StockMarketWire.com - Providence Resources' [LON:PVR] shares were down in late trading after it provided an update on frontier exploration licence (FEL) 3/04, which lies in about 1500m water depth in the southern Porcupine Basin and is roughly 170 km off the south west coast of Ireland.

FEL 3/04 contains the 2013-drilled Dunquin North carbonate build-up, which hosts a residual oil column, together with the undrilled Dunquin South exploration prospect.

Following ExxonMobil's election to withdraw from FEL 3/04, and subsequent ratification by the Minister, the remaining partners in FEL 3/04 have increased their equity interests in the licence through a pro-rata distribution of ExxonMobil's equity interest with Eni assuming the role of Operator.

Accordingly, the revised equity interests in FEL 3/04 are now Eni Ireland B.V. (36.913%), Repsol Exploracion Irlanda, S.A. (33.557%), Providence Resources P.l.c. (26.846% interest) and Sosina Exploration Limited (2.684%).

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Circle Oil [LON:COP] says a recent earth movement near to the town of Kenitra in northern Morocco has resulted in the temporary closure of an Office National des Hydrocarbures et des Mines owned and operated gas pipeline spur.

This pipeline spur was used to transport some of the gas produced in the Sebou field which is owned by Circle Oil Maroc (who operate the field with a working interest of 75%) and ONHYM (with a working interest of 25%). There were no injuries associated with the incident and the pipeline has been closed as a precaution while the situation is assessed and repairs are implemented. Production from the field continues through Circle's separate pipeline system at production rates roughly 70% of the previous levels. The reduction in gas flow rates is expected to be temporary and a further announcement will be made in due course.

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President Energy [LON:PPC] has issued an update on its Argentine and Louisianan operations.

Of the Dos Puntitas Field on the Puesto Guardian Concession in Argentina, President said drilling of the DP1002 S/T development well had begun.

"Whilst it is not possible to be precise on timing due to the fact that this is the first horizontal well to be drilled in the Concession, estimated drilling time, excluding completion, is considered to be approximately one month," said the company.

Referring to the East White Lake field, Louisiana, President said drilling of the A55 S/T well at the non-core, non-operated East White Lake field has successfully taken place.

"Results of the logs and side well cores show good quality sand with aggregate net oil pay in excess of 40 feet with one section being 28 feet of Y2 sand at a depth of between 9,360 - 9,390 feet with 25% porosity.

"The well is now being completed as a producer and is expected to be online in September 2016. The well will make a positive contribution to President's Louisiana net production.

"The Company expects initial production to be in line with similar wells which have had initial gross flow rates of at least 250 bopd."

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Sound Energy [LON:SOU] has confirmed a significant gas discovery and a potential single gas column at its Tendrara licence, onshore Morocco. As previously announced, the first Tendrara well, TE-6, was drilled to a measured vertical depth of 2,665m, encountered the top of the structure and approximately 28m of net gas pay in the TAGI reservoir.

The company has now completed operations and is delighted to announce that it has on 7 August 2016 achieved a stabilized gas flow rate, post stimulation, of 17.0 MMscf/d (0.5 million scm/d).

"This is significantly above initial expectations and represents a highly commercial rate," Sound Energy said in a statement.

"The Company is also very pleased to report a reservoir bottom hole pressure of 420 bars and that the static pressure recorded in the well correlates, in terms of gas gradient, with all of the wells previously drilled in the licence area."

The combination of these factors together with the fact that none of the historically drilled wells on the licence have identified a gas/water contact, suggests the possibility of a significant gas column within a continuous extended structure.

This structure may include and extend beyond the reservoir identified at TE-2, some 30km to the North East. A further well (the Company's third well - TE-8) will be required at the edge of the potential structure to confirm this and is now being planned for later this year.

The Company, together with Schlumberger, is now preparing for the second well at Tendrara (TE-7, located approximately 1.3km from TE-6) using sub-horizontal drilling techniques which are expected to significantly increase the individual well flow rate in a success case.

This will be followed by an extended well test. The rig-up process at TE-7 is already complete and drilling is expected to commence during August 2016.

TE-6 will be suspended until the results of TE-7 are confirmed.

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Victoria Oil & Gas [LON:VOG] has appointed FirstEnergy Capital and Shore Capital Stockbrokers as joint brokers to the company, with immediate effect.




At 4:08pm:

[LON:AUR] Aurum Mining PLC share price was 0p at 1p

[LON:BOR] Borders Southern Petroleum PLC share price was -0.1p at 1.75p

[LON:CHAR] Chariot Oil Gas Ltd share price was +0.1p at 5.65p

[LON:ENQ] EnQuest Plc share price was +0.88p at 25.88p

[LON:GKP] Gulf Keystone Petroleum share price was +0.09p at 4.46p

[LON:GPX] Gulfsands Petroleum PLC share price was 0p at 3.13p

[LON:INDI] Indus Gas Ltd share price was +0.88p at 345.88p

[LON:PET] Petrel Resources PLC share price was -0.25p at 6.63p

[LON:PPC] President Energy Plc share price was +0.33p at 9.88p

[LON:PVR] Providence Resources PLC share price was -0.5p at 10.63p

[LON:RKH] Rockhopper Exploration PLC share price was -0.37p at 29.63p

[LON:RPT] Regal Petroleum PLC share price was -0.25p at 3.25p

[LON:SOU] Sound Energy PLC ORD 1p share price was +2.25p at 62p

[LON:VOG] Victoria Oil Gas PLC share price was +1.63p at 33.88p

[LON:XEL] Xcite Energy Ltd share price was +0.76p at 6.38p



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