StockMarketWire.com - Independent Resources' [LON:IRG] shares were up in late trading after subsidiary Independent Resources Ksar Hadada became now the sole contractor for the Ksar Hadada hydrocarbon exploration permit in Tunisia.

This follows a successful submission to Entreprise Tunisienne d'Activites Petrolieres and the Ministry of Industry, Energy and Mines (through its permitting authority Direction Generale de l'Energie) to facilitate the withdrawal of the minority partners.

IRKH has requested that ETAP submit an application to DGE for a one-year extension to the Ksar Hadada permit.

Chief executive Greg Coleman said: "We are pleased to be have increased our interest in the Ksar Hadada permit and will continue to seek a farm-in partner. IRKH will now have greater flexibility to agree new commercial arrangements with interested parties and in the short-term will have a reduced administrative burden as sole contractor.

"We have been engaged in ongoing discussions with ETAP in order to prepare our application for an extension.

"Our immediate priorities are to continue planning for the acquisition of 3D seismic, to prepare our drilling programme and to progress discussions with potential farm-in partners. The Company is also continuing to seek both debt and equity finance to meet its future financing requirements."

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Victoria Oil and Gas [LON:VOG] said the Government of Cameroon has approved the assignment of a 75% participating interest in the Matanda Production Sharing Contract, Matanda block, to Gaz Du Cameroun Matanda S.A.

The remaining 25% participating interest is held by Afex Global Ltd.

Gaz Du Cameroun Matanda S.A. is a subsidiary of Victoria. The participating interest is being assigned from Glencore Exploration Cameroon Ltd.

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Amerisur Resources [LON:AMER] posts a pre-tax loss of $25 million for the year to the end of December against a profit of $47 million in 2014 as revenue fell to $61 million from $199 million.

The group said the results reflect the lower oil price environment and the planned reduction in production.

Gross profit before amortisation/depreciation $12 million (FY2014: $102 million).

Amerisur said it made strong progress with the Oleoducto Binacional Amerisur interconnector pipeline system which has received all necessary approvals and is now in the final stages of construction.

Chairman Giles Clarke said: "2015 was another busy year for the Company with significant cost reductions delivered early to help preserve the Company's cash position, a broadening of the Company's asset base through opportunistic low cost acquisitions and a focus on executing the OBA pipeline, a strategically important regional asset. In the face of the rapidly falling oil price, the Company revised its operating activity plan in early 2015 to fit the lower oil price environment and to ensure its healthy balance sheet and track record of excellent capital discipline was maintained while protecting the Company's valuable reserve base. As a result production was constrained at c, 4,350 BOPD.

"Excellent progress has been made with the OBA pipeline which is expected to be operational shortly. Once operational, the economics of the Company's production improve dramatically, with cash operating costs per barrel anticipated to reduce significantly over a period of time as production gradually ramps up. An update video of work on the under river crossing is now available on the Company website.

"The Company has a busy 2016 work programme across its portfolio following the successful $35 million placing in March 2016, with the objective of leveraging the OBA pipeline, increasing reserves and production while maintaining the high levels of capital discipline shown to date by the Company. Your Board looks to the future with confidence."

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Europa Oil & Gas (Holdings) [LON:EOG] posts a pre-tax loss of GBP577,000 for the six months to the end of January - down from GBP1.4m a year ago.

The group said revenues fell to GBP624,000 from GBP1.3m last time due to the weakening oil price and the natural decline in its production.

During the first half of 2016 an average of 124 boepd were recovered from its three UK onshore fields.

Administrative expenses of GBP355,000 were significantly reduced in the period (H1 2015: GBP612,000 included non-recurring expenditure on 14th Round licence applications and legal expenses related to the Tarbes farmout). Europa said stringent cost controls will continue to be applied in the second half of the year.

Chief executive Hugh Mackay said: "The six months under review highlight how well Europa is placed to not just weather the current oil price environment, but also to continue to advance its ever-growing multistage portfolio of licences, even with an oil price of US$40 per barrel. Our existing UK onshore production is set to double in the second half of calendar year 2016 once the Wressle discovery comes online.

"As well as providing a significant boost to our revenues, we expect that Wressle will reduce our break-even oil price to approximately US$30 per barrel. Combined with no debt and net cash as at 31 January 2016 of GBP1.8 million, this will provide us with an excellent cash flow generative platform with which to develop our portfolio.

"This includes our 100% interest in FEL 2/13, FEL 3/13 and LO 16/2 offshore Ireland, which have combined gross mean un-risked prospective resources of approximately 3 billion boe; the Holmwood prospect located close to the Horse Hill discovery in the Weald Basin, which we are planning to drill within the next twelve months; as well as the three new highly prospective UK onshore licences, two of which have already been proven to hold hydrocarbons."

