StockMarketWire.com - Xcite Energy [LON:XEL] was up in late trading after its subsidiary, Xcite Energy Resources Limited, entered into a memorandum of understanding with Aibel AS that sets out the principles for executing the engineering, procurement and construction of the Ove Arup & Partners designed self-installing ACE platform selected for the Bentley field.

Aibel will work with AMEC, the international engineering and project management company, acting as XER's Project Management Contractor, to deliver the ACE platform.

XER believes that the combination of the AMEC, Arup and Aibel project management, engineering, and construction experience will deliver a quality and cost effective asset.

* * *

Chariot Oil & Gas [LON:CHAR] has agreed to farm-out a 25% working interest in Rabat Deep offshore Morocco to a wholly owned subsidiary of Woodside, Australia's largest independent explorer and producer.

Following completion of the agreement, which is subject to the approval of the Moroccan authorities, Woodside will hold a 25% equity interest in the Rabat Deep offshore permits I-VI, Morocco, in return for paying 100% of the 3D seismic acquisition and processing costs incurred across the licence by Chariot, as well as all back costs and a carry on planned multibeam side-scan sonar and seabed coring.

Chariot will remain operator with a 50% equity interest, with the Office National des Hydrocarbures et des Mines retaining a 25% carried interest.

As part of the agreement, Woodside has an option to acquire a further 25% of Chariot's equity and become operator of the licence in return for a full well carry up to an agreed cap consistent with other farm-outs concluded in the area.

* * *

PetroNeft [LON:PTR], an oil & gas exploration and production company operating in the Tomsk Oblast, Russian Federation, is pleased to announce the completion of the Licence 61 Farmout to Oil India Limited (OIL).

Following the granting of Russian Regulatory Approval on 30 June 2014 the transaction with Oil India Limited was completed on 3 July 2014. All debt due to Macquarie and Arawak has been repaid from the initial proceeds of $35m and the Company is now debt-free.

Under the terms of the Licence 61 Farmout, OIL has acquired a 50% interest in Licence 61 in return for a total Investment of up to $85m.

Highlights included:

- All debt repaid

- Drilling to re-commence at Licence 61 this month as part of a fully funded exploration and developmentprogramme

- Introduces a strong industry partner seeking to build an oil and gas business and strategic position in Russia

- New chapter begins for a significantly strengthened PetroNeft

* * *

Ithaca Energy [LON:IAE] has completed its offering of $300m aggregate principal amount of 8.125% senior unsecured notes due 2019 at par.

* * *

Oilex [LON:OEX] has resumed fracture stimulation operations on the Cambay-77H well following repairs to the frac tree.

Oilex says that as a precaution, mobilisation of a spare frac tree has commenced and it will standby at Cambay-77H site, as all the spare valves have been used for these repairs.

Oilex says stage 2 fracture stimulation (frac) has been successfully completed, including a data frac. The well response to stimulation was similar to the stage 1 frac. As previously reported, subsequent to stage 1 activities, gas was detected at surface and elevated overpressure of ~5,000psi was measured indicating a pressure increase of 670psi.

The original reservoir pressure of ~4,330psi was interpreted from the micro frac programme. No decrease in the elevated overpressure has been noted subsequent to the recommencing operations.

Another announcement will be made upon completion of frac ops and mill out operations.

Managing director Ron Miller said: "We are pleased to resume frac operations subsequent to the tree repairs and it is very encouraging to see a similar well response to the stage 1 frac. Importantly, the elevated over-pressure of ~5,000psi continues to be monitored. This is especially encouraging. Oilex has taken the precaution of mobilising standby frac tree to mitigate against further failures in valves exposed to proppant.

"Oilex looks forward to completing frac operations followed by the flowback and clean-up, leading to production testing Cambay-77H."

* * *

Caza Oil & Gas [LON:CAZA] has completed a placing of 32,679,739 common shares at £0.18 apiece for gross proceeds of approximately US$10m from investors in the UK.

The placing was conditionally announced on 1 July. The shares were placed by Cenkos Securities. Admission to trading on AIM occurred at 8:00 a.m. today.











At 4:22pm:

[LON:AUR] Aurum Mining PLC share price was 0p at 1.5p

[LON:BOR] Borders Southern Petroleum PLC share price was -0.5p at 10.75p

[LON:CHAR] Chariot Oil Gas Ltd share price was +0.38p at 19.25p

[LON:DGO] Dragon Oil PLC share price was -9.75p at 598.75p

[LON:ENQ] EnQuest Plc share price was +3.55p at 139.35p

[LON:FOGL] Falkland Oil Gas Ltd share price was +0.38p at 25.88p

[LON:GKP] Gulf Keystone Petroleum share price was +0.88p at 98.88p

[LON:GPX] Gulfsands Petroleum PLC share price was +0.01p at 49.63p

[LON:IAE] Ithaca Energy Inc share price was +1.5p at 150.25p

[LON:INDI] Indus Gas Ltd share price was 0p at 415p

[LON:OEX] Oilex Ltd share price was +0.03p at 6.38p

[LON:PET] Petrel Resources PLC share price was 0p at 7.75p

[LON:PTR] Petroneft Resources PLC share price was +0.08p at 6.38p

[LON:RKH] Rockhopper Exploration PLC share price was -0.75p at 96.75p

[LON:RPT] Regal Petroleum PLC share price was -0.49p at 8.51p

[LON:XEL] Xcite Energy Ltd share price was +1.63p at 66.38p



Story provided by StockMarketWire.com