PLC share price was +15.4p at 207.5p

[LON:TRP] Tower Resources PLC share price was 0p at 0.08p

[LON:XEL] Xcite Energy Ltd share price was -0.75p at 17p



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