StockMarketWire.com - Petroneft [LON:PTR] was the sector's biggest faller after mixed results from the Arbuzovskoye field.

Petroneft said the Arbuzovskoye well 112 had been successfully tested at an initial rate of 140 barrels of oil per day with no visible water cut, but production at two other wells in the field had been reduced.

Arbuzovskoye well 105, the next well in the drilling sequence, was currently drilling ahead.

PetroNeft said production from two Arbuzovskoye oil field wells was temporarily reduced by about 300 bopd due to mechanical issues, which were expected to be fixed by workover or pressure maintenance.

It said total production was running at 2,600 bopd, excluding 400-plus bopd potential from well 112 and the two mechanically reduced Arbuzovskoye wells.

Oil and gas exploitation company Sefton Resources [LON:SER] has sold 550 barrels of oil since operations began northeast Kansas in late 2012, of which 300 were sold in January 2013.

It said current monthly average production was estimated at about 300 barrels.

The company further said its Vanguard pipeline was now certifeid and in the process of being joined to the LAGGS-Southern Star pipeline system.

"Discussions with two potential suppliers of 3rd party gas are continuing concerning deals to transport their gas to market, through Transmission's pipeline system," the company said.

Max Petroleum [LON:MXP], an oil and gas exploration and production company focused on Kazakhstan, has started drilling the ZMA-A20 development well in the Zhana Makat Field on Block E using Zhanros Drilling's ZJ-20 rig. Total vertical depth of the well will be approximately 918 metres.

The sector's biggest risers were Iofina [LON:IOF] and Urals Energy [LON:UEN] - up by more than 13% and over 10% respectively.


At 3:51pm:

[LON:AUR] Aurum Mining share price was +0.01p at 3.38p

[LON:BOR] share price was -0.87p at 26.38p

[LON:CHAR] share price was +0.13p at 30.13p

[LON:DES] Desire Petroleum share price was +0.38p at 18.63p

[LON:DGO] Dragon Oil share price was +16.75p at 583.75p

[LON:ENQ] share price was +1.3p at 132.5p

[LON:FOGL] Falkland Oil and Gas Limited share price was +0.75p at 31.75p

[LON:GKP] Gulf Keystone Petroleum share price was -0.75p at 206.25p

[LON:GPX] share price was -1.87p at 105.63p

[LON:INDI] share price was +2.5p at 937.5p

[LON:IOF] share price was +17.5p at 145.5p

[LON:MXP] share price was +0.11p at 4.21p

[LON:PET] Petrel Resources share price was +1.13p at 19.63p

[LON:PTR] share price was -0.92p at 4.88p

[LON:RKH] share price was +1p at 156.5p

[LON:RPT] Regal Petroleum share price was -0.25p at 29.75p

[LON:SER] Sefton Resources share price was +0.03p at 1.08p

[LON:UEN] share price was +0.63p at 6.63p

[LON:XEL] share price was -0.87p at 100.13p



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