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Frontera Resources [LON:FRR] describes results from its recent stimulation campaign at the South Kakheti Gas Complex's Oil Window as extremely exciting.

It says the The technology that it successfully employed with its low-cost in-house stimulation capabilities had allowed it to yield results that are consistent with technical analogues of hybrid-unconventional reservoir plays in the United States that have been successfully developed in a similar manner.

As previously announced on 21 March 2016, operations commenced and have now been completed within the central portion of the South Kakheti Gas Complex related to a multi well frac campaign. Early results from these operations have demonstrated that the Company's most recent well-completion designs have provided successful reservoir stimulations to wells that were not able to previously produce. In addition, in the case of a producing well, existing production has been successfully increased by a factor of approximately five times. Specifically, in the case of wells T-33 and T-36 that were drilled in 1979 during the Soviet era and abandoned because they were deemed to be "dry holes", Frontera's hybrid-unconventional reservoir analysis resulted in well-stimulation/completion designs that have achieved production of approximately 15-20 bbls per day, per well from wells that never produced in the past.

Most significant is the Company's technical conclusion that since the applied stimulations were relatively small in size and only focused on a single oil bearing zone (Zone 9), this result now provides an important calibration whereby internal modeling now indicates that with future larger size stimulations production can be increased significantly, per well, for only this Zone 9. In the case of a currently producing well, Niko#1, the applied well-stimulation/completion design resulted in an increase in production from approximately 15 bbls per day to 80 bbls per day from only Zone 9. Once again, since the applied stimulation was relatively small in size and only focused on a single oil bearing zone, internal modeling now indicates that future larger stimulation designs can also be expected to deliver significantly larger results.

Chairman and chief executive Steve C. Nicandros said: "The results of our most recent stimulation campaign at the South Kakheti Gas Complex's Oil Window are extremely exciting. The technology that we have successfully employed with our low-cost in-house stimulation capabilities have allowed us to yield results that are consistent with technical analogues of hybrid-unconventional reservoir plays in the United States that have been successfully developed in a similar manner.

"It is technically significant to appreciate that we have achieved such good results from small-scale stimulations into our most recent single-zone completions. Based on the results we have achieved, we now feel technically confident to scale-up the size of our stimulation designs in order to achieve considerably larger production outcomes. When combined with planned multiple zone completions, we believe that this provides the basis for developing the giant oil-in-place volumes that our historical work has identified."

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Ascent Resources [LON:AST] has raised GBP500,000 gross (GBP477,500 net to the Company) via the placing of 35,714,285 new ordinary shares of 0.2p each in the Company at a price of 1.4p per Share with investors using the Primarybid.com platform.

The Company said the funds will meet its working capital requirements until the end of Q2 2016 during which time the final outcome of the IPPC Permit and negotiations around an alternative route to first gas are expected.

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Solo Oil [LON:SOLO] has raised GBP0.8m gross through the issue of 320m new shares at 0.25p each.

Proceeds will be deployed in Solo's active investments in Tanzania and will allow the Company to accelerate its ownership of the additional interest in the now producing Kiliwani North Field, in particular the acquisition of the Second Tranche payment as announced on 4 April 2016.

This will take Solo's working interest in the Kiliwani North Development Licence to 8.425%.









At 4:05pm:

[LON:AMER] Amerisur Resources PLC share price was 0p at 28.5p

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

[LON:BOR] Borders Southern Petroleum PLC share price was +0.01p at 1.43p

[LON:CHAR] Chariot Oil Gas Ltd share price was +0.11p at 8.46p

[LON:ENQ] EnQuest Plc share price was -0.87p at 24.38p

[LON:EOG] Europa Oil Gas Holdings PLC share price was 0p at 6.13p

[LON:FRR] Frontera Resources Corporation share price was -0.04p at 0.48p

[LON:GKP] Gulf Keystone Petroleum share price was +0.08p at 6.68p

[LON:GPX] Gulfsands Petroleum PLC share price was +0.38p at 7.75p

[LON:INDI] Indus Gas Ltd share price was +1.88p at 128p

[LON:IRG] Independent Resources PLC share price was +0.01p at 0.14p

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

[LON:RKH] Rockhopper Exploration PLC share price was +1.13p at 28.38p

[LON:RPT] Regal Petroleum PLC share price was -0.01p at 2.32p

[LON:VOG] Victoria Oil Gas PLC share price was +0.75p at 39.75p

[LON:XEL] Xcite Energy Ltd share price was +0.13p at 12.88p



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