- Empyrean Energy [LON:EME] falls 5.8% to 17.08p as it reveals data used in annual accounts will reduce reported levels of production for the first quarter of the year.

The US onshore oil, gas and condensate explorer, developer and producer company has confirmed the receipt of US$1.45m in revenue and says its cash balance is now US$3.87m, with a scheduled debt repayment of $1.50m at the end of this month further reducing its outstanding debt. Empyrean also issued additional information to its operational update on Wednesday.

Empyrean says the data used to calculate total and average daily production volumes (in each case net to Empyrean) for the three month periods to the end of December 2013 (Q4 2013) and March 2014 (Q1 2014) was based on a combination of wellhead production data and limited sales volume data with estimates for Natural Gas Liquids ("NGLs").

In line with previous production and operational updates, these production volumes are approximate, rounded and subject to change as NGLs are extracted and sales completed and volumes reallocated to each well. In that regard, Empyrean also advises that its annual accounts for the year ended 31 March, which are currently in the process of being finalised, will use revenue remittance advice direct from Marathon Oil Company, the operator, in order to establish revenues and thereby sold and allocated production volumes.

Initial analysis indicates that utilising revenue remittance advice to establish production volumes indicates total production of 86,550 boe in Q4 2013 and 81,299 boe in Q1 2014.

This represents a less than 1% variation when compared with the aggregate Q4 2013 and Q1 2014 estimated volumes previously reported (83,127 boe and 86,367 boe respectively).

Accordingly, this methodology indicates that average daily production volumes were approximately 941 boe/day in Q4 2013 (previously reported as 904 boe/day) and 903 boe/day in Q1 2014 (previously reported as 960 boe/day). Further information will be included in the Annual Accounts.

Providence Resources slips 4.6% to 135.04p despite narrowing its FY pretax loss to 7.8m euros, from 8.2m euros. Revenue was nil. Most of the loss was administrative expenses, pre-licence expenditure and impairment of exploration and evaluation assets.

Throughout 2013, the Company has continued to focus on progressing the multi-well drilling programme offshore Ireland.

This is the largest and most comprehensive drilling programme ever undertaken offshore Ireland, representing an investment of over $500m by Providence and its partners.

The programme covers a range of exploration and appraisal/development wells, spread across six different basins. Two wells, Barryroe (2012) and Dunquin (2013), have already been completed and pre-drill operations and planning are underway for the remaining four wells to be drilled at Spanish Point, Dragon, Polaris and Kish Bank.

Lansdowne Oil & Gas [LON:LOGP] falls 5.6% to 14.75p posts an after-tax loss of £0.81m for the year to the end of December - down from £1.09m last time.

Group operating expenses for the year were £0.98m, compared to £1.02m for 2012. Net finance expense for the year was £0.04m (2012: £0.13m).

Total equity attributable to the ordinary shareholders of the group has reduced to £25.6 million as at 31 December 2013 from £26.35m as at 31 December 2012.

Lansdowne had cash balances of £2.48m at the year end (2012: £5.55m).

Chairman John Greenall said: "Over the last few years, through the acquisition of high quality modern 3D seismic data and successful appraisal drilling at Barryroe, Lansdowne has participated in the rejuvenation of the North Celtic Sea Basin, offshore Ireland. The next phase of activity, which requires the successful conclusion of our farm-out processes, will be a new drilling campaign and we remain focused on delivering this programme."

Petroneft [LON:PTR] falls 1.6% to 6.25p as it booked a wider FY pretax loss of $11.5m, from a loss of $2.8m a year earlier. Revenue was $38.7m, from $34.6m.

"The main focus in 2013 was the work to find a long-term funding solution for the Company which culminated in the agreement signed with Oil India Limited in April 2014," the company said.

"While there has been a short administrative delay in receiving the Russian Regulatory approval, we expect this to be issued imminently, enabling completion of the Farmout and repayment of all debt.

"We will re-commence drilling at Licence 61 this summer and I look forward to updating shareholders with the results of this exciting programme in due course."

Highlights included:

- Production up 8% to 870,965 barrels of oil

- Net loss of $9m, driven by $6m foreign exchange loss on intra-group loans

- Licence 61 Farmout will leave Company debt free and fund major well drilling campaign

Frontier Resources International [LON:FRI] gains 4.2% to 1.8p on new it has has raised £600,000, gross, through a placing of 40,000,000 new ordinary shares at 1.5p apiece.

Frontier says the net proceeds will provide additional working capital for the company to progress farm-out discussions and enable additional technical analysis on Block 38 in Oman, in particular the reprocessing and interpretation of a minimum of 400 kilometres of legacy 2D seismic data over the area where the company has identified potential presence of an Ara formation intra- salt play on the block and to commence planning of the 3D seismic programme. The company anticipates funding its further exploration activity and general working capital from the proceeds of a farm-out of one or more of its interests in the second half of this year.

Chief executive Jack Keyes subscribed £135,000 for 9,000,000 placing shares giving him an interest in 32,693,671 ordinary shares - 21.8% of the enlarged share capital. He is currently interested in 23,693,671 ordinary shares - approximately 21.5% of the company's issued share capital.

At admission to AIM in July 2013 Keyes provided a general working capital facility to the company of up to £200,000 which remains undrawn. The company has agreed with Keyes that as a result of his subscription in the placing, the general working capital facility will now terminate.

At 3:43pm:

[LON:AUR] Aurum Mining PLC share price was +0.01p at 1.63p

[LON:BOR] Borders Southern Petroleum PLC share price was 0p at 11.75p

[LON:CHAR] Chariot Oil Gas Ltd share price was -0.25p at 18.75p

[LON:DGO] Dragon Oil PLC share price was +3.5p at 609.5p

[LON:EME] Empyrean Energy PLC share price was -0.88p at 17.25p

[LON:ENQ] EnQuest Plc share price was -0.35p at 141.05p

[LON:FOGL] Falkland Oil Gas Ltd share price was -0.25p at 24.63p

[LON:FRI] Frontier Resources International share price was +0.08p at 1.8p

[LON:GKP] Gulf Keystone Petroleum share price was +13.25p at 108.25p

[LON:GPX] Gulfsands Petroleum PLC share price was -1.5p at 45.75p

[LON:INDI] Indus Gas Ltd share price was 0p at 420p

[LON:LOGP] Lansdowne Oil Gas PLC share price was -0.25p at 15.38p

[LON:PET] Petrel Resources PLC share price was -0.75p at 8.13p

[LON:PTR] Petroneft Resources PLC share price was 0p at 6.35p

[LON:PVR] Providence Resources PLC share price was -4.5p at 137p

[LON:RKH] Rockhopper Exploration PLC share price was +0.75p at 86.75p

[LON:RPT] Regal Petroleum PLC share price was +0.13p at 8.38p

[LON:XEL] Xcite Energy Ltd share price was +3.75p at 64.25p

